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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities:    
Net income $ 98.0 $ 83.6
Adjustments to reconcile net income to net cash used in operating activities:    
(Income) loss from equity method investments (0.7) 0.1
Restructuring charges, net of cash paid 0.0 0.5
Provision for credit losses 2.0 1.4
Unrealized losses, net on derivative contracts 1.6 0.1
Stock-based compensation expense 6.1 4.7
Depreciation and amortization 19.6 18.8
Deferred income taxes (8.2) (5.3)
Pension expense 0.7 1.4
Pension contributions (1.2) (0.1)
Other items, net (0.3) (0.9)
Changes in assets and liabilities:    
Accounts and notes receivable (34.9) (96.9)
Inventories (150.4) (168.8)
Other current assets 1.2 1.1
Accounts payable 22.3 67.5
Accrued expenses (32.5) (33.0)
Income taxes payable and receivable, net 0.8 20.8
Leases, net 0.1 0.5
Other, net (3.0) 6.6
Net cash used in operating activities (78.8) (97.9)
Cash flows from investing activities:    
Proceeds from the disposal of property, plant and equipment 0.3 0.3
Purchases of property, plant and equipment (35.4) (25.8)
Proceeds from (purchases of) short-term investments, net 1.4 (0.2)
Net cash used in investing activities (33.7) (25.7)
Cash flows from financing activities:    
Asset securitization borrowings 0.0 90.0
Asset securitization payments (53.0) (61.0)
Long-term debt payments (3.2) (3.2)
Borrowings from credit facility 610.5 722.5
Payments on credit facility (414.5) (381.5)
Proceeds from employee stock purchases 0.9 0.9
Repurchases of common stock 0.0 (200.0)
Repurchases of common stock to satisfy employee withholding tax obligations (2.0) (4.9)
Cash dividends paid (37.6) (33.7)
Net cash provided by financing activities 101.1 129.1
(Decrease) increase in cash and cash equivalents (11.4) 5.5
Effect of exchange rates on cash and cash equivalents (0.8) (2.2)
Cash and cash equivalents, beginning of period 52.6 31.0
Cash and cash equivalents, end of period 40.4 34.3
Supplemental disclosures of cash flow information:    
Interest paid 13.0 5.8
Income taxes paid (net of refunds) $ 34.4 $ 5.2