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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income $ 590.1 $ 497.1 $ 464.0
Adjustments to reconcile net income to net cash provided by operating activities:      
Gain on sale of businesses (14.1) 0.0 0.0
Impairment on net assets held for sale 63.2 0.0 0.0
Income from equity method investments (8.5) (5.1) (11.8)
Dividends from affiliates 0.5 1.7 9.1
Restructuring charges, net of cash paid 2.6 1.0 1.1
Provision for credit losses 9.8 6.9 4.9
Unrealized losses (gains), net on derivative contracts 6.0 1.7 (0.6)
Stock-based compensation expense 30.1 21.8 24.3
Depreciation and amortization 86.0 77.9 72.4
Deferred income taxes (26.0) (15.2) (5.4)
Pension expense 3.2 6.0 11.3
Pension contributions (15.0) (22.5) (1.5)
Other items, net (0.5) (1.1) 0.3
Changes in assets and liabilities, net of effects of acquisitions and divestitures:      
Accounts and notes receivable (32.7) (112.4) (68.8)
Inventories 11.1 (249.3) (71.0)
Other current assets 7.1 (7.3) (19.2)
Accounts payable (29.2) 28.2 55.2
Accrued expenses 65.0 13.7 64.2
Income taxes payable and receivable, net (24.1) 56.4 (26.5)
Leases, net 3.1 1.7 0.2
Other, net 8.5 1.1 13.3
Net Cash Provided by (Used in) Operating Activities, Total 736.2 302.3 515.5
Cash flows from investing activities:      
Proceeds from the disposal of property, plant and equipment 2.1 1.6 0.9
Purchases of property, plant and equipment (250.2) (101.1) (106.8)
Acquisition of business (94.9) 0.0 0.0
Net proceeds from sale of businesses 23.2 0.0 0.0
Proceeds from (purchases of) short-term investments, net 0.1 (3.5) (0.5)
Net cash used in investing activities (319.7) (103.0) (106.4)
Cash flows from financing activities:      
Commercial paper borrowings 150.0 0.0 0.0
Asset securitization borrowings 190.0 407.0 627.0
Asset securitization payments (540.0) (307.0) (377.0)
Long-term debt payments (364.4) (12.9) (12.3)
Issuance of senior unsecured notes 500.0 0.0 0.0
Borrowings from credit facility 1,721.0 2,537.5 1,162.5
Payments on credit facility (1,893.0) (2,352.0) (1,156.0)
Payments of deferred financing costs (5.4) 0.0 2.4
Proceeds from employee stock purchases 3.9 3.6 3.3
Repurchases of common stock 0.0 (300.0) (600.0)
Repurchases of common stock to satisfy employee withholding tax obligations (14.9) (8.3) (22.1)
Cash dividends paid (153.4) (142.0) (126.5)
Net cash used in financing activities (406.2) (174.1) (498.7)
Increase (decrease) in cash and cash equivalents 10.3 25.2 (89.6)
Effect of exchange rates on cash and cash equivalents (2.2) (3.6) (3.3)
Cash and cash equivalents, beginning of year 52.6 31.0 123.9
Cash and cash equivalents, end of year 60.7 52.6 31.0
Cash paid during the period for:      
Interest paid 50.2 35.4 23.8
Income taxes paid (net of refunds) 197.8 77.2 128.5
Insurance recoveries received $ 0.0 $ 0.0 $ (6.6)