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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Operating Activities    
Net income $ 32.8 $ 38.3
Adjustments to reconcile net income to net cash used by operating activities:    
Depreciation and amortization 19.9 23.3
Share-based compensation expense 2.1 2.5
Changes in assets and liabilities, net of the effect of acquisitions:    
Increase in accounts receivable (56.9) (53.0)
Increase in inventories (13.0) (12.0)
Increase in accounts payable 44.6 1.2
Decrease in pension and other post-retirement benefits (3.2) (1.9)
Increase in post-acquisition earnout liabilities 1.0 0.0
Decrease in accrued expenses and other assets and liabilities, net (19.1) (23.1)
Payment of post-acquisition date earnout liability (21.0) 0.0
Net cash used by operating activities (12.8) (24.7)
Investing Activities    
Capital expenditures (11.1) (9.9)
Business acquisitions, net of cash acquired 0.0 (119.6)
Net proceeds from divestiture 7.1 0.0
Net proceeds from other assets 5.2 1.6
Net cash provided (used) by investing activities 1.2 (127.9)
Financing Activities    
Borrowings under credit facilities 0.0 374.7
Repayments under credit facilities 0.0 (269.2)
Purchase of common shares for treasury (13.6) 0.0
Cash dividends paid (15.6) (15.6)
Repayment of long-term debt (2.0) (1.6)
Payments of withholding tax on share awards (1.3) (1.3)
Proceeds from equity offering, net of underwriting discount and issuance costs 496.3 0.0
Payment of acquisition date earnout liability (32.9) 0.0
Net cash provided by financing activities 430.9 87.0
Effect of exchange rate changes on cash (3.8) 3.0
Increase (decrease) in cash and cash equivalents 415.5 (62.6)
Cash and cash equivalents at beginning of year 864.7 170.9
Cash and cash equivalents at end of period $ 1,280.2 $ 108.3