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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Operating Activities    
Net income $ 56.0 $ 80.4
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 40.8 46.9
Share-based compensation expense 5.7 5.7
Changes in assets and liabilities, net of the effect of acquisitions:    
Decrease (increase) in accounts receivable 16.8 (46.1)
Decrease in inventories 17.4 9.6
Decrease in accounts payable (23.5) (8.2)
Decrease in pension and other post-retirement benefits (12.7) (4.0)
Increase in post-acquisition earnout liabilities 1.0 0.0
(Decrease) increase in accrued expenses and other assets and liabilities, net (4.5) 15.1
Payment of post-acquisition date earnout liability (21.0) 0.0
Net cash provided by operating activities 76.0 99.4
Investing activities    
Capital expenditures (21.3) (26.5)
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 3.9
Net cash used by investing activities (9.0) (142.2)
Financing activities    
Debt offering proceeds 650.0 0.0
Borrowings under credit facilities 0.0 607.4
Repayments under credit facilities 0.0 (548.9)
Purchase of common shares for treasury (13.6) (26.9)
Cash dividends paid (34.3) (30.7)
Repayment of long-term debt (4.2) (3.3)
Payments of withholding tax on share awards (1.6) (1.9)
Debt financing costs (9.7) (0.2)
Equity offering proceeds, net of underwriting discount and issuance costs 496.1 0.0
Payment of acquisition date earnout liability (32.9) 0.0
Net cash provided (used) by financing activities 1,049.8 (4.5)
Effect of exchange rate changes on cash (4.5) 1.9
Increase (decrease) in cash and cash equivalents 1,112.3 (45.4)
Cash and cash equivalents at beginning of year 864.7 170.9
Cash and cash equivalents at end of period $ 1,977.0 $ 125.5