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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Operating Activities    
Net income $ 58.6 $ 123.5
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 74.8 68.4
Accelerated depreciation and amortization 2.5 0.0
Share-based compensation expense 7.1 8.7
Changes in assets and liabilities, net of the effect of acquisitions:    
Increase in accounts receivable (12.7) (12.7)
Decrease in inventories 53.0 20.0
Increase (decrease) in accounts payable 21.3 (28.3)
Decrease in pension and other post-retirement benefits (14.4) (7.0)
Increase in post-acquisition earnout liabilities 2.5 20.7
Increase in accrued expenses and other assets and liabilities, net 56.1 5.3
Taxes paid on gain on divestiture (142.0) 0.0
Payment of post-acquisition date earnout liability (38.1) 0.0
Net cash provided by operating activities 68.7 198.6
Investing activities    
Capital expenditures (38.6) (47.9)
Purchase price, net (1,342.7) (119.6)
Net proceeds from divestiture 7.1 0.0
Net proceeds from other assets 5.2 5.3
Net cash used by investing activities (1,369.0) (162.2)
Financing activities    
Debt offering proceeds 650.0 0.0
Borrowings under credit facilities 0.0 882.4
Repayments under credit facilities 0.0 808.5
Purchase of common shares for treasury (13.6) (26.9)
Cash dividends paid (52.8) (45.7)
Repayment of long-term debt (6.0) (4.9)
Payments of withholding tax on share awards (1.9) (2.0)
Debt financing costs (9.5) (0.2)
Equity offering proceeds, net of underwriting discount and issuance costs 496.1 0.0
Payment of acquisition date earnout liability (50.8) 0.0
Net cash provided (used) by financing activities 1,011.5 (5.8)
Effect of exchange rate changes on cash 1.4 (1.9)
(Decrease) increase in cash and cash equivalents (287.4) 28.7
Cash and cash equivalents at beginning of year 864.7 170.9
Cash and cash equivalents at end of period $ 577.3 $ 199.6