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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Operating activities      
Net income $ 230.6 $ 133.4 $ 588.8
Adjustments to reconcile net income to net cash provided by operating activities:      
Gain on sale of business, net of tax 0.0 0.0 (457.7)
Depreciation and amortization 144.2 111.8 87.5
Accelerated depreciation 1.7 3.2 0.0
Deferred income tax benefit (27.3) (1.7) (3.2)
Share-based compensation expense 11.2 11.3 11.6
Changes in assets and liabilities, net of the effect of acquisitions:      
(Increase) decrease in accounts receivable (143.1) (4.6) 29.7
(Increase) decrease in inventories (139.5) 40.2 40.2
Increase (decrease) in accounts payable 95.3 78.4 (22.7)
(Decrease) increase in pension and other post-retirement benefits (10.9) 30.7 (19.7)
Increase in post-acquisition earnout liabilities 0.0 1.0 36.4
Increase (decrease) in accrued expenses and other assets and liabilities - net 71.6 (2.0) 9.9
Taxes paid on gain on divestiture 0.0 (142.0) 0.0
Payment of post-acquisition date earnout liability 0.0 (38.1) 0.0
Net cash provided by operating activities 233.8 221.6 300.8
Investing activities      
Capital expenditures (100.6) (63.7) (81.7)
Business acquisitions, net of cash acquired (47.6) (1,380.2) (119.6)
Net proceeds from divestiture 0.0 7.1 761.8
Other investing activities (2.0) 5.2 51.4
Net cash (used) provided by investing activities (150.2) (1,431.6) 611.9
Financing activities      
Debt offering proceeds 0.0 650.0 0.0
Borrowings under credit facilities 0.0 0.0 963.4
Repayments under credit facilities 0.0 0.0 (1,083.9)
Purchase of common shares for treasury (4.2) (22.4) (26.9)
Cash dividends paid (77.7) (71.3) (60.3)
Repayment of other debt 0.0 0.0 (1.8)
Repayment of long-term debt (18.5) (7.8) (6.5)
Payments on withholding tax on share awards (10.7) (2.3) (2.1)
Debt financing costs 0.0 (9.5) (0.2)
Equity offering proceeds, net of underwriting discount and issuance costs 0.0 496.1 0.0
Payment of acquisition date earnout liability 0.0 (50.8) 0.0
Other financing activities (3.5) 0.0 0.0
Net cash (used) provided by financing activities (114.6) 982.0 (218.3)
Effect of exchange rate changes on cash (17.3) 12.8 (0.6)
(Decrease) increase in cash and cash equivalents (48.3) (215.2) 693.8
Cash and cash equivalents at beginning of year 649.5 864.7 170.9
Cash and cash equivalents at beginning of year $ 601.2 $ 649.5 $ 864.7