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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating activities:    
Net income $ 360.2 $ 138.9
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 28.0 26.7
Stock-based compensation 3.9 3.1
Deferred income taxes (5.4) 29.1
Provision for allowances, claims, and doubtful accounts 1.6 2.3
Gain on sale of assets (3.8) (107.7)
Pension settlement charge due to annuitization 0.1 0.4
Loss on retirement of debt 19.8  
Non-cash (gain) loss from derivatives (15.4) 40.4
Other items (1.0) (0.1)
Change in operating assets and liabilities:    
Receivables (126.9) (275.9)
Inventories (179.9) (109.1)
Other assets and liabilities (3.4) (21.0)
Accounts payable 118.3 200.0
Accrued liabilities (22.7) 30.1
Accrued taxes payable/receivable 0.2 13.0
Deferred employee benefit costs (5.6) (21.3)
Net adjustments (192.2) (190.0)
Net cash provided by (used in) operating activities 168.0 (51.1)
Investing activities:    
Acquisitions, net of cash acquired (5.8)  
Investment in unconsolidated subsidiary (2.0)  
Capital expenditures (42.8) (13.3)
Proceeds from sale of property, plant, and equipment 7.2 165.9
Other items   (0.5)
Net cash provided by (used in) investing activities (43.4) 152.1
Financing activities:    
Repayment of debt (268.6) (0.9)
Net proceeds (repayments) of short-term borrowings 142.8 (139.6)
Credit facility issuance costs (2.7)  
Net increase in book overdrafts 57.0 21.6
Principal payments on finance lease obligations (5.2) (5.1)
Dividends paid to shareholders (8.5)  
Share repurchases (48.2)  
Tax withholdings on stock-based compensation awards (2.7) 0.0
Net cash used in financing activities (136.1) (124.0)
Net decrease in cash, cash equivalents, and restricted cash (11.5) (23.0)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash 1.7 (0.3)
Net change in cash, cash equivalents, and restricted cash (9.8) (23.3)
Cash, cash equivalents, and restricted cash—beginning of period 52.4 62.5
Cash, cash equivalents, and restricted cash—end of period 42.6 39.2
Cash paid during the period for:    
Interest paid to third parties, net 24.7 26.2
Income taxes, net 128.3 5.0
Noncash investing activities:    
Asset additions under operating leases 3.6 103.9
Asset additions under finance leases and sale-leasebacks $ 2.0 $ 10.9