XML 48 R9.htm IDEA: XBRL DOCUMENT v3.22.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash provided by (used in) operating activities:      
Net income (loss) $ 118.1 $ 181.4 $ 183.7
Adjustments to reconcile net income (loss) to cash provided by operating activities:      
Depreciation and amortization 109.9 100.2 85.0
Non cash operating lease costs 17.3 18.0 19.9
Deferred income taxes (4.6) 16.2 14.8
Disposal/impairment of assets 1.2 0.6 1.4
Restructuring and other (income) charges, net 0.0 1.7 2.2
LIFO reserve 3.5 3.9 3.0
Share-based compensation 12.3 8.4 12.3
Pension and other postretirement benefit costs 1.6 1.9 1.5
Other non-cash items 12.1 15.3 10.1
Changes in operating assets and liabilities, net of effect of acquisitions:      
Accounts receivable, net (13.8) 2.8 (15.3)
Inventories, net (55.8) 22.3 (2.5)
Prepaid and other current assets (5.9) 2.1 0.1
Planned major maintenance outage (8.6) (7.0) (8.4)
Accounts payable 14.8 9.4 (6.2)
Accrued expenses 4.8 13.4 (5.9)
Accrued payroll and employee benefits 23.1 (3.3) (14.4)
Income taxes (6.2) (9.6) 14.7
Litigation verdict charge 85.0 0.0 0.0
Operating leases (20.5) (18.5) (19.8)
Changes in all other operating assets and liabilities, net 4.7 (6.8) (0.5)
Net cash provided by (used in) operating activities 293.0 352.4 275.7
Cash provided by (used in) investing activities:      
Capital expenditures (103.8) (82.1) (114.8)
Finance lease expenditures 0.0 (23.8) 0.0
Payments for acquired businesses, net of cash acquired 0.0 0.0 (537.9)
Purchase of strategic investments (35.3) 0.0 0.0
Other investing activities, net (1.5) (4.7) (5.6)
Net cash provided by (used in) investing activities (140.6) (110.6) (658.3)
Cash provided by (used in) financing activities:      
Proceeds from revolving credit facility 0.0 346.1 797.7
Proceeds from long-term borrowings 0.0 550.0 375.0
Payments on revolving credit facility 0.0 (477.3) (666.4)
Payments on long-term borrowings (23.4) (389.1) (122.5)
Debt issuance costs 0.0 (11.0) (2.4)
Financing lease obligations, net (0.7) 23.1 0.0
Borrowings (repayments) of notes payable and other short-term borrowings, net (1.9) (4.4)  
Borrowings (repayments) of notes payable and other short-term borrowings, net     2.1
Tax payments related to withholdings on vested equity awards (2.4) (3.2) (14.3)
Proceeds and withholdings from share-based compensation plans, net 4.7 3.6 4.1
Repurchases of common stock under publicly announced plan (109.4) (88.0) (6.4)
Other financing activities, net 0.0 0.0 2.3
Net cash provided by (used in) financing activities (133.1) (50.2) 369.2
Increase (decrease) in cash, cash equivalents, and restricted cash 19.3 191.6 (13.4)
Effect of exchange rate changes on cash (1.7) 2.2 0.2
Change in cash, cash equivalents, and restricted cash 17.6 193.8 (13.2)
Cash, cash equivalents, and restricted cash at beginning of period [1] 258.4 64.6 77.8
Cash, cash equivalents, and restricted cash at end of period [1] 276.0 258.4 64.6
Supplemental cash flow information:      
Cash paid for interest, net of capitalized interest 47.5 39.6 48.0
Cash paid for income taxes, net of refunds 53.7 46.6 14.9
Purchases of property, plant and equipment in accounts payable 9.4 2.7 7.6
Leased assets obtained in exchange for new finance lease liabilities 0.0 23.8 0.0
Leased assets obtained in exchange for new operating lease liabilities 20.5 27.2 5.3
Restricted cash and cash equivalents 0.6 0.7 8.1
Cash and cash equivalents $ 275.4 $ 257.7 $ 56.5
[1] (1) Includes restricted cash of $0.6 million, $0.7 million, and $8.1 million and cash and cash equivalents of $275.4 million, $257.7 million, and $56.5 million for the years ended December 31, 2021, 2020, and 2019, respectively. Restricted cash is included within "Prepaid and other current assets" within the consolidated balance sheets.