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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Operating Activities      
Income from continuing operations, net of tax $ 323.4 $ 332.4 $ 115.0
Adjustments to income from continuing operations      
Depreciation and amortization 113.4 109.4 105.3
Equity-based compensation 15.7 21.6 18.1
Loss (gain) on sale or disposal of long-lived assets 1.0 (40.7) (0.9)
Asbestos-related (benefit) cost, net (20.2) 4.9 (19.9)
Deferred income tax expense (benefit) 30.9 (14.7) 147.0
Other non-cash charges, net 38.8 13.8 20.8
Asbestos-related payments, net (21.6) (40.8) (45.3)
Contributions to postretirement plans (22.9) (11.2) (45.0)
Changes in assets and liabilities:      
Change in receivables (40.6) (2.7) (59.3)
Change in inventories (0.6) (13.3) 14.2
Change in contract assets 2.7 19.1 0.0
Change in contract liabilities (5.1) 0.1 0.0
Change in accounts payable (1.9) (4.2) 16.8
Change in accrued expenses (14.7) 5.7 17.2
Change in income taxes (9.6) 14.4 (14.8)
Other, net (31.0) (22.0) (22.0)
Net Cash – Operating activities 357.7 371.8 247.2
Investing Activities      
Capital expenditures (91.4) (95.5) (113.3)
Proceeds from sale of long-lived assets 0.9 43.2 3.8
Acquisitions, net of cash acquired (113.1) 0.0 (113.7)
Other, net 0.2 0.0 0.0
Net Cash – Investing activities (203.4) (52.3) (223.2)
Financing Activities      
Commercial paper, net (repayments) borrowings (27.2) (44.5) 48.9
Short-term revolving loans, borrowings 0.0 246.5 77.3
Short-term revolving loans, repayments 0.0 (233.8) (177.3)
Long-term debt, issued 8.1 3.2 7.0
Long-term debt, repayments (3.2) (2.7) (1.3)
Repurchase of common stock (41.4) (56.1) (32.9)
Dividends paid (52.1) (47.3) (45.4)
Proceeds from issuance of common stock 14.9 5.8 11.2
Other, net (0.6) 0.1 0.0
Net Cash – Financing activities (101.5) (128.8) (112.5)
Exchange rate effects on cash and cash equivalents (3.0) (15.3) 20.0
Net cash from discontinued operations – operating activities 0.9 (4.2) (2.4)
Net change in cash and cash equivalents 50.7 171.2 (70.9)
Cash and cash equivalents – beginning of year (includes restricted cash of $1.0, $1.2, and $1.2, respectively) 562.2 391.0 461.9
Cash and Cash Equivalents – end of Period (includes restricted cash of $0.8, $1.0, and $1.2, respectively) 612.9 562.2 391.0
Cash paid (received) during the year for:      
Interest 2.5 3.3 3.8
Income taxes, net of refunds received $ 63.4 $ 53.5 $ 62.0