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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Operating Activities      
Income from continuing operations, net of tax $ 68.5 $ 323.4 $ 332.4
Adjustments to income from continuing operations      
Depreciation and amortization 112.2 113.4 109.4
Equity-based compensation 13.4 15.7 21.6
Asbestos-related costs (benefit), net 66.3 (20.2) 4.9
Settlement charges 137.0 0.0 1.7
Deferred income tax (benefit) expense (43.9) 30.9 (14.7)
Asset impairment charges 16.3 1.0 0.0
(Gain) loss on sale or disposal of long-lived assets (2.0) 1.0 (40.7)
Other non-cash charges, net 45.0 37.8 13.8
Asbestos-related payments, net (9.8) (21.6) (40.8)
Contributions to postretirement plans (18.0) (22.9) (11.2)
Changes in assets and liabilities:      
Change in receivables 83.3 (40.6) (2.7)
Change in inventories 36.5 (0.6) (13.3)
Change in contract assets (1.0) 2.7 19.1
Change in contract liabilities (1.9) (5.1) 0.1
Change in accounts payable (34.7) (1.9) (4.2)
Change in accrued expenses 4.2 (14.7) 5.7
Change in income taxes (6.2) (9.6) 14.4
Other, net (29.3) (31.0) (23.7)
Net Cash – Operating activities 435.9 357.7 371.8
Investing Activities      
Capital expenditures (63.7) (91.4) (95.5)
Proceeds from sale of long-lived assets 1.7 0.9 43.2
Acquisitions, net of cash acquired (4.7) (113.1) 0.0
Other, net 0.9 0.2 0.0
Net Cash – Investing activities (65.8) (203.4) (52.3)
Financing Activities      
Commercial paper, net borrowings (repayments) 13.1 (27.2) (44.5)
Short-term revolving loans, borrowings 495.8 0.0 246.5
Short-term revolving loans, repayments (524.7) 0.0 (233.8)
Long-term debt, issued 1.5 8.1 3.2
Long-term debt, repayments (2.5) (3.2) (2.7)
Repurchase of common stock (84.2) (41.4) (56.1)
Dividends paid (59.0) (52.1) (47.3)
Proceeds from issuance of common stock 4.3 14.9 5.8
Other, net (2.9) (0.6) 0.1
Net Cash – Financing activities (158.6) (101.5) (128.8)
Exchange rate effects on cash and cash equivalents 35.2 (3.0) (15.3)
Net cash from discontinued operations – operating activities 1.0 0.9 (4.2)
Net change in cash and cash equivalents 247.7 50.7 171.2
Cash and cash equivalents – beginning of year (includes restricted cash of $0.8, $1.0, and $1.2, respectively) 612.9 562.2 391.0
Cash and Cash Equivalents – end of Period (includes restricted cash of $0.8, $0.8, and $1.0, respectively) 860.6 612.9 562.2
Cash paid (received) during the year for:      
Interest 3.3 2.5 3.3
Income taxes, net of refunds received $ 61.1 $ 63.4 $ 53.5