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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating Activities      
Income from continuing operations, net of tax $ 368.3 $ 314.8 $ 68.5
Adjustments to income from continuing operations:      
Depreciation and amortization 107.4 113.1 112.2
Equity-based compensation 18.1 16.5 13.4
Asbestos-related (benefit) costs, net 0.0 (74.4) 66.3
Pension settlement charges 0.0 0.0 137.0
Deferred income tax expense (benefit) 2.9 115.7 (43.9)
Asset impairment charges 1.8 0.0 16.3
Gain on sale of long-lived assets (16.3) (7.0) (2.0)
Other non-cash charges, net 27.5 28.3 45.0
Contributions to postretirement plans (11.0) (10.5) (18.0)
Contribution to divest asbestos-related assets and liabilities 0.0 (398.0) 0.0
Changes in assets and liabilities:      
Change in receivables (90.7) (62.2) 83.3
Change in inventories (99.5) (82.7) 36.5
Change in contract assets (7.4) (2.5) (1.0)
Change in contract liabilities 23.3 (3.6) (1.9)
Change in accounts payable 39.4 77.6 (34.7)
Change in accrued expenses (36.9) 15.8 4.2
Change in income taxes (13.5) 8.2 (6.2)
Other, net (35.7) (57.5) (39.1)
Net Cash – Operating activities 277.7 (8.4) 435.9
Investing Activities      
Capital expenditures (103.9) (88.4) (63.7)
Proceeds from sale of long-lived assets 20.9 8.0 1.7
Acquisitions, net of cash acquired (146.9) 0.0 (4.7)
Payments to acquire interest in unconsolidated subsidiaries (25.6) (1.9) 0.0
Other, net 0.4 0.0 0.9
Net Cash – Investing activities (255.1) (82.3) (65.8)
Financing Activities      
Commercial paper, net borrowings 259.7 95.4 13.1
Short-term revolving loans, borrowings 0.0 0.0 495.8
Short-term revolving loans, repayments 0.0 0.0 (524.7)
Long-term debt, issued 0.0 0.0 1.5
Long-term debt, repayments (2.1) (2.4) (2.5)
Share repurchases under repurchase plan (245.3) (104.8) (73.2)
Payments for taxes related to net share settlement of stock incentive plans (8.8) (11.7) (11.0)
Dividends paid (87.9) (75.8) (59.0)
Other, net 1.1 (0.5) 1.4
Net Cash – Financing activities (83.3) (99.8) (158.6)
Exchange rate effects on cash and cash equivalents (25.8) (22.6) 35.2
Net cash from discontinued operations – operating activities 0.1 0.8 1.0
Net change in cash and cash equivalents (86.4) (212.3) 247.7
Cash and cash equivalents – beginning of year (includes restricted cash of $0.8, $0.8, and $0.8, respectively) 648.3 860.6 612.9
Cash and Cash Equivalents – end of year (includes restricted cash of $0.7, $0.8, and $0.8, respectively) 561.9 648.3 860.6
Cash paid during the year for:      
Interest 10.8 3.3 3.3
Income taxes, net of refunds received $ 92.7 $ 61.3 $ 61.1