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CONSOLIDATED AND COMBINED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating activities:    
Net income attributable to common shareholders $ 126.5 $ 138.8
Adjustments to reconcile net income to net cash flows provided by operating activities:    
Depreciation and amortization 63.4 59.0
Stock-based compensation expense 7.7 7.4
Defined benefit plans and postretirement credit (1.9) (0.6)
Deferred income taxes (0.3) 4.8
Cash used for operating working capital (71.8) (12.2)
Other 9.4 0.6
Total provided by operating activities 133.0 197.8
Investing activities:    
Payment for acquisitions, net of cash acquired (269.9) 0.0
Capital expenditures (34.6) (16.1)
Proceeds from settlement of forward contracts 0.1 0.0
Total used for investing activities (304.4) (16.1)
Financing activities:    
Dividends paid (27.4) (15.8)
Proceeds from stock options exercised 3.0 2.1
Payment of tax withholding on equity awards vested (6.5) 0.0
Debt issuance costs 0.0 (5.3)
Repayment of long-term debt 0.0 300.0
Proceeds from revolving credit facility 310.5 20.0
Repayment of revolving credit facility (160.5) (20.0)
Proceeds from term loan 0.0 350.0
Repayment of term loan (3.3) (175.0)
Net transfers to Crane 0.0 (32.5)
Total provided by (used for) financing activities 115.8 (176.5)
Effect of exchange rates on cash, cash equivalents and restricted cash 2.4 (6.9)
Decrease in cash, cash equivalents and restricted cash (53.2) (1.7)
Cash and cash equivalents at beginning of period 227.2 230.7
Cash, cash equivalents and restricted cash at end of period [1] 174.0 229.0
Current restricted cash 2.2 0.0
Noncurrent restricted cash 6.7 0.0
Detail of cash used for operating working capital:    
Accounts receivable 18.9 23.8
Inventories 1.7 (13.2)
Other current assets (11.7) (5.7)
Accounts payable (3.6) 4.5
Accrued liabilities (56.0) (27.7)
U.S. and foreign taxes on income (21.1) 6.1
Total (71.8) (12.2)
Supplemental disclosure of cash flow information:    
Interest paid 32.4 35.6
Income taxes paid 62.0 37.7
Unpaid capital expenditures $ 2.8 $ 1.1
[1] Includes both current and non-current balances of restricted cash. Current restricted cash, included within “Other current assets” in our Unaudited Consolidated and Combined Condensed Balance Sheets, was $2.2 million and $0.0 million as of September 30, 2024, and September 30, 2023, respectively. Non-current restricted cash, included within “Other assets” in our Unaudited Consolidated and Combined Condensed Balance Sheets, was $6.7 million and $0.0 million as of September 30, 2024, and September 30, 2023, respectively.