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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash provided (required) by operating activities of continuing operations:    
Net income (loss) $ 206.2 $ 217.2
Discontinued operations, net of income taxes 7.5 (9.6)
Income (loss) from continuing operations 213.7 207.6
Adjustments from income from continuing operations to cash provided (required) by operating activities of continuing operations:    
Depreciation and amortization 39.1 37.3
Restructuring and other charges (income) 13.4 7.8
Deferred income taxes 14.4 (6.1)
Pension and other postretirement benefits 3.2 4.6
Share-based compensation 7.4 6.1
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures:    
Trade receivables, net (283.8) (389.4)
Guarantees of vendor financing (11.4) 11.3
Advance payments from customers (279.6) (175.3)
Accrued customer rebates 102.2 95.0
Inventories (63.3) (109.7)
Accounts payable, trade and other (68.1) 91.0
Income taxes 10.5 28.1
Pension and other postretirement benefit contributions (1.2) (1.6)
Environmental spending, continuing, net of recoveries 16.3 (3.5)
Restructuring and other spending (1.9) (5.8)
Transaction-related charges (22.5) (19.9)
Change in other operating assets and liabilities, net [1] 2.7 (60.4)
Cash provided (required) by operating activities of continuing operations (308.9) (282.9)
Cash provided (required) by operating activities of discontinued operations:    
Environmental spending, discontinued, net of recoveries (10.8) (4.8)
Other discontinued spending (8.6) (5.5)
Operating activities of discontinued operations, net of divestiture costs 0.0 16.0
Cash provided (required) by operating activities of discontinued operations (19.4) 5.7
Cash provided (required) by investing activities of continuing operations:    
Capital expenditures (15.5) (19.1)
Investment in Enterprise Resource Planning system (18.6) (12.6)
Other investing activities (9.1) (1.7)
Cash provided (required) by investing activities of continuing operations (43.2) (33.4)
Cash provided (required) by investing activities of discontinued operations:    
Proceeds from disposal of property, plant and equipment 0.0 26.2
Other discontinued investing activities 0.0 (17.0)
Cash provided (required) by investing activities of discontinued operations 0.0 9.2
Cash provided (required) by financing activities of continuing operations:    
Net borrowings (repayments) under committed credit facility 500.0 0.0
Increase (decrease) in short-term debt 30.7 445.6
Repayments of long-term debt (0.7) (0.5)
Issuances of common stock, net 9.2 11.7
Dividends paid [2] (57.0) (53.2)
Repurchases of common stock under publicly announced program 0.0 (100.0)
Other repurchases of common stock (7.4) (16.0)
Cash provided (required) by financing activities of continuing operations 474.8 287.6
Cash provided (required) by financing activities of discontinued operations:    
Payment of Livent external debt 0.0 (27.0)
Cash transfer to Livent due to spin 0.0 (10.2)
Cash provided (required) by financing activities of discontinued operations 0.0 (37.2)
Effect of exchange rate changes on cash and cash equivalents (6.2) (1.2)
Increase (decrease) in cash and cash equivalents 97.1 (52.2)
Cash and cash equivalents of continuing operations, beginning of period 436.2 109.5
Cash and cash equivalents of discontinued operations, beginning of period 0.0 27.3
Cash and cash equivalents, beginning of period $ 339.1 $ 161.7
[1] Changes in all periods primarily represent timing of payments associated with all other operating assets and liabilities.
[2] See Note 15 regarding the quarterly cash dividend.