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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash Flows from Operating Activities:    
Net income $ 818.2 $ 624.6
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, depletion, and amortization of intangibles 338.0 311.1
Amortization of deferred financing costs 1.5 2.0
Share-based compensation expense 28.7 26.9
Deferred income tax provision 47.3 41.7
Loss on asset disposals 11.1 7.3
Pension and post-retirement benefits expense, net of contributions (48.1) (50.4)
Other, net 4.0 8.9
Increase in assets -    
Accounts receivable (41.6) (234.3)
Inventories (92.8) (92.3)
Prepaid expenses and other current assets (20.1) (11.8)
Increase (decrease) in liabilities -    
Accounts payable 8.9 22.3
Accrued liabilities 18.6 53.5
Federal and state income taxes receivable 1.2 (6.1)
Net cash provided by operating activities 1,074.9 703.4
Cash Flows from Investing Activities:    
Additions to property, plant, and equipment (577.1) (366.2)
Additions to other long term assets (5.8) (1.8)
Proceeds from asset disposals 1.8 2.6
Purchases of marketable debt securities (98.0) (100.3)
Proceeds from sales of marketable debt securities 28.4 17.7
Proceeds from maturities of marketable debt securities 66.9 83.0
Other, net 1.9 0.0
Net cash used for investing activities (581.9) (365.0)
Cash Flows from Financing Activities:    
Repayments of debt and finance lease obligations (1.3) (1.2)
Proceeds from issuance of debt 0.0 696.3
Financing costs paid 0.0 (8.5)
Common stock dividends paid (304.4) (284.8)
Repurchases of common stock (142.0)
Shares withheld to cover employee restricted stock taxes (15.3) (11.9)
Net cash (used for) provided by financing activities (463.0) 389.9
Net increase in cash and cash equivalents 30.0 728.3
Cash and cash equivalents, beginning of period 618.7 974.6
Cash and cash equivalents, end of period $ 648.7 $ 1,702.9