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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash Flows from Operating Activities:      
Net income $ 765.2 $ 1,029.8 $ 841.1
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation, depletion, and amortization of intangibles 517.7 456.8 417.5
Amortization of deferred financing costs 2.2 2.1 4.4
Loss on early extinguishment of debt 0.0 0.0 56.1
Share-based compensation expense 40.0 35.6 35.5
Deferred income tax provision 5.2 86.0 59.4
Net loss on asset disposals 9.1 15.2 6.1
Pension and post-retirement benefits expense, net of contributions (30.8) (47.4) (50.5)
Other, net 13.3 2.0 11.9
(Increase) decrease in assets -      
Accounts receivable (1.4) 39.3 (227.2)
Inventories (35.8) (75.2) (105.5)
Prepaid expenses and other current assets (4.2) (11.0) (2.7)
Increase (decrease) in liabilities —      
Accounts payable 11.4 (18.1) 12.2
Accrued liabilities (8.2) 8.3 37.9
Federal and state income tax payable / receivable 31.4 (28.4) (2.1)
Net cash provided by operating activities 1,315.1 1,495.0 1,094.1
Cash Flows from Investing Activities:      
Additions to property, plant, and equipment (469.7) (824.2) (605.1)
Acquisitions of businesses, net of cash acquired 0.0 0.0 (194.9)
Additions to other long-term assets (2.6) (6.2) (1.8)
Proceeds from asset disposals 1.6 2.2 7.9
Purchases of held-to-maturity debt securities (400.0) 0.0 0.0
Purchases of marketable debt securities (107.2) (126.1) (127.4)
Proceeds from sales of available-for-sale debt securities 5.5 31.1 26.7
Proceeds from maturities of available-for-sale debt securities 97.3 87.6 100.2
Other, net 0.0 1.9 0.0
Net cash used for investing activities (875.1) (833.7) (794.4)
Cash Flows from Financing Activities:      
Repayments of debt and finance lease obligations (1.9) (1.7) (757.7)
Net proceeds received from issuance of debt 397.1 0.0 690.2
Financing costs paid (1.1) 0.0 (2.4)
Common stock dividends paid (448.9) (420.3) (379.8)
Repurchases of common stock (41.5) (522.6) (193.0)
Shares withheld to cover employee restricted stock taxes (15.7) (15.4) (12.9)
Net cash used for financing activities (112.0) (960.0) (655.6)
Net increase (decrease) in cash and cash equivalents 328.0 (298.7) (355.9)
Cash and cash equivalents, beginning of year 320.0 618.7 974.6
Cash and cash equivalents, end of year $ 648.0 $ 320.0 $ 618.7