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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net income (loss) $ (200.9) $ 551.8
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation 128.5 110.1
Amortization of intangibles 45.6 28.9
Stock compensation expense 16.1 27.3
Impairment charges 5.1 0.0
Loss on business held for sale 494.6 0.0
Equity in net earnings of affiliates, net of cash received (25.1) (33.3)
Deferred income tax benefit (25.2) (22.6)
Other 19.4 13.7
Changes in operating assets and liabilities:    
Accounts and notes receivable, net (123.3) (495.3)
Inventories, net (373.3) (555.1)
Other current and noncurrent assets (62.1) (241.1)
Accounts payable 59.8 1.2
Accrued expenses (178.5) 128.7
Other current and noncurrent liabilities 84.8 120.7
Total adjustments 66.4 (916.8)
Net cash used in operating activities (134.5) (365.0)
Cash flows from investing activities:    
Purchases of property, plant and equipment (193.0) (237.0)
Proceeds from sale of property, plant and equipment 1.3 0.4
Purchase of businesses, net of cash acquired (1,902.2) (0.9)
Investments in unconsolidated affiliates, net (0.2) (26.2)
Other (0.1) (3.9)
Net cash used in investing activities (2,094.2) (267.6)
Cash flows from financing activities:    
Proceeds from indebtedness 2,585.4 780.2
Repayments of indebtedness (1.7) (11.4)
Payment of dividends to stockholders (229.9) (414.1)
Payment of minimum tax withholdings on stock compensation (11.3) (20.2)
Payment of debt issuance costs (15.2) 0.0
Investments by noncontrolling interests, net 8.1 0.0
Net cash provided by financing activities 2,335.4 334.5
Effects of exchange rate changes on cash, cash equivalents and restricted cash (24.9) (27.9)
Increase (decrease) in cash, cash equivalents and restricted cash 81.8 (326.0)
Cash, cash equivalents and restricted cash, beginning of period 595.5 789.5
Cash, cash equivalents and restricted cash, end of period [1] $ 677.3 $ 463.5
[1] Includes $20.0 million of cash and cash equivalents classified as held for sale as of June 30, 2024.