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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating Activities:      
Consolidated net income $ 126.3 $ 168.5 $ 115.8
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation, depletion and amortization 94.2 94.6 93.9
Loss on disposal of property, plant and equipment (0.1) 0.4 0.2
Deferred income taxes (17.2) 2.1 (2.7)
Pension amortization and settlement loss 8.4 13.1 13.1
Provision for bad debts 4.1 0.9 2.6
Stock-based compensation 10.4 10.7 10.2
Asset write-downs 0.0 0.7 7.1
Reduction of right of use asset 12.8 12.3 12.3
Non-cash debt extinguishment expenses 6.9 0.0 0.0
Other non-cash items (1.7) (2.8) (2.2)
Changes in operating assets and liabilities      
Accounts receivable (48.3) (7.2) 13.7
Inventories (66.1) (58.2) 8.3
Pension plan funding (9.1) (11.1) (12.2)
Accounts payable 7.2 43.0 (16.7)
Restructuring liabilities (0.7) (1.4) (1.2)
Income taxes payable 11.7 (6.0) 3.9
Prepaid expenses and other (33.1) (27.2) (5.5)
Net cash provided by operating activities 105.7 232.4 240.6
Investing Activities:      
Purchases of property, plant and equipment (82.3) (86.0) (66.8)
Cash paid for acquisitions, net of cash acquired (22.4) (194.4) (9.2)
Proceeds from sale of assets 1.0 0.7 0.7
Purchases of short-term investments (6.6) (9.4) (8.7)
Proceeds from sale of short-term investments 6.7 8.3 5.3
Other investing activities 2.0 2.2 0.0
Net cash used in investing activities (101.6) (278.6) (78.7)
Financing Activities:      
Long-term debt issuance 550.0 0.0 400.0
Debt issuance costs (3.3) 0.0 (6.4)
Repayment of long-term debt (552.3) (1.2) (290.1)
Proceeds from issuance of short-term debt 39.3 100.5 0.0
Repayment of short-term debt 0.0 (20.5) (101.2)
Purchase of common stock for treasury (56.0) (74.7) (40.7)
Proceeds from issuance of stock under option plan 5.7 12.8 3.2
Tax withholding payments for stock-based compensation (3.3) (2.7) (2.0)
Dividends paid to non-controlling interests (7.7) (1.8) (0.7)
Capital contribution from non-controlling interests 0.0 0.0 1.7
Cash dividends paid (6.5) (6.8) (6.8)
Net cash provided by (used in) financing activities (34.1) 5.6 (43.0)
Effect of exchange rate changes on cash and cash equivalents (22.3) (27.6) 7.2
Net increase (decrease) in cash and cash equivalents (52.3) (68.2) 126.1
Cash and cash equivalents at beginning of period 299.5 367.7 241.6
Cash and cash equivalents at end of period 247.2 299.5 367.7
Non-cash financing activities      
Treasury stock purchases settled after period end $ 0.0 $ 0.5 $ 1.8