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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
Cash flows from operating activities:          
Net income from continuing operations $ 21.5 $ 22.6 $ 34.8 $ 44.4  
Adjustments to reconcile net income from continuing operations to net cash provided by (used in) operating activities:          
Depreciation and amortization     2.6 1.8  
Provision for credit losses     1.4 1.0  
Stock-based compensation     1.2 2.4  
Provision for deferred taxes     0.1 (0.3)  
Changes in operating assets and liabilities:          
Accounts receivable     (16.9) (29.5)  
Inventories     25.6 (33.0)  
Prepaid expenses and other assets     0.4 (0.3)  
Income taxes payable     3.6 (6.1)  
Accounts payable     8.9 14.5  
Accrued expenses, other current liabilities and other liabilities     3.8 3.0  
Net cash provided by (used in) operating activities from continuing operations     65.5 (2.1)  
Net cash used in operating activities from discontinued operations     (0.2) 0.0  
Net cash provided by (used in) operating activities     65.3 (2.1)  
Cash flows from investing activities:          
Purchases of property, plant and equipment     (1.4) (2.1)  
Purchase of Indoff LLC, net of cash acquired     (72.3) 0.0  
Net cash used in investing activities from continuing operations     (73.7) (2.1)  
Cash flows from financing activities:          
Proceeds from short-term borrowings     50.6 95.4  
Repayment of short-term borrowings     (10.9) (69.9)  
Dividends paid     (15.3) (13.9)  
Proceeds from issuance of common stock     0.3 0.7  
Payment of payroll taxes on stock-based compensation through shares withheld     (0.5) (0.4)  
Proceeds from the issuance of common stock from employee stock purchase plan     0.7 0.6  
Net cash provided by financing activities from continuing operations     24.9 12.5  
Effects of exchange rates on cash     (0.1) (0.2)  
Net increase in cash     16.4 8.1  
Cash and cash equivalents – beginning of period     28.5 15.4 $ 15.4
Cash and cash equivalents – end of period $ 44.9 $ 23.5 44.9 23.5 28.5
Supplemental disclosures of non-cash investing and financing activities:          
Right-of-use asset obtained in exchange for operating lease obligations, operating leases     $ 5.9 $ 34.6 $ 34.5