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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Operating Activities    
Net Income $ 121.9 $ 116.0
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 41.4 43.0
Impairment charges 0.0 3.4
Loss on sale of assets 0.6 0.3
Acquisition-related gain 0.0 (0.6)
Deferred income tax provision (benefit) 1.8 (2.0)
Stock-based compensation expense 7.1 6.5
Pension and other postretirement benefit expense (income) 1.0 (1.0)
Pension and other postretirement benefit contributions and payments (5.2) (2.5)
Changes in operating assets and liabilities:    
Accounts receivable (118.2) (138.9)
Unbilled receivables 16.1 (2.5)
Inventories (70.2) (33.3)
Accounts payable, trade 7.7 19.9
Other accrued expenses (19.5) 17.0
Income taxes 6.3 3.6
Other, net 8.0 2.8
Net Cash (Used in) Provided by Operating Activities (1.2) 31.7
Investing Activities    
Capital expenditures (34.3) (29.4)
Investments in short-term marketable securities, net (0.8) (9.9)
Other, net 0.1 (0.1)
Net Cash Used in Investing Activities (35.0) (39.4)
Financing Activities    
Cash dividends paid to shareholders (23.5) (23.8)
Purchase of treasury shares (100.0) (26.3)
Proceeds from exercise of stock options 1.4 14.1
Payments related to tax withholding for stock-based compensation (7.5) (17.8)
Borrowings on accounts receivable facility 100.0 66.1
Payments on accounts receivable facility (100.0) (24.1)
Proceeds from long-term debt 524.3 70.0
Payments on long-term debt (182.7) (73.4)
Deferred financing costs (2.6) 0.0
Short-term debt activity, net (11.1) 8.8
Other 6.4 0.0
Net Cash Provided By (Used in) Financing Activities 204.7 (6.4)
Effect of exchange rate changes on cash (1.2) (3.9)
Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash 167.3 (18.0)
Cash, cash equivalents and restricted cash at beginning of year 257.9 321.1
Cash, Cash Equivalents and Restricted Cash at End of Period $ 425.2 $ 303.1