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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating Activities    
Net Income $ 227.5 $ 223.2
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 82.1 85.2
Impairment charges 8.8 4.5
Loss on sale of assets 0.8 0.7
Acquisition-related gain 0.0 (0.6)
Deferred income tax provision (benefit) 1.7 (5.8)
Stock-based compensation expense 15.6 12.5
Pension and other postretirement expense 11.2 0.5
Pension and other postretirement benefit contributions and payments (8.1) (15.0)
Changes in operating assets and liabilities:    
Accounts receivable (149.3) (125.8)
Unbilled receivables (2.9) 10.4
Inventories (126.1) (81.4)
Accounts payable, trade (6.1) 41.2
Other accrued expenses 16.6 30.8
Income taxes 12.1 (1.6)
Other, net (6.8) 0.0
Net Cash Provided by Operating Activities 77.1 178.8
Investing Activities    
Capital expenditures (75.2) (60.5)
Acquisitions, net of cash acquired of $0.2 million (152.3) 0.1
Proceeds from disposal of property, plant and equipment 3.1 0.0
Investments in short-term marketable securities, net 23.4 (13.8)
Other, net 2.3 0.3
Net Cash Used in Investing Activities (198.7) (73.9)
Financing Activities    
Cash dividends paid to shareholders (46.4) (46.7)
Purchase of treasury shares (144.3) (26.3)
Proceeds from exercise of stock options 1.6 25.4
Payments related to tax withholding for stock-based compensation (8.1) (23.5)
Borrowings on accounts receivable facility 122.0 66.1
Payments on accounts receivable facility (122.0) (124.1)
Proceeds from long-term debt 684.5 135.0
Payments on long-term debt (344.8) (141.4)
Deferred financing costs (3.5) 0.0
Short-term debt activity, net 31.9 16.6
Other 6.5 0.0
Net Cash Provided by (Used in) Financing Activities 177.4 (118.9)
Effect of exchange rate changes on cash (7.7) (0.8)
Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash 48.1 (14.8)
Cash, cash equivalents and restricted cash at beginning of year 257.9 321.1
Cash, Cash Equivalents and Restricted Cash at End of Period $ 306.0 $ 306.3