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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      
Net Income $ 417.0 $ 381.5 $ 292.4
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 164.0 167.8 167.1
Impairment charges 38.3 4.5 0.4
(Gain) loss on sale of assets (1.9) 1.3 0.9
Acquisition-related gain 0.0 (0.9) (11.1)
Loss on divestitures 3.5 0.0 0.0
Deferred income tax benefit (3.6) (15.1) (23.2)
Stock-based compensation expense 30.4 20.2 23.2
Pension and other postretirement (income) expense (0.6) (6.6) 17.4
Pension and other postretirement benefit contributions and payments (14.6) (24.5) (20.6)
Changes in operating assets and liabilities:      
Accounts receivable (73.5) (55.8) (20.7)
Unbilled receivables (26.0) 6.2 18.5
Inventories (145.6) (215.8) 27.4
Accounts payable, trade (10.2) 76.7 22.6
Other accrued expenses 91.9 55.2 55.1
Income taxes 16.3 8.5 8.5
Other, net (21.6) (15.9) 19.7
Net Cash Provided by Operating Activities 463.8 387.3 577.6
Investing Activities      
Capital expenditures (178.4) (148.3) (121.6)
Acquisitions, net of cash acquired of $19.4 million in 2022 (453.7) (7.5) (24.0)
Proceeds from disposals of property, plant and equipment 9.6 0.6 1.5
Proceeds from divestitures, net of cash divested of $5.3 million in 2022 33.9 0.0 0.0
Investments in short-term marketable securities, net 14.6 (18.0) (9.4)
Other 0.7 (0.6) 0.0
Net Cash Used in Investing Activities (573.3) (173.8) (153.5)
Financing Activities      
Cash dividends paid to shareholders (91.7) (92.2) (87.0)
Purchase of treasury shares (211.6) (93.0) (49.3)
Proceeds from exercise of stock options 8.5 26.0 37.4
Payments related to tax withholding for stock-based compensation (10.7) (23.8) (16.0)
Proceeds from long-term debt 1,399.5 325.0 562.0
Payments on long-term debt (978.5) (338.3) (757.7)
Deferred financing costs (6.6) 0.0 (1.7)
Accounts receivable facility financing borrowings 297.0 310.9 144.0
Accounts receivable facility financing payments (212.0) (368.9) (186.0)
Short-term debt activity, net 6.9 (14.5) 40.1
Noncontrolling interest dividends paid (0.5) (0.5) (16.9)
Other 6.5 0.0 0.0
Net Cash Provided by (Used in) Financing Activities 206.8 (269.3) (331.1)
Effect of exchange rate changes on cash (14.5) (7.4) 11.9
Increase (Decrease) In Cash, Cash Equivalents and Restricted Cash 82.8 (63.2) 104.9
Cash, cash equivalents and restricted cash at beginning of year 257.9 321.1 216.2
Cash, Cash Equivalents and Restricted Cash at End of Year $ 340.7 $ 257.9 $ 321.1