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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating Activities    
Net Income $ 125.7 $ 121.9
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 45.6 41.4
Impairment charges 28.3 0.0
Loss on sale of assets 0.2 0.6
Gain on divestitures (4.0) 0.0
Deferred income tax provision 2.8 1.8
Stock-based compensation expense 11.0 7.1
Pension and other postretirement expense 0.4 1.0
Pension and other postretirement benefit contributions and payments (4.8) (5.2)
Changes in operating assets and liabilities:    
Accounts receivable (50.3) (118.2)
Unbilled receivables (11.1) 16.1
Inventories 6.1 (70.2)
Accounts payable, trade (9.4) 7.7
Other accrued expenses (44.8) (19.5)
Income taxes (15.0) 6.3
Other, net (2.1) 8.0
Net Cash Provided by (Used in) Operating Activities 78.6 (1.2)
Investing Activities    
Capital expenditures (41.7) (34.3)
Acquisitions, net of cash acquired (29.2) 0.0
Proceeds from divestitures, net of cash divested 5.7 0.0
Investments in short-term marketable securities, net 0.8 (0.8)
Other, net (0.1) 0.1
Net Cash Used in Investing Activities (64.5) (35.0)
Financing Activities    
Cash dividends paid to shareholders (23.6) (23.5)
Purchase of treasury shares (54.0) (100.0)
Proceeds from exercise of stock options 12.7 1.4
Payments related to tax withholding for stock-based compensation (13.8) (7.5)
Borrowings on accounts receivable facility 29.0 100.0
Payments on accounts receivable facility (14.0) (100.0)
Proceeds from long-term debt 137.0 524.3
Payments on long-term debt (82.7) (182.7)
Deferred financing costs 0.0 (2.6)
Short-term debt activity, net (8.1) (11.1)
Other 0.0 6.4
Net Cash (Used in) Provided by Financing Activities (17.5) 204.7
Effect of exchange rate changes on cash 1.8 (1.2)
(Decrease) Increase in Cash, Cash Equivalents and Restricted Cash (1.6) 167.3
Cash, cash equivalents and restricted cash at beginning of year 340.7 257.9
Cash, Cash Equivalents and Restricted Cash at End of Period $ 339.1 $ 425.2