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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Statement of Cash Flows [Abstract]    
Net earnings available to common stockholders $ 44.6 $ 152.0 [1]
Adjustments to reconcile net earnings to net cash provided by operating activities    
Depreciation and amortization 105.1 106.6 [1]
Share-based incentive compensation 23.0 30.0 [1]
Profit sharing expense 12.9 17.3 [1]
Remeasurement loss related to Venezuelan subsidiaries 0.1 2.8 [1]
Reclassification of cumulative translation adjustment of Venezuelan subsidiaries [2] 0.0 46.0 [1]
Provisions for bad debt 2.1 1.8 [1]
Provisions for inventory obsolescence 3.7 5.3 [1]
Deferred taxes, net 116.8 8.5 [1]
Net loss (gain) on sale of business (2.3) 1.9 [1]
Other non-cash items 6.6 5.3 [1]
Changes in operating assets and liabilities:    
Trade receivables, net (58.3) (83.9) [1]
Inventories (86.5) (82.9) [1]
Accounts payable 145.4 90.3 [1]
Other assets and liabilities (171.9) (114.1) [1]
Net cash provided by operating activities [3] 141.3 186.9 [1]
Cash flows from investing activities:    
Capital expenditures (93.2) (113.5) [1]
Proceeds, net from sale of business and property and equipment 3.6 8.2 [1]
Business acquired in purchase transactions, net of cash acquired (3.5) 0.0 [1]
Settlement of foreign currency forward contracts 11.3 (31.3) [1]
Net cash used in investing activities (81.8) (136.6) [1]
Cash flows from financing activities:    
Net proceeds from borrowings 252.2 35.0 [1]
Change in cash used as collateral on borrowing arrangements (2.0) 0.3 [1]
Dividends paid on common stock (61.8) (57.0) [1]
Acquisition of common stock for tax withholding (21.5) (22.3) [1]
Repurchases of common stock (305.3) (52.0) [1]
Other financing activities 0.3 0.0 [1]
Net cash used in financing activities [3] (138.1) (96.0) [1]
Effect of foreign currency exchange rate changes on cash and cash equivalents (12.1) (16.3) [1]
Balance, beginning of period 333.7 321.7 [1]
Net change during the period (90.7) (62.0) [1]
Balance, end of period 243.0 259.7
Supplemental Cash Flow Information:    
Interest payments, net of amounts capitalized 107.0 108.0 [1]
Income tax payments 92.6 59.9 [1]
Payments related to the sale of Diversey [4] 44.8 0.0
Stock appreciation rights payments (less amounts included in restructuring payments) 0.0 1.9
Restructuring payments including associated costs 33.1 36.4 [1]
Non-cash items:    
Transfers of shares of our common stock from treasury for our 2016 and 2015 profit-sharing plan contributions $ 22.3 $ 37.6 [1]
[1] Due to changes in the accounting treatment of a factoring agreement the Company reclassified amounts from cash and cash equivalents to other receivables of $7.8 million as of June 30, 2016. This reclassification resulted in an increase in cash provided by operating activities of $1.1 million for the six months ended June 30, 2016.
[2] Due to the ongoing challenging economic situation in Venezuela, the Company approved a program in the second quarter of 2016 to cease operations in the country. Refer to Note 1, "Organization and Basis of Presentation," of the Notes to the Condensed Consolidated Financial Statement for further details.
[3] The Company early adopted ASU 2016-09 on a retrospective basis related to the classification of excess tax benefits on the Statement of Cash Flows, effective January 1, 2016, which resulted in an increase in operating cash flow of $6.8 million and a decrease in financing activities of $6.8 million for the six months ended June 30, 2016. There was not a material impact on the three months ended June 30, 2016. Refer to Note 2, “Recently Issued Accounting Standards” of the Notes to the Condensed Consolidated Financial Statements for further details.
[4] Payments related to the sale of Diversey includes $33.0 million related to tax payments and the remainder primarily attributable to professional fees.