XML 18 R8.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Net earnings $ 82.0 $ 61.9
Adjustments to reconcile net earnings to net cash provided by operating activities    
Depreciation and amortization 59.7 55.9
Share-based incentive compensation 8.5 17.6
Profit sharing expense 6.9 6.8
Loss on debt redemption and refinancing activities 0.0 4.9
Provision for allowance for credit losses on trade receivables 0.9 2.2
Provisions for inventory obsolescence 6.1 5.4
Deferred taxes, net (7.2) (2.8)
Net loss on disposal/sale of businesses 1.4 1.0
Other non-cash items (4.4) 11.6
Changes in operating assets and liabilities:    
Trade receivables, net (28.9) 30.1
Inventories, net (33.5) (32.0)
Accounts payable 47.7 (62.8)
Customer advance payments (3.0) 4.7
Income tax receivable/payable 17.2 12.7
Other assets and liabilities (28.3) (65.3)
Net cash provided by operating activities 125.1 51.9
Cash flows from investing activities:    
Capital expenditures (47.1) (64.9)
Proceeds related to sale of business and property and equipment, net 0.2 0.6
Businesses acquired in purchase transactions, net of cash acquired 4.2 (1,148.0)
Net cash used in investing activities (38.0) (1,206.9)
Cash flows from financing activities:    
Net (payments) proceeds from short-term borrowings (3.7) 167.9
Proceeds from long-term debt 0.0 1,411.4
Payments of long-term debt (25.3) (432.8)
Payments of debt modification/extinguishment costs and other 0.0 (13.1)
Dividends paid on common stock (30.5) (31.1)
Impact of tax withholding on share-based compensation (7.8) (21.0)
Repurchases of common stock 0.0 (79.9)
Principal payments related to financing leases (1.8) (2.3)
Net cash (used in) provided by financing activities (69.1) 999.1
Effect of foreign currency exchange rate changes on cash and cash equivalents (11.3) 2.9
Cash and cash equivalents 346.1 456.1
Restricted cash and cash equivalents 0.0 0.0
Balance, beginning of period 346.1 456.1
Net change during the period 6.7 (153.0)
Cash and cash equivalents 352.8 303.1
Restricted cash and cash equivalents 0.0 0.0
Balance, end of period 352.8 303.1
Supplemental Cash Flow Information:    
Interest payments 80.5 50.8
Income tax payments, net of cash refunds 20.9 14.0
Restructuring payments including associated costs 14.3 3.1
Non-cash items:    
Transfers of shares of common stock from treasury for profit-sharing contributions 25.4 23.9
Foreign currency forward contracts    
Cash flows from investing activities:    
Settlement of foreign currency forward contracts and cross currency swaps 3.1 5.4
Cross-currency swaps    
Cash flows from investing activities:    
Settlement of foreign currency forward contracts and cross currency swaps $ 1.6 $ 0.0