XML 22 R8.htm IDEA: XBRL DOCUMENT v3.8.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities:      
Net income $ 150.7 $ 143.6 $ 95.6
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 94.3 88.1 86.1
Amortization 2.4 2.6 3.8
Stock-based compensation 16.1 19.5 29.6
Non-cash restructuring charges 0.7 17.5 0.0
Pension curtailment gain 0.0 (2.1) 0.0
Pension settlement charge 0.0 0.0 50.4
Venezuela deconsolidation 11.1 0.0 0.0
Loss on sales of equipment 1.6 0.7 0.4
Deferred income taxes 41.7 21.5 (8.9)
Pension and other retirement plans, net (6.9) (6.5) (28.8)
Equity in undistributed earnings of affiliates, net of dividends (7.0) (6.8) (5.0)
Changes in assets/liabilities, net of acquisitions:      
Increase in accounts receivable (39.7) (23.3) (14.1)
Increase in inventories (3.6) (21.2) (11.4)
Decrease (increase) in other current assets 0.3 (2.4) (2.6)
Increase in accounts payable 12.6 6.1 17.2
Changes in other assets and liabilities (11.0) (17.9) 0.1
Net cash provided by operating activities 263.3 219.4 212.4
Cash flows from investing activities:      
Capital expenditures (130.8) (170.2) (131.6)
Purchase of cost-method investments 0.0 (8.4) (1.5)
Cash related to deconsolidated Venezuelan subsidiary (6.0) 0.0 0.0
Other, net 3.2 2.8 3.6
Net cash used in investing activities (133.6) (175.8) (129.5)
Cash flows from financing activities:      
Borrowings under revolving credit agreements 0.0 0.0 71.4
Repayments under revolving credit agreements 0.0 0.0 (71.4)
Debt issuance costs 0.0 0.0 (1.0)
Repayments of long-term debt (34.9) (69.8) (27.4)
Dividend payments (39.1) (35.8) (32.4)
Contingent consideration payments (0.7) (0.3) (0.1)
Proceeds from exercise of stock options and stock appreciation rights 39.5 25.9 12.7
Employee stock purchase plan contributions 4.4 3.8 3.2
Excess tax benefit from employee stock plans 0.0 18.2 9.1
Shares repurchased under share repurchase program (74.4) (52.2) 0.0
Shares repurchased for employee tax withholdings (3.8) (3.7) (5.6)
Net cash used in financing activities (109.0) (113.9) (41.5)
Effect of exchange rates on cash 12.2 (1.3) (22.1)
Net increase in cash and cash equivalents 32.9 (71.6) 19.3
Cash, including cash equivalents at beginning of period 203.0 274.6 255.3
Cash, including cash equivalents at end of period 235.9 203.0 274.6
Supplemental cash flow information:      
Interest paid, net of amounts capitalized 8.0 8.6 14.7
Income taxes paid, net 31.0 48.1 33.1
Accrued capital expenditures 20.1 22.7 25.0
Dividends declared, not paid $ 10.4 $ 9.5 $ 8.6