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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:      
Net income $ 241.7 $ 206.9 $ 150.7
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 100.0 101.7 94.3
Amortization 3.4 2.7 2.4
Stock-based compensation 24.4 15.1 16.1
Non-cash restructuring charges 2.3 2.2 0.7
Pension settlement charge 3.5 0.0 0.0
Venezuela deconsolidation 0.0 0.0 11.1
Contingent consideration payments in excess of acquisition-date liability (0.5) (0.6) 0.0
Loss on sales of equipment 0.8 1.8 1.6
Deferred income taxes 15.3 0.9 41.7
Pension and other retirement plans, net (2.6) (7.9) (6.9)
Equity in undistributed earnings of affiliates, net of dividends (6.7) (5.9) (7.0)
Changes in assets/liabilities, net of acquisitions:      
Increase in accounts receivable (33.3) (43.8) (39.7)
Increase in inventories (18.6) (7.0) (3.6)
Decrease (increase) in other current assets 2.6 (6.2) 0.3
Increase in accounts payable 25.3 0.4 12.6
Changes in other assets and liabilities 9.6 28.3 (11.0)
Net cash provided by operating activities 367.2 288.6 263.3
Cash flows from investing activities:      
Capital expenditures (126.4) (104.7) (130.8)
Purchase of investment in affiliated companies (85.1) 0.0 0.0
Acquisition of business 18.9 0.0 0.0
Cash related to deconsolidated Venezuelan subsidiary 0.0 0.0 (6.0)
Other, net 2.4 3.9 3.2
Net cash used in investing activities (228.0) (100.8) (133.6)
Cash flows from financing activities:      
Borrowings under revolving credit agreements 108.5 0.0 0.0
Repayments of Lines of Credit (136.3) 0.0 0.0
Issuance of long-term debt 90.0 0.0 0.0
Repayments of Long-term Debt (0.1) (0.1) (34.9)
Debt issuance costs (1.2) 0.0 0.0
Dividend payments (45.1) (42.1) (39.1)
Contingent consideration payments up to amount of acquisition-date liability 0.0 0.0 (0.7)
Proceeds from stock-based compensation awards 25.1 27.4 35.7
Employee stock purchase plan contributions 5.4 4.9 4.4
Shares repurchased under share repurchase program (83.1) (70.8) (74.4)
Net cash used in financing activities (36.8) (80.7) (109.0)
Effect of exchange rates on cash (0.7) (5.6) 12.2
Net increase in cash and cash equivalents 101.7 101.5 32.9
Cash, including cash equivalents at beginning of period 337.4 235.9 203.0
Cash, including cash equivalents at end of period 439.1 337.4 235.9
Supplemental cash flow information:      
Interest paid, net of amounts capitalized 8.6 8.4 8.0
Income taxes paid, net 47.5 42.0 31.0
Accrued capital expenditures 17.0 15.0 20.1
Dividends declared, not paid 11.8 11.3 10.4
Purchase of investment in affiliated companies, treasury stock $ 4.9 $ 0.0 $ 0.0