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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net income $ 585.9 $ 661.8 $ 346.2
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 116.9 116.9 104.7
Amortization 3.7 5.4 4.4
Stock-based compensation 23.7 37.5 34.0
Non-cash restructuring charges 15.3 0.0 0.0
Pension settlement charge 52.2 1.8 3.7
Contingent consideration payments in excess of acquisition-date liability (2.0) (1.4) (0.9)
Fixed asset impairments and sale of equipment, net 2.7 1.3 7.7
Deferred income taxes (30.8) (42.9) (5.8)
Pension and other retirement plans, net (14.0) 14.8 4.6
Equity in undistributed earnings of affiliates, net of dividends (18.1) (17.4) (15.8)
Changes in assets and liabilities:      
Increase in accounts receivable (35.6) (123.5) (46.6)
Increase in inventories (49.8) (86.5) (73.7)
Decrease (increase) in other current assets 18.5 (7.3) 5.5
(Decrease) increase in accounts payable (2.8) 16.8 36.6
Changes in other assets and liabilities 58.2 6.7 67.9
Net cash provided by operating activities 724.0 584.0 472.5
Cash flows from investing activities:      
Capital expenditures (284.6) (253.4) (174.4)
Acquisition of business 0.0 (2.2) 0.0
Other, net (3.6) 2.5 (5.1)
Net cash used in investing activities (288.2) (253.1) (179.5)
Cash flows from financing activities:      
Debt issuance cost (1.2) 0.0 0.0
Repayments of long-term debt (44.3) (2.2) (2.3)
Dividend payments (54.1) (51.1) (48.1)
Proceeds from stock-based compensation awards 20.9 29.4 28.3
Employee stock purchase plan contributions 7.3 7.7 6.4
Shares purchased under share repurchase programs (202.8) (137.1) (115.5)
Shares repurchased for employee tax withholdings (19.4) (14.8) (5.9)
Net cash used in financing activities (293.6) (168.1) (137.1)
Effect of exchange rates on cash (10.5) (15.7) 20.5
Net increase in cash and cash equivalents 131.7 147.1 176.4
Cash, including cash equivalents at beginning of period 762.6 615.5 439.1
Cash, including cash equivalents at end of period 894.3 762.6 615.5
Supplemental cash flow information:      
Interest paid, net of amounts capitalized 6.6 8.0 8.1
Income taxes paid, net 109.7 171.8 48.4
Accrued capital expenditures 33.2 41.1 31.3
Dividends declared, not paid $ 14.1 $ 13.4 $ 12.6