XML 114 R10.htm IDEA: XBRL DOCUMENT v3.24.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income $ 593.4 $ 585.9 $ 661.8
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 133.7 116.9 116.9
Amortization 3.6 3.7 5.4
Stock-based compensation 23.3 23.7 37.5
Non-cash restructuring charges 0.0 15.3 0.0
Pension settlement charge 0.1 52.2 1.8
Loss on disposal of plant 11.6 0.0 0.0
Asset impairments 9.6 6.2 5.6
Deferred income taxes 37.5 (30.8) (42.9)
Pension and other retirement plans, net (2.6) (14.0) 14.8
Equity in undistributed earnings of affiliates, net of dividends (14.3) (18.1) (17.4)
Other, net 1.0 (2.0) (1.4)
Changes in assets and liabilities:      
Decrease (increase) in accounts receivable 4.0 (35.6) (123.5)
Increase in inventories (13.5) (49.8) (86.5)
(Increase) decrease in other current assets (21.3) 18.5 (7.3)
Increase (decrease) in accounts payable 4.4 (2.8) 16.8
Changes in other assets and liabilities 6.0 54.7 2.4
Net cash provided by operating activities 776.5 724.0 584.0
Cash flows from investing activities:      
Capital expenditures (362.0) (284.6) (253.4)
Acquisition of business 0.0 0.0 (2.2)
Other, net (6.7) (3.6) 2.5
Net cash used in investing activities (368.7) (288.2) (253.1)
Cash flows from financing activities:      
Debt issuance cost 0.0 (1.2) 0.0
Repayments of long-term debt (2.3) (44.3) (2.2)
Dividend payments (57.0) (54.1) (51.1)
Proceeds from stock-based compensation awards 43.9 20.9 29.4
Employee stock purchase plan contributions 7.1 7.3 7.7
Shares purchased under share repurchase programs (438.3) (202.8) (137.1)
Shares repurchased for employee tax withholdings (12.9) (19.4) (14.8)
Other, net (0.1) 0.0 0.0
Net cash used in financing activities (459.6) (293.6) (168.1)
Effect of exchange rates on cash 11.4 (10.5) (15.7)
Net (decrease) increase in cash and cash equivalents (40.4) 131.7 147.1
Cash, including cash equivalents at beginning of period 894.3 762.6 615.5
Cash, including cash equivalents at end of period 853.9 894.3 762.6
Supplemental cash flow information:      
Interest paid, net of amounts capitalized 6.0 6.6 8.0
Income taxes paid, net 90.8 109.7 171.8
Accrued capital expenditures 53.3 33.2 41.1
Dividends declared, not paid $ 14.8 $ 14.1 $ 13.4