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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net income $ 661.8 $ 346.2 $ 241.7
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 116.9 104.7 100.0
Amortization 5.4 4.4 3.4
Stock-based compensation 37.5 34.0 24.4
Non-cash restructuring charges 0.0 0.0 2.3
Pension settlement charge 1.8 3.7 3.5
Contingent consideration payments in excess of acquisition-date liability (1.4) (0.9) (0.5)
Fixed asset impairments and sale of equipment, net 1.3 7.7 0.8
Deferred income taxes (42.9) (5.8) 15.3
Pension and other retirement plans, net 14.8 4.6 (2.6)
Equity in undistributed earnings of affiliates, net of dividends (17.4) (15.8) (6.7)
Changes in assets and liabilities:      
Increase in accounts receivable (123.5) (46.6) (33.3)
Increase in inventories (86.5) (73.7) (18.6)
(Increase) decrease in other current assets (7.3) 5.5 2.6
Increase in accounts payable 16.8 36.6 25.3
Changes in other assets and liabilities 6.7 67.9 9.6
Net cash provided by operating activities 584.0 472.5 367.2
Cash flows from investing activities:      
Capital expenditures (253.4) (174.4) (126.4)
Purchase of investment in affiliated companies 0.0 0.0 (85.1)
Acquisition of business (2.2) 0.0 (18.9)
Other, net 2.5 (5.1) 2.4
Net cash used in investing activities (253.1) (179.5) (228.0)
Cash flows from financing activities:      
Borrowings under revolving credit agreements 0.0 0.0 108.5
Repayments under revolving credit agreements 0.0 0.0 (136.3)
Issuance of long-term debt 0.0 0.0 90.0
Debt issuance cost 0.0 0.0 (1.2)
Repayments of long-term debt (2.2) (2.3) (0.1)
Dividend payments (51.1) (48.1) (45.1)
Proceeds from stock-based compensation awards 29.4 28.3 27.3
Employee stock purchase plan contributions 7.7 6.4 5.4
Shares purchased under share repurchase programs (137.1) (115.5) (83.1)
Shares repurchased for employee tax withholdings (14.8) (5.9) (2.2)
Net cash used in financing activities (168.1) (137.1) (36.8)
Effect of exchange rates on cash (15.7) 20.5 (0.7)
Net increase in cash and cash equivalents 147.1 176.4 101.7
Cash, including cash equivalents at beginning of period 615.5 439.1 337.4
Cash, including cash equivalents at end of period 762.6 615.5 439.1
Supplemental cash flow information:      
Interest paid, net of amounts capitalized 8.0 8.1 8.6
Income taxes paid, net 171.8 48.4 47.5
Accrued capital expenditures 41.1 31.3 17.0
Dividends declared, not paid 13.4 12.6 11.8
Purchase of investment in affiliated companies, treasury stock $ 0.0 $ 0.0 $ 4.9