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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities:    
Net income $ 260.8 $ 254.2
Adjustments to reconcile net income to net cash used in operating activities:    
Income from equity method investments (1.4) (7.4)
Dividends from affiliates 0.0 3.7
Restructuring charges, net of cash paid 0.5 1.4
Provision for credit losses 2.7 3.5
Unrealized losses, net on derivative contracts 2.0 0.3
Stock-based compensation expense 10.6 17.5
Depreciation and amortization 37.8 35.6
Deferred income taxes (11.6) (3.6)
Pension expense 3.5 5.4
Pension contributions (0.5) (0.8)
Other items, net (0.9) (0.3)
Changes in assets and liabilities:    
Accounts and notes receivable (281.6) (248.2)
Inventories (187.3) 7.0
Other current assets 1.2 (9.7)
Accounts payable 93.7 67.4
Accrued expenses 14.8 33.7
Income taxes payable and receivable, net 39.4 1.6
Leases, net 0.9 (0.6)
Other, net 14.6 13.8
Net cash (used in) provided by operating activities (0.8) 174.5
Cash flows from investing activities:    
Proceeds from the disposal of property, plant and equipment 0.5 0.6
Purchases of property, plant and equipment (46.7) (45.5)
Proceeds from short-term investments, net 0.0 2.3
Net cash used in investing activities (46.2) (42.6)
Cash flows from financing activities:    
Asset securitization borrowings 211.0 299.0
Asset securitization payments (61.0) (44.0)
Long-term debt payments (6.4) (3.1)
Borrowings from credit facility 1,331.0 753.0
Payments on credit facility (1,029.0) (748.5)
Proceeds from employee stock purchases 1.8 1.6
Repurchases of common stock (300.0) (400.0)
Repurchases of common stock to satisfy employee withholding tax obligations (5.1) (10.2)
Cash dividends paid (66.9) (58.6)
Net cash provided by financing activities 75.4 (210.8)
Increase (decrease) in cash and cash equivalents 28.4 (78.9)
Effect of exchange rates on cash and cash equivalents (2.0) (0.5)
Cash and cash equivalents, beginning of period 31.0 123.9
Cash and cash equivalents, end of period 57.4 44.5
Supplemental disclosures of cash flow information:    
Interest paid 14.2 11.8
Income taxes paid (net of refunds) $ 32.9 $ 62.6