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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net income $ 370.2 $ 315.2
Adjustments to reconcile net income to net cash provided by operating activities:    
Gain on sale from previous dispositions 1.6 0.0
Income from equity method investments (3.7) (3.8)
Provision for credit losses 3.4 3.8
Unrealized losses, net on derivative contracts 0.5 3.9
Stock-based compensation expense 13.3 13.8
Depreciation and amortization 49.2 40.5
Deferred income taxes (13.4) (18.9)
Pension expense 2.0 1.4
Pension contributions (5.1) (2.0)
Other items, net (0.1) (1.2)
Changes in assets and liabilities, net of effects of acquisitions and divestitures:    
Accounts and notes receivable (270.8) (236.5)
Inventories (78.9) (100.4)
Other current assets (2.5) 8.7
Accounts payable 76.2 45.4
Accrued expenses (22.1) 45.6
Income taxes payable and receivable, net 40.1 4.1
Leases, net 1.8 3.3
Other, net 2.7 (6.2)
Net cash provided by operating activities 161.2 116.7
Cash flows from investing activities:    
Proceeds from the disposal of property, plant and equipment 1.1 1.5
Purchases of property, plant and equipment (62.2) (85.3)
Net proceeds from previous disposition 4.1 0.0
Acquisitions, net of cash 1.8 0.0
(Purchases of) proceeds from short-term investments (2.0) 1.5
Net cash used in investing activities (57.2) (82.3)
Cash flows from financing activities:    
Asset securitization borrowings 0.0 140.0
Commercial paper borrowings 374.0 0.0
Commercial paper payments (377.0) 0.0
Asset securitization payments 0.0 (90.0)
Long-term debt payments (9.9) (7.3)
Borrowings from credit facility 156.7 1,182.0
Payments on credit facility (176.7) (1,182.0)
Proceeds from employee stock purchases 2.0 1.9
Repurchases of common stock to satisfy employee withholding tax obligations (9.1) (3.2)
Cash dividends paid (78.3) (75.2)
Net cash used in financing activities (118.3) (33.8)
(Decrease) increase in cash and cash equivalents (14.3) 0.6
Effect of exchange rates on cash and cash equivalents 1.2 (1.8)
Cash and cash equivalents, beginning of period 60.7 52.6
Cash and cash equivalents, end of period 47.6 51.4
Supplemental disclosures of cash flow information:    
Interest paid 25.6 27.1
Income taxes paid (net of refunds) $ 60.2 $ 88.4