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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
OPERATING ACTIVITIES      
Net income $ 686.7 $ 772.4 $ 554.4
Non-cash expense (income):      
Depreciation 126.5 125.0 121.5
Amortization of intangibles 65.1 64.1 42.0
Non-cash lease expense 45.2 42.5 37.4
Stock-based compensation 50.2 50.2 47.6
Restructuring charges 8.0 0.0 0.0
(Gain) loss on sale of property, plant and equipment (4.7) 1.6 2.4
Loss (gain) on equity investments 0.0 5.0 (6.6)
Asset impairment charges 46.4 0.0 26.1
Recognition of actuarial (gain) loss (1.2) 0.8 3.2
Deferred taxes 14.8 1.7 (14.6)
Amortization of deferred financing costs 3.8 3.6 4.5
Changes in assets and liabilities including effects subsequent to acquisitions      
Decrease (Increase) in accounts receivable 66.3 (151.5) (85.7)
Increase in inventories (198.5) (324.3) (91.8)
(Decrease) increase in accounts payable (161.2) 137.7 142.9
Decrease (increase) in other assets 14.0 1.0 (41.1)
(Decrease) increase in accrued taxes (65.5) 8.4 12.5
(Decrease) increase in accrued expenses and other liabilities (129.6) (49.5) 71.0
NET CASH PROVIDED BY OPERATING ACTIVITIES 566.3 688.7 825.7
INVESTING ACTIVITIES      
Capital expenditures [1] (246.1) (214.2) (150.5)
Proceeds from the disposition of assets 8.2 1.9 1.6
Cost of acquisitions, net of cash acquired (217.6) 5.2 (715.2)
Other investing activities, net 0.0 0.0 (59.4)
NET CASH USED IN INVESTING ACTIVITIES (455.5) (207.1) (923.5)
FINANCING ACTIVITIES      
Increase in short-term debt 700.0 400.0 0.0
Repayment of short term debt (1,100.0) 0.0 0.0
Issuance of long-term debt 5,975.4 1,245.0 1,850.0
Repayment of long-term debt (5,612.5) (1,510.0) (1,465.0)
Proceeds from the exercise of stock options 1.1 41.8 64.9
Employee withholding taxes paid related to stock-based compensation (27.0) (13.3) (10.7)
Dividends to stockholders (145.6) (143.0) (133.3)
Dividends paid to non-controlling interests 0.0 0.0 (2.5)
Dividends received from MasterBrand 940.0 0.0 0.0
Cash retained by Masterbrand at Separation (56.3) 0.0 0.0
Treasury stock purchases (580.1) (447.7) (187.6)
Other financing activities, net (22.5) (1.4) (4.2)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES 72.5 (428.6) 111.6
Effect of foreign exchange rate changes on cash (11.1) (1.9) 16.3
NET INCREASE IN CASH AND CASH EQUIVALENTS 172.2 51.1 30.1
Cash, cash equivalents and restricted cash at beginning of year [2] 476.1 425.0 394.9
Cash, cash equivalents and restricted cash at end of year [2] 648.3 476.1 425.0
Cash paid during the year for      
Interest 102.9 76.8 76.2
Income taxes paid directly to taxing authorities 278.3 228.8 175.5
Dividends declared but not paid $ 29.4 $ 37.8 $ 36.1
[1] Capital expenditures of $14.2 million, $19.6 million and $13.6 million that have not been paid as of December 31, 2022, 2021 and 2020, respectively, were excluded from the Consolidated Statement of Cash Flows.
[2] Restricted cash of $2.1 million and $3.7 million is included in Other current assets and Other assets, respectively, as of December 31, 2022, $1.3 million and $3.3 million is included in Other current assets and Other assets, respectively, as of December 31, 2021 and $1.0 million and $4.9 million is included in Other current assets and Other assets, respectively, as of December 31, 2020 within our Consolidated Balance Sheet.

 

The Consolidated Statements of Cash Flows presented above include cash flows from continuing and discontinued operations. Refer to Note 5, Discontinued Operations, for additional details.