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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Cash provided (required) by operating activities of continuing operations:    
Net income (loss) $ 115.7 $ 700.8
Discontinued operations 11.9 (703.8)
Income (loss) from continuing operations 127.6 (3.0)
Adjustments from income from continuing operations to cash provided (required) by operating activities of continuing operations:    
Depreciation and amortization 67.2 54.2
Restructuring and other charges (income) 24.7 32.6
Deferred income taxes (4.6) 21.2
Pension and other postretirement benefits 7.8 22.6
Proceeds from divestitures 11.2 8.3
Excess tax benefits from share-based compensation (0.4) (2.0)
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures:    
Trade receivables, net 216.6 241.4
Guarantees of vendor financing 36.1 1.2
Inventories (89.7) (40.8)
Accounts payable 36.8 (111.9)
Advance payments from customers (244.8) (184.8)
Accrued customer rebates 138.3 121.5
Income taxes 27.6 6.5
Pension and other postretirement benefit contributions (26.3) (51.8)
Environmental spending, continuing, net of recoveries (11.4) (13.5)
Restructuring and other spending (13.7) (10.5)
Change in other operating assets and liabilities, net (60.4) [1] (213.7)
Cash provided (required) by operating activities of continuing operations 242.6 (122.5)
Cash provided (required) by operating activities of discontinued operations:    
Environmental spending, discontinued, net of recoveries (10.1) (4.0)
Other discontinued reserves (8.0) (8.6)
Operating activities of discontinued operations, net of recoveries 0.0 (37.5)
Cash provided (required) by operating activities of discontinued operations (18.1) (50.1)
Cash provided (required) by investing activities of continuing operations:    
Capital expenditures (55.2) (65.2)
Proceeds from disposal of property, plant and equipment 1.1 1.6
Acquisitions, net of cash acquired 0.0 1,205.1
Other investing activities (5.6) (19.3)
Cash provided (required) by investing activities of continuing operations (59.7) (1,288.0)
Cash provided (required) by investing activities of discontinued operations:    
Proceeds from divestitures 0.0 1,653.2
Other discontinued investing activities 0.0 (15.6)
Cash provided (required) by investing activities of discontinued operations 0.0 1,637.6
Cash provided (required) by financing activities of continuing operations:    
Increase (decrease) in short-term debt (59.4) (394.6)
Repayments of long-term debt (50.8) (1,023.7)
Financing fees (0.7) 0.0
Proceeds from borrowings of long-term debt 2.8 1,650.0
Issuances of common stock, net 2.1 5.6
Excess tax benefits from share-based compensation 0.4 2.0
Dividends paid [2] (44.3) (42.2)
Other repurchases of common stock (1.2) (3.2)
Cash provided (required) by financing activities of continuing operations (151.1) 193.9
Effect of exchange rate changes on cash and cash equivalents 1.3 (2.9)
Increase (decrease) in cash and cash equivalents 15.0 368.0
Cash and cash equivalents, beginning of period 78.6 109.5
Cash and cash equivalents, end of period $ 93.6 $ 477.5
[1] Changes in all periods primarily represent timing of payments associated with all other operating assets and liabilities. Additionally, the June 30, 2015 change is impacted by a $99.6 million reduction in the Cheminova acquisition hedge liability and the non-cash Cheminova inventory fair value amortization of $19.3 million. Total cash payments during the six months ended June 30, 2015 associated with the Cheminova acquisition hedges were $264.8 million, which includes $165.5 million that were accrued and paid within the period.
[2] See Note 13 regarding quarterly cash dividend.