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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating Activities      
Net income $ 452.0 $ 1,326.9 $ 1,296.7
Adjustments to reconcile net income to net cash and cash equivalents provided by (used for) operating activities:      
Depreciation and amortization 533.4 598.8 582.5
Gains on disposition of property, plant and equipment (27.0) (13.0) (1.4)
Stock-based compensation 18.6 14.1 8.3
Loss on debt extinguishment 0.0 0.0 152.2
Write-off of equipment and facility included in restructuring charges 17.7 0.0 0.0
Deferred income taxes (55.6) (32.4) (42.7)
Qualified pension plan contributions (1.1) (1.3) (1.1)
Qualified pension plan income 21.0 33.1 27.8
Change in assets and liabilities:      
Receivables 65.4 160.8 (360.0)
Income taxes receivable/payable 45.8 (2.9) 105.1
Inventories 94.4 (86.3) (206.0)
Other current assets (3.1) 15.9 (22.3)
Accounts payable and accrued liabilities (133.9) (22.3) 240.1
Other assets (23.4) (2.6) (13.3)
Other noncurrent liabilities 15.8 (0.7) 26.2
Other operating activities (3.7) 0.0 4.5
Net operating activities 974.3 1,921.9 1,741.0
Investing Activities      
Capital expenditures (236.0) (236.9) (200.6)
Business acquired in purchase transaction, net of cash acquired 63.9 0.0 0.0
Payments under other long-term supply contracts (64.5) (37.7) 0.0
Proceeds from disposition of property, plant and equipment 28.8 14.9 3.2
Other investing activities (5.2) 0.0 0.0
Net investing activities (340.8) (259.7) (197.4)
Long-term debt:      
Borrowings 707.7 415.0 540.0
Repayments 621.8 616.1 1,643.1
Debt early redemption premiums 0.0 0.0 (137.7)
Common stock repurchased and retired (711.3) (1,350.7) (251.9)
Stock options exercised 25.4 25.7 72.4
Dividends paid (101.0) (116.2) (127.8)
Debt issuance costs 0.0 (4.4) (3.9)
Contributions received from noncontrolling interests 44.1 0.0 0.0
Net financing activities (656.9) (1,646.7) (1,552.0)
Effect of exchange rate changes on cash and cash equivalents (0.3) (2.0) (0.8)
Net (decrease) increase in cash and cash equivalents (23.7) 13.5 (9.2)
Cash and cash equivalents, beginning of year 194.0 180.5 189.7
Cash and cash equivalents, end of year 170.3 194.0 180.5
Cash paid for interest and income taxes:      
Interest, net 176.8 141.7 345.2
Income taxes, net of refunds $ 111.7 $ 356.6 $ 169.6