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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating activities    
Net income $ 129.7 $ 117.6
(Income) loss from discontinued operations, net of tax (1.2) 0.9
Adjustments to reconcile net income from continuing operations to net cash provided by (used for) operating activities    
Equity income of unconsolidated subsidiaries (0.2) (0.5)
Depreciation 14.7 13.0
Amortization 13.8 6.6
Deferred income taxes (14.0) (3.7)
Share-based compensation 7.2 6.9
Asset impairment and write-offs 4.1 0.0
Amortization of Bridge Financing Fees 0.0 2.6
Changes in assets and liabilities, net of effects of business acquisitions    
Accounts receivable (184.8) (116.1)
Inventories 6.0 (95.1)
Other current assets (17.4) (23.5)
Accounts payable (24.9) 10.4
Employee compensation and benefits (12.8) (37.5)
Other current liabilities (28.7) (12.4)
Other non-current assets and liabilities 1.9 (0.7)
Net cash used for operating activities (106.6) (131.5)
Investing activities    
Capital expenditures (16.6) (17.7)
Proceeds from sale of property and equipment 0.2 0.0
Acquisitions, net of cash acquired 0.2 (1.4)
Net cash used for investing activities (16.2) (19.1)
Financing activities    
Net borrowings of revolving long-term debt 173.6 199.6
Debt issuance costs 0.0 (5.8)
Shares issued to employees, net of shares withheld (4.1) (5.3)
Dividends paid (36.2) (34.7)
Net cash provided by financing activities 133.3 153.8
Effect of exchange rate changes on cash and cash equivalents (0.2) 4.6
Change in cash and cash equivalents 10.3 7.8
Cash and cash equivalents, beginning of period 108.9 94.5
Cash and cash equivalents, end of period $ 119.2 $ 102.3