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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 $ 622.7 $ 480.9 $ 553.0
Loss from discontinued operations, net of tax 0.2 2.3 3.0
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities of continuing operations      
Equity income of unconsolidated subsidiaries (2.8) (1.8) (0.3)
Depreciation 59.5 54.1 51.2
Amortization 55.3 52.5 26.3
Gain on sale of businesses 0.0 (0.2) (1.4)
Deferred income taxes (92.5) (44.8) (9.0)
Share-based compensation 29.1 24.9 29.8
Asset impairment and write-offs 7.9 25.6 0.0
Amortization of bridge financing debt issuance costs 0.0 9.0 0.0
Pension and other post-retirement expense (benefit) 12.1 (12.2) 2.8
Pension and other post-retirement contributions (8.7) (8.8) (9.4)
(Gain) loss on sale of assets (3.4) (2.3) 0.7
Changes in assets and liabilities, net of effects of business acquisitions      
Accounts receivable (24.4) 30.4 (142.0)
Inventories 109.6 (187.0) (121.4)
Other current assets (29.1) (16.5) (12.3)
Accounts payable (75.1) (56.9) 114.2
Employee compensation and benefits 17.2 (35.2) 24.5
Other current liabilities (59.5) 46.5 116.2
Other non-current assets and liabilities 2.7 3.8 (12.3)
Net cash provided by operating activities of continuing operations 620.8 364.3 613.6
Net cash used for operating activities of discontinued operations (1.6) (1.0) (0.4)
Net cash provided by operating activities 619.2 363.3 613.2
Investing activities      
Capital expenditures (76.0) (85.2) (60.2)
Proceeds from sale of property and equipment 5.6 4.1 3.9
Proceeds from sale of businesses, net 0.0 0.0 1.4
Acquisitions, net of cash acquired (0.6) (1,580.9) (338.5)
(Payments) receipts upon the settlement of net investment hedges (18.5) 78.9 0.0
Other 4.1 0.3 2.7
Net cash used for investing activities (85.4) (1,582.8) (390.7)
Financing activities      
Net (repayments) borrowings of revolving long-term debt (320.0) 124.5 159.4
Proceeds from long-term debt 0.0 1,391.3 0.0
Repayment of long-term debt (12.5) (88.3) (103.8)
Debt issuance costs 0.0 (15.8) (2.3)
Shares issued to employees, net of shares withheld 9.6 (2.7) 22.2
Repurchases of ordinary shares 0.0 (50.0) (150.0)
Dividends paid (145.2) (138.6) (133.0)
Receipts (payments) upon the settlement of cross currency swaps 0.0 12.3 (14.7)
Net cash (used for) provided by financing activities (468.1) 1,232.7 (222.2)
Effect of exchange rate changes on cash and cash equivalents (4.3) 1.2 12.1
Change in cash and cash equivalents 61.4 14.4 12.4
Cash and cash equivalents, beginning of year 108.9 94.5 82.1
Cash and cash equivalents, end of year 170.3 108.9 94.5
Supplemental disclosure of cash flow information:      
Cash paid for interest, net 146.4 57.0 29.9
Cash paid for income taxes, net $ 120.0 $ 122.6 $ 71.8