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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating activities    
Net income $ 319.4 $ 282.6
Loss from discontinued operations, net of tax 0.2 0.1
Adjustments to reconcile net income from continuing operations to net cash provided by (used for) operating activities    
Equity income of unconsolidated subsidiaries (1.1) (0.8)
Depreciation 30.4 29.4
Amortization 26.9 27.7
Deferred income taxes 12.6 (31.9)
Share-based compensation 16.3 14.1
Asset impairment and write-offs 0.8 4.4
Gain on sale of assets 0.0 (3.4)
Changes in assets and liabilities, net of effects of business acquisitions    
Accounts receivable (10.7) 7.4
Inventories 23.5 33.6
Other current assets (4.0) (16.7)
Accounts payable 19.4 (25.8)
Employee compensation and benefits (19.4) (1.2)
Other current liabilities 6.6 22.1
Other non-current assets and liabilities 10.9 (1.5)
Net cash provided by operating activities of continuing operations 431.8 340.1
Net cash used for operating activities of discontinued operations (0.2) (1.6)
Net cash provided by operating activities 431.6 338.5
Investing activities    
Capital expenditures (36.3) (35.4)
Proceeds from sale of property and equipment 0.0 5.0
Acquisitions, net of cash acquired 0.0 0.2
Other (0.5) 4.1
Net cash used for investing activities (36.8) (26.1)
Financing activities    
Net receipts of short-term borrowings 3.3 0.0
Net repayments of revolving long-term debt 0.0 (204.3)
Repayments of long-term debt (237.5) 0.0
Shares issued to employees, net of shares withheld 9.3 0.8
Repurchases of ordinary shares (50.0) 0.0
Dividends paid (76.2) (72.5)
Net cash used for financing activities (351.1) (276.0)
Effect of exchange rate changes on cash and cash equivalents 0.3 (3.7)
Change in cash and cash equivalents 44.0 32.7
Cash and cash equivalents, beginning of period 170.3 108.9
Cash and cash equivalents, end of period $ 214.3 $ 141.6