XML 31 R10.htm IDEA: XBRL DOCUMENT v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net income $ 493.7 $ 492.7 $ 593.4
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 168.6 151.8 133.7
Amortization 2.8 3.6 3.6
Stock-based compensation 23.8 18.7 23.3
Non-cash restructuring charges 5.4 0.0 0.0
Pension settlement charges 0.0 0.0 0.1
Loss on disposal of plant 0.0 0.0 11.6
Asset impairments 11.7 7.3 9.6
Deferred income taxes (13.7) (3.5) 37.5
Pension and other retirement plans, net 0.6 (2.0) (2.6)
Equity in undistributed earnings of affiliates, net of dividends (10.5) (13.4) (14.3)
Other, net (7.4) (4.7) 1.0
Changes in assets and liabilities:      
Decrease (increase) in accounts receivable 6.9 (58.8) 4.0
(Increase) decrease in inventories (62.8) 42.0 (13.5)
Decrease (increase) in other current assets 9.7 (5.8) (21.3)
Increase in accounts payable 17.9 2.9 4.4
Changes in other assets and liabilities 108.1 22.6 6.0
Net cash provided by operating activities 754.8 653.4 776.5
Cash flows from investing activities:      
Capital expenditures (285.9) (377.0) (362.0)
Other, net 0.0 (1.7) (6.7)
Net cash used in investing activities (285.9) (378.7) (368.7)
Cash flows from financing activities:      
Borrowings of long-term debt 0.0 164.7 0.0
Repayments of long-term debt 0.0 (169.0) (2.3)
Principal repayments on finance leases (1.1) (23.3) (0.1)
Dividend payments (61.2) (59.1) (57.0)
Excise tax payments (4.2) (2.0) 0.0
Proceeds from stock-based compensation awards 11.3 25.5 43.9
Employee stock purchase plan contributions 6.9 7.2 7.1
Shares purchased under share repurchase programs (134.0) (560.9) (438.3)
Shares repurchased for employee tax withholdings (2.8) (5.7) (12.9)
Net cash used in financing activities (185.1) (622.6) (459.6)
Effect of exchange rates on cash 22.9 (21.4) 11.4
Net increase (decrease) in cash and cash equivalents 306.7 (369.3) (40.4)
Cash, including cash equivalents at beginning of period 484.6 853.9 894.3
Cash, including cash equivalents at end of period 791.3 484.6 853.9
Supplemental cash flow information:      
Interest paid, net of amounts capitalized 0.3 0.5 6.0
Income taxes paid, net 125.2 71.4 90.8
Accrued capital expenditures 37.9 53.0 53.3
Dividends declared, not paid $ 15.8 $ 15.2 $ 14.8