XML 25 R9.htm IDEA: XBRL DOCUMENT v3.24.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES FROM CONTINUING OPERATIONS:      
Net income before non-controlling interest $ 370.7 $ 457.8 $ 625.0
Loss from discontinued operations, net of tax 0.0 0.4 0.7
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 135.3 127.1 113.2
Amortization of stock-based compensation 47.7 53.1 61.4
Amortization of deferred financing costs 3.9 3.9 2.8
Bad debt expense 8.2 6.7 2.7
Deferred income taxes 8.3 (10.5) 11.1
Dividends received from unconsolidated affiliates 20.4 22.9 22.9
Equity income in earnings of unconsolidated affiliates (23.0) (21.1) (30.6)
Loss on extinguishment of debt 1.4 0.0 3.0
Foreign currency adjustments and other (0.9) 0.3 1.5
Changes in operating assets and liabilities, net of effect of business acquisitions:      
Accounts receivable (11.5) (14.8) (40.4)
Inventories 75.8 (101.9) (106.4)
Prepaid expenses and other assets 50.1 (24.2) 125.1
Operating leases, net 5.3 4.4 9.2
Accounts payable (46.9) (59.5) 50.5
Accrued expenses and other liabilities (14.7) (67.3) (113.8)
Income taxes receivable and payable (59.8) 1.5 (14.8)
Net cash provided by operating activities from continuing operations 570.3 378.8 723.1
CASH FLOWS FROM INVESTING ACTIVITIES FROM CONTINUING OPERATIONS:      
Purchases of property, plant and equipment (185.4) (306.5) (123.3)
Acquisitions, net of cash acquired 0.0 0.0 (432.8)
Other (2.4) (8.8) 1.3
 Net cash used in investing activities from continuing operations (187.8) (315.3) (554.8)
CASH FLOWS FROM FINANCING ACTIVITIES FROM CONTINUING OPERATIONS:      
Proceeds from borrowings under long-term debt obligations 2,667.6 2,303.1 3,664.2
Repayments of borrowings under long-term debt obligations (2,918.4) (1,828.6) (2,684.9)
Proceeds from exercise of stock options 2.9 0.5 14.9
Treasury stock repurchased (36.0) (667.4) (816.3)
Dividends paid (77.7) (70.5) (63.1)
Payment of deferred financing costs (6.5) 0.0 (24.9)
Repayments of finance lease obligations and other (16.2) (16.2) (13.4)
Net cash (used in) provided by financing activities from continuing operations (384.3) (279.1) 76.5
Net cash (used in) provided by continuing operations (1.8) (215.6) 244.8
Net operating cash flows used in discontinued operations 0.0 (0.3) (0.9)
NET EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS 7.3 (15.4) (8.2)
Increase (decrease) in cash and cash equivalents 5.5 (231.3) 235.7
CASH AND CASH EQUIVALENTS, beginning of period 69.4 300.7 65.0
CASH AND CASH EQUIVALENTS, end of period 74.9 69.4 300.7
Cash paid during the period for:      
Interest 144.6 105.8 55.2
Income taxes, net of refunds $ 133.0 $ 138.0 $ 184.8