XML 16 R5.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Operating activities    
Net income $ 74.9 $ 77.4
Non-cash pre-tax expense:    
Depreciation 25.3 23.7
Amortization 8.2 8.1
Stock-based compensation 12.6 9.5
Deferred income taxes (9.2) 7.6
Asset impairment charges   3.2
Amortization of deferred financing fees 0.5 0.5
Loss on sale of property, plant and equipment 0.2  
Changes in assets and liabilities:    
Increase in accounts receivable (63.0) (12.3)
Increase in inventories (36.9) (26.2)
Decrease in accounts payable (3.2) (10.6)
Increase in other assets (4.8) (5.9)
Decrease in accrued expenses and other liabilities (73.3) (95.1)
Increase in accrued taxes 16.8 2.2
Net cash used in operating activities (51.9) (17.9)
Investing activities    
Capital expenditures (37.6) (29.5)
Proceeds from disposition of assets 0.7  
Cost of acquisition, net of cash acquired (5.8) (0.1)
Net cash used in investing activities (42.7) (29.6)
Financing activities    
Increase in short-term debt 350.0  
Issuance of long-term debt 545.0 110.0
Repayment of long-term debt (515.0) (50.0)
Proceeds from the exercise of stock options 3.2 8.7
Treasury stock purchases (325.2) (27.3)
Employee withholding taxes related to stock-based compensation (12.2) (7.8)
Dividends to stockholders (29.6) (27.6)
Net cash provided by financing activities 16.2 6.0
Effect of foreign exchange rate changes on cash (0.2) 0.8
Net decrease in cash and cash equivalents (78.6) (40.7)
Cash and cash equivalents at beginning of period 323.0 251.5
Cash and cash equivalents at end of period $ 244.4 $ 210.8