XML 16 R5.htm IDEA: XBRL DOCUMENT v3.19.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Operating activities    
Net income $ 84.5 $ 74.9
Non-cash pre-tax expense:    
Depreciation 27.8 25.3
Amortization of intangibles 10.0 8.2
Non-cash lease expense 8.7  
Stock-based compensation 7.1 12.6
Deferred taxes (2.0) (9.2)
Asset impairment charges 1.7  
Amortization of deferred financing fees 0.8 0.5
(Gain) loss on sale of property, plant and equipment (0.9) 0.2
Changes in assets and liabilities:    
Increase in accounts receivable (76.8) (63.0)
Increase in inventories (57.2) (36.9)
Decrease in accounts payable (12.2) (3.2)
Increase in other assets (15.6) (4.8)
Decrease in accrued expenses and other liabilities (87.2) (73.3)
Increase in accrued taxes 21.6 16.8
Net cash used in operating activities (89.7) (51.9)
Investing activities    
Capital expenditures [1] (27.2) (37.6)
Proceeds from the disposition of assets 1.9 0.7
Cost of acquisition, net of cash acquired   (5.8)
Net cash used in investing activities (25.3) (42.7)
Financing activities    
(Decrease) increase in short-term debt (175.0) 350.0
Issuance of long-term debt 520.0 545.0
Repayment of long-term debt (160.0) (515.0)
Proceeds from the exercise of stock options 2.9 3.2
Treasury stock purchases [2] (18.0) (325.2)
Employee withholding taxes related to stock-based compensation (7.7) (12.2)
Deferred acquisition payments (1.8)  
Dividends to stockholders (31.0) (29.6)
Net cash provided by financing activities 129.4 16.2
Effect of foreign exchange rate changes on cash 3.8 (0.2)
Net increase (decrease) in cash and cash equivalents 18.2 (78.6)
Cash, cash equivalents and restricted cash at beginning of period [3] 270.7 323.0
Cash, cash equivalents and restricted cash at end of period [3] $ 288.9 $ 244.4
[1] Capital expenditures of $10.6 million and $7.6 million that have not been paid as of March 31, 2019 and 2018 respectively, were excluded from the Statement of Cash Flows.
[2] Treasury stock purchases excludes $10.0 million and $24.8 million of purchases made in March 2019 and 2018 that were not settled until April 2019 and 2018, respectively.
[3] Restricted cash of $0.8 million and $6.9 million is included in Other current assets and Other assets, respectively, as of March 31, 2019 and restricted cash of $0.9 million and $6.9 million is included in Other current assets and Other assets, respectively, as of December 31, 2018.