XML 19 R8.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Net earnings $ 98.3 $ 99.1 $ 180.3 $ 161.0  
Adjustments to reconcile net earnings to net cash provided by operating activities          
Depreciation and amortization     120.2 114.8  
Share-based incentive compensation     15.3 19.5  
Profit sharing expense     13.4 13.3  
Loss on debt redemption and refinancing activities 6.8 0.0 6.8 4.9  
Provision for allowance for credit losses on trade receivables     2.2 3.5  
Provisions for inventory obsolescence     11.3 11.9  
Deferred taxes, net     (15.5) (27.4)  
Net loss (gain) on disposal/sale of businesses     0.9 (4.2)  
Other non-cash items     (0.3) 18.1  
Changes in operating assets and liabilities:          
Trade receivables, net     (43.2) 37.5  
Inventories, net     (60.2) (19.4)  
Accounts payable     77.0 (95.9)  
Customer advance payments     (4.9) (0.7)  
Income tax receivable/payable     26.6 (4.2)  
Tax deposit     0.0 (175.0)  
Other assets and liabilities     (16.6) (64.3)  
Net cash provided by (used in) operating activities     313.3 (6.6)  
Cash flows from investing activities:          
Capital expenditures     (105.8) (123.7)  
Proceeds related to sale of business and property and equipment, net     0.3 0.7  
Businesses acquired in purchase transactions, net of cash acquired     4.2 (1,163.0)  
(Payments) Proceeds associated with debt, equity and equity method investments     (1.1) 3.3  
Investment in marketable securities     (2.2) 0.0  
Net cash used in investing activities     (97.9) (1,272.4)  
Cash flows from financing activities:          
Net (payments) proceeds from short-term borrowings     (2.8) 306.2  
Proceeds from long-term debt     404.0 1,411.4  
Payments of long-term debt     (478.6) (432.9)  
Payments of debt modification/extinguishment costs and other     (6.8) (14.1)  
Dividends paid on common stock     (59.6) (60.0)  
Impact of tax withholding on share-based compensation     (8.0) (21.0)  
Repurchases of common stock     0.0 (79.9)  
Principal payments related to financing leases     (3.9) (4.3)  
Net cash (used in) provided by financing activities     (155.7) 1,105.4  
Effect of foreign currency exchange rate changes on cash and cash equivalents     (17.2) 2.6  
Cash and cash equivalents     346.1 456.1 $ 456.1
Restricted cash and cash equivalents     0.0 0.0 0.0
Balance, beginning of period     346.1 456.1 456.1
Net change during the period     42.5 (171.0)  
Cash and cash equivalents 388.6 285.1 388.6 285.1  
Restricted cash and cash equivalents 0.0 0.0 0.0 0.0 $ 0.0
Balance, end of period $ 388.6 $ 285.1 388.6 285.1  
Supplemental Cash Flow Information:          
Interest payments     154.1 119.6  
Income tax payments, net of cash refunds     57.0 273.4  
Restructuring payments including associated costs     31.9 7.2  
Non-cash items:          
Transfers of shares of common stock from treasury for profit-sharing contributions     25.4 23.9  
Foreign currency forward contracts          
Cash flows from investing activities:          
Settlement of foreign currency forward contracts and cross currency swaps     5.1 10.3  
Cross-currency swaps          
Cash flows from investing activities:          
Settlement of foreign currency forward contracts and cross currency swaps     $ 1.6 $ 0.0