XML 22 R7.htm IDEA: XBRL DOCUMENT v3.4.0.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Cash provided (required) by operating activities of continuing operations:    
Net income (loss) $ 48.7 $ (45.5)
Discontinued operations 6.1 (15.6)
Income (loss) from continuing operations 54.8 (61.1)
Adjustments from income from continuing operations to cash provided (required) by operating activities of continuing operations:    
Depreciation and amortization 33.6 22.8
Equity in (earnings) loss of affiliates 0.0 0.1
Restructuring and other charges (income) 12.4 22.3
Deferred income taxes (1.2) 29.3
Pension and other postretirement benefits 3.8 10.7
Share-based compensation 6.2 4.5
Excess tax benefits from share-based compensation (0.3) (1.7)
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures:    
Trade receivables, net 83.3 52.5
Guarantees of vendor financing 29.7 17.3
Inventories (53.8) (50.0)
Accounts payable 123.2 (35.6)
Advance payments from customers (199.2) (165.9)
Accrued customer rebates 79.4 87.6
Income taxes 24.3 (78.1)
Pension and other postretirement benefit contributions (2.1) (27.4)
Environmental spending, continuing, net of recoveries (2.7) (3.0)
Restructuring and other spending (8.1) (3.0)
Change in other operating assets and liabilities, net [1] (76.1) (126.2)
Cash provided (required) by operating activities of continuing operations 107.2 (304.9)
Cash provided (required) by operating activities of discontinued operations:    
Environmental spending, discontinued, net of recoveries (3.6) 0.0
Other discontinued reserves (3.3) 0.0
Operating activities of discontinued operations, net of recoveries 0.0 7.7
Cash provided (required) by operating activities of discontinued operations (6.9) 7.7
Cash provided (required) by investing activities of continuing operations:    
Capital expenditures (41.8) (36.9)
Proceeds from disposal of property, plant and equipment 0.1 0.3
Other investing activities (2.8) (17.6)
Cash provided (required) by investing activities of continuing operations (44.5) (54.2)
Cash provided (required) by investing activities of discontinued operations:    
Other discontinued investing activities 0.0 (15.6)
Cash provided (required) by investing activities of discontinued operations 0.0 (15.6)
Cash provided (required) by financing activities of continuing operations:    
Increase (decrease) in short-term debt 2.4 383.0
Repayments of long-term debt (50.3) (0.4)
Financing fees (0.7) 0.0
Issuances of common stock, net 0.6 3.5
Excess tax benefits from share-based compensation 0.3 1.7
Dividends paid [2] (22.1) (20.1)
Other repurchases of common stock (1.2) (2.9)
Cash provided (required) by financing activities of continuing operations (71.0) 364.8
Effect of exchange rate changes on cash and cash equivalents 0.9 (2.1)
Increase (decrease) in cash and cash equivalents (14.3) (4.3)
Cash and cash equivalents, beginning of period 78.6 109.5
Cash and cash equivalents, end of period $ 64.3 $ 105.2
[1] Changes in all periods primarily represent timing of payments associated with all other operating assets and liabilities, including guarantees issued to vendors under our vendor finance program. Additionally, the March 31, 2015 change is impacted by a $93.8 million reduction in the Cheminova acquisition hedge liability. Total cash payments during the three months ended March 31, 2015 associated with the Cheminova acquisition hedges were $273.8 million, which includes $180.1 million that were accrued and paid within the period
[2] See Note 13 regarding quarterly cash dividend.