XML 18 R7.htm IDEA: XBRL DOCUMENT v3.22.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash provided (required) by operating activities of continuing operations:    
Net income (loss) $ 211.6 $ 183.2
Discontinued operations, net of income taxes 15.2 8.1
Income (loss) from continuing operations 226.8 191.3
Adjustments from income from continuing operations to cash provided (required) by operating activities of continuing operations:    
Depreciation and amortization 42.4 42.6
Restructuring and other charges (income) 9.1 3.2
Deferred income taxes (6.3) (0.2)
Pension and other postretirement benefits 5.5 6.2
Share-based compensation 7.3 5.4
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures:    
Trade receivables, net (317.5) (216.6)
Guarantees of vendor financing 54.9 26.0
Advance payments from customers (590.7) (334.9)
Accrued customer rebates 245.4 157.9
Inventories (192.1) (166.8)
Accounts payable, trade and other (54.5) 125.1
Income taxes 24.0 (7.1)
Pension and other postretirement benefit contributions (1.7) (1.2)
Environmental spending, continuing, net of recoveries (3.4) (27.4)
Restructuring and other spending [1] (6.1) (7.0)
Transaction and integration costs (0.5) (4.5)
Change in other operating assets and liabilities, net [2] (40.4) (86.1)
Cash provided (required) by operating activities of continuing operations (597.8) (294.1)
Cash provided (required) by operating activities of discontinued operations:    
Environmental spending, discontinued, net of recoveries (4.5) (5.1)
Other discontinued spending (6.5) (3.8)
Cash provided (required) by operating activities of discontinued operations (11.0) (8.9)
Cash provided (required) by investing activities of continuing operations:    
Capital expenditures (50.3) (25.0)
Investment in Enterprise Resource Planning system 0.0 (12.2)
Acquisitions, including cost and equity method, net (1.0) 0.0
Other investing activities (4.6) (13.9)
Cash provided (required) by investing activities of continuing operations (55.9) (51.1)
Cash provided (required) by financing activities of continuing operations:    
Increase (decrease) in short-term debt 583.3 346.5
Repayments of long-term debt 0.5 (1.0)
Issuances of common stock, net 7.1 4.2
Dividends paid [3] (66.8) (62.3)
Repurchases of common stock under publicly announced program 0.0 (75.0)
Other repurchases of common stock (8.6) (7.7)
Cash provided (required) by financing activities of continuing operations 515.5 204.7
Effect of exchange rate changes on cash and cash equivalents (2.5) (2.8)
Increase (decrease) in cash and cash equivalents (151.7) (152.2)
Cash and cash equivalents, beginning of period 516.8 568.9
Cash and cash equivalents, end of period $ 365.1 $ 416.7
[1] The restructuring and other spending amount for the three months ended March 31, 2022 includes spending of $1.0 million related to the Furadan® asset retirement obligations.
[2] Changes in all periods primarily represent timing of payments associated with all other operating assets and liabilities.
[3] See Note 13 regarding the quarterly cash dividend.