XML 18 R7.htm IDEA: XBRL DOCUMENT v3.23.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash provided (required) by operating activities of continuing operations:    
Net income (loss) $ 195.9 $ 211.6
Discontinued operations, net of income taxes 11.5 15.2
Income (loss) from continuing operations 207.4 226.8
Adjustments from income from continuing operations to cash provided (required) by operating activities of continuing operations:    
Depreciation and amortization 44.7 42.4
Restructuring and other charges (income) 12.5 9.1
Deferred income taxes (5.6) (6.3)
Pension and other postretirement benefits 5.4 5.5
Share-based compensation 7.3 7.3
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures:    
Trade receivables, net (288.8) (317.5)
Guarantees of vendor financing (27.1) 54.9
Advance payments from customers (665.9) (590.7)
Accrued customer rebates 271.4 245.4
Inventories (257.9) (192.1)
Accounts payable, trade and other (53.9) (54.5)
Income taxes 23.0 24.0
Pension and other postretirement benefit contributions (0.6) (1.7)
Environmental spending, continuing, net of recoveries (5.6) (3.4)
Restructuring and other spending [1] (2.1) (6.1)
Transaction and integration costs 0.0 (0.5)
Change in other operating assets and liabilities, net [2] (115.5) (40.4)
Cash provided (required) by operating activities of continuing operations (851.3) (597.8)
Cash provided (required) by operating activities of discontinued operations:    
Environmental spending, discontinued, net of recoveries (6.4) (4.5)
Other discontinued spending (6.2) (6.5)
Cash provided (required) by operating activities of discontinued operations (12.6) (11.0)
Cash provided (required) by investing activities of continuing operations:    
Capital expenditures (46.9) (50.3)
Acquisitions, including cost and equity method, net (3.1) (1.0)
Other investing activities (4.4) (4.6)
Cash provided (required) by investing activities of continuing operations (54.4) (55.9)
Cash provided (required) by financing activities of continuing operations:    
Increase (decrease) in short-term debt 941.4 583.3
Repayments of long-term debt 0.0 0.5
Issuances of common stock, net 2.3 7.1
Dividends paid [3] (72.7) (66.8)
Repurchases of common stock under publicly announced program (25.0) 0.0
Other repurchases of common stock (5.7) (8.6)
Cash provided (required) by financing activities of continuing operations 840.3 515.5
Effect of exchange rate changes on cash and cash equivalents 0.4 (2.5)
Increase (decrease) in cash and cash equivalents (77.6) (151.7)
Cash and cash equivalents, beginning of period 572.0 516.8
Cash and cash equivalents, end of period $ 494.4 $ 365.1
[1] In addition to cash payments shown in our roll forward of restructuring reserves in Note 9 to our consolidated financial statements included within this Form 10-K, the restructuring and other spending amount above for the three months ended March 31, 2023 and 2022 includes spending of $0.5 million and $1.0 million, respectively, related to the Furadan® asset retirement obligations. For additional detail on restructuring and other charges activities, see Note 9.
[2] Changes in all periods primarily represent timing of payments associated with all other operating assets and liabilities.
[3] See Note 14 regarding the quarterly cash dividend.