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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash provided (required) by operating activities of continuing operations:    
Net income (loss) $ 224.6 $ 461.1
Discontinued operations, net of income taxes 41.3 42.2
Income (loss) from continuing operations 265.9 503.3
Adjustments from income from continuing operations to cash provided (required) by operating activities of continuing operations:    
Depreciation and amortization 138.4 126.6
Restructuring and other charges (income) 48.0 98.9
Deferred income taxes 2.4 10.0
Pension and other postretirement benefits 15.5 9.4
Share-based compensation 19.8 18.9
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures:    
Trade receivables, net 312.4 (203.5)
Guarantees of vendor financing (46.4) (22.0)
Advance payments from customers (678.2) (627.1)
Accrued customer rebates 348.3 475.0
Inventories (363.2) (282.3)
Accounts payable, trade and other (562.0) (19.1)
Income taxes (96.9) (3.5)
Pension and other postretirement benefit contributions (1.4) (3.0)
Environmental spending, continuing, net of recoveries (22.7) (18.4)
Restructuring and other spending [1] (17.2) (25.7)
Transaction and integration costs 0.0 (0.5)
Change in other operating assets and liabilities, net [2] 19.1 (21.3)
Cash provided (required) by operating activities of continuing operations (618.2) 15.7
Cash provided (required) by operating activities of discontinued operations:    
Environmental spending, discontinued, net of recoveries (34.4) (27.7)
Other discontinued spending (26.6) (24.1)
Cash provided (required) by operating activities of discontinued operations (61.0) (51.8)
Cash provided (required) by investing activities of continuing operations:    
Capital expenditures (108.8) (108.4)
Acquisitions, including cost and equity method, net(3) [3] (16.0) (191.5)
Proceeds from land disposition 5.8 0.0 [4]
Other investing activities (7.8) 5.7
Cash provided (required) by investing activities of continuing operations (126.8) (294.2)
Cash provided (required) by financing activities of continuing operations:    
Increase (decrease) in short-term debt 158.4 401.4
Repayments of long-term debt (800.0) (1.1)
Proceeds from borrowings of long-term debt 1,498.6 0.0
Financing fees and interest rate swap settlements (0.4) (1.5)
Distributions to noncontrolling interests (0.6) 0.0
Issuances of common stock, net 5.2 8.4
Dividends paid [5] (217.9) (200.6)
Repurchases of common stock under publicly announced program (75.0) 0.0
Other repurchases of common stock (6.2) (8.9)
Cash provided (required) by financing activities of continuing operations 562.1 197.7
Effect of exchange rate changes on cash and cash equivalents (4.3) (20.4)
Increase (decrease) in cash and cash equivalents (248.2) (153.0)
Cash and cash equivalents, beginning of period 572.0 516.8
Cash and cash equivalents, end of period $ 323.8 $ 363.8
[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-Q, the restructuring and other spending amount above for the nine months ended September 30, 2023 and 2022 includes spending of $3.4 million and $6.7 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] The acquisitions, including cost and equity method, net amount in 2023 includes the $11.9 million payment related to the in-process research and development assets acquired during the third quarter. See Note 9 for additional detail. The 2022 activity includes the purchase price of Biophero of approximately $193 million which was primarily paid at closing on July 19, 2022. For additional detail on this transaction see Note 5 to our consolidated financial statements included within this Form 10-Q.
[4] During the nine months ended September 30, 2023, we received the final payment of $5.8 million related to a land transfer agreement with the Shanghai Municipal People's Government, which was executed in December 2022.
[5] See Note 14 regarding the quarterly cash dividend.