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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash provided (required) by operating activities of continuing operations:      
Net income (loss) $ 1,321.0 $ 741.5 $ 737.1
Discontinued operations, net of income taxes 98.5 97.2 68.2
Income (loss) from continuing operations 1,419.5 838.7 805.3
Adjustments from income (loss) from continuing operations to cash provided (required) by operating activities of continuing operations:      
Depreciation and amortization 184.3 169.4 170.9
Restructuring and other charges (income) 212.3 93.1 108.0
Deferred income taxes (1,292.8) (52.7) 10.6
Pension and other postretirement benefits 20.9 12.5 10.5
Share-based compensation 25.9 24.2 17.8
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures:      
Trade receivables, net 192.4 (443.9) (241.1)
Guarantees of vendor financing (72.4) (64.2) 65.6
Advance payments from customers (199.1) 52.1 283.6
Accrued customer rebates 16.0 69.6 108.7
Inventories (72.8) (182.3) (320.7)
Accounts payable, trade and other (626.0) 165.3 144.4
Income taxes (62.8) 19.1 (90.3)
Pension and other postretirement benefit contributions (2.4) (4.5) (5.3)
Environmental spending, continuing, net of recoveries (34.5) (26.9) (63.6)
Restructuring and other spending [1] (30.3) (35.2) (34.7)
Transaction and integration costs 0.0 (0.5) (9.5)
Change in other operating assets and liabilities, net [2] 21.5 26.2 (61.6)
Cash provided (required) by operating activities of continuing operations (300.3) 660.0 898.6
Cash provided (required) by operating activities of discontinued operations:      
Environmental spending, discontinued, net of recoveries (54.5) (47.0) (57.5)
Other discontinued spending (31.6) (30.6) (21.0)
Cash provided (required) by operating activities of discontinued operations (86.1) (77.6) (78.5)
Cash provided (required) by investing activities of continuing operations:      
Capital expenditures (133.9) (142.3) (100.1)
Investment in Enterprise Resource Planning system 0.0 0.0 (12.7)
Acquisitions, including cost and equity method, net [3] (16.5) (198.2) (5.2)
Proceeds from land disposition 5.8 50.5 0.0
Other investing activities [4] (9.8) 23.6 (13.7)
Cash provided (required) by investing activities of continuing operations (154.4) (266.4) (131.7)
Cash provided (required) by investing activities of discontinued operations:      
Proceeds from disposal of property, plant and equipment 0.0 0.0 19.7
Cash provided (required) by investing activities of discontinued operations 0.0 0.0 19.7
Cash provided (required) by financing activities of continuing operations:      
Increase (decrease) in short-term debt 400.7 115.2 104.9
Proceeds from borrowing of long-term debt 1,498.6 0.0 1,000.0
Financing fees and interest rate swap settlements (0.8) 16.3 (2.4)
Repayments of long-term debt (1,200.0) (1.4) (1,203.1)
Distributions to minority partners (0.6) (0.5) 0.0
Dividends paid [5] (290.5) (267.5) (247.2)
Issuances of common stock, net 5.3 9.4 7.9
Repurchases of common stock under publicly announced program (75.0) (100.0) (400.0)
Other repurchases of common stock (6.2) (8.9) (8.0)
Cash provided (required) by financing activities of continuing operations 331.5 (237.4) (747.9)
Effect of exchange rate changes on cash and cash equivalents (60.3) (23.4) (12.3)
Increase (decrease) in cash and cash equivalents (269.6) 55.2 (52.1)
Cash and cash equivalents, beginning of period 572.0 516.8 568.9
Cash and cash equivalents, end of period $ 302.4 $ 572.0 $ 516.8
[1] In addition to cash payments shown in our roll forward of restructuring reserves in Note 8 to our consolidated financial statements included within this Form 10-K, the restructuring and other spending amount above for the years ended December 31, 2023 and 2022 includes spending of $9.7 million and $10.0 million, respectively, related to the Furadan® asset retirement obligations and $1.1 million and $3.2 million, respectively, for certain historical India indirect tax matters. For additional detail on restructuring and other charges activities, see Note 8 to our consolidated financial statements included within this Form 10-K.
[2] Changes in all periods 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 an $11.9 million payment related to the in-process research and development assets acquired. For additional detail on this transaction, see Note 8 to our consolidated financial statements included within this Form 10-K. The 2022 activity includes the purchase price of Biophero of approximately $193 million. For additional detail on this transaction, see Note 4 to our consolidated financial statements included within this Form 10-K.
[4] Included in the above is cash spending associated with contract manufacturers was $2.9 million, $6.8 million and $18.8 million for the years ended December 31, 2023, 2022 and 2021, respectively.
[5] See Note 16 to the consolidated financial statements included within this Form 10-K regarding our quarterly cash dividend.