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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash provided (required) by operating activities of continuing operations:    
Net income (loss) $ 292.1 $ 228.3
Discontinued operations, net of income taxes 15.3 33.0
Income (loss) from continuing operations 307.4 261.3
Adjustments from income from continuing operations to cash provided (required) by operating activities of continuing operations:    
Depreciation and amortization 90.0 92.8
Restructuring and other charges (income) 136.0 19.8
Deferred income taxes (421.6) (1.8)
Pension and other postretirement benefits 10.1 10.7
Share-based compensation 12.4 13.6
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures:    
Trade receivables, net (94.8) 132.2
Guarantees of vendor financing (5.7) (35.7)
Advance payments from customers (481.4) (677.1)
Accrued customer rebates 307.3 274.2
Inventories 244.1 (423.3)
Accounts payable, trade and other 108.8 (197.3)
Income taxes 3.5 (72.6)
Pension and other postretirement benefit contributions (1.7) (1.0)
Environmental spending, continuing, net of recoveries (13.6) (14.5)
Restructuring and other spending [1] (68.2) (6.2)
Change in other operating assets and liabilities, net [2] 16.7 (94.9)
Cash provided (required) by operating activities of continuing operations 149.3 (719.8)
Cash provided (required) by operating activities of discontinued operations:    
Environmental spending, discontinued, net of recoveries (23.1) (11.7)
Other discontinued spending [3] 4.2 (15.2)
Cash provided (required) by operating activities of discontinued operations (18.9) (26.9)
Cash provided (required) by investing activities of continuing operations:    
Capital expenditures (30.6) (75.8)
Acquisitions, including cost and equity method, net (1.8) (3.2)
Proceeds from land disposition [4] 0.0 5.8
Other investing activities (7.2) (5.3)
Cash provided (required) by investing activities of continuing operations (39.6) (78.5)
Cash provided (required) by financing activities of continuing operations:    
Increase (decrease) in short-term debt 231.5 719.1
Repayments of long-term debt 0.0 (800.0)
Proceeds from borrowings of long-term debt 0.0 1,498.6
Financing fees and interest rate swap settlements 0.0 (0.4)
Issuances of common stock, net 0.2 3.9
Dividends paid [5] (145.2) (145.4)
Repurchases of common stock under publicly announced program 0.0 (75.0)
Other repurchases of common stock (1.8) (6.2)
Cash provided (required) by financing activities of continuing operations 84.7 1,194.6
Effect of exchange rate changes on cash and cash equivalents (6.4) 0.1
Increase (decrease) in cash and cash equivalents 169.1 369.5
Cash and cash equivalents, beginning of period 302.4 572.0
Cash and cash equivalents, end of period $ 471.5 $ 941.5
[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-Q, the restructuring and other spending amount above for the six months ended June 30, 2024 and 2023 includes spending of $3.0 million and $1.3 million, respectively, related to the Furadan® asset retirement obligations. For additional detail on restructuring and other charges activities, see Note 8.
[2] Changes in all periods primarily represent timing of payments associated with all other operating assets and liabilities.
[3] Discontinued operations for the six months ended June 30, 2024 includes cash proceeds, net of fees of $18.0 million received as the result of an insurance settlement for retained legal reserves.
[4] During the six months ended June 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 13 regarding the quarterly cash dividend.