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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash provided (required) by operating activities of continuing operations:      
Net income (loss) $ 341.6 $ 1,321.0 $ 741.5
Discontinued operations, net of income taxes 61.8 98.5 97.2
Income (loss) from continuing operations 403.4 1,419.5 838.7
Adjustments from income (loss) from continuing operations to cash provided (required) by operating activities of continuing operations:      
Depreciation and amortization 176.3 184.3 169.4
Restructuring and other charges (income) 219.8 212.3 93.1
Deferred income taxes (340.3) (1,292.8) (52.7)
Pension and other postretirement benefits 20.0 20.9 12.5
Share-based compensation 23.8 25.9 24.2
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures:      
Trade receivables, net (348.8) 192.4 (443.9)
Guarantees of vendor financing 15.9 (72.4) (64.2)
Advance payments from customers (26.5) (199.1) 52.1
Accrued customer rebates 30.7 16.0 69.6
Inventories 475.8 (72.8) (182.3)
Accounts payable, trade and other 171.7 (626.0) 165.3
Income taxes (5.4) (62.8) 19.1
Pension and other postretirement benefit contributions (5.5) (2.4) (4.5)
Environmental spending, continuing, net of recoveries (35.4) (34.5) (26.9)
Restructuring and other spending [1] (130.0) (30.3) (35.2)
Transaction and integration costs 0.0 0.0 (0.5)
Change in other operating assets and liabilities, net [2] 91.2 21.5 26.2
Cash provided (required) by operating activities of continuing operations 736.7 (300.3) 660.0
Cash provided (required) by operating activities of discontinued operations:      
Environmental spending, discontinued, net of recoveries (52.1) (54.5) (47.0)
Other discontinued spending (13.5) (31.6) (30.6)
Cash provided (required) by operating activities of discontinued operations (65.6) (86.1) (77.6)
Cash provided (required) by investing activities of continuing operations:      
Capital expenditures (67.9) (133.9) (142.3)
Acquisitions, including cost and equity method, net [3] (4.8) (16.5) (198.2)
Proceeds from the sale of the Global Specialty Solutions ("GSS") business 340.0 0.0 0.0
Proceeds from land disposition 0.0 5.8 50.5
Other investing activities [4] (3.7) (9.8) 23.6
Cash provided (required) by investing activities of continuing operations 263.6 (154.4) (266.4)
Cash provided (required) by financing activities of continuing operations:      
Increase (decrease) in short-term debt (576.7) 400.7 115.2
Proceeds from borrowing of long-term debt 0.0 1,498.6 0.0
Financing fees and interest rate swap settlements 0.0 (0.8) 16.3
Repayments of long-term debt 0.0 (1,200.0) (1.4)
Distributions to noncontrolling interests (0.7) (0.6) (0.5)
Dividends paid [5] (290.6) (290.5) (267.5)
Issuances of common stock, net 0.2 5.3 9.4
Repurchases of common stock under publicly announced program 0.0 (75.0) (100.0)
Other repurchases of common stock (2.3) (6.2) (8.9)
Cash provided (required) by financing activities of continuing operations (870.1) 331.5 (237.4)
Effect of exchange rate changes on cash and cash equivalents (9.7) (60.3) (23.4)
Increase (decrease) in cash and cash equivalents 54.9 (269.6) 55.2
Cash and cash equivalents, beginning of period 302.4 572.0 516.8
Cash and cash equivalents, end of period $ 357.3 $ 302.4 $ 572.0
[1] In addition to cash payments shown in our roll forward of restructuring reserves in Note 7 to our consolidated financial statements included within this Form 10-K, the restructuring and other spending amount above for the year ended December 31, 2024 includes spending of $14.0 million in divestiture transaction costs related to the GSS sale and $6.9 million related to the Furadan® asset retirement obligations. The years ended 2023 and 2022 include spending of $9.7 million and $10.0 million related to the Furadan® asset retirement obligations and $1.1 million and $3.2 million related to certain historical India indirect tax matters. For additional detail on restructuring and other charges activities, see Note 7 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. The 2022 activity includes the purchase price of Biophero of approximately $193 million.
[4] Included in the above is cash spending associated with contract manufacturers was $2.7 million, $2.9 million and $6.8 million for the years ended December 31, 2024, 2023 and 2022, respectively.
[5] See Note 15 to the consolidated financial statements included within this Form 10-K regarding our quarterly cash dividend.