XML 27 R7.htm IDEA: XBRL DOCUMENT v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities      
Net income $ 170.7 $ 76.2 $ 703.4
Adjustments to reconcile net income to net cash provided by operating activities:      
Gain on sale of business, net of tax expense 0.0 0.0 (550.1)
Depreciation and amortization 179.7 188.8 163.1
Amortization of inventory step-up 0.0 0.0 34.4
Increase in environmental insurance receivable (34.0) 0.0 0.0
Deferred income tax (benefit) expense (23.8) (61.3) 0.5
Share-based compensation expense 15.4 13.2 13.2
Changes in assets and liabilities, net of the effect of acquisitions:      
(Increase) decrease in accounts receivable (15.2) 38.6 32.6
(Increase) decrease in inventories (13.7) 24.3 14.0
Increase (decrease) in accounts payable 0.3 (22.2) 10.7
(Decrease) increase in pension, retirement benefits and deferred compensation (34.3) (8.7) 9.6
Taxes paid on gain on sale of business 0.0 (104.1) (2.8)
(Decrease) increase in environmental obligations (11.2) 38.9 (6.2)
Accrued expenses and other assets and liabilities, net 22.9 17.9 (24.0)
Net cash provided by operating activities 256.8 201.6 398.4
Investing activities      
Capital expenditures (121.9) (119.4) (105.5)
Business acquisitions, net of cash acquired 0.0 0.0 (1,426.1)
Settlement of foreign exchange derivatives 0.0 0.0 93.3
Net proceeds from divestiture 0.0 7.3 928.2
Proceeds from plant closures 3.4 7.6 6.1
Other investing activities (2.1) 10.3 0.0
Net cash used by investing activities (120.6) (94.2) (504.0)
Financing activities      
Proceeds from long-term borrowings 650.0 0.0 1,300.0
Payments on long-term borrowings (660.9) (105.8) (956.8)
Purchase of common shares for treasury 0.0 0.0 (36.4)
Cash dividends paid (94.0) (90.2) (86.8)
Payments on withholding tax on share awards (6.4) (3.4) (4.3)
Debt financing costs (9.6) (2.3) (49.3)
Net cash (used) provided by financing activities (120.9) (201.7) 166.4
Effect of exchange rate changes on cash (16.6) (1.0) (20.9)
(Decrease) increase in cash and cash equivalents (1.3) (95.3) 39.9
Cash and cash equivalents at beginning of year 545.8 641.1 601.2
Cash and cash equivalents at end of year $ 544.5 $ 545.8 $ 641.1