Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities:    
Net income $ 199.3 $ 45.8
Net income (loss) from discontinued operations, net of tax 2.0 (1.1)
Net income from continuing operations 197.3 46.9
Reconciliations of net income from continuing operations to net cash flows provided by operating activities:    
Depreciation and amortization 120.7 120.5
Deferred income taxes (37.4) (41.2)
Foreign exchange (gain) loss (13.1) 40.4
Incentive stock compensation 33.8 5.4
Other, net 11.1 56.4
Changes in assets and liabilities, net of acquisitions:    
Accounts receivable (59.0) (3.6)
Inventories (78.5) (8.9)
Accounts payable 41.6 8.2
Accrued expenses 13.2 (3.0)
Prepaid expenses and other current assets (15.8) (25.3)
Other assets and liabilities (9.2) (1.5)
Net cash flows provided by operating activities of continuing operations 204.7 194.3
Cash flows from investing activities:    
Capital expenditures (27.7) (21.7)
Proceeds from disposal of property, plant and equipment 0.0 1.7
Acquisition of business, net of cash acquired (536.5) (9.0)
Other, net 14.0 (2.4)
Net cash flows used in investing activities of continuing operations (550.2) (31.4)
Cash flows from financing activities:    
Debt proceeds, net of discount 398.0 800.0
Repayments of borrowings (6.7) (805.9)
Repurchases of common stock (1.7) (35.7)
Dividends (42.1) 0.0
Payment of financing fees (5.1) (44.7)
Other, net (6.2) (1.5)
Net cash flows provided by (used in) financing activities of continuing operations 336.2 (87.8)
Cash flows from discontinued operations:    
Net cash flows used in operating activities of discontinued operations (0.4) (14.7)
Net cash flows used in discontinued operations (0.4) (14.7)
Effect of exchange rate changes on cash and cash equivalents (2.9) (2.1)
Net (decrease) increase in cash and cash equivalents (12.6) 58.3
Cash and cash equivalents at beginning of period 291.9 190.1
Cash and cash equivalents at end of period $ 279.3 $ 248.4