v3.25.2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Operating activities
Net income	$ 33.6	$ 83.5
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	91.9	89.2
Cloud-based enterprise resource planning system impairment	71.6	0.0
Share-based compensation expense	4.6	9.0
Changes in assets and liabilities:
Increase in accounts receivable	(102.9)	(97.0)
Increase in inventories	(20.8)	(27.3)
Increase in accounts payable	1.4	11.9
Environmental insurance recovery	34.0	0.0
(Decrease) increase in incentive accruals	(40.6)	5.1
Accrued expenses and other assets and liabilities, net	(11.1)	(11.3)
Net cash provided by operating activities	61.7	63.1
Investing activities
Capital expenditures	(39.5)	(55.8)
Proceeds from plant closures	0.0	3.4
Other investing activities	0.0	(2.1)
Net cash used by investing activities	(39.5)	(54.5)
Financing activities
Payments on long-term borrowings	(50.2)	(4.5)
Cash dividends paid	(49.4)	(47.0)
Other financing activities	(6.8)	(3.3)
Net cash used by financing activities	(106.4)	(54.8)
Effect of exchange rate changes on cash	14.2	(10.2)
Decrease in cash and cash equivalents	(70.0)	(56.4)
Cash and cash equivalents at beginning of year	544.5	545.8
Cash and cash equivalents at end of period	$ 474.5	$ 489.4

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