v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash provided (required) by operating activities of continuing operations:    
Net income (loss) $ (467.5) $ 52.2
Discontinued operations, net of income taxes 13.4 (16.4)
Income (loss) from continuing operations (454.1) 35.8
Adjustments from income from continuing operations to cash provided (required) by operating activities of continuing operations:    
Depreciation and amortization 83.1 87.1
Restructuring and other charges (income) 299.3 54.5
Non-cash adjustments for India held for sale business 43.0 0.0
Deferred income taxes 86.2 22.4
Pension and other postretirement benefits 7.1 7.3
Share-based compensation 10.7 11.1
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures:    
Trade receivables, net 79.4 (146.3)
Guarantees of vendor financing (6.1) (24.0)
Advance payments from customers (417.6) (453.8)
Accrued customer rebates 220.8 304.5
Inventories (71.2) (165.5)
Accounts payable, trade and other (111.7) 130.5
Income taxes (14.3) (122.2)
Pension and other postretirement benefit contributions (4.9) (2.0)
Environmental spending, continuing, net of recoveries (19.1) (16.2)
Restructuring and other spending [1] (92.5) (72.9)
Change in other operating assets and liabilities, net [2] 124.0 (129.4)
Cash provided (required) by operating activities of continuing operations (237.9) (479.1)
Cash provided (required) by operating activities of discontinued operations:    
Environmental spending, discontinued, net of recoveries (15.1) (13.8)
Other discontinued spending (19.2) (15.9)
Cash provided (required) by operating activities of discontinued operations (34.3) (29.7)
Cash provided (required) by investing activities of continuing operations:    
Capital expenditures (21.9) (46.6)
Acquisitions, including cost and equity method, net (0.5) (2.1)
Proceeds from (disbursements for) the sale of the GSS business (0.2) (2.1)
Other investing activities 12.6 (0.6)
Cash provided (required) by investing activities of continuing operations (10.0) (51.4)
Cash provided (required) by financing activities of continuing operations:    
Increase (decrease) in short-term debt (478.9) 548.7
Financing fees and premiums [3] (17.8) (14.6)
Repayments of long-term debt (500.0) (500.1)
Proceeds from borrowing of long-term debt 1,200.0 750.0
Acquisition of noncontrolling interest 0.0 (8.6)
Issuances of common stock, net 0.0 0.2
Distributions to minority partners (3.0) 0.0
Dividends paid [4] (20.2) (145.5)
Other repurchases of common stock (1.2) (1.4)
Cash provided (required) by financing activities of continuing operations 178.9 628.7
Effect of exchange rate changes on cash and cash equivalents (4.6) 12.4
Increase (decrease) in cash and cash equivalents (107.9) 80.9
Cash and cash equivalents, beginning of period 584.5 357.3
Cash and cash equivalents, end of period $ 476.6 $ 438.2
[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, 2026 includes spending of $13.7 million primarily in connection with the India held for sale business. 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. The change during the six months ended June 30, 2026 includes $200.0 million of cash received as an initial prepurchase payment in connection with the licensing agreement for rimisoxafen entered into in June 2026. For more details on the transaction, refer to Note 3.
[3] Includes the make-whole premium paid in connection with the early redemption of certain debt instruments during the six months ended June 30, 2025.
[4] See Note 13 regarding the quarterly cash dividend.