CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(Unaudited)
| Nine Months Ended | ||||||||
| March 31, | ||||||||
| 2023 | 2022 | |||||||
| OPERATING ACTIVITIES | ||||||||
| Net income (loss) | $ | 18.0 | $ | (51.7 | ) | |||
| Adjustments to reconcile net income (loss) to net cash used for operating activities: | ||||||||
| Depreciation and amortization | 97.5 | 98.5 | ||||||
| Acquisition-related contingent liability release | — | (4.7 | ) | |||||
| Deferred income taxes | — | (19.0 | ) | |||||
| Net pension expense (income) | 14.9 | (5.5 | ) | |||||
| Share-based compensation expense | 10.4 | 8.6 | ||||||
| Net loss on disposals of property, plant and equipment | 0.7 | 0.7 | ||||||
| Changes in working capital and other: | ||||||||
| Accounts receivable | (130.6 | ) | (29.9 | ) | ||||
| Inventories | (213.5 | ) | (101.4 | ) | ||||
| Other current assets | (0.3 | ) | (12.6 | ) | ||||
| Accounts payable | 42.0 | 63.1 | ||||||
| Accrued liabilities | 8.4 | (38.5 | ) | |||||
| Pension plan contributions | — | (0.2 | ) | |||||
| Other postretirement plan contributions | (2.6 | ) | (1.2 | ) | ||||
| Other, net | (5.1 | ) | (7.2 | ) | ||||
| Net cash used for operating activities | (160.2 | ) | (101.0 | ) | ||||
| INVESTING ACTIVITIES | ||||||||
| Purchases of property, plant, equipment and software | (51.5 | ) | (58.5 | ) | ||||
| Proceeds from disposals of property, plant and equipment and assets held for sale | — | 1.8 | ||||||
| Net cash used for investing activities | (51.5 | ) | (56.7 | ) | ||||
| FINANCING ACTIVITIES | ||||||||
| Short-term credit agreement borrowings, net change | 3.6 | — | ||||||
| Credit agreement borrowings | 183.7 | — | ||||||
| Credit agreement repayments | (78.7 | ) | — | |||||
| Proceeds from issuance of long-term debt, net of offering costs | — | 296.6 | ||||||
| Payments for debt issue costs | — | (1.1 | ) | |||||
| Dividends paid | (29.5 | ) | (29.4 | ) | ||||
| Proceeds from stock options exercised | 1.5 | — | ||||||
| Withholding tax payments on share-based compensation awards | (3.5 | ) | (3.2 | ) | ||||
| Net cash provided from financing activities | 77.1 | 262.9 | ||||||
| Effect of exchange rate changes on cash and cash equivalents | 2.7 | 1.3 | ||||||
| (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (131.9 | ) | 106.5 | |||||
| Cash and cash equivalents at beginning of year | 154.2 | 287.4 | ||||||
| Cash and cash equivalents at end of period | $ | 22.3 | $ | 393.9 | ||||
