v3.22.1
Consolidated Statements of Cash Flows
$ in Millions, $ in Millions
12 Months Ended
Mar. 31, 2022
USD ($)
Mar. 31, 2021
USD ($)
Mar. 31, 2020
USD ($)
Cash Flows From Operating Activities      
Net income $ 459.1 $ 262.8 $ 241.5
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 161.8 135.0 131.5
Lease expense 23.2 17.0 18.1
Deferred income taxes 49.8 85.8 64.0
Stock-based compensation 9.0 18.0 10.3
Asbestos adjustments loss 131.7 143.9 58.2
Excess tax benefits from share-based awards (2.4) (3.5) (0.4)
Restructuring expenses 0.0 0.0 77.4
Loss on early debt extinguishment 0.0 13.1 0.0
Other, net 17.7 20.3 17.2
Changes in operating assets and liabilities:      
Accounts and other receivables (70.9) 46.4 (118.6)
Inventories (64.3) 98.7 3.2
Lease assets and liabilities, net (19.2) (19.1) (15.6)
Prepaid expenses and other assets (5.7) (14.2) (2.6)
Insurance receivable - Asbestos 8.3 5.8 7.6
Accounts payable and accrued liabilities 136.7 25.0 45.1
Claims and handling costs paid - Asbestos (118.8) (106.4) (105.6)
Income taxes payable 0.2 (14.7) (11.0)
Other accrued liabilities 41.0 73.0 30.9
Net cash provided by operating activities 757.2 786.9 451.2
Cash Flows From Investing Activities      
Purchases of property, plant and equipment (257.8) (110.7) (193.8)
Proceeds from sale of property, plant and equipment 0.0 1.6 8.0
Capitalized interest (1.9) (9.5) (9.5)
Purchase of restricted short-term investments - Asbestos (114.6) (25.0) (75.5)
Proceeds from restricted short-term investments - Asbestos 26.1 23.2 67.0
Net cash used in investing activities (348.2) (120.4) (203.8)
Cash Flows From Financing Activities      
Proceeds from credit facilities 390.0 0.0 330.0
Repayments of credit facilities (350.0) (130.0) (350.0)
Repayment of senior unsecured notes 0.0 (400.0) 0.0
Call redemption premium paid to note holders 0.0 (9.5) 0.0
Debt issuance costs (2.1) 0.0 0.0
Proceeds from issuance of shares 0.3 0.1 0.0
Repayment of finance lease obligations and borrowings (1.0) (0.8) (0.4)
Dividends paid (484.0) 0.0 (158.6)
Taxes paid related to net share settlement of equity awards (2.8) 0.0 0.0
Net cash used in financing activities (449.6) (540.2) (179.0)
Effects of exchange rate changes on cash and cash equivalents, restricted cash and restricted cash - Asbestos (5.9) 6.3 (6.2)
Net (decrease) increase in cash and cash equivalents, restricted cash and restricted cash - Asbestos (46.5) 132.6 62.2
Cash and cash equivalents, restricted cash and restricted cash - Asbestos at beginning of period 318.4 185.8 123.6
Cash and cash equivalents, restricted cash and restricted cash - Asbestos at end of period 271.9 318.4 185.8
Non-Cash Investing and Financing Activities      
Capital expenditures incurred but not yet paid 32.3 18.0 8.3
Supplemental Disclosure of Cash Flow Activities      
Cash paid during the year for interest 37.0 56.4 61.5
Cash payment (refund) during the year for income taxes, net 92.7 (3.7) 52.5
Cash paid to AICF $ 248.5 $ 153.3 $ 108.9

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