v3.21.1
Consolidated Statements of Cash Flows
$ in Millions, $ in Millions
12 Months Ended
Mar. 31, 2021
USD ($)
Mar. 31, 2020
USD ($)
Mar. 31, 2019
USD ($)
Cash Flows From Operating Activities      
Net income $ 262.8 $ 241.5 $ 228.8
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 135.0 131.5 119.4
Lease expense 17.0 18.1 0.0
Deferred income taxes 85.8 64.0 12.7
Stock-based compensation 18.0 10.3 12.5
Asbestos adjustments 143.9 58.2 22.0
Excess tax benefits from share-based awards (3.5) (0.4) 0.0
Restructuring expenses 0.0 77.4 15.9
Loss on early debt extinguishment 13.1 0.0 1.0
Other, net 20.3 17.2 16.3
Changes in operating assets and liabilities:      
Accounts and other receivables 46.4 (118.6) (18.1)
Inventories 98.7 3.2 (28.6)
Lease assets and liabilities, net (19.1) (15.6) 0.0
Prepaid expenses and other assets (14.2) (2.6) (1.7)
Insurance receivable - Asbestos 5.8 7.6 4.8
Accounts payable and accrued liabilities 25.0 45.1 3.5
Claims and handling costs paid - Asbestos (106.4) (105.6) (108.8)
Income taxes payable (14.7) (11.0) 8.8
Other accrued liabilities 73.0 30.9 15.5
Net cash provided by operating activities 786.9 451.2 304.0
Cash Flows From Investing Activities      
Purchases of property, plant and equipment (110.7) (193.8) (317.5)
Proceeds from sale of property, plant and equipment 1.6 8.0 0.0
Capitalized interest (9.5) (9.5) (5.4)
Acquisition of business, net of cash acquired 0.0 0.0 (558.7)
Purchase of restricted short-term investments - Asbestos (25.0) (75.5) (89.1)
Proceeds from restricted short-term investments - Asbestos 23.2 67.0 106.3
Net cash used in investing activities (120.4) (203.8) (864.4)
Cash Flows From Financing Activities      
Proceeds from credit facilities 0.0 330.0 230.0
Repayments of credit facilities (130.0) (350.0) (180.0)
Proceeds from 364-day term loan facility 0.0 0.0 492.4
Repayments of 364-day term loan facility 0.0 0.0 (458.8)
Proceeds from senior unsecured notes 0.0 0.0 458.8
Debt issuance costs 0.0 0.0 (6.1)
Repayment of senior unsecured notes (400.0) 0.0 0.0
Call redemption premium paid to note holders (9.5) 0.0 0.0
Proceeds from issuance of shares 0.1 0.0 0.0
Repayment of finance lease obligations and borrowings (0.8) (0.4) 0.0
Dividends paid 0.0 (158.6) (172.1)
Net cash (used in) provided by financing activities (540.2) (179.0) 364.2
Effects of exchange rate changes on cash and cash equivalents, restricted cash and restricted cash - Asbestos 6.3 (6.2) 6.6
Net increase (decrease) in cash and cash equivalents, restricted cash and restricted cash - Asbestos 132.6 62.2 (189.6)
Cash and cash equivalents, restricted cash and restricted cash - Asbestos at beginning of period 185.8 123.6 313.2
Cash and cash equivalents, restricted cash and restricted cash - Asbestos at end of period 318.4 185.8 123.6
Non-Cash Investing and Financing Activities      
Capital expenditures incurred but not yet paid 18.0 8.3 25.9
Supplemental Disclosure of Cash Flow Activities      
Cash paid during the year for interest 56.4 61.5 57.0
Cash (refund) payment during the year for income taxes, net (3.7) 52.5 26.3
Cash paid to AICF $ 153.3 $ 108.9 $ 103.0

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