Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Millions, $ in Millions	12 Months Ended					common size income statement
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018			2020	2019	2018
Income Statement [Abstract]
Net sales	$ 936.9	$ 1,038.1	$ 975.3			100.000%	100.000%	100.000%
Cost of goods sold	603.8	643	641.8			64.447%	61.940%	65.805%
Gross profit	333.1	395.1	333.5			35.553%	38.060%	34.195%
Selling, general and administrative expenses	163.3	174.3	159			17.430%	16.790%	16.303%
Gain related to sale of fixed and intangible assets	(21)					-2.241%	0.000%	0.000%
Equity earnings from joint venture	(64)	(96.6)	(74.9)			-6.831%	-9.305%	-7.680%
Operating income	254.8	317.4	249.4			27.196%	30.575%	25.572%
Interest expense	24.1	38.4	39.2			2.572%	3.699%	4.019%
Other non-operating expense (income), net	357.4	(20.4)	(32.5)			38.147%	-1.965%	-3.332%
(Loss) earnings from continuing operations before income taxes	(126.7)	299.4	242.7			-13.523%	28.841%	24.885%
Income tax (benefit) expense	(42.6)	57.1	53.1			-4.547%	5.500%	5.444%
(Loss) earnings from continuing operations	(84.1)	242.3	189.6			-8.976%	23.341%	19.440%
Net (loss) earnings from discontinued operations, net of tax expense of $ -, $12.0 and $8.2		(1.8)	9.6			0.000%	-0.173%	0.984%
(Loss) from disposal of discontinued businesses, net of tax (benefit) of ($1.4), ($5.2) and ($6.0)	(15)	(26)	(13.3)			-1.601%	-2.505%	-1.364%
Net (loss) from discontinued operations	(15)	(27.8)	(3.7)			-1.601%	-2.678%	-0.379%
Net (loss) earnings	(99.1)	214.5	185.9			-10.577%	20.663%	19.061%
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(7.1)	84.1	(27.6)			-0.758%	8.101%	-2.830%
Derivative (loss) gain, net	(10.5)	(13.9)	1.1			-1.121%	-1.339%	0.113%
Pension and postretirement adjustments	284.4	13.2	(32.9)			30.355%	1.272%	-3.373%
Total other comprehensive income (loss)	266.8	83.4	(59.4)			28.477%	8.034%	-6.090%
Total comprehensive income	$ 167.7	$ 297.9	$ 126.5			17.899%	28.697%	12.970%
(Loss) earnings per share of common stock, continuing operations:
Basic	$ (1.76)	$ 4.97	$ 3.68
Diluted	(1.76)	4.88	3.63
(Loss) per share of common stock, discontinued operations:
Basic	(0.31)	(0.57)	(0.07)
Diluted	(0.31)	(0.56)	(0.07)
Net (loss) earnings per share of common stock:
Basic	(2.07)	4.40	3.61
Diluted	$ (2.07)	$ 4.32	$ 3.56
Average number of common shares outstanding:
Basic	47.9	48.7	51.3
Diluted	47.9	49.5	52.1

1. Determine how much the firm will pay out in dividends and what the Additions to Retained Earnings will be:

   1. a. You will need to make a realistic assumption (clearly discuss this in your written paper).

      1. i. The most the firm can pay out in dividends is the projected Net Income for 2021 (or 2020)

      2. ii. The least the firm can pay out in dividends is zero

      3. iii. You can compute the 2020 payout ratio and use that to estimate If the payout ratio > 100%, do not use this to estimate If the payout ratio > 100%, assume the firm will pay out 50% of the projected Net Income in dividends in 2021

      4. iv. Firms can pay out more than 100% of the Net Income earned in dividends. To do so they will need to use some of the firms cash or issue debt and/or equity. You may use the simplifying assumptions above.