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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Net earnings $ 341.6 $ 491.6 $ 506.8
Adjustments to reconcile net earnings to net cash provided by operating activities      
Depreciation and amortization 233.4 184.6 186.4
Share-based incentive compensation 33.0 50.5 43.5
Profit sharing expense 25.4 23.5 22.4
Loss on debt redemption and refinancing activities 13.2 11.2 18.6
Impairment of debt investment 0.0 0.0 8.0
Provision for allowance for credit losses on trade receivables 3.1 6.2 2.1
Provisions for inventory obsolescence 18.3 19.8 9.5
Deferred taxes, net (27.8) (29.7) 37.3
Net loss (gain) on disposal/sale of businesses 52.5 (0.7) (59.3)
Impairment loss/fair value (gain) on equity investments, net 0.0 30.6 (6.6)
Other non-cash items 25.2 9.8 9.4
Changes in operating assets and liabilities:      
Trade receivables, net 73.4 2.6 (110.9)
Inventories 136.0 (178.5) (165.7)
Income tax receivable/payable (0.4) (13.6) 45.7
Accounts payable (122.8) (72.1) 206.1
Customer advance payments (15.4) 1.4 15.1
Income tax deposit 195.0 0.0 0.0
Other assets and liabilities (77.5) 76.1 (58.7)
Net cash provided by operating activities 516.2 613.3 709.7
Cash flows from investing activities:      
Capital expenditures (244.2) (237.3) (213.1)
Proceeds related to sale of businesses and property and equipment, net 10.2 9.4 89.4
Businesses acquired in purchase transactions, net of cash acquired (1,160.7) (9.6) (0.1)
Proceeds (Payments) associated with debt, equity, and equity method investments, net 2.8 (10.6) (18.0)
Proceeds of corporate owned life insurance 0.0 0.0 7.7
Net cash used in investing activities (1,378.2) (243.0) (125.7)
Cash flows from financing activities:      
Net proceeds (payments) of short-term borrowings 131.6 5.5 (5.9)
Proceeds from long-term debt 1,833.4 423.3 601.5
Payments of long-term debt (958.4) (425.0) (610.4)
Dividends paid on common stock (117.9) (118.5) (115.6)
Repurchases of common stock (79.9) (280.2) (403.1)
Payments for debt modification/extinguishment costs and other (22.3) (15.2) (17.0)
Impact of tax withholding on share-based compensation (21.8) (26.6) (14.8)
Principal payments related to financing leases (9.0) (10.0) (10.5)
Net cash provided by (used in) financing activities 755.7 (446.7) (575.8)
Effect of foreign currency exchange rate changes on cash and cash equivalents (3.7) (28.5) 4.1
Cash Reconciliation:      
Cash and cash equivalents 456.1 561.0 548.7
Restricted cash and cash equivalents 0.0 0.0 0.0
Balance, beginning of period 456.1 561.0 548.7
Net change during the period (110.0) (104.9) 12.3
Balance, end of period 346.1 456.1 561.0
Restricted cash and cash equivalents 0.0 0.0 0.0
Supplemental Cash Flow Information:      
Interest payments, net of amounts capitalized 265.2 174.5 175.2
Income tax payments, net of cash refunds 357.7 192.2 112.6
Restructuring payments including associated costs 19.2 21.5 27.7
Non-cash items:      
Transfers of shares of common stock from treasury for profit-sharing plan contributions 23.9 22.7 28.0
Cross-currency swaps      
Cash flows from investing activities:      
Proceeds from cross currency swaps and settlement of foreign currency forward contracts 1.6 0.0 0.0
Foreign currency forward contracts      
Cash flows from investing activities:      
Proceeds from cross currency swaps and settlement of foreign currency forward contracts $ 12.1 $ 5.1 $ 8.4