XML 24 R8.htm IDEA: XBRL DOCUMENT v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities:      
Net income $ 427.6 $ 412.8 $ 206.0
Adjustments for items not affecting cash:      
Depreciation and amortization 483.4 444.4 352.2
Share-based payments expense 66.0 62.4 55.8
Deferred income taxes (54.2) (69.2) (65.8)
Gain on disposition of property, plant and equipment (2.2) (3.8) (4.9)
Loss on divestiture and deconsolidation, net 9.6 0.0 0.0
Allowance for expected credit losses 1.4 5.1 5.9
Amortization of debt issuance costs 9.4 12.5 10.1
Amortization of right-of-use assets 160.3 154.4 109.9
Inventory write-downs 8.3 14.9 7.0
Other, net 4.8 (1.7) 11.5
Net changes in operating assets and liabilities (136.2) (99.8) (143.7)
Net cash provided by operating activities 978.2 932.0 544.0
Investing activities:      
Acquisitions, net of cash acquired (192.8) (8.6) (2,778.6)
Divestiture, net of cash transferred 35.3 0.0 0.0
Property, plant and equipment additions (259.0) (167.4) (227.9)
Proceeds on disposition of property, plant and equipment 5.3 2.6 32.6
Intangible asset additions (116.5) (109.5) (118.3)
Repayment of loans receivable 21.1 8.1 4.0
Issuance of loans receivable (41.1) (24.1) (18.8)
Other, net (5.2) (2.7) (1.3)
Net cash used in investing activities (552.9) (301.6) (3,108.3)
Financing activities:      
Issuance of common stock and preferred stock, net of issuance costs 0.0 0.0 496.9
Dividends paid (258.1) (240.2) (328.4)
Proceeds from exercise of options and employee stock purchase plan 50.5 75.5 43.7
Payment of withholding taxes on issuance of shares (20.8) (14.8) (15.9)
Net increase (decrease) in short-term debt 102.8 14.5 (15.5)
Proceeds from long-term debt 275.0 0.0 3,175.0
Repayment of long-term debt (576.7) (454.4) (654.4)
Payment of debt issue costs (4.4) (0.3) (41.7)
Repayment of finance lease and equipment financing obligations (31.6) (26.5) (19.2)
Proceeds of equipment financing obligations 3.8 2.6 37.6
Payment of contingent consideration (1.9) (1.9) (1.9)
Net cash used in provided by financing activities (461.4) (645.5) 2,676.2
Effect of exchange rate changes on cash, cash equivalents, and restricted cash 22.1 (24.0) 10.1
Net (decrease) increase in cash, cash equivalents, and restricted cash (14.0) (39.1) 122.0
Cash, cash equivalents, and restricted cash, beginning of period 708.8 747.9 625.9
Cash, cash equivalents, and restricted cash, end of period $ 694.8 $ 708.8 $ 747.9