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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income $ 2,185.6 $ 1,903.8 $ 1,011.2
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 609.5 551.8 596.7
(Gain) loss on sale or disposal of fixed assets 11.6 (32.6) 0.0
(Gain) loss on divestiture of businesses 0.7 (67.0) (10.2)
Loss on debt refinancing and prepayment 13.3 7.1 29.0
Amortization of debt discount and issuance costs 11.3 11.0 10.7
Share-based compensation 121.1 100.8 101.3
Non-cash interest on convertible notes 0.0 0.0 24.7
Non-cash asset impairment charges 19.5 18.6 10.8
Goodwill and Intangible asset impairment charges 0.0 386.8 0.0
Change in deferred tax balances (127.7) 3.1 62.4
Other (4.7) 0.1 4.3
Changes in assets and liabilities (exclusive of acquisitions and divestitures):      
Receivables (112.8) (47.8) (136.3)
Inventories (495.2) (235.2) (122.8)
Other assets 0.7 (110.5) (22.9)
Accounts payable (91.7) 38.2 70.7
Accrued expenses and other current liabilities (178.6) 96.5 123.9
Other long-term liabilities 14.9 8.4 28.5
Net cash provided by operating activities 1,977.5 2,633.1 1,782.0
Cash flows from investing activities:      
Purchase of property, plant and equipment (1,575.6) (1,005.0) (444.6)
Proceeds from sale of property, plant and equipment 4.0 59.1 14.0
Deposits utilized (made) for purchases of property, plant and equipment 36.5 (31.0) (47.4)
Payments related to acquisition of business, net of cash acquired (236.3) (2.4) (399.4)
Divestiture of business, net of cash transferred and proceeds from escrow 0.0 263.1 7.0
Purchase of available-for-sale securities 0.0 (18.0) (48.9)
Proceeds from sale or maturity of available-for-sale securities 33.5 28.8 4.2
Net cash used in investing activities (1,737.9) (705.4) (915.1)
Cash flows from financing activities:      
Proceeds for the issuance of common stock under the ESPP 25.8 22.9 23.5
Payment of tax withholding for RSUs (66.8) (78.1) (38.9)
Repurchase of common stock (564.2) (259.8) 0.0
Issuance and borrowings under debt agreements 1,845.0 500.0 787.3
Reimbursement of debt issuance and other financing costs 4.5 0.0 2.7
Payment of debt issuance and other financing costs (12.4) 0.0 (3.8)
Repayment of borrowings under debt agreements (1,723.4) (530.0) (1,270.5)
Payment of finance lease obligations (15.3) (11.5) 0.0
Payment for purchase of bond hedges (414.0) 0.0 (160.3)
Proceeds from issuance of warrants 242.5 0.0 93.8
Payments related to prior acquisition (5.8) (9.2) (3.2)
Dividend to non-controlling shareholder (2.4) (4.3) 0.0
Net cash used in financing activities (686.5) (370.0) (569.4)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (1.1) (2.4) (1.3)
Net increase (decrease) in cash, cash equivalents and restricted cash (448.0) 1,555.3 296.2
Cash, cash equivalents and restricted cash, beginning of period 2,933.0 1,377.7 1,081.5
Cash, cash equivalents and restricted cash, end of period $ 2,485.0 $ 2,933.0 $ 1,377.7