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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 $ 785.1 $ 608.5 $ 565.0
Income from discontinued operations, net of tax 0.0 15.2 41.6
Income from continuing operations 785.1 593.3 523.4
Adjustments to reconcile income from continuing operations to net cash provided by operating activities from continuing operations:      
Amortization of intangible assets 367.5 347.6 332.9
Depreciation 91.6 85.2 89.2
Non-cash restructuring charges 2.7 6.0 1.1
Stock-based compensation expense 51.9 78.9 87.2
Loss (income) on equity method investments 6.0 (0.7) 11.4
Foreign currency transaction losses (gains), net 5.1 (5.9) (12.0)
Non-cash adjustments to carrying value of LIFO inventories 12.0 36.1 33.2
Loss on extinguishment of debt 13.5 1.1 9.0
Deferred income taxes (76.9) (85.8) (103.6)
Other non-cash adjustments 8.3 7.0 (0.2)
Changes in assets and liabilities      
Receivables (48.6) (195.2) (62.5)
Inventories 117.3 (225.6) (134.4)
Accounts payable (23.9) 120.4 118.2
Accrued liabilities 94.8 101.2 (220.0)
Other assets and liabilities, net (29.0) 1.8 (45.1)
Net cash provided by operating activities from continuing operations 1,377.4 865.4 627.8
Cash Flows From Investing Activities      
Capital expenditures (105.4) (94.6) (64.1)
Net cash paid in acquisitions (963.0) (246.8) (974.8)
Disposals of property, plant and equipment 7.6 0.0 9.5
Other investing 0.3 4.1 0.0
Net cash used in investing activities from continuing operations (1,060.5) (337.3) (1,029.4)
Cash Flows From Financing Activities      
Principal payments on long-term debt (1,518.0) (655.6) (435.7)
Proceeds from long-term debt 1,490.4 0.0 0.0
Purchases of treasury stock (263.0) (261.1) (736.8)
Cash dividends on common stock (32.4) (32.4) (8.2)
Proceeds from stock option exercises 30.3 19.3 23.7
Payments of interest rate cap premiums 0.0 (13.4) 0.0
Payments of deferred and contingent acquisition consideration (17.5) (4.6) 0.0
Payments of debt issuance costs (18.5) 0.0 0.0
Other financing (8.8) (6.2) 0.0
Net cash provided by (used in) financing activities (337.5) (954.0) (1,157.0)
Cash Flows From (Used In) Discontinued Operations:      
Net cash used in operating activities 0.0 (5.1) (12.3)
Net cash provided by investing activities 0.0 4.4 1,943.7
Net cash provided by (used in) discontinued operations 0.0 (0.7) 1,931.4
Effect of exchange rate changes on cash and cash equivalents 3.1 (70.0) (14.1)
Net increase (decrease) in cash and cash equivalents (17.5) (496.6) 358.7
Cash and cash equivalents, beginning of year 1,613.0 2,109.6 1,750.9
Cash and cash equivalents, end of year 1,595.5 1,613.0 2,109.6
Supplemental Cash Flow Information      
Cash paid for income taxes 302.0 181.5 427.9
Cash paid for interest $ 100.5 $ 95.2 $ 79.8