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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
OPERATING ACTIVITIES      
Net income including noncontrolling interest $ 1,576.2 $ 1,440.3 $ 1,518.6
Less: Net income from discontinued operations including noncontrolling interest 133.3 174.4 148.4
Net income from continuing operations including noncontrolling interest 1,442.9 1,265.9 1,370.2
Adjustments to reconcile net income to cash provided by operating activities:      
Depreciation 569.1 535.9 500.1
Amortization 206.2 194.5 184.6
Deferred income taxes (22.1) 122.6 (358.5)
Share-based compensation expense 84.0 88.0 85.5
Pension and postretirement plan contributions (186.0) (60.0) (144.1)
Pension and postretirement plan expense 22.6 25.7 30.9
Restructuring charges, net of cash paid 29.9 40.2 5.2
Gain on sale of businesses     (50.6)
Asset charges and write-downs     15.1
Other, net 17.6 19.1 21.4
Changes in operating assets and liabilities, net of effect of acquisitions:      
Accounts receivable (173.1) (132.5) (35.5)
Inventories 22.3 (100.5) (46.3)
Other assets (70.4) (76.8) (37.3)
Accounts payable 22.9 99.8 70.9
Other liabilities 80.8 (15.0) 313.0
Cash provided by operating activities - continuing operations 2,046.7 2,006.9 1,924.6
Cash provided by operating activities - discontinued operations 374.0 270.8 166.7
Cash provided by operating activities 2,420.7 2,277.7 2,091.3
INVESTING ACTIVITIES      
Capital expenditures (731.3) (778.7) (787.4)
Property and other assets sold 7.5 28.0 8.2
Acquisitions and investments in affiliates, net of cash acquired (391.4) (229.8) (974.7)
Divestiture of businesses 6.8 9.2 118.8
Settlement of net investment hedges   14.1 2.1
Other, net (21.2) (4.7) 9.6
Cash used for investing activities - continuing operations (1,129.6) (961.9) (1,623.4)
Cash used for investing activities - discontinued operations (69.5) (68.1) (103.6)
Cash used for investing activities (1,199.1) (1,030.0) (1,727.0)
FINANCING ACTIVITIES      
Net issuances (repayments) of commercial paper and notes payable (252.0) 341.8 (43.7)
Long-term debt borrowings     1,309.4
Long-term debt repayments (400.6) (551.6) (799.0)
Reacquired shares (353.7) (562.4) (600.3)
Dividends paid (552.9) (494.8) (443.4)
Exercise of employee stock options 186.8 114.5 83.8
Acquisition related liabilities and contingent consideration (1.5) (10.1) (0.3)
Other, net 27.3 (8.8) (15.7)
Cash used for financing activities - continuing operations (1,346.6) (1,171.4) (509.2)
Cash used for financing activities - discontinued operations (3.0) (1.3) (13.5)
Cash used for financing activities (1,349.6) (1,172.7) (522.7)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 20.4 7.6 (10.6)
(Decrease) increase in cash, cash equivalents and restricted cash (107.6) 82.6 (169.0)
Cash, cash equivalents and restricted cash, beginning of period - continuing operations (a) 243.2 163.3 309.3
Cash, cash equivalents and restricted cash, beginning of period - discontinued operations 50.8 48.1 71.1
Cash, cash equivalents and restricted cash, beginning of period (a) 294.0 211.4 380.4
Cash, cash equivalents and restricted cash, end of period - continuing operations (b) 118.8 243.2 163.3
Cash, cash equivalents and restricted cash, end of period - discontinued operations 67.6 50.8 48.1
Cash, cash equivalents and restricted cash, end of period (b) $ 186.4 $ 294.0 $ 211.4