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CONSOLIDATED STATEMENTS OF CASH FLOWS
€ in Millions, $ in Millions
12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
OPERATING ACTIVITIES      
Net income including noncontrolling interest $ 2,131.9 $ 1,393.0 $ 1,108.9
Adjustments to reconcile net income to cash provided by operating activities:      
Depreciation 634.9 616.7 618.5
Amortization 300.5 306.9 320.2
Deferred income taxes (190.5) (55.7) (142.6)
Share-based compensation expense 134.8 95.1 87.8
Pension and postretirement plan contributions (54.4) (109.3) (64.3)
Pension and postretirement plan expense (income), net 14.3 3.1 45.5
Restructuring charges, net of cash paid 23.7 (32.6) 66.2
Gain on sale of global surgical solutions business (381.7)    
Other, net 24.3 31.9 24.9
Changes in operating assets and liabilities, net of effect of acquisitions:      
Accounts receivable (146.7) (84.3) (319.6)
Inventories (115.6) 320.3 (402.9)
Other assets (24.3) 72.2 (278.2)
Accounts payable 300.0 (232.3) 394.7
Other liabilities 162.7 86.8 329.3
Cash provided by operating activities 2,813.9 2,411.8 1,788.4
INVESTING ACTIVITIES      
Capital expenditures (994.5) (774.8) (712.8)
Property and other assets sold 11.3 9.9 2.2
Acquisitions and investments in affiliates, net of cash acquired (312.9) (180.4) (7.2)
Divestiture of businesses, net of cash divested 889.7    
Other, net (27.4) (45.2) 1.0
Cash used for investing activities (433.8) (990.5) (716.8)
FINANCING ACTIVITIES      
Net issuances (repayments) of commercial paper and notes payable 1.9 (1.9) (404.3)
Long-term debt borrowings     494.0
Long-term debt repayments (630.4) (500.0)  
Reacquired shares (986.5) (13.7) (518.2)
Dividends paid (664.3) (617.3) (602.8)
Exercise of employee stock options 259.4 96.8 29.1
Hedge settlements (0.6) (15.3) 172.0
Other, net (3.6) (3.3) (7.1)
Cash used for financing activities (2,024.1) (1,054.7) (837.3)
Effect of exchange rate changes on cash and cash equivalents (18.7) (45.7) 4.4
Increase in cash and cash equivalents 337.3 320.9 238.7
Cash and cash equivalents, beginning of period 919.5 598.6 359.9
Cash and cash equivalents, end of period 1,256.8 919.5 598.6
SUPPLEMENTAL CASH FLOW INFORMATION      
Income taxes paid 647.4 469.2 308.9
Net interest paid $ 342.6 $ 324.8 $ 222.4