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Consolidated Statement of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash Flows from Operating Activities      
Net income $ 356.0 $ 407.4 $ 366.1
Adjustments to reconcile net income to net cash provided by operating activities, net of acquisitions:      
Depreciation and amortization 157.6 151.0 148.4
Deferred income taxes 3.3 6.1 49.0
Stock-based compensation 23.9 16.4 24.2
Provision for bad debt expense 6.7 1.7 0.0
Gain on disposition of business 0.0 (21.7) 0.0
Pension charge 7.6 8.5 0.0
Gain on sale of assets 0.3 (0.4) (4.0)
Changes in assets and liabilities, net of acquisitions:      
Decrease (increase) in accounts receivable 55.5 44.5 (75.4)
Decrease in inventories 50.7 12.2 34.2
Increase (decrease) in accounts payable 22.6 (41.2) 21.5
(Decrease) increase in current liabilities (39.9) 5.0 (5.9)
Changes in other assets and liabilities, net 19.2 0.9 (20.4)
Contributions to qualified defined benefit pension plans (23.2) (10.4) (27.9)
Other, net 7.7 11.6 7.3
NET CASH PROVIDED BY OPERATING ACTIVITIES 648.0 591.6 517.1
Cash Flows from Investing Activities      
Capital expenditures (88.4) (93.9) (96.2)
Acquisitions, net of cash acquired (239.6) (70.8) (1,118.0)
Proceeds from disposal of business, net of cash 0.0 33.4 0.0
Purchases of available-for-sale investments (35.1) (14.1) (16.6)
Proceeds from sales of available-for-sale investments 28.9 12.5 20.5
Proceeds from disposition of assets 4.5 3.1 6.8
Other, net 0.9 0.9 2.1
NET CASH USED IN INVESTING ACTIVITIES (328.8) (128.9) (1,201.4)
Cash Flows from Financing Activities      
Issuance of long-term debt 225.0 0.0 947.5
Payment of long-term debt (331.3) (225.0) (168.8)
Issuance of short-term debt 125.5 0.7 0.8
Payment of short-term debt (3.6) (0.8) (38.0)
Debt issuance cost 0.0 0.0 (7.6)
Payment of dividends (201.4) (186.6) (172.3)
Payment of dividends to noncontrolling interest (2.1) (11.3) (3.9)
Acquisition of common shares (41.3) (35.0) (40.0)
Other (15.0) (13.0) (11.2)
NET CASH PROVIDED (USED) IN FINANCING ACTIVITIES (244.2) (471.0) 506.5
Effect of foreign currency exchange rate changes on cash and cash equivalents 2.6 1.3 (8.2)
Increase (Decrease) in cash and cash equivalents 77.6 (7.0) (186.0)
Cash and cash equivalents, beginning of year 182.0 189.0 375.0
Cash and cash equivalents, end of year $ 259.6 $ 182.0 $ 189.0