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Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2022
Cash Flows from Operating Activities      
Net income $ 585.3 $ 593.6  
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 158.8 110.1  
Deferred income taxes 4.2 (17.1)  
Stock-based compensation 24.2 21.6  
Provision for bad debt expense (0.6) 0.0  
Loss on disposition of business 5.3 0.0  
Loss on sale of assets 0.7 1.5  
Changes in assets and liabilities, excluding effects of acquisitions:      
Increase in accounts receivable, net (116.0) (101.0)  
Increase in inventories, net (30.8) (39.4)  
(Decrease) increase in accounts payable (14.0) 25.1  
Decrease in current liabilities (66.2) (45.2)  
Changes in other assets and liabilities, net 17.2 2.5  
Contribution to qualified defined benefit pension plans (1.3) (10.0)  
Other, net (8.0) (6.4)  
Net cash provided by operating activities 558.8 535.3  
Cash Flows from Investing Activities      
Capital expenditures (112.4) (103.8)  
Acquisitions, net of cash acquired 5.9 (60.0)  
Proceeds from disposal of business, net of cash 122.9 0.0  
Purchases of available-for-sale investments (11.7) (13.7)  
Proceeds from available-for-sale investments 14.5 15.8  
Other, net 0.8 0.3  
Net cash provided by (used in) investing activities 20.0 (161.4)  
Cash Flows from Financing Activities      
Payment of long-term debt (386.3) 0.0  
Borrowing (Payment) of short-term debt, net 173.6 (1.4)  
Payment of dividends (196.5) (180.1)  
Acquisition of common shares (30.0) (30.0)  
Other, net (37.2) (30.2)  
Net cash used in financing activities (476.4) (241.7)  
Effect of exchange rate changes on cash and cash equivalents (3.2) 0.3  
Increase in cash and cash equivalents 99.2 132.5  
Cash and cash equivalents, beginning of year 336.1 440.5  
Cash and cash equivalents within assets held for sale, beginning of year     $ 0.0
Restricted cash, included in other assets, beginning of year 3.2 2.8  
Less: Restricted cash, included in Other Assets 2.8 3.0  
Cash and cash equivalents, end of period $ 435.7 $ 572.8