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CONDENSED CONSOLIDATED CASH FLOW STATEMENT (UNAUDITED) - USD ($)
$ in Millions
6 Months Ended
May 31, 2022
May 31, 2021
Operating activities    
Net income $ 273.4 $ 345.5
Adjustments to reconcile net income to net cash flow provided by operating activities:    
Depreciation and amortization 98.2 91.9
Stock-based compensation 36.9 42.6
Gain on Disposition of Intangible Assets (13.6) 0.0
Asset Impairment Charges 10.0 6.5
Amortization of inventory fair value adjustments associated with acquisitions 0.0 6.3
Income from unconsolidated operations (19.7) (36.7)
Trade accounts receivable 47.3 51.4
Inventories (160.5) (90.4)
Trade accounts payable 66.5 (8.4)
Other assets and liabilities (202.7) (200.0)
Dividends from unconsolidated affiliates 18.6 20.0
Net cash flow provided by operating activities 154.4 228.7
Investing activities    
Acquisition of businesses (net of cash acquired) 0.0 (706.4)
Proceeds from sale of unconsolidated operation 0.0 65.4
Proceeds from Sale of Intangible Assets 12.1 0.0
Capital expenditures (including software) (101.6) (112.8)
Other investing activities 0.3 0.2
Net cash flow used in investing activities (89.2) (753.6)
Financing activities    
Short-term borrowings, net 128.0 (429.4)
Long-term debt borrowings 0.0 1,001.5
Payment of debt issuance costs 0.0 (1.9)
Long-term debt repayments (15.3) (3.5)
Proceeds from exercised stock options 36.1 6.2
Taxes withheld and paid on employee stock awards (19.4) (13.0)
Common stock acquired by purchase (12.9) (0.4)
Dividends paid (198.2) (181.6)
Net cash flow (used in) provided by financing activities (81.7) 377.9
Effect of exchange rate changes on cash and cash equivalents (9.4) 15.2
Decrease in cash and cash equivalents (25.9) (131.8)
Cash and cash equivalents at beginning of period 351.7 423.6
Cash and cash equivalents at end of period $ 325.8 $ 291.8