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CONDENSED CONSOLIDATED CASH FLOW STATEMENT (UNAUDITED) - USD ($)
$ in Millions
6 Months Ended
May 31, 2023
May 31, 2022
Operating activities    
Net income $ 291.2 $ 273.4
Adjustments to reconcile net income to net cash flow provided by operating activities:    
Depreciation and amortization 96.6 98.2
Stock-based compensation 38.5 36.9
Gain on the sale of intangible asset 0.0 (13.6)
Asset impairment charge 0.0 10.0
Income from unconsolidated operations (24.3) (19.7)
Trade accounts receivable 26.5 47.3
Inventories 71.7 (160.5)
Trade accounts payable (81.9) 66.5
Other assets and liabilities (59.4) (202.7)
Dividends from unconsolidated affiliates 35.3 18.6
Net cash flow provided by operating activities 394.2 154.4
Investing activities    
Proceeds from sale of intangible asset 0.0 12.1
Capital expenditures (including software) (118.6) (101.6)
Other investing activities 2.5 0.3
Net cash flow used in investing activities (116.1) (89.2)
Financing activities    
Short-term borrowings, net (776.8) 128.0
Long-term debt borrowings 496.4 0.0
Payment of debt issuance costs (1.1) 0.0
Long-term debt repayments (9.1) (15.3)
Proceeds from exercised stock options 11.1 36.1
Taxes withheld and paid on employee stock awards (10.8) (19.4)
Common stock acquired by purchase (18.6) (12.9)
Dividends paid (209.2) (198.2)
Net cash flow used in financing activities (518.1) (81.7)
Effect of exchange rate changes on cash and cash equivalents 33.4 (9.4)
Decrease in cash and cash equivalents (206.6) (25.9)
Cash and cash equivalents at beginning of period 334.0 351.7
Cash and cash equivalents at end of period $ 127.4 $ 325.8