XML 25 R8.htm IDEA: XBRL DOCUMENT v3.3.1.900
Consolidated Statements of Cash Flow - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash from operating activities:      
Net income $ 772.3 $ 715.2 $ 638.7
Adjustments to reconcile net income to cash provided by operating activities:      
Depreciation and amortization 171.6 168.1 136.5
Stock-based compensation expense 44.2 41.4 36.1
Excess tax benefits from stock-based compensation payment arrangements (16.2) (32.3) (21.0)
Net change in operating assets and liabilities:      
Accounts receivable, net (22.3) (111.5) (37.1)
Inventories (5.2) (51.6) (8.0)
Other current assets 47.7 (10.0) (18.4)
Accounts payable (17.5) 66.8 6.9
Accrued income taxes 16.5 38.1 30.8
Other accrued liabilities 27.7 49.2 (0.6)
Accrued pension and post-employment benefits 8.7 (1.5) 8.5
Other long-term assets 4.3 8.8 (1.6)
Other (1.3) 0.2 (1.7)
Net cash provided by operating activities 1,030.5 880.9 769.1
Cash from investing activities:      
Purchases of land and depreciable assets (172.1) (209.1) (158.4)
Proceeds from disposals of land and depreciable assets 8.7 5.6 3.7
Purchases of short-term investments (134.7) (721.0) (741.1)
Sales and maturities of short-term investments 470.6 660.8 687.4
Acquisitions, net of cash acquired (199.8) (518.2) (484.9)
Net cash used in investing activities (27.3) (781.9) (693.3)
Cash from financing activities:      
Proceeds from issuance of senior notes   1,498.1  
Long-term borrowings under credit facilities 132.6 806.5 1,041.4
Repayments of long-term debt (217.7) (2,350.0) (620.3)
Borrowings under commercial paper program, net 238.7 585.4  
Payments of costs related to debt financing   (11.1) (2.8)
Purchase and retirement of treasury stock (248.9) (539.4) (324.7)
Proceeds from exercise of stock options 64.4 97.8 95.1
Excess tax benefits from stock-based compensation payment arrangements 16.2 32.3 21.0
Distributions to and purchases of noncontrolling interests (6.1) (3.6) (4.4)
Dividend payments (159.3) (101.9) (96.8)
Net cash (used in) provided by financing activities (180.1) 14.1 108.5
Effect of exchange rate changes on cash and cash equivalents (54.8) (31.0) 11.7
Net change in cash and cash equivalents 768.3 82.1 196.0
Cash and cash equivalents balance, beginning of period 968.9 886.8 690.8
Cash and cash equivalents balance, end of period 1,737.2 968.9 886.8
Cash paid during the year for:      
Interest 64.1 67.4 60.4
Income taxes $ 250.7 $ 209.6 $ 176.8