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Consolidated Statements of Cash Flow - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Cash from operating activities:      
Net income $ 832.6 $ 772.3 $ 715.2
Adjustments to reconcile net income to cash provided by operating activities:      
Depreciation and amortization 217.0 171.6 168.1
Stock-based compensation expense 47.6 44.2 41.4
Excess tax benefits from stock-based compensation payment arrangements (44.4) (16.2) (32.3)
Net change in operating assets and liabilities:      
Accounts receivable, net (165.9) (22.3) (111.5)
Inventories (14.2) (5.2) (51.6)
Other current assets 29.9 47.7 (10.0)
Accounts payable 47.8 (17.5) 66.8
Accrued income taxes 91.7 16.5 38.1
Other accrued liabilities 61.9 27.7 49.2
Accrued pension and postretirement benefits 2.5 8.7 (1.5)
Other long-term assets and liabilities (28.2) 4.3 8.8
Other (0.7) (1.3) 0.2
Net cash provided by operating activities 1,077.6 1,030.5 880.9
Cash from investing activities:      
Purchases of land and depreciable assets (190.8) (172.1) (209.1)
Proceeds from disposals of land and depreciable assets 7.1 8.7 5.6
Purchases of short-term investments (232.4) (134.7) (721.0)
Sales and maturities of short-term investments 108.5 470.6 660.8
Acquisitions, net of cash acquired (1,305.1) (199.8) (518.2)
Net cash used in investing activities (1,612.7) (27.3) (781.9)
Cash from financing activities:      
Proceeds from issuance of senior notes     1,498.1
Long-term borrowings under credit facilities   132.6 806.5
Repayments of long-term debt   (217.7) (2,350.0)
Borrowings under commercial paper program, net 183.2 238.7 585.4
Payment of costs related to debt financing (3.0)   (11.1)
Purchase and retirement of treasury stock (325.8) (248.9) (539.4)
Proceeds from exercise of stock options 147.2 64.4 97.8
Excess tax benefits from stock-based compensation payment arrangements 44.4 16.2 32.3
Distributions to and purchases of noncontrolling interests (6.8) (6.1) (3.6)
Dividend payments (172.7) (159.3) (101.9)
Net cash (used in) provided by financing activities (133.5) (180.1) 14.1
Effect of exchange rate changes on cash and cash equivalents (34.0) (54.8) (31.0)
Net change in cash and cash equivalents (702.6) 768.3 82.1
Cash and cash equivalents balance, beginning of period 1,737.2 968.9 886.8
Cash and cash equivalents balance, end of period 1,034.6 1,737.2 968.9
Cash paid during the year for:      
Interest 68.5 64.1 67.4
Income taxes $ 246.8 $ 250.7 $ 209.6