XML 26 R8.htm IDEA: XBRL DOCUMENT v3.20.4
Consolidated Statements of Cash Flow - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash from operating activities:      
Net income $ 1,213.3 $ 1,164.0 $ 1,216.9
Adjustments to reconcile net income to cash provided by operating activities:      
Depreciation and amortization 308.1 312.1 299.7
Stock-based compensation expense 70.5 63.0 55.6
Loss on early extinguishment of debt 0.0 14.3 0.0
Deferred income tax (benefit) provision 30.8 15.2 (12.0)
Net change in operating assets and liabilities, excluding effects of acquisitions:      
Accounts receivable, net (146.3) 117.3 (237.9)
Inventories (102.0) (3.4) (173.3)
Prepaid expenses and other current assets (88.6) (6.0) (47.7)
Accounts payable 204.3 (60.2) 48.8
Accrued income taxes (54.8) (91.7) (9.7)
Other accrued liabilities 148.5 (37.6) 57.4
Accrued pension and postretirement benefits 9.4 7.2 (76.6)
Other long-term assets and liabilities (1.2) 8.1 (8.5)
Net cash provided by operating activities 1,592.0 1,502.3 1,112.7
Cash from investing activities:      
Capital expenditures (276.8) (295.0) (310.6)
Proceeds from disposals of property, plant and equipment 12.7 7.4 5.0
Purchases of short-term investments (141.6) (65.4) (44.5)
Sales and maturities of short-term investments 123.2 61.6 67.2
Acquisitions, net of cash acquired (50.4) (937.4) (158.9)
Other (0.6) 0.0 0.0
Net cash used in investing activities (333.5) (1,228.8) (441.8)
Cash from financing activities:      
Proceeds from issuance of senior notes 942.3 1,398.8 571.7
Repayments of senior notes and other long-term debt (404.4) (1,111.5) (15.2)
Borrowings under credit facilities 1,567.4 0.0 0.0
Repayments under credit facilities (1,568.1) 0.0 0.0
(Repayments) borrowings under commercial paper programs, net (385.8) (229.0) (544.6)
Payment of costs related to debt financing (8.7) (14.9) (5.6)
Payment of premiums and fees related to early extinguishment of debt 0.0 (13.4) 0.0
Payment of acquisition-related contingent consideration (75.0) 0.0 0.0
Payment of deferred purchase price related to an acquisition (16.2) 0.0 0.0
Purchase of treasury stock (641.3) (601.7) (935.2)
Proceeds from exercise of stock options 385.7 246.1 130.7
Distributions to and purchases of noncontrolling interests (14.9) (43.3) (18.2)
Dividend payments (297.6) (279.5) (253.7)
Net cash used in financing activities (516.6) (648.4) (1,070.1)
Effect of exchange rate changes on cash and cash equivalents 68.9 (13.2) (40.6)
Net change in cash and cash equivalents 810.8 (388.1) (439.8)
Cash and cash equivalents balance, beginning of year 891.2 1,279.3 1,719.1
Cash and cash equivalents balance, end of year 1,702.0 891.2 1,279.3
Cash paid during the year for:      
Interest 104.8 116.6 94.2
Income taxes, net $ 337.3 $ 408.3 $ 393.2