XML 30 R9.htm IDEA: XBRL DOCUMENT v3.22.0.1
Consolidated Statements of Cash Flow - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash from operating activities:      
Net income from continuing operations $ 1,580.1 $ 1,213.3 $ 1,164.0
Adjustments to reconcile net income from continuing operations to cash provided by operating activities from continuing operations:      
Depreciation and amortization 395.6 308.1 312.1
Stock-based compensation expense 83.0 70.5 63.0
Loss on early extinguishment of debt 0.0 0.0 14.3
Deferred income tax provision (benefit) (29.6) 30.8 15.2
Net change in operating assets and liabilities, excluding effects of acquisitions:      
Accounts receivable, net (398.4) (146.3) 117.3
Inventories (263.0) (102.0) (3.4)
Prepaid expenses and other current assets (20.2) (88.6) (6.0)
Accounts payable 131.7 204.3 (60.2)
Accrued income taxes (6.9) (54.8) (91.7)
Other accrued liabilities 60.4 148.5 (37.6)
Accrued pension and postretirement benefits 5.8 9.4 7.2
Other long-term assets and liabilities (14.6) (1.2) 8.1
Net cash provided by operating activities from continuing operations 1,523.9 1,592.0 1,502.3
Net cash provided by operating activities from discontinued operations 16.2 0.0 0.0
Net cash provided by operating activities 1,540.1 1,592.0 1,502.3
Cash from investing activities:      
Capital expenditures (360.4) (276.8) (295.0)
Proceeds from disposals of property, plant and equipment 3.7 12.7 7.4
Purchases of short-term investments (164.5) (141.6) (65.4)
Sales and maturities of short-term investments 155.9 123.2 61.6
Acquisitions, net of cash acquired (2,225.4) (50.4) (937.4)
Other (13.7) (0.6) 0.0
Net cash used in investing activities from continuing operations (2,604.4) (333.5) (1,228.8)
Net cash provided by investing activities from discontinued operations 716.9 0.0 0.0
Net cash used in investing activities (1,887.5) (333.5) (1,228.8)
Cash from financing activities:      
Proceeds from issuance of senior notes and other long-term debt 752.1 942.3 1,398.8
Repayments of senior notes and other long-term debt (912.6) (404.4) (1,111.5)
Borrowings under credit facilities 0.0 1,567.4 0.0
Repayments under credit facilities 0.0 (1,568.1) 0.0
(Repayments) borrowings under commercial paper programs, net 796.3 (385.8) (229.0)
Payment of costs related to debt financing (9.3) (8.7) (14.9)
Payment of premiums and fees related to early extinguishment of debt 0.0 0.0 (13.4)
Payment of acquisition-related contingent consideration 0.0 (75.0) 0.0
Payment of deferred purchase price related to acquisitions (4.1) (16.2) 0.0
Purchase of treasury stock (661.7) (641.3) (601.7)
Proceeds from exercise of stock options 288.5 385.7 246.1
Distributions to and purchases of noncontrolling interests (18.9) (14.9) (43.3)
Dividend payments (346.7) (297.6) (279.5)
Transfers to discontinued operations (28.7) 0.0 0.0
Net cash provided by (used in) financing activities from continuing operations (145.1) (516.6) (648.4)
Net cash provided by (used in) financing activities from discontinued operations (0.1) 0.0 0.0
Net cash provided by (used in) financing activities (145.2) (516.6) (648.4)
Effect of exchange rate changes on cash and cash equivalents (12.3) 68.9 (13.2)
Net (decrease) increase in cash and cash equivalents (504.9) 810.8 (388.1)
Cash and cash equivalents balance, beginning of year 1,702.0 891.2 1,279.3
Cash and cash equivalents balance, end of year 1,197.1 1,702.0 891.2
Cash paid during the year for:      
Interest 111.9 104.8 116.6
Income taxes, net $ 445.6 $ 337.3 $ 408.3