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Consolidated Statements of Cash Flow - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash from operating activities:      
Net income from continuing operations $ 1,916.8 $ 1,580.1 $ 1,213.3
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities from continuing operations:      
Depreciation and amortization 392.9 395.6 308.1
Stock-based compensation expense 89.5 83.0 70.5
Deferred income tax provision (benefit) (4.7) (29.6) 30.8
Net change in operating assets and liabilities, excluding effects of acquisitions:      
Accounts receivable, net (273.1) (398.4) (146.3)
Inventories (278.5) (263.0) (102.0)
Prepaid expenses and other current assets 49.7 (20.2) (88.6)
Accounts payable 62.5 131.7 204.3
Accrued income taxes 77.6 (6.9) (54.8)
Other accrued liabilities 168.7 60.4 148.5
Accrued pension and postretirement benefits (0.4) 5.8 9.4
Other long-term assets and liabilities (26.4) (14.6) (1.2)
Net cash provided by operating activities from continuing operations 2,174.6 1,523.9 1,592.0
Net cash provided by (used in) operating activities from discontinued operations 0.0 16.2 0.0
Net cash provided by operating activities 2,174.6 1,540.1 1,592.0
Cash from investing activities:      
Capital expenditures (383.8) (360.4) (276.8)
Proceeds from disposals of property, plant and equipment 5.6 3.7 12.7
Purchases of investments (309.4) (164.5) (141.6)
Sales and maturities of investments 228.2 155.9 123.2
Acquisitions, net of cash acquired (288.2) (2,225.4) (50.4)
Other, net 16.5 (13.7) (0.6)
Net cash used in investing activities from continuing operations (731.1) (2,604.4) (333.5)
Net cash provided by investing activities from discontinued operations 0.0 716.9 0.0
Net cash used in investing activities (731.1) (1,887.5) (333.5)
Cash from financing activities:      
Proceeds from issuance of senior notes and other long-term debt 5.8 752.1 942.3
Repayments of senior notes and other long-term debt (10.3) (912.6) (404.4)
Borrowings under credit facilities 0.0 0.0 1,567.4
Repayments under credit facilities 0.0 0.0 (1,568.1)
Proceeds from short-term borrowings 44.9 0.0 0.0
Repayments of short-term borrowings (44.9) 0.0 0.0
(Repayments) borrowings under commercial paper programs, net (159.3) 796.3 (385.8)
Payment of costs related to debt financing (0.4) (9.3) (8.7)
Payment of acquisition-related contingent consideration 0.0 0.0 (75.0)
Payment of deferred purchase price related to acquisitions 0.0 (4.1) (16.2)
Purchase of treasury stock (730.5) (661.7) (641.3)
Proceeds from exercise of stock options 185.3 288.5 385.7
Distributions to and purchases of noncontrolling interests (9.9) (18.9) (14.9)
Dividend payments (477.4) (346.7) (297.6)
Transfers to discontinued operations 0.0 (28.7) 0.0
Net cash used in financing activities from continuing operations (1,196.7) (145.1) (516.6)
Net cash used in financing activities from discontinued operations 0.0 (0.1) 0.0
Net cash used in financing activities (1,196.7) (145.2) (516.6)
Effect of exchange rate changes on cash and cash equivalents (70.8) (12.3) 68.9
Net (decrease) increase in cash and cash equivalents 176.0 (504.9) 810.8
Cash and cash equivalents balance, beginning of year 1,197.1 1,702.0 891.2
Cash and cash equivalents balance, end of year 1,373.1 1,197.1 1,702.0
Cash paid during the year for:      
Interest 123.7 111.9 104.8
Income taxes, net $ 477.7 $ 445.6 $ 337.3