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Consolidated Statements of Cash Flow - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash from operating activities:      
Net income from continuing operations $ 1,945.5 $ 1,916.8 $ 1,580.1
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities from continuing operations      
Depreciation and amortization 406.4 392.9 395.6
Stock-based compensation expense 99.0 89.5 83.0
Deferred income tax provision (benefit) (58.8) (4.7) (29.6)
Gain on bargain purchase acquisition (5.4) 0.0 0.0
Net change in operating assets and liabilities, excluding effects of acquisitions:      
Accounts receivable, net 146.4 (273.1) (398.4)
Inventories 71.4 (278.5) (263.0)
Prepaid expenses and other current assets (34.1) 49.7 (20.2)
Accounts payable (34.6) 62.5 131.7
Accrued income taxes 7.7 77.6 (6.9)
Other accrued liabilities (7.0) 168.7 60.4
Accrued pension and postretirement benefits (0.3) (0.4) 5.8
Other long-term assets and liabilities (7.5) (26.4) (14.6)
Net cash provided by operating activities from continuing operations 2,528.7 2,174.6 1,523.9
Net cash provided by operating activities from discontinued operations 0.0 0.0 16.2
Net cash provided by operating activities 2,528.7 2,174.6 1,540.1
Cash from investing activities:      
Capital expenditures (372.8) (383.8) (360.4)
Proceeds from disposals of property, plant and equipment 4.0 5.6 3.7
Purchases of investments (305.7) (309.4) (164.5)
Sales and maturities of investments 246.3 228.2 155.9
Acquisitions, net of cash acquired (970.4) (288.2) (2,225.4)
Other, net 4.9 16.5 (13.7)
Net cash used in investing activities from continuing operations (1,393.7) (731.1) (2,604.4)
Net cash provided by investing activities from discontinued operations 0.0 0.0 716.9
Net cash used in investing activities (1,393.7) (731.1) (1,887.5)
Cash from financing activities:      
Proceeds from issuance of senior notes and other long-term debt 354.9 5.8 752.1
Repayments of senior notes and other long-term debt (15.7) (10.3) (912.6)
Proceeds from short-term borrowings 0.0 44.9 0.0
Repayments of short-term borrowings 0.0 (44.9) 0.0
(Repayments) borrowings under commercial paper programs, net (632.6) (159.3) 796.3
Payment of costs related to debt financing (2.3) (0.4) (9.3)
Payment of deferred purchase price related to acquisitions (1.5) 0.0 (4.1)
Purchase of treasury stock (585.1) (730.5) (661.7)
Proceeds from exercise of stock options 394.5 185.3 288.5
Distributions to and purchases of noncontrolling interests (24.0) (9.9) (18.9)
Dividend payments (500.6) (477.4) (346.7)
Transfers to discontinued operations 0.0 0.0 (28.7)
Net cash used in financing activities from continuing operations (1,012.4) (1,196.7) (145.1)
Net cash used in financing activities from discontinued operations 0.0 0.0 (0.1)
Net cash used in financing activities (1,012.4) (1,196.7) (145.2)
Effect of exchange rate changes on cash and cash equivalents (20.7) (70.8) (12.3)
Net increase (decrease) in cash and cash equivalents 101.9 176.0 (504.9)
Cash and cash equivalents balance, beginning of year 1,373.1 1,197.1 1,702.0
Cash and cash equivalents balance, end of year 1,475.0 1,373.1 1,197.1
Cash paid during the year for:      
Interest 129.2 123.7 111.9
Income taxes, net $ 560.4 $ 477.7 $ 445.6