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Consolidated Statements of Cash Flow - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash from operating activities:      
Net income $ 2,441.6 $ 1,945.5 $ 1,916.8
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 572.5 406.4 392.9
Stock-based compensation expense 109.5 99.0 89.5
Deferred income tax provision (benefit) (82.8) (58.8) (4.7)
Gain on bargain purchase acquisition 0.0 (5.4) 0.0
Net change in operating assets and liabilities, excluding effects of acquisitions:      
Accounts receivable, net (586.8) 146.4 (273.1)
Inventories (200.1) 71.4 (278.5)
Prepaid expenses and other current assets (106.8) (34.1) 49.7
Accounts payable 423.1 (34.6) 62.5
Accrued income taxes 3.1 7.7 77.6
Other accrued liabilities 257.0 (7.0) 168.7
Accrued pension and postretirement benefits (2.4) (0.3) (0.4)
Other long-term assets and liabilities (13.2) (7.5) (26.4)
Net cash provided by operating activities 2,814.7 2,528.7 2,174.6
Cash from investing activities:      
Capital expenditures (665.4) (372.8) (383.8)
Proceeds from disposals of property, plant and equipment 7.8 4.0 5.6
Purchases of investments (26.2) (305.7) (309.4)
Sales and maturities of investments 189.7 246.3 228.2
Acquisitions, net of cash acquired (2,156.4) (970.4) (288.2)
Other, net 1.9 4.9 16.5
Net cash used in investing activities (2,648.6) (1,393.7) (731.1)
Cash from financing activities:      
Proceeds from issuance of senior notes and other long-term debt 2,991.3 354.9 5.8
Repayments of senior notes and other long-term debt (364.4) (15.7) (10.3)
Proceeds from short-term borrowings 0.0 0.0 44.9
Repayments of short-term borrowings 0.0 0.0 (44.9)
(Repayments) borrowings under commercial paper programs, net 0.0 (632.6) (159.3)
Payment of costs related to debt financing (28.4) (2.3) (0.4)
Payment of deferred purchase price related to acquisitions 0.0 (1.5) 0.0
Purchase of treasury stock (689.3) (585.1) (730.5)
Proceeds from exercise of stock options 447.4 394.5 185.3
Distributions to and purchases of noncontrolling interests (33.0) (24.0) (9.9)
Dividend payments (595.1) (500.6) (477.4)
Other, net 1.4 0.0 0.0
Net cash provided by (used in) financing activities 1,729.9 (1,012.4) (1,196.7)
Effect of exchange rate changes on cash and cash equivalents (54.0) (20.7) (70.8)
Net increase (decrease) in cash and cash equivalents 1,842.0 101.9 176.0
Cash and cash equivalents balance, beginning of year 1,475.0 1,373.1 1,197.1
Cash and cash equivalents balance, end of year 3,317.0 1,475.0 1,373.1
Cash paid during the year for:      
Interest 179.5 129.2 123.7
Income taxes, net $ 650.0 $ 560.4 $ 477.7