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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Operating activities:    
Net income $ 375.9 $ 404.2
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 108.4 108.4
Impairment of long-lived assets 1.2  
Provision for uncollectible accounts 3.8 7.1
Stock-based compensation expense 22.1 19.3
Other 1.6 1.2
Changes in operating assets and liabilities (excluding effect of businesses acquired):    
Accounts receivable (111.1) (295.0)
Inventories 31.2 (332.0)
Prepaid expenses and other assets 35.3 (1.5)
Accounts payable and other liabilities (5.2) 185.3
Net cash provided by operating activities 463.2 97.0
Investing activities:    
Purchases of property, plant and equipment (123.9) (98.6)
Acquisitions, net of cash acquired (1.0) (39.6)
Other 7.0 9.2
Net cash used in investing activities (117.9) (129.0)
Financing activities:    
Net short-term debt repayments   (2.1)
Proceeds from long-term debt borrowings 616.0 670.0
Principal payments on long-term debt (811.0) (533.3)
Dividends and dividend equivalents paid (76.5) (74.6)
Share repurchases (50.0) (50.0)
Other (11.6) (5.2)
Net cash (used in) provided by financing activities (333.1) 4.8
Effect of exchange rate changes on cash and cash equivalents 1.1 (2.9)
Increase (decrease) in cash and cash equivalents 13.3 (30.1)
Cash and cash equivalents at beginning of year 128.2 154.4
Cash and cash equivalents at end of period 141.5 124.3
Supplemental cash flow information:    
Interest paid during the period 46.8 39.7
Income taxes paid during the period, net $ 123.9 $ 114.5