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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Operating activities:    
Net income $ 1,492.9 $ 995.1
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 178.8 172.1
Provision for credit losses 5.6 10.6
Deferred income tax benefit (1.1) (0.2)
Stock-based compensation expense 48.4 55.1
Net loss on life insurance policies and deferred compensation plan assets 22.8 3.2
Postretirement benefit plan settlement expense 2.3  
Other 1.7 (4.5)
Changes in operating assets and liabilities (excluding effect of businesses acquired):    
Accounts receivable (191.6) (774.6)
Inventories (126.6) (453.3)
Prepaid expenses and other assets 20.0 47.7
Accounts payable and other liabilities (143.3) 354.4
Net cash provided by operating activities 1,309.9 405.6
Investing activities:    
Purchases of property, plant and equipment (249.7) (178.9)
Proceeds from sales of property, plant and equipment 9.8 26.8
Other (4.5) 3.9
Net cash used in investing activities (244.4) (148.2)
Financing activities:    
Net short-term debt repayments (0.8) (0.8)
Principal payments on long-term debt   (0.3)
Dividends and dividend equivalents paid (163.5) (132.3)
Share repurchases (547.7) (155.0)
Payments for taxes related to net share settlements (21.6) (9.2)
Other 22.5 (4.2)
Net cash used in financing activities (711.1) (301.8)
Effect of exchange rate changes on cash and cash equivalents (11.2) (0.7)
Increase (decrease) in cash and cash equivalents 343.2 (45.1)
Cash and cash equivalents at beginning of year 300.5 683.5
Cash and cash equivalents at end of period 643.7 638.4
Supplemental cash flow information:    
Interest paid during the period 39.1 39.1
Income taxes paid during the period, net $ 596.8 $ 297.3