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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating activities:      
Net income $ 1,844.2 $ 1,417.4 $ 372.4
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization expense 240.2 230.2 227.3
Impairment of long-lived assets   4.7 108.0
Provision for credit losses 3.4 9.8 5.8
Deferred income tax benefit (6.7) (23.8) (13.7)
Stock-based compensation expense 65.3 70.8 42.2
Net loss on life insurance policies and deferred compensation plan assets 22.4 5.0 4.6
Pension postretirement benefit plan settlement expense 2.3   19.4
Other 2.5 (5.0) 6.7
Changes in operating assets and liabilities (excluding effect of businesses acquired):      
Accounts receivable 105.7 (656.1) 136.8
Inventories 58.9 (505.9) 227.5
Prepaid expenses and other assets 17.4 26.2 79.4
Accounts payable and other liabilities (237.0) 226.1 (43.4)
Net cash provided by operating activities 2,118.6 799.4 1,173.0
Investing activities:      
Acquisitions, net of cash acquired   (439.3) (6.9)
Purchases of property, plant and equipment (341.8) (236.6) (172.0)
Proceeds from sales of property, plant and equipment 10.9 36.0 6.7
Other (17.6) (12.4) (16.2)
Net cash used in investing activities (348.5) (652.3) (188.4)
Financing activities:      
Net short-term debt (repayments) borrowings (2.2) (0.8) 0.7
Proceeds from long-term debt borrowings   20.0 1,673.5
Principal payments on long-term debt (0.3) (20.7) (1,615.4)
Debt issuance costs     (6.4)
Cash dividends and dividend equivalents (217.1) (177.0) (164.1)
Share repurchases (630.3) (323.5) (337.3)
Payments for taxes related to net share settlements (39.7) (21.2) (23.1)
Noncontrolling interest purchased     (8.0)
Other (3.0) (5.7) (2.9)
Net cash used in financing activities (892.6) (528.9) (483.0)
Effect of exchange rate changes on cash and cash equivalents (4.6) (1.2) 7.6
Increase (decrease) in cash and cash equivalents 872.9 (383.0) 509.2
Cash and cash equivalents at beginning of year 300.5 683.5 174.3
Cash and cash equivalents at end of year 1,173.4 300.5 683.5
Supplemental cash flow information:      
Interest paid during the period 59.7 59.1 52.6
Income taxes paid during the year, net $ 692.4 $ 444.4 $ 87.5