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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities:      
Net income $ 878.0 $ 1,340.1 $ 1,844.2
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization expense 268.7 245.4 240.2
Impairment 11.7    
Provision for credit losses 2.2 3.5 3.4
Deferred income tax provision (benefit) 36.4 16.2 (6.7)
Stock-based compensation expense 56.8 65.0 65.3
Net loss (gain) on life insurance policies and deferred compensation plan assets 5.8 (0.5) 22.4
Other 4.3 (0.3) 4.8
Changes in operating assets and liabilities (excluding effect of businesses acquired):      
Accounts receivable 167.4 95.6 105.7
Inventories 116.8 (41.5) 58.9
Prepaid expenses and other assets 27.2 37.3 17.4
Accounts payable and other liabilities (145.5) (89.5) (237.0)
Net cash provided by operating activities 1,429.8 1,671.3 2,118.6
Investing activities:      
Acquisitions, net of cash acquired (364.6) (24.0)  
Purchases of property, plant and equipment (430.6) (468.8) (341.8)
Proceeds from sales of property, plant and equipment 4.7 11.1 10.9
Other (13.2) (2.2) (17.6)
Net cash used in investing activities (803.7) (483.9) (348.5)
Financing activities:      
Net short-term debt repayments   (2.2) (2.2)
Proceeds from long-term debt borrowings 663.0    
Principal payments on long-term debt (663.3) (506.1) (0.3)
Cash dividends and dividend equivalents (249.7) (238.1) (217.1)
Share repurchases (1,093.7) (479.5) (630.3)
Taxes paid related to net share settlement of restricted stock units (42.8) (54.1) (39.7)
Other 10.1 (2.3) (3.0)
Net cash used in financing activities (1,376.4) (1,282.3) (892.6)
Effect of exchange rate changes on cash and cash equivalents (11.8) 1.7 (4.6)
(Decrease) increase in cash and cash equivalents (762.1) (93.2) 872.9
Cash and cash equivalents at beginning of year 1,080.2 1,173.4 300.5
Cash and cash equivalents at end of year 318.1 1,080.2 1,173.4
Supplemental cash flow information:      
Interest paid during the year 37.8 41.8 59.7
Income taxes paid during the year, net $ 244.9 $ 386.3 $ 692.4