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Statements of Consolidated Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating Activities      
Net income $ 2,020.1 $ 1,864.4 $ 2,030.4
Adjustments to reconcile net income to net operating cash:      
Depreciation 264.0 263.1 268.0
Non-cash lease expense 416.9 400.7 381.3
Amortization of intangible assets 317.1 309.5 313.4
Loss on divestiture of business 0.0 111.9 0.0
(Gain) loss on extinguishment of debt 0.0 (1.4) 21.3
Impairment of trademarks 15.5 0.0 2.3
Amortization of credit facility and debt issuance costs 7.6 6.4 7.2
Provisions for environmental-related matters (7.1) (4.0) 37.1
Provisions for restructuring 47.3 0.0 0.0
Deferred income taxes (144.8) (80.3) (145.3)
Defined benefit pension plans net cost 5.1 6.8 7.6
Stock-based compensation expense 99.7 97.7 95.9
Amortization of non-traded investments 38.5 53.6 84.8
Gain on sale or disposition of assets (10.7) (6.1) (9.4)
Other 29.6 (6.4) (6.9)
Change in working capital accounts:      
(Increase) decrease in accounts receivable (200.2) (287.8) 10.3
(Increase) decrease in inventories (666.7) (228.1) 84.4
Increase in accounts payable 46.6 346.1 227.2
(Decrease) increase in accrued taxes (38.1) (32.7) 99.2
Increase (decrease) in accrued compensation and taxes withheld 65.8 (10.9) 197.7
Decrease (increase) in refundable income taxes 47.6 (38.5) 40.6
Other 32.5 (46.8) (62.0)
Change in operating lease liabilities (405.3) (401.4) (371.4)
Costs incurred for environmental-related matters (23.8) (41.3) (39.0)
Other (37.3) (29.9) 133.9
Net operating cash 1,919.9 2,244.6 3,408.6
Investing Activities      
Capital expenditures (644.5) (372.0) (303.8)
Acquisitions of businesses, net of cash acquired (1,003.1) (210.9) 0.0
Proceeds from divestiture of business 0.0 122.5 0.0
Proceeds from sale of assets 33.2 14.8 60.7
Other 6.8 (30.8) (79.3)
Net investing cash (1,607.6) (476.4) (322.4)
Financing Activities      
Net increase (decrease) in short-term borrowings 214.4 763.9  
Net increase (decrease) in short-term borrowings     (204.6)
Proceeds from long-term debt 999.7 994.8 999.0
Payments of long-term debt (260.3) (422.9) (1,204.7)
Payments for credit facility and debt issuance costs (7.3) (11.5) (10.0)
Payments of cash dividends (618.5) (587.1) (488.0)
Proceeds from stock options exercised 67.3 192.8 182.7
Treasury stock purchased (883.2) (2,752.3) (2,446.3)
Proceeds from treasury stock issued 22.0 11.7 182.4
Proceeds from real estate financing transactions 207.3 0.0 0.0
Other (23.8) (23.4) (30.6)
Net financing cash (282.4) (1,834.0) (3,020.1)
Effect of exchange rate changes on cash 3.2 4.9 (1.3)
Net increase (decrease) in cash and cash equivalents 33.1 (60.9) 64.8
Cash and cash equivalents at beginning of year 165.7 226.6 161.8
Cash and cash equivalents at end of year 198.8 165.7 226.6
Taxes paid on income 580.1 466.3 437.2
Interest paid on debt $ 371.1 $ 338.8 $ 340.8