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Statements of Consolidated Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating Activities      
Net income $ 2,388.8 $ 2,020.1 $ 1,864.4
Adjustments to reconcile net income to net operating cash:      
Depreciation 292.3 264.0 263.1
Non-cash lease expense 452.7 416.9 400.7
Amortization of intangible assets 330.2 317.1 309.5
(Gain) loss on divestiture of business (20.1) 0.0 111.9
Loss (gain) on extinguishment of debt 12.8 0.0 (1.4)
Impairment 57.9 15.5 0.0
Provisions for environmental-related matters 80.7 (7.1) (4.0)
Provisions for restructuring 15.3 47.3 0.0
Deferred income taxes (88.9) (144.8) (80.3)
Other postretirement benefit plan net cost (15.8) (1.6) (3.9)
Stock-based compensation expense 115.9 99.7 97.7
Amortization of non-traded investments 65.4 38.5 53.6
Loss (gain) on sale or disposition of assets 0.9 (10.7) (6.1)
Other 7.0 43.9 10.7
Change in working capital accounts:      
Decrease (increase) in accounts receivable 85.6 (200.2) (287.8)
Decrease (increase) in inventories 323.4 (666.7) (228.1)
(Decrease) increase in accounts payable (241.1) 46.6 346.1
Decrease in accrued taxes (8.9) (38.1) (32.7)
Increase (decrease) in accrued compensation and taxes withheld 75.7 65.8 (10.9)
Decrease (increase) in refundable income taxes 25.8 47.6 (38.5)
Other 306.7 32.5 (46.8)
Change in operating lease liabilities (453.4) (405.3) (401.4)
Costs incurred for environmental-related matters (35.3) (23.8) (41.3)
Other (251.7) (37.3) (29.9)
Net operating cash 3,521.9 1,919.9 2,244.6
Investing Activities      
Capital expenditures (888.4) (644.5) (372.0)
Acquisitions of businesses, net of cash acquired (264.7) (1,003.1) (210.9)
Proceeds from divestiture of business 103.7 0.0 122.5
Proceeds from sale of assets 70.1 33.2 14.8
Other (60.0) 6.8 (30.8)
Net investing cash (1,039.3) (1,607.6) (476.4)
Financing Activities      
Net (decrease) increase in short-term borrowings (603.9) 214.4 763.9
Proceeds from long-term debt 0.0 999.7 994.8
Payments of long-term debt (136.4) (260.3) (422.9)
Payments for credit facility and debt issuance costs 0.0 (7.3) (11.5)
Payments of cash dividends (623.7) (618.5) (587.1)
Proceeds from stock options exercised 111.6 67.3 192.8
Treasury stock purchased (1,432.0) (883.2) (2,752.3)
Proceeds from treasury stock issued 0.0 22.0 11.7
Proceeds from real estate financing transactions 306.5 207.3 0.0
Other (46.7) (23.8) (23.4)
Net financing cash (2,424.6) (282.4) (1,834.0)
Effect of exchange rate changes on cash 20.0 3.2 4.9
Net increase (decrease) in cash and cash equivalents 78.0 33.1 (60.9)
Cash and cash equivalents at beginning of year 198.8 165.7 226.6
Cash and cash equivalents at end of year 276.8 198.8 165.7
Supplemental Cash Flow Information [Abstract]      
Income taxes paid 816.7 580.1 466.3
Interest paid $ 416.5 $ 371.1 $ 338.8