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Statements of Consolidated Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating Activities      
Net income $ 2,681.4 $ 2,388.8 $ 2,020.1
Adjustments to reconcile Net income to Net operating cash:      
Depreciation 297.4 292.3 264.0
Non-cash lease expense 460.5 452.7 416.9
Amortization of intangible assets 326.6 330.2 317.1
Gain on divestiture of business 0.0 (20.1) 0.0
Loss on extinguishment of debt 0.0 12.8 0.0
Impairment 0.0 57.9 15.5
Provisions for environmental-related matters - net (1.3) 80.7 (7.1)
Provisions for restructuring 0.0 15.3 47.3
Deferred income taxes (74.9) (88.9) (144.8)
Other postretirement benefit plan net cost (17.0) (15.8) (1.6)
Stock-based compensation expense 138.1 115.9 99.7
Amortization of non-traded investments 75.0 65.4 38.5
(Gain) loss on sale or disposition of assets (49.9) 0.9 (10.7)
Other 6.1 7.0 43.9
Change in working capital accounts:      
(Increase) decrease in accounts receivable (10.7) 85.6 (200.2)
(Increase) decrease in inventories (32.9) 323.4 (666.7)
Increase (decrease) in accounts payable 21.8 (241.1) 46.6
Decrease in accrued taxes (14.3) (8.9) (38.1)
(Decrease) increase in accrued compensation and taxes withheld (7.9) 75.7 65.8
Decrease in refundable income taxes 0.8 25.8 47.6
Other (20.7) 306.7 32.5
Change in operating lease liabilities (460.7) (453.4) (405.3)
Costs incurred for environmental-related matters (24.1) (35.3) (23.8)
Other (140.1) (251.7) (37.3)
Net operating cash 3,153.2 3,521.9 1,919.9
Investing Activities      
Capital expenditures (1,070.0) (888.4) (644.5)
Acquisitions of businesses, net of cash acquired (78.9) (264.7) (1,003.1)
Proceeds from divestiture of business 0.0 103.7 0.0
Proceeds from sale of assets 11.6 70.1 33.2
Other (59.0) (60.0) 6.8
Net investing cash (1,196.3) (1,039.3) (1,607.6)
Financing Activities      
Net increase (decrease) in short-term borrowings 288.6 (603.9) 214.4
Proceeds from long-term debt 848.7 0.0 999.7
Payments of long-term debt (1,100.0) (136.4) (260.3)
Payments for credit facility and debt issuance costs (8.6) 0.0 (7.3)
Payments of cash dividends (723.4) (623.7) (618.5)
Proceeds from stock options exercised 242.0 111.6 67.3
Treasury stock purchased (1,738.8) (1,432.0) (883.2)
Proceeds from treasury stock issued 0.0 0.0 22.0
Proceeds from real estate financing transactions 244.2 306.5 207.3
Other (69.8) (46.7) (23.8)
Net financing cash (2,017.1) (2,424.6) (282.4)
Effect of exchange rate changes on cash (6.2) 20.0 3.2
Net (decrease) increase in cash and cash equivalents (66.4) 78.0 33.1
Cash and cash equivalents at beginning of year 276.8 198.8 165.7
Cash and cash equivalents at end of year 210.4 276.8 198.8
Supplemental cash flow information      
Income taxes paid 779.8 816.7 580.1
Interest paid $ 406.9 $ 416.5 $ 371.1