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STATEMENTS OF CONDENSED CONSOLIDATED CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating Activities    
Net income $ 503.9 $ 505.2
Adjustments to reconcile Net income to Net operating cash:    
Depreciation 79.9 71.1
Non-cash lease expense 123.5 116.6
Amortization of intangible assets 81.0 82.1
Stock-based compensation expense 26.6 24.6
Amortization of non-traded investments 28.7 20.1
Gain on sale or disposition of assets (2.1) (3.4)
Provisions for environmental-related matters - net 3.1 3.6
Other postretirement benefit plan net cost (4.2) (6.1)
Deferred income taxes (18.7) (16.4)
Other 6.8 1.7
Change in working capital accounts - net (780.4) (682.1)
Change in operating lease liabilities (124.1) (117.8)
Costs incurred for environmental-related matters (10.2) (6.7)
Other 25.1 (51.4)
Net operating cash (61.1) (58.9)
Investing Activities    
Capital expenditures (189.3) (283.8)
Acquisition of businesses, net of cash acquired (82.4) 0.0
Other (44.5) (37.5)
Net investing cash (316.2) (321.3)
Financing Activities    
Net increase in short-term borrowings 1,135.8 882.5
Payments of long-term debt (250.0) 0.0
Payments of cash dividends (200.4) (182.5)
Proceeds from stock options exercised 26.2 78.2
Treasury stock purchased (351.7) (545.5)
Proceeds from real estate financing transactions 40.7 77.0
Other (33.4) (20.1)
Net financing cash 367.2 289.6
Effect of exchange rate changes on cash (0.5) (6.3)
Net decrease in cash and cash equivalents (10.6) (96.9)
Cash and cash equivalents at beginning of year 210.4 276.8
Cash and cash equivalents at end of period 199.8 179.9
Supplemental cash flow information    
Income taxes paid 89.9 69.7
Interest paid $ 119.8 $ 107.5