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STATEMENTS OF CONSOLIDATED CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating Activities      
Net income $ 2,568.5 $ 2,681.4 $ 2,388.8
Adjustments to reconcile Net income to Net operating cash:      
Depreciation 340.3 297.4 292.3
Non-cash lease expense 508.6 460.5 452.7
Amortization of intangible assets 336.6 326.6 330.2
Gain on divestiture of business 0.0 0.0 (20.1)
Loss on extinguishment of debt 0.0 0.0 12.8
Impairment 17.8 0.0 57.9
Provisions for environmental-related matters - net 15.3 (1.3) 80.7
Provisions for restructuring 111.0 0.0 15.3
Deferred income taxes 153.2 (74.9) (88.9)
Stock-based compensation expense 123.5 138.1 115.9
Amortization of non-traded investments 104.0 75.0 65.4
(Gain) loss on sale or disposition of assets (20.8) (49.9) 0.9
Other 2.6 (10.9) (8.8)
Change in working capital accounts:      
(Increase) decrease in accounts receivable (162.8) (10.7) 85.6
Decrease (increase) in inventories 132.5 (32.9) 323.4
(Decrease) increase in accounts payable (37.8) 21.8 (241.1)
Decrease in accrued taxes (22.5) (14.3) (8.9)
(Decrease) increase in accrued compensation and taxes withheld (25.9) (7.9) 75.7
(Increase) decrease in refundable income taxes (16.1) 0.8 25.8
Other (74.8) (20.7) 363.7
Change in operating lease liabilities (503.7) (460.7) (453.4)
Costs incurred for environmental-related matters (35.1) (24.1) (35.3)
Costs incurred for restructuring (71.3) 0.0 (57.0)
Other 8.5 (140.1) (251.7)
Net operating cash 3,451.6 3,153.2 3,521.9
Investing Activities      
Capital expenditures (797.6) (1,070.0) (888.4)
Acquisitions of businesses, net of cash acquired (1,211.3) (78.9) (264.7)
Proceeds from divestiture of business 0.0 0.0 103.7
Proceeds from sale of assets 10.7 11.6 70.1
Other (68.1) (59.0) (60.0)
Net investing cash (2,066.3) (1,196.3) (1,039.3)
Financing Activities      
Net increase (decrease) in short-term borrowings 537.4 288.6 (603.9)
Proceeds from long-term debt 1,499.2 848.7 0.0
Payments of long-term debt (1,050.0) (1,100.0) (136.4)
Payments for credit facility and debt issuance costs (13.5) (8.6) 0.0
Payments of cash dividends (789.8) (723.4) (623.7)
Proceeds from stock options exercised 140.6 242.0 111.6
Treasury stock purchased (1,656.4) (1,738.8) (1,432.0)
Proceeds from real estate financing transactions 40.7 244.2 306.5
Other (86.8) (69.8) (46.7)
Net financing cash (1,378.6) (2,017.1) (2,424.6)
Effect of exchange rate changes on cash (9.9) (6.2) 20.0
Net (decrease) increase in cash and cash equivalents (3.2) (66.4) 78.0
Cash and cash equivalents at beginning of year 210.4 276.8 198.8
Cash and cash equivalents at end of year 207.2 210.4 276.8
Supplemental cash flow information      
Income taxes paid 592.7 779.8 816.7
Interest paid $ 453.0 $ 406.9 $ 416.5