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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:        
Net income $ 292.7 $ 298.0 $ 590.4 $ 593.1
Adjustments to reconcile net income to net cash provided by operating activities:        
Depreciation of property and equipment 41.0 42.2 81.2 84.0
Gain on sale of property and equipment (1.1) (0.6) (1.7) (1.2)
Bad debt (recoveries) expense 0.3 1.6 (0.6) 0.2
Deferred income taxes 0.4 0.3 1.2 0.6
Stock-based compensation 2.0 1.9 4.0 3.8
Amortization of intangible assets 2.7 2.7 5.4 5.4
Changes in operating assets and liabilities:        
Trade accounts receivable 6.7 (21.3) (120.9) (155.0)
Inventories (9.7) 87.9 12.2 145.6
Other current assets (28.4) (21.7) 6.5 23.7
Accounts payable 15.1 1.4 30.7 9.9
Accrued expenses 9.4 0.6 (22.5) (11.3)
Income taxes (73.5) (90.5) 1.0 (6.6)
Other 0.4 (0.4) 6.7 (1.6)
Net cash provided by operating activities 258.0 302.1 593.6 690.6
Cash flows from investing activities:        
Purchases of property and equipment (56.1) (55.9) (106.9) (89.6)
Proceeds from sale of property and equipment 3.5 2.0 6.0 4.8
Other (0.1) (0.3) (0.2) (0.4)
Net cash used in investing activities (52.7) (54.2) (101.1) (85.2)
Cash flows from financing activities:        
Proceeds from debt obligations 225.0 405.0 385.0 635.0
Payments against debt obligations (190.0) (455.0) (410.0) (840.0)
Proceeds from exercise of stock options 2.8 6.6 18.6 12.5
Cash dividends paid (223.3) (199.9) (446.5) (399.7)
Net cash used in financing activities (185.5) (243.3) (452.9) (592.2)
Effect of exchange rate changes on cash and cash equivalents (1.4) (0.8) (5.4) 0.3
Net increase in cash and cash equivalents 18.4 3.8 34.2 13.5
Cash and cash equivalents at beginning of period 237.1 239.8 221.3 230.1
Cash and cash equivalents at end of period 255.5 243.6 255.5 243.6
Supplemental information:        
Cash paid for interest 1.8 3.1 4.2 8.2
Net cash paid for income taxes 165.8 184.0 181.8 193.7
Leased assets obtained in exchange for new operating lease liabilities $ 19.0 $ 38.4 $ 49.4 $ 64.3