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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Operating activities:    
Net income $ 598.4 $ 143.6
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 115.4 114.4
Impairment of long-lived assets   97.9
Provision for credit losses 6.7 7.0
Deferred income tax benefit (0.2) (33.3)
Stock-based compensation expense 37.9 18.0
Postretirement benefit plan settlement expense   4.8
Other (1.7) 8.5
Changes in operating assets and liabilities (excluding effect of businesses acquired):    
Accounts receivable (568.3) 136.0
Inventories (217.8) 150.5
Prepaid expenses and other assets 32.1 55.5
Accounts payable and other liabilities 260.9 (56.4)
Net cash provided by operating activities 263.4 646.5
Investing activities:    
Purchases of property, plant and equipment (123.8) (96.5)
Proceeds from sales of property, plant and equipment 26.1 1.7
Other (0.9) (1.6)
Net cash used in investing activities (98.6) (96.4)
Financing activities:    
Net short-term debt repayments (0.8)  
Proceeds from long-term debt borrowings   770.0
Principal payments on long-term debt   (868.0)
Dividends and dividend equivalents paid (88.6) (81.8)
Share repurchases (24.0) (300.0)
Noncontrolling interest purchased   (8.0)
Other (9.0) (5.8)
Net cash used in financing activities (122.4) (493.6)
Effect of exchange rate changes on cash and cash equivalents 1.7 (8.1)
Increase in cash and cash equivalents 44.1 48.4
Cash and cash equivalents at beginning of year 683.5 174.3
Cash and cash equivalents at end of period 727.6 222.7
Supplemental cash flow information:    
Interest paid during the period 30.3 30.1
Income taxes paid during the period, net $ 181.3 $ 16.1