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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Operating activities:    
Net income $ 995.1 $ 241.9
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 172.1 170.8
Impairment of long-lived assets   107.9
Provision for credit losses 10.6 8.3
Deferred income tax benefit (0.2) (26.7)
Stock-based compensation expense 55.1 29.9
Postretirement benefit plan settlement expense   19.4
Other (1.3) 10.3
Changes in operating assets and liabilities (excluding effect of businesses acquired):    
Accounts receivable (774.6) 114.4
Inventories (453.3) 221.9
Prepaid expenses and other assets 47.7 81.9
Accounts payable and other liabilities 354.4 (37.2)
Net cash provided by operating activities 405.6 942.8
Investing activities:    
Purchases of property, plant and equipment (178.9) (134.7)
Proceeds from sales of property, plant and equipment 26.8 6.2
Other 3.9 0.8
Net cash used in investing activities (148.2) (127.7)
Financing activities:    
Net short-term debt (repayments) borrowings (0.8) 0.7
Proceeds from long-term debt borrowings   1,673.7
Principal payments on long-term debt (0.3) (1,615.4)
Debt issuance costs   (6.4)
Dividends and dividend equivalents paid (132.3) (122.8)
Share repurchases (155.0) (300.2)
Noncontrolling interest purchased   (8.0)
Other (13.4) (16.5)
Net cash used in financing activities (301.8) (394.9)
Effect of exchange rate changes on cash and cash equivalents (0.7) (2.9)
(Decrease) increase in cash and cash equivalents (45.1) 417.3
Cash and cash equivalents at beginning of year 683.5 174.3
Cash and cash equivalents at end of period 638.4 591.6
Supplemental cash flow information:    
Interest paid during the period 39.1 34.6
Income taxes paid during the period, net $ 297.3 $ 68.3