XML 16 R5.htm IDEA: XBRL DOCUMENT v3.5.0.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Operating activities    
Net Income $ 309.5 $ 227.5
Non-cash pre-tax expense (income):    
Depreciation 69.3 66.5
Amortization 20.4 15.3
Stock-based compensation 24.3 20.6
Recognition of actuarial losses 1.9 8.9
Deferred income taxes (23.0) (22.7)
Restructuring charges   0.9
Amortization of deferred financing costs 3.0 0.4
Pre-tax loss on sale of discontinued operations   16.9
Loss (income) on sale of property, plant and equipment 1.2 (0.7)
Changes in assets and liabilities:    
Increase in accounts receivable (53.1) (57.7)
Decrease (increase) in inventories 22.6 (52.7)
Increase in accounts payable 28.7 5.6
Increase in other assets (11.6) (11.2)
(Decrease) increase in accrued expenses and other liabilities (12.0) 35.6
(Decrease) increase in accrued taxes (0.6) 24.6
Net cash provided by operating activities 380.6 277.8
Investing activities    
Capital expenditures [1] (106.1) (86.9)
Proceeds from the disposition of assets 2.3 2.5
Proceeds from sale of discontinued operations   12.2
Cost of acquisitions, net of cash acquired (230.5) (652.8)
Net cash used in investing activities (334.3) (725.0)
Financing activities    
Decrease in short-term debt, net (1.0)  
Issuance of long-term debt 880.0 1,748.9
Repayment of long-term debt (465.0) (1,080.0)
Proceeds from the exercise of stock options 24.8 22.6
Treasury stock purchases (362.7) (15.7) [2]
Excess tax benefit from the exercise of stock-based compensation   23.0
Employee withholding taxes paid related to stock-based compensation (9.8) (13.8)
Dividends to stockholders (73.7) (67.1)
Other financing, net (2.1) (1.1)
Net cash (used in) provided by financing activities (9.5) 616.8
Effect of foreign exchange rate changes on cash 3.3 (10.9)
Net increase in cash and cash equivalents 40.1 158.7
Cash and cash equivalents at beginning of period 238.5 191.9
Cash and cash equivalents at end of period $ 278.6 $ 350.6
[1] Capital expenditures of $4.7 million and $5.1 million that have not been paid as of September 30, 2016 and 2015, respectively, were excluded from the Statements of Cash Flows.
[2] Treasury stock purchases exclude purchases of $20.3 million of shares of common stock in September 2015 that were not settled until October 2015.