XML 136 R7.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
OPERATING ACTIVITIES      
Net income $ 431.3 $ 389.8 $ 472.7
Non-cash expense (income):      
Depreciation 111.3 113.5 98.6
Amortization of intangible assets 41.4 36.1 31.7
Non-cash lease expense 35.9    
Stock-based compensation 30.5 36.1 43.0
(Gain) loss on sale of property, plant and equipment (0.4) 1.2 0.9
Loss on sale of product line     2.4
Asset impairment charges 43.2 62.6 15.3
Recognition of actuarial losses (gains) 34.1 3.8 (0.5)
Deferred taxes (7.5) 2.8 (18.7)
Amortization of deferred financing costs 3.4 2.3 2.0
Changes in assets and liabilities including effects subsequent to acquisitions      
(Increase) decrease in accounts receivable (50.7) 9.8 1.0
Increase in inventories (38.3) (55.0) (24.8)
Increase in accounts payable 8.7 21.0 24.0
Increase in other assets (10.5) (24.7) (28.3)
(Decrease) increase in accrued taxes (5.3) 9.5 (24.4)
Increase (decrease) in accrued expenses and other liabilities 10.1 (4.8) 5.4
NET CASH PROVIDED BY OPERATING ACTIVITIES 637.2 604.0 600.3
INVESTING ACTIVITIES      
Capital expenditures [1] (131.8) (150.1) (165.0)
Proceeds from the disposition of assets 4.2 6.1 0.4
Proceeds from sale of product line     1.5
Cost of acquisitions, net of cash acquired   (465.6) (124.6)
Cost of investments in equity securities   (28.7)  
Other investing activities, net   4.0  
NET CASH USED IN INVESTING ACTIVITIES (127.6) (634.3) (287.7)
FINANCING ACTIVITIES      
(Decrease) increase in short-term debt (525.0) 525.0  
Issuance of long-term debt 1,719.3 2,191.2 640.0
Repayment of long-term debt (1,345.0) (1,890.0) (565.0)
Proceeds from the exercise of stock options 17.3 4.9 28.5
Employee withholding taxes paid related to stock-based compensation (8.7) (14.0) (10.6)
Deferred acquisition payments (19.0) (13.1) (17.9)
Dividends to stockholders (123.0) (115.2) (110.3)
Treasury stock purchases (100.0) (694.6) (214.8)
Other financing activities, net (5.6) (1.0)  
NET CASH USED IN FINANCING ACTIVITIES (389.7) (6.8) (250.1)
Effect of foreign exchange rate changes on cash 4.3 (15.2) 9.0
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 124.2 (52.3) 71.5
Cash, cash equivalents and restricted cash at beginning of year [2] 270.7 323.0 251.5
Cash, cash equivalents and restricted cash at end of year [2] 394.9 270.7 323.0
Cash paid during the year for      
Interest 81.0 63.4 44.4
Income taxes paid directly to taxing authorities 144.5 114.2 169.7
Dividends declared but not paid $ 33.5 $ 30.9 $ 30.4
[1] Capital expenditures of $10.0 million, $16.7 million and $17.2 million that have not been paid as of December 31, 2019, 2018 and 2017, respectively, were excluded from the Consolidated Statement of Cash Flows.
[2] Restricted cash of $0.9 and $6.1 million is included in Other current assets and Other assets, respectively, as of December 31, 2019 and $0.9 and $6.9 million is included in Other current assets and Other assets, respectively, as of December 31, 2018 within our Consolidated Balance Sheet.  There was no restricted cash as of December 31, 2017.