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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Operating activities    
Net income $ 390.8 $ 327.3
Non-cash pre-tax expense:    
Depreciation 85.8 82.7
Amortization of intangibles 31.1 30.0
Non-cash lease expense 26.6 26.5
Stock-based compensation 33.5 22.9
Recognition of actuarial losses 0.6 2.1
Deferred taxes (17.0) (1.8)
Asset impairment charges 22.5 31.2
Amortization of deferred financing fees 3.3 2.4
Equity in losses of affiliate 4.7  
Gain on equity investments (6.6)  
Loss (gain) on sale of property, plant and equipment 1.3 (1.0)
Changes in assets and liabilities:    
Increase in accounts receivable (164.4) (68.4)
Increase in inventories (20.5) (81.2)
Increase (decrease) in accounts payable 88.5 (11.1)
Increase in other assets (21.2) (18.3)
Increase in accrued expenses and other liabilities 25.0 6.0
Increase in accrued taxes 22.8 4.5
Net cash provided by operating activities 506.8 353.8
Investing activities    
Capital expenditures [1] (66.2) (82.4)
Proceeds from the disposition of assets 1.5 4.2
Cost of investments in equity securities (59.4)  
Other investing activities, net   0.1
Net cash used in investing activities (124.1) (78.1)
Financing activities    
Decrease in short-term debt   (525.0)
Issuance of long-term debt 1,020.0 1,494.3
Repayment of long-term debt (1,120.0) (955.0)
Proceeds from the exercise of stock options 56.0 6.9
Treasury stock purchases (150.0) (100.0)
Employee withholding taxes related to stock-based compensation (8.3) (8.5)
Deferred acquisition payments   (19.0)
Dividends to stockholders (99.9) (92.3)
Dividends paid to non-controlling interests (2.5)  
Other financing, net (4.1) (3.3)
Net cash used in financing activities (308.8) (201.9)
Effect of foreign exchange rate changes on cash 1.9 (1.2)
Net increase in cash and cash equivalents 75.8 72.6
Cash, cash equivalents and restricted cash at beginning of period [2] 394.9 270.7
Cash, cash equivalents and restricted cash at end of period [2] $ 470.7 $ 343.3
[1] Capital expenditures of $3.5 million and $9.0 million that had not been paid as of September 30, 2020 and 2019, respectively, were excluded from the Statement of Cash Flows.
[2] Restricted cash of $1.0 million and $5.2 million is included in Other current assets and Other assets, respectively, as of September 30, 2020 and restricted cash of $0.8 million and $6.3 million is included in Other current assets and Other assets, respectively, as of September 30, 2019.  Restricted cash of $0.8 million and $6.1 million is included in Other current assets and Other assets, respectively, as of December 31, 2019.