XML 15 R5.htm IDEA: XBRL DOCUMENT v3.21.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Operating activities    
Net income $ 597.1 $ 390.8
Non-cash adjustments:    
Depreciation 92.9 85.8
Amortization of intangibles 48.5 31.1
Non-cash lease expense 31.8 26.6
Stock-based compensation 36.0 33.5
Recognition of actuarial losses 1.1 0.6
Deferred taxes 9.6 (17.0)
Asset impairment charges   22.5
Amortization of deferred financing fees 2.8 3.3
Equity in losses of affiliate   4.7
Loss (gain) on equity investments 2.9 (6.6)
Loss on sale of property, plant and equipment 1.5 1.3
Changes in assets and liabilities:    
Increase in accounts receivable (186.2) (164.4)
Increase in inventories (258.0) (20.5)
Increase in accounts payable 116.5 88.5
Increase in other assets (0.6) (21.2)
(Decrease) increase in accrued expenses and other liabilities (65.0) 25.0
(Decrease) increase in accrued taxes (0.1) 22.8
Net cash provided by operating activities 430.8 506.8
Investing activities    
Capital expenditures [1] (113.0) (66.2)
Proceeds from the disposition of assets 1.7 1.5
Cost of acquisitions, net of cash acquired 5.2  
Cost of investments in equity securities   (59.4)
Net cash used in investing activities (106.1) (124.1)
Financing activities    
Issuance of long-term debt 825.0 1,020.0
Repayment of long-term debt (770.0) (1,120.0)
Proceeds from the exercise of stock options 32.6 56.0
Treasury stock purchases [2] (252.9) (150.0)
Employee withholding taxes related to stock-based compensation (10.5) (8.3)
Dividends to stockholders (107.9) (99.9)
Dividends paid to non-controlling interests   (2.5)
Other financing, net (1.4) (4.1)
Net cash used in financing activities (285.1) (308.8)
Effect of foreign exchange rate changes on cash 1.0 1.9
Net increase in cash and cash equivalents 40.6 75.8
Cash, cash equivalents and restricted cash at beginning of period [3] 425.0 394.9
Cash, cash equivalents and restricted cash at beginning of period [3] $ 465.6 $ 470.7
[1] Capital expenditures of $12.6 million and $3.5 million that had not been paid as of September 30, 2021 and 2020, respectively, were excluded from the Statement of Cash Flows.
[2] Treasury stock purchased for the nine months ended September 30, 2021 excludes $17.2 million related to purchases that were not settled until after October 1, 2021.
[3] Restricted cash of $1.2 million and $3.7 million is included in Other current assets and Other assets, respectively, as of September 30, 2021 and 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. Restricted cash of $1.0 million and $4.9 million is included in Other current assets and Other assets, respectively, as of December 31, 2020.