XML 20 R7.htm IDEA: XBRL DOCUMENT v3.22.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
OPERATING ACTIVITIES      
Net income $ 772.4 $ 554.4 $ 431.3
Non-cash expense (income):      
Depreciation 125.0 121.5 111.3
Amortization of intangible 64.1 42.0 41.4
Non-cash lease expense 42.5 37.4 35.9
Stock-based compensation 50.2 47.6 30.5
Loss (gain) on sale of property, plant and equipment 1.6 2.4 (0.4)
Loss (gain) on equity investments 5.0 (6.6)  
Asset impairment charges   26.1 43.2
Recognition of actuarial losses 0.8 3.2 34.1
Deferred taxes 1.7 (14.6) (7.5)
Amortization of deferred financing costs 3.6 4.5 3.4
Changes in assets and liabilities including effects subsequent to acquisitions      
Increase in accounts receivable (151.5) (85.7) (50.7)
Increase in inventories (324.3) (91.8) (38.3)
Increase in accounts payable 137.7 142.9 8.7
Decrease (increase) in other assets 1.0 (41.1) (10.5)
Increase in accrued taxes 8.4 12.5 (5.3)
(Decrease) increase in accrued expenses and other liabilities (49.5) 71.0 10.1
NET CASH PROVIDED BY OPERATING ACTIVITIES 688.7 825.7 637.2
INVESTING ACTIVITIES      
Capital expenditures [1] (214.2) (150.5) (131.8)
Proceeds from the disposition of assets 1.9 1.6 4.2
Cost of acquisitions, net of cash acquired 5.2 (715.2)  
Cost of investments in equity securities   (59.4)  
NET CASH USED IN INVESTING ACTIVITIES (207.1) (923.5) (127.6)
FINANCING ACTIVITIES      
Increase (decrease) in short-term debt 400.0   (525.0)
Issuance of long-term debt 1,245.0 1,850.0 1,719.3
Repayment of long-term debt (1,510.0) (1,465.0) (1,345.0)
Proceeds from the exercise of stock options 41.8 64.9 17.3
Employee withholding taxes paid related to stock-based compensation (13.3) (10.7) (8.7)
Deferred acquisition payments     (19.0)
Dividends to stockholders (143.0) (133.3) (123.0)
Dividends paid to non-controlling interests   (2.5)  
Treasury stock purchases (447.7) (187.6) (100.0)
Other financing activities, net (1.4) (4.2) (5.6)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES (428.6) 111.6 (389.7)
Effect of foreign exchange rate changes on cash (1.9) 16.3 4.3
NET INCREASE IN CASH AND CASH EQUIVALENTS 51.1 30.1 124.2
Cash, cash equivalents and restricted cash at beginning of year [2] 425.0 394.9 270.7
Cash, cash equivalents and restricted cash at end of year [2] 476.1 425.0 394.9
Cash paid during the year for      
Interest 76.8 76.2 81.0
Income taxes paid directly to taxing authorities 228.8 175.5 144.5
Dividends declared but not paid $ 37.8 $ 36.1 $ 33.5
[1] Capital expenditures of $19.6 million, $13.6 million and $10.0 million that have not been paid as of December 31, 2021, 2020 and 2019, respectively, were excluded from the Consolidated Statement of Cash Flows.
[2] Restricted cash of $1.3 million and $3.3 million is included in Other current assets and Other assets, respectively, as of December 31, 2021, $1.0 million and $4.9 million is included in Other current assets and Other assets, respectively, as of December 31, 2020 and $0.9 million and $6.1 million is included in Other current assets and Other assets, respectively, as of December 31, 2019 within our Consolidated Balance Sheet.