XML 14 R5.htm IDEA: XBRL DOCUMENT v3.22.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Operating activities    
Net income $ 180.9 $ 177.8
Non-cash adjustments:    
Depreciation 30.9 31.1
Amortization of intangibles 16.0 16.6
Non-cash lease expense 10.9 10.7
Stock-based compensation 12.3 11.6
Deferred taxes 5.7 (0.1)
Amortization of deferred financing fees 0.8 1.2
Loss on equity investments 0.0 2.9
(Gain) loss on sale of property, plant and equipment (6.1) 0.2
Changes in assets and liabilities:    
Increase in accounts receivable (118.1) (91.6)
Increase in inventories (128.2) (86.4)
Decrease in accounts payable (37.2) (15.9)
Increase in other assets (27.1) (10.9)
Decrease in accrued expenses and other liabilities (151.8) (150.7)
Increase in accrued taxes 27.9 34.3
Net cash used in operating activities (183.1) (69.2)
Investing activities    
Capital expenditures [1] (60.8) (25.4)
Proceeds from the disposition of assets 8.0 1.7
Cost of acquisitions, net of cash acquired (61.6) 5.2
Net cash used in investing activities (114.4) (18.5)
Financing activities    
Issuance of short-term debt 700.0 0.0
Repayment of short-term debt (1,100.0) 0.0
Issuance of long-term debt 2,874.5 370.0
Repayment of long-term debt (1,814.0) (260.0)
Proceeds from the exercise of stock options 0.2 10.6
Treasury stock purchases [2] (377.1) (54.1)
Employee withholding taxes related to stock-based compensation (24.3) (7.8)
Dividends to stockholders (37.2) (36.0)
Other financing, net (18.9) 0.1
Net cash provided by financing activities 203.2 22.8
Effect of foreign exchange rate changes on cash 0.7 1.7
Net decrease in cash and cash equivalents (93.6) (63.2)
Cash, cash equivalents and restricted cash at beginning of period [3] 476.1 425.0
Cash, cash equivalents and restricted cash at end of period [3] $ 382.5 $ 361.8
[1] Capital expenditures of $14.8 million and $7.4 million that had not been paid as of March 31, 2022 and 2021, respectively, were excluded from the Statement of Cash Flows.
[2] Treasury stock purchases for the three months ended March 31, 2022 excludes $2.5 million of purchases made in March 2022 that were not settled until April 2022.
[3] Restricted cash of $1.3 million and $3.0 million is included in Other current assets and Other assets, respectively, as of March 31, 2022 and restricted cash of $1.1 million and $4.7 million is included in Other current assets and Other assets, respectively, as of March 31, 2021. 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