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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating activities    
Net income $ 372.9 $ 395.0
Non-cash adjustments:    
Depreciation 61.7 62.6
Amortization of intangibles 32.1 32.6
Non-cash lease expense 22.2 20.9
Stock-based compensation 27.5 24.4
Deferred taxes (0.5) 7.1
Asset impairment charges 26.0 0.0
Amortization of deferred financing fees 1.8 2.1
Loss on equity investments 0.0 2.9
(Gain) loss on sale of property, plant and equipment (5.9) 1.2
Changes in assets and liabilities:    
Increase in accounts receivable (110.8) (106.0)
Increase in inventories (247.4) (173.1)
(Decrease) increase in accounts payable (1.0) 78.7
(Increase) decrease in other assets (17.1) 0.5
Decrease in accrued expenses and other liabilities (110.2) (100.2)
(Decrease) increase in accrued taxes (9.4) 14.0
Net cash provided by operating activities 41.9 262.7
Investing activities    
Capital expenditures [1] (115.6) (65.8)
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 (169.2) (58.9)
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 4,123.7 535.0
Repayment of long-term debt (3,073.3) (500.0)
Proceeds from the exercise of stock options 0.4 32.1
Treasury stock purchases (505.0) (156.0)
Employee withholding taxes related to stock-based compensation (24.8) (8.4)
Dividends to stockholders (73.6) (72.0)
Other financing, net (20.3) (0.1)
Net cash provided by (used in) financing activities 27.1 (169.4)
Effect of foreign exchange rate changes on cash (11.3) 5.9
Net (decrease) increase in cash and cash equivalents (111.5) 40.3
Cash, cash equivalents and restricted cash at beginning of period [2] 476.1 425.0
Cash, cash equivalents and restricted cash at end of period [2] $ 364.6 $ 465.3
[1] Capital expenditures of $12.1 million and $10.5 million that had not been paid as of June 30, 2022 and 2021, respectively, were excluded from the Statement of Cash Flows.
[2] Restricted cash of $1.2 million and $2.8million is included in Other current assets and Other assets, respectively, as of June 30, 2022 and restricted cash of $1.4 million and $3.9 million is included in Other current assets and Other assets, respectively, as of June 30, 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.