XML 14 R5.htm IDEA: XBRL DOCUMENT v3.22.2.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Operating activities    
Net income $ 577.1 $ 597.1
Non-cash adjustments:    
Depreciation 93.5 92.9
Amortization of intangibles 48.9 48.5
Non-cash lease expense 33.8 31.8
Stock-based compensation 40.0 36.0
Recognition of actuarial losses 0.4 1.1
Deferred taxes 34.9 9.6
Restructuring charges 7.5 0.0
Asset impairment charges 26.0 0.0
Amortization of deferred financing fees 2.8 2.8
Loss on equity investments 0.0 2.9
(Gain) loss on sale of property, plant and equipment (5.6) 1.5
Changes in assets and liabilities:    
Increase in accounts receivable (51.0) (186.2)
Increase in inventories (302.7) (258.0)
(Decrease) increase in accounts payable (79.3) 116.5
Decrease (increase) in other assets 6.2 (0.6)
Decrease in accrued expenses and other liabilities (117.6) (65.0)
Decrease in accrued taxes (26.1) (0.1)
Net cash provided by operating activities 288.8 430.8
Investing activities    
Capital expenditures [1] (175.1) (113.0)
Proceeds from the disposition of assets 8.1 1.7
Cost of acquisitions, net of cash acquired (214.0) 5.2
Net cash used in investing activities (381.0) (106.1)
Financing activities    
Issuance of short-term debt 701.4 0.0
Repayment of short-term debt (1,100.0) 0.0
Issuance of long-term debt 4,973.9 825.0
Repayment of long-term debt (3,895.9) (770.0)
Proceeds from the exercise of stock options 0.6 32.6
Treasury stock purchases [2] (531.1) (252.9)
Employee withholding taxes related to stock-based compensation (25.7) (10.5)
Dividends to stockholders (109.8) (107.9)
Other financing, net (22.3) (1.4)
Net cash used in financing activities (8.9) (285.1)
Effect of foreign exchange rate changes on cash (26.0) 1.0
Net (decrease) increase in cash and cash equivalents (127.1) 40.6
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] $ 349.0 $ 465.6
[1] Capital expenditures of $11.7 million and $12.6 million that had not been paid as of September 30, 2022 and 2021, respectively, were excluded from the Statement of Cash Flows.
[2] Treasury stock purchased for the nine months ended September 30, 2022 and September 30, 2021 excludes $10.0 million and $17.2 million, respectively, related to purchases that were not settled until after September 30, 2022 and September 30, 2021, respectively.
[3] Restricted cash of $1.4 million and $2.3 million is included in Other current assets and Other assets, respectively, as of September 30, 2022 and 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. 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.