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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating activities    
Net income $ 323.2 $ 577.1
Non-cash adjustments:    
Depreciation 67.5 93.5
Amortization of intangibles 44.0 48.9
Non-cash lease expense 23.9 33.8
Stock-based compensation 25.7 40.0
Recognition of actuarial (gain) loss (2.4) 0.4
Deferred taxes (11.5) 34.9
Restructuring Charges 0.0 7.5
Asset impairment charges 0.0 26.0
Amortization of deferred financing fees 3.2 2.8
(Gain) on sale of property, plant and equipment (1.6) (5.6)
Changes in assets and liabilities:    
Increase in accounts receivable (24.6) (51.0)
Decrease (increase) in inventories 196.2 (302.7)
Increase (decrease) in accounts payable 107.5 (79.3)
Decrease in other assets 142.7 6.2
Decrease in accrued expenses and other liabilities (47.8) (117.6)
Decrease in accrued taxes (10.4) (26.1)
Net cash provided by operating activities 835.6 288.8
Investing activities    
Capital expenditures [1] (175.7) (175.1)
Proceeds from the disposition of assets 2.8 8.1
Cost of acquisitions, net of cash acquired (784.1) (214.0)
Net cash used in investing activities (957.0) (381.0)
Financing activities    
Issuance of short-term debt 0.0 701.4
Repayment of short-term debt (600.0) (1,100.0)
Issuance of long-term debt 865.1 4,973.9
Repayment of long-term debt (110.0) (3,895.9)
Proceeds from the exercise of stock options 8.8 0.6
Treasury stock purchases (120.1) (531.1)
Employee withholding taxes related to stock-based compensation (13.6) (25.7)
Dividends to stockholders (87.8) (109.8)
Other financing, net (3.0) (22.3)
Net cash used in financing activities (60.6) (8.9)
Effect of foreign exchange rate changes on cash (7.7) (26.0)
Net decrease in cash and cash equivalents (189.7) (127.1)
Cash, cash equivalents and restricted cash at beginning of period [2] 648.3 476.1
Cash, cash equivalents and restricted cash at end of period [2] $ 458.6 $ 349.0
[1] Capital expenditures of $33.2 million as of September 30, 2023 and $11.7 million as of September 30, 2022 that had not been paid, were excluded from the Statement of Cash Flows.
[2] Restricted cash of $3.0 million and $2.1 million is included in Other current assets and Other assets, respectively, as of September 30, 2023 and 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. Restricted cash of $2.1 million and $3.7 million is included in Other current assets and Other assets, respectively, as of December 31, 2022.