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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Statement of Cash Flows [Abstract]      
Net earnings $ 263.0 $ 193.1 $ 814.9
Adjustments to reconcile net earnings to net cash provided by operating activities      
Depreciation and amortization 150.8 131.2 149.3
Share-based incentive compensation 32.9 29.2 44.9
Profit sharing expense 24.5 21.6 23.2
Provisions for bad debt 2.5 2.3 2.9
Provisions for inventory obsolescence 7.2 4.8 3.6
Deferred taxes, net (55.0) 10.9 121.0
Net loss (gain) on sale of businesses 30.7 (42.5) (641.2)
Other non-cash items 27.2 24.8 41.0
Changes in operating assets and liabilities:      
Trade receivables, net 38.1 (0.9) (81.4)
Inventories 12.4 (61.2) (55.4)
Income tax receivable/payable 20.9 (16.4) (207.1)
Accounts payable (37.0) 42.6 154.1
Other assets and liabilities (7.1) 88.5 54.6
Net cash provided by operating activities 511.1 428.0 424.4
Cash flows from investing activities:      
Capital expenditures (189.7) (168.6) (183.8)
Investment in equity investments 0.0 (7.5) 0.0
Investment in marketable securities (12.5) 0.0 0.0
(Payments) Proceeds related to sale of business and property and equipment, net (2.4) 6.8 2.7
Businesses acquired in purchase transactions, net of cash acquired (452.8) (68.4) (119.2)
Loss from settlement of cross currency swaps 0.0 0.0 (61.8)
Impact of sale of Diversey 0.0 (15.3) 2,156.9
Settlement of foreign currency forward contracts (8.2) (11.1) (8.7)
Other investing activities 0.0 (2.6) 0.0
Net cash (used in) provided by investing activities (665.6) (266.7) 1,786.1
Cash flows from financing activities:      
Net (payments) proceeds from short-term borrowings (127.5) 224.0 (93.7)
Proceeds from cross currency swap 0.0 0.0 17.4
Proceeds from long-term debt 894.9 0.0 0.0
Payments of long-term debt [1] (425.0) 0.0 (369.5)
Dividends paid on common stock (99.1) (104.1) (119.7)
Repurchases of common stock [2] (67.3) (582.6) (1,302.1)
Payments for debt extinguishment/modification costs (15.5) (6.1) 0.0
Impact of tax withholding on share-based compensation (10.8) (7.9) (22.1)
Principal payments related to financing leases (9.3) (1.6) 0.0
Other financing activities (0.5) 0.0 0.0
Net cash provided by (used in) financing activities 139.9 (478.3) (1,889.7)
Effect of foreign currency exchange rate changes on cash and cash equivalents 5.3 (5.3) (113.4)
Cash and cash equivalents 271.7 594.0 333.7
Restricted cash and cash equivalents 0.0 0.0 52.9
Balance, beginning of period 271.7 594.0 386.6
Net change during the period (9.3) (322.3) 207.4
Balance, end of period 262.4 271.7 594.0
Restricted cash and cash equivalents 0.0 0.0 0.0
Supplemental Cash Flow Information:      
Interest payments, net of amounts capitalized 194.9 191.4 210.8
Income tax payments 94.7 155.0 161.7
Payments related to sale of Diversey 0.0 51.6 180.8
Restructuring payments including associated costs 90.9 12.1 49.3
Non-cash items:      
Transfers of shares of common stock from treasury for profit-sharing plan contributions $ 21.9 $ 23.5 $ 22.3
[1]
Payments of borrowings included in financing activities excludes amounts which were paid using cash proceeds from the sale of Diversey. As a result, $755.2 million of payments of borrowings is included within investing activities for a total payment of borrowings of $1.1 billion through the year ended December 31, 2017.
[2]
The Company entered into an accelerated share repurchase agreement with a third-party financial institution to repurchase $400.0 million of the Company’s common stock. The full amount was paid as of December 31, 2017; however, only $320.0 million was used to repurchase shares at that point in time. The ASR program concluded in February 2018.