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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash Flows From Operating Activities:    
Net income $ 391.0 $ 344.0
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of intangible assets 182.8 182.1
Depreciation 51.3 43.7
Non-cash restructuring charges 0.0 1.9
Stock-based compensation expense 28.6 24.0
Loss (income) on equity method investments 14.2 (2.7)
Foreign currency transaction gains, net (0.7) (0.1)
Non-cash adjustments to carrying value of LIFO inventories 7.2 14.3
Loss on extinguishment of debt 3.0 0.9
Loss on sale of asbestos-related assets and liabilities 33.7 0.0
Other non-cash adjustments 3.4 5.2
Changes in assets and liabilities:    
Receivables (8.1) (62.7)
Inventories (63.6) (29.6)
Accounts payable (72.8) (126.8)
Accrued liabilities (44.3) 53.1
Other assets and liabilities, net (59.2) (48.6)
Net cash provided by operating activities 466.5 398.7
Cash Flows Used In Investing Activities:    
Capital expenditures (84.1) (47.2)
Net cash paid in acquisitions (2,744.0) (615.8)
Disposals of property, plant and equipment 0.0 7.3
Other investing (6.0) 0.3
Net cash used in investing activities (2,834.1) (655.4)
Cash Flows From (Used In) Financing Activities:    
Principal payments on long-term debt (1,240.7) (20.6)
Proceeds from long-term debt 3,296.9 0.0
Purchases of treasury stock (135.5) (132.8)
Cash dividends on common shares (16.1) (16.2)
Proceeds from stock option exercises 22.7 15.6
Payments to settle cross-currency swaps (19.9) 0.0
Payments of deferred and contingent acquisition consideration (12.0) (5.3)
Payments of debt issuance costs (32.3) (5.3)
Other financing (1.1) (1.1)
Net cash provided by (used in) financing activities 1,862.0 (165.7)
Effect of exchange rate changes on cash and cash equivalents (27.4) (12.5)
Net decrease in cash and cash equivalents (533.0) (434.9)
Cash and cash equivalents, beginning of period 1,595.5 1,613.0
Cash and cash equivalents, end of period 1,062.5 1,178.1
Supplemental Cash Flow Information    
Cash paid for income taxes, net of refunds 128.9 100.3
Cash paid for interest, net of interest rate derivative settlements $ 56.9 $ 73.5