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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities      
Net income (loss) including noncontrolling interests $ 956.4 $ (186.5) $ 1,008.5
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities      
Depreciation and amortization 682.8 684.8 786.1
Amortization of debt issuance costs and discounts 5.7 7.7 6.7
Share-based compensation 44.9 33.6 32.1
Goodwill impairment 0.0 845.0 0.0
(Gain) loss on sale or impairment of property, plant, equipment and other assets, net 181.9 18.6 9.1
Unrealized (gain) loss on foreign currency fluctuations and derivative instruments, net 88.3 236.4 (233.8)
Equity income (loss) (12.0) (4.7) 0.0
Income tax (benefit) expense 296.1 124.0 230.5
Income tax (paid) received (244.8) (76.6) (227.0)
Interest expense, excluding amortization of debt issuance costs and discounts 228.3 242.9 253.6
Interest paid (229.0) (240.0) (256.2)
Change in current assets and liabilities (net of impact of business combinations) and other      
Receivables (0.7) (108.5) (137.6)
Inventories 21.7 (64.6) (143.9)
Payables and other current liabilities 50.2 (16.1) 285.5
Other assets and other liabilities 9.2 6.0 (40.1)
Net cash provided by (used in) operating activities 2,079.0 1,502.0 1,573.5
Cash flows from investing activities      
Additions to property, plant and equipment (671.5) (661.4) (522.6)
Proceeds from sales of property, plant, equipment and other assets 10.9 32.2 26.0
Acquisition of business, net of cash acquired (63.7) 0.0 0.0
Other (117.4) 4.1 (13.3)
Net cash provided by (used in) investing activities (841.7) (625.1) (509.9)
Cash flows from financing activities      
Exercise of stock options under equity compensation plans 7.9 3.1 4.6
Dividends paid (354.7) (329.3) (147.8)
Payments for purchases of treasury stock (205.8) (51.5) 0.0
Payments on debt and borrowings (404.8) (509.1) (1,006.6)
Proceeds on debt and borrowings 7.0 7.0 0.0
Net proceeds from (payments on) revolving credit facilities and commercial paper 0.0 (3.7) 1.4
Other (31.0) (6.0) (23.8)
Net cash provided by (used in) financing activities (981.4) (889.5) (1,172.2)
Effect of foreign exchange rate changes on cash and cash equivalents 13.0 (24.8) (24.1)
Net increase (decrease) in cash and cash equivalents 268.9 (37.4) (132.7)
Balance at beginning of year 600.0 637.4 770.1
Balance at end of year $ 868.9 $ 600.0 $ 637.4