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CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash Flow From Operating Activities      
Net Income $ 413.9 $ 827.5 $ 785.9
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation expense 67.0 68.4 66.2
Amortization expense 152.0 150.7 123.5
Change in fair value of business acquisition liabilities 0.0 (98.0) (93.7)
Deferred income taxes (117.7) 20.3 25.7
Flawless impairment 411.0 0.0 0.0
Equity in net earnings of affiliates (12.3) (9.4) (6.7)
Distributions from unconsolidated affiliates 8.7 9.4 7.4
Non-cash compensation expense 32.3 23.7 21.5
Asset impairment charge and other asset write-offs 2.4 14.9 1.9
Gain on sale of assets 0.0 0.0 (3.0)
Other (3.2) 3.6 (2.3)
Change in assets and liabilities:      
Accounts receivable (5.3) (2.4) (13.4)
Inventories (92.8) (29.1) (61.9)
Other current assets 2.5 (6.1) (10.2)
Accounts payable and accrued expenses 39.9 47.5 168.0
Income taxes payable 14.4 (16.0) 12.2
Other operating assets and liabilities, net (27.6) (16.0) (35.4)
Net Cash Provided By Operating Activities 885.2 993.8 990.3
Cash Flow From Investing Activities      
Additions to property, plant and equipment (178.8) (118.8) (98.9)
Proceeds from sale of assets 0.0 0.0 7.0
Acquisitions (546.8) (556.0) (512.7)
Other (3.0) (7.2) (3.5)
Net Cash Used In Investing Activities (728.6) (682.0) (608.1)
Cash Flow From Financing Activities      
Long-term debt borrowings 998.8 799.2 0.0
Long-term debt (repayments) (700.0) (300.0) 0.0
Short-term debt (repayments), net of borrowings (178.9) (98.5) 99.0
Proceeds from stock options exercised 26.2 98.7 93.0
Payment of cash dividends (255.0) (247.5) (237.3)
Purchase of treasury stock 0.0 (500.0) (300.0)
Payment of business acquisition liabilities 0.0 (0.0) (14.5)
Deferred financing and other (12.0) (4.0) (0.3)
Net Cash Used In Financing Activities (120.9) (252.1) (360.1)
Effect of exchange rate changes on cash and cash equivalents (6.0) (2.2) 5.3
Net Change In Cash and Cash Equivalents 29.7 57.5 27.4
Cash and Cash Equivalents at Beginning of Period 240.6 183.1 155.7
Cash and Cash Equivalents at End of Period 270.3 240.6 183.1
Cash paid during the year for:      
Interest (net of amounts capitalized) 86.0 51.8 58.8
Income taxes 213.1 202.8 162.1
Supplemental disclosure of non-cash investing activities:      
Property, plant and equipment expenditures included in Accounts Payable $ 13.7 $ 10.7 $ 20.1