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CONDENSED CONSOLIDATED CASH FLOW STATEMENT (UNAUDITED)
€ in Millions, $ in Millions
9 Months Ended
Aug. 31, 2017
USD ($)
Aug. 31, 2016
USD ($)
Operating activities    
Net income $ 301.7 $ 314.9
Adjustments to reconcile net income to net cash flow provided by operating activities:    
Depreciation and amortization 89.6 82.3
Stock-based compensation 18.4 19.8
Income from unconsolidated operations (23.6) (24.2)
Changes in operating assets and liabilities, net of effect of businesses acquired (98.5) (93.4)
Settlement of forward-starting interest rate swaps (2.9) 0.0
Dividends from unconsolidated affiliates 18.3 23.0
Net cash flow provided by operating activities 303.0 322.4
Investing activities    
Acquisition of businesses (net of cash acquired) (4,327.4) (116.2)
Capital expenditures (108.4) (87.9)
Proceeds from corporate life insurance 0.0 1.4
Proceeds from sale of property, plant and equipment 0.7 0.9
Net cash flow used in investing activities (4,435.1) (201.8)
Financing activities    
Short-term borrowings, net (43.3) 419.9
Long-term debt borrowings 3,977.6 0.0
Payment of debt issuance costs (6.1) 0.0
Long-term debt borrowings (3.9) (202.0)
Proceeds from exercised stock options 26.5 35.9
Taxes withheld and paid on employee stock awards (5.4) (3.5)
Payment of contingent consideration (19.7) 0.0
Purchase of minority interest (1.2) 0.0
Issuance of common stock non-voting 554.9 0.0
Payment of costs related to issuance of common stock non-voting (0.9) 0.0
Common stock acquired by purchase (135.8) (178.9)
Dividends paid (176.0) (163.6)
Net cash flow provided by (used in) financing activities 4,166.7 (92.2)
Effect of exchange rate changes on cash and cash equivalents 13.1 (6.8)
Increase in cash and cash equivalents 47.7 21.6
Cash and cash equivalents at beginning of period 118.4 112.6
Cash and cash equivalents at end of period $ 166.1 $ 134.2