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CONDENSED CONSOLIDATED CASH FLOW STATEMENT (UNAUDITED) - USD ($)
$ in Millions
6 Months Ended
May 31, 2024
May 31, 2023
Operating activities    
Net income $ 350.2 $ 291.2
Adjustments to reconcile net income to net cash flow provided by operating activities:    
Depreciation and amortization 102.9 96.6
Stock-based compensation 31.1 38.5
Deferred income tax expense (benefit) (27.8) (1.2)
Income from unconsolidated operations (38.1) (24.3)
Trade accounts receivable (13.6) 26.5
Inventories (28.9) 71.7
Trade accounts payable 90.7 (81.9)
Other assets and liabilities (209.2) (58.2)
Dividends from unconsolidated affiliates 44.2 35.3
Net cash flow provided by operating activities 301.5 394.2
Investing activities    
Capital expenditures (including software) (130.3) (118.6)
Other investing activities 0.2 2.5
Net cash flow used in investing activities (130.1) (116.1)
Financing activities    
Short-term borrowings, net 80.3 (776.8)
Long-term debt borrowings 0.0 496.4
Payment of debt issuance costs 0.0 (1.1)
Long-term debt repayments (28.0) (9.1)
Proceeds from exercised stock options 10.4 11.1
Taxes withheld and paid on employee stock awards (8.9) (10.8)
Common stock acquired by purchase (4.5) (18.6)
Dividends paid (225.5) (209.2)
Other financing activities 4.0 0.0
Net cash flow used in financing activities (172.2) (518.1)
Effect of exchange rate changes on cash and cash equivalents 0.5 33.4
Increase (decrease) in cash and cash equivalents (0.3) (206.6)
Cash and cash equivalents at beginning of period 166.6 334.0
Cash and cash equivalents at end of period $ 166.3 $ 127.4