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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities      
Net income $ 449.3 $ 377.8 $ 425.5
Adjustments to reconcile net income to net cash provided by operating activities:      
Asset impairments 0.8 3.1 10.2
Depreciation and amortization 46.6 41.7 39.6
Amortization of intangible assets 56.4 41.8 37.3
Amortization of debt issuance expenses 1.7 1.7 1.4
Share-based compensation expense 20.4 14.8 22.1
Deferred income taxes (6.1) 8.2 6.6
Non-cash interest expense associated with forward starting swaps 3.3 6.0 6.3
Termination of the U.S. pension plan, net of curtailment 8.6 0.0 0.0
Changes in (net of the effect from acquisitions/divestitures and foreign exchange):      
Receivables (49.4) 20.9 22.3
Inventories (46.1) 36.5 (3.3)
Other current assets 9.0 (10.3) (2.4)
Trade accounts payable 22.9 2.7 (9.1)
Deferred revenue 19.8 39.0 8.7
Accrued expenses 25.8 (13.7) (44.0)
Other - net 2.3 (0.9) 6.9
Net cash flows provided by operating activities 565.3 569.3 528.1
Cash flows from investing activities      
Purchases of property, plant and equipment (72.7) (51.6) (50.9)
Acquisition of businesses, net of cash acquired (577.4) (123.1) (87.2)
Note receivable from collaborative partner (4.2) 0.0 0.0
Purchase of marketable securities (45.2) 0.0 0.0
Other - net 1.4 2.1 1.1
Net cash flows used in investing activities (698.1) (172.6) (137.0)
Cash flows from financing activities      
Borrowings under revolving credit facilities 0.0 150.0  
Payments under revolving credit facilities 0.0 (150.0) 0.0
Proceeds from issuance of long-term borrowings 499.4 499.1 0.0
Payment of long-term borrowings (350.1) (300.4) (50.1)
Payment of make-whole redemption premium (6.7) (6.8) 0.0
Debt issuance costs (4.6) (4.7) 0.0
Dividends paid (161.1) (151.8) (147.2)
Proceeds from stock option exercises 19.7 44.6 38.8
Repurchases of common stock 0.0 (110.3) (54.7)
Shares surrendered for tax withholding (6.1) (12.3) (12.6)
Other - net 0.0 0.0 (1.8)
Net cash flows used in financing activities (9.5) (42.6) (227.6)
Effect of exchange rate changes on cash and cash equivalents (28.2) 39.2 2.7
Net (decrease) increase in cash and cash equivalents (170.5) 393.3 166.2
Cash and cash equivalents at beginning of year 1,025.9 632.6 466.4
Cash and cash equivalents at end of year 855.4 1,025.9 632.6
Cash paid for:      
Interest 36.0 35.2 36.7
Income taxes - net 118.2 87.2 109.0
Significant non-cash activities:      
Debt acquired with acquisition of business $ 0.0 $ 0.0 $ 51.1