Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.24.0.1
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 Earnings $ 420.4 $ 677.0 $ 593.3
Net (Loss) Earnings from Discontinued Operations, Net of Tax 12.2 4.3 2.1
Net Earnings from Continuing Operations 432.6 681.3 595.4
Depreciation and Amortization 272.9 231.2 178.1
Stock Compensation Expense 22.4 21.9 29.7
Pension Expense Including Settlement Charges, Net of (Funding) (1.3) (1.2) (2.1)
Asset Impairment Charges 19.5 18.9 0.8
Deferred Income Taxes 16.4 (18.9) (21.8)
Equity Method Investment, Other than Temporary Impairment 19.2 0.0 0.0
Changes in Certain Current Assets and Current Liabilities      
Change in Accounts and Notes Receivable 54.5 (74.6) (85.1)
Change in Inventory 0.7 (292.8) (343.2)
Change in Prepaid Expenses and Other, Excluding Income Taxes 23.3 37.9 (10.3)
Change in Accounts Payable (86.1) (12.2) 134.2
Change in Accrued Expenses (22.8) (8.9) 73.8
Increase (Decrease) in Contract with Customer, Liability 14.6 13.0 12.1
Income Taxes (2.4) (1.0) 18.0
Other, Net (18.3) (14.2) 6.6
Net Cash Provided by Operating Activities of Continuing Operations 745.2 580.4 586.2
Net Cash Used for Operating Activities of Discontinued Operations (11.6) 5.7 (12.2)
Net Cash Provided by Operating Activities 733.6 586.1 574.0
Cash Flows from Investing Activities      
Capital Expenditures (289.3) (388.3) (267.1)
Payments to Acquire Debt Securities, Available-for-sale 0.0 (60.1) 0.0
Payments for (Proceeds from) Investments 4.6 11.2 11.3
Acquisition of Businesses, Net of Cash Acquired (103.6) (93.8) (1,138.6)
Proceeds from the Sale of Property, Plant and Equipment 14.8 11.3 7.2
Other, net 0.0 (42.5) 0.0
Net Cash Used for Investing Activities (378.9) (443.2) (1,353.9)
Cash Flows from Financing Activities      
Net Proceeds From Issuances of Short-Term Debt 4.7 132.2 0.0
Repayment of Short-Term Debt (8.6) (125.0) 0.0
Net Proceeds from Issuances of Long-Term Debt 0.0 741.8 994.4
Payments of Long-Term Debt Including Current Maturities (82.3) (59.1) (128.4)
Payment for Debt Extinguishment or Debt Prepayment Cost 0.0 (0.1) (4.2)
Common Stock Repurchases (275.0) (450.0) (120.1)
Cash Dividends Paid (112.0) (108.6) (98.9)
Tax Witholding Associated with Shares Issued for Share-Based Compensation (13.8) (16.4) (13.7)
Other, Net 0.0 (4.0) (7.3)
Net Cash Used for Financing Activities (487.0) 110.8 621.8
Effect of Exchange Rate Changes 2.7 (11.9) (5.5)
Net Increase (Decrease) in Cash and Cash Equivalents and Restricted Cash (129.6) 241.8 (163.6)
Cash and Cash Equivalents and Restricted Cash at Beginning of Period 608.5 366.7 530.3
Cash and Cash Equivalents and Restricted Cash at End of Period 478.9 608.5 366.7
Less: Restricted Cash 11.1 12.9 12.2
Cash and Cash Equivalents at End of Period 467.8 595.6 354.5
Supplemental Cash Flow Disclosures:      
Interest Paid 117.2 95.3 72.7
Income Taxes Paid, Net 175.4 196.9 146.7
Sales or Maturities of Marketable Securities $ 3.8 $ 56.4 $ 55.9