Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions |
9 Months Ended |
Sep. 30, 2016 |
Sep. 30, 2015 |
| Operating activities |
|
|
|
|
| Net Income |
|
$ 309.5
|
$ 227.5
|
|
| Non-cash pre-tax expense (income): |
|
|
|
|
| Depreciation |
|
69.3
|
66.5
|
|
| Amortization |
|
20.4
|
15.3
|
|
| Stock-based compensation |
|
24.3
|
20.6
|
|
| Recognition of actuarial losses |
|
1.9
|
8.9
|
|
| Deferred income taxes |
|
(23.0)
|
(22.7)
|
|
| Restructuring charges |
|
|
0.9
|
|
| Amortization of deferred financing costs |
|
3.0
|
0.4
|
|
| Pre-tax loss on sale of discontinued operations |
|
|
16.9
|
|
| Loss (income) on sale of property, plant and equipment |
|
1.2
|
(0.7)
|
|
| Changes in assets and liabilities: |
|
|
|
|
| Increase in accounts receivable |
|
(53.1)
|
(57.7)
|
|
| Decrease (increase) in inventories |
|
22.6
|
(52.7)
|
|
| Increase in accounts payable |
|
28.7
|
5.6
|
|
| Increase in other assets |
|
(11.6)
|
(11.2)
|
|
| (Decrease) increase in accrued expenses and other liabilities |
|
(12.0)
|
35.6
|
|
| (Decrease) increase in accrued taxes |
|
(0.6)
|
24.6
|
|
| Net cash provided by operating activities |
|
380.6
|
277.8
|
|
| Investing activities |
|
|
|
|
| Capital expenditures |
[1] |
(106.1)
|
(86.9)
|
|
| Proceeds from the disposition of assets |
|
2.3
|
2.5
|
|
| Proceeds from sale of discontinued operations |
|
|
12.2
|
|
| Cost of acquisitions, net of cash acquired |
|
(230.5)
|
(652.8)
|
|
| Net cash used in investing activities |
|
(334.3)
|
(725.0)
|
|
| Financing activities |
|
|
|
|
| Decrease in short-term debt, net |
|
(1.0)
|
|
|
| Issuance of long-term debt |
|
880.0
|
1,748.9
|
|
| Repayment of long-term debt |
|
(465.0)
|
(1,080.0)
|
|
| Proceeds from the exercise of stock options |
|
24.8
|
22.6
|
|
| Treasury stock purchases |
|
(362.7)
|
(15.7)
|
[2] |
| Excess tax benefit from the exercise of stock-based compensation |
|
|
23.0
|
|
| Employee withholding taxes paid related to stock-based compensation |
|
(9.8)
|
(13.8)
|
|
| Dividends to stockholders |
|
(73.7)
|
(67.1)
|
|
| Other financing, net |
|
(2.1)
|
(1.1)
|
|
| Net cash (used in) provided by financing activities |
|
(9.5)
|
616.8
|
|
| Effect of foreign exchange rate changes on cash |
|
3.3
|
(10.9)
|
|
| Net increase in cash and cash equivalents |
|
40.1
|
158.7
|
|
| Cash and cash equivalents at beginning of period |
|
238.5
|
191.9
|
|
| Cash and cash equivalents at end of period |
|
$ 278.6
|
$ 350.6
|
|
|
|