v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net earnings $ 832.9 $ 865.8 $ 755.2
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Amortization 453.3 370.4 382.1
Depreciation 90.6 86.4 83.5
Stock-based compensation 109.2 113.3 93.8
Gain on sale of property (63.1) 0.0 0.0
Loss from divestiture 25.6 0.0 0.0
Loss from equity investments 39.4 17.3 17.3
Russia exit and wind down costs 0.0 0.0 9.2
Change in deferred income taxes (65.0) (104.1) (62.1)
Change in accounts receivable, net (4.5) 9.8 (52.1)
Change in inventories 8.8 (1.7) (40.3)
Change in trade accounts payable 74.3 (16.8) 81.3
Change in prepaid expenses and other assets 8.5 (86.3) (6.6)
Change in accrued expenses and other liabilities 16.8 99.5 41.9
Net cash provided by operating activities 1,526.8 1,353.6 1,303.2
Cash flows from investing activities:      
Cash paid for acquisitions, net of cash received (1,721.8) (95.8) (12.8)
Purchases of property, plant and equipment (120.4) (107.8) (95.8)
Proceeds from sale of property 61.2 7.4 0.0
Cash infusion into divestiture (14.0) 0.0 0.0
Proceeds from sale of business 0.0 0.0 9.6
All other investing activities (1.0) 0.8 (3.5)
Net cash used in investing activities (1,796.0) (195.4) (102.5)
Cash flows from financing activities:      
Net proceeds from (repayments of) commercial paper borrowings (596.5) 839.9 38.5
Proceeds from borrowings (maturities greater than 90 days), net of issuance costs 1,733.5 549.3 1,394.1
Repayment of borrowings (maturities greater than 90 days) (1,000.0) (1,000.0) (1,000.0)
Payment of 0.875% convertible senior notes due 2022 0.0 0.0 (1,156.5)
Repurchase of common shares, including payments of excise tax (889.6) (272.9) (442.9)
Payment of dividends (111.2) (102.0) (99.5)
All other financing activities 71.1 18.0 (6.7)
Net cash provided by (used in) financing activities (792.7) 32.3 (1,273.0)
Effect of exchange rate changes on cash and equivalents (13.6) (10.9) (37.8)
Net change in cash and equivalents (1,075.5) 1,179.6 (110.1)
Beginning balance of cash and equivalents 1,888.8 709.2 819.3
Ending balance of cash and equivalents $ 813.3 $ 1,888.8 $ 709.2

Source

10-K PDF XBRL Zip