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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
OPERATING ACTIVITIES    
Net income including noncontrolling interest $ 911.6 $ 572.8
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation 316.9 311.3
Amortization 152.9 152.4
Deferred income taxes (137.7) (36.8)
Share-based compensation expense 82.9 58.7
Pension and postretirement plan contributions (30.8) (29.0)
Pension and postretirement plan expense (income), net 8.0 4.3
Restructuring charges, net of cash paid (9.9) (26.3)
Other, net 13.6 13.2
Changes in operating assets and liabilities, net of effect of acquisitions:    
Accounts receivable (110.1) (52.8)
Inventories (92.3) 150.9
Other assets (9.1) 19.2
Accounts payable 210.1 (264.7)
Other liabilities (45.6) (101.6)
Cash provided by operating activities 1,260.5 771.6 CloseClose
INVESTING ACTIVITIES    
Capital expenditures (398.4) (345.7)
Property and other assets sold 3.5 8.6
Acquisitions and investments in affiliates, net of cash acquired (38.7) (105.0)
Other, net (11.8) (21.4)
Cash used for investing activities (445.4) (463.5) CloseClose
FINANCING ACTIVITIES    
Net issuances of commercial paper and notes payable 1.7 1.7
Long-term debt repayments (629.6)  
Reacquired shares (519.4) (10.9)
Dividends paid (340.7) (308.6)
Exercise of employee stock options 154.4 50.6
Hedge settlements (0.6) (53.5)
Other, net (1.5) (1.5)
Cash used for financing activities (1,335.7) (322.2) CloseClose
Effect of exchange rate changes on cash and cash equivalents (8.9) (30.3) CloseClose
Decrease in cash and cash equivalents (529.5) (44.4)
Cash and cash equivalents, beginning of period 919.5 598.6
Cash and cash equivalents, end of period 384.0 $ 554.2
Assets held for sale    
Net change in cash balances classified as assets held for sale $ (6.0)   CloseClose