v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:        
Net income $ 382.8 $ 330.3 $ 722.6 $ 628.9
Adjustments to reconcile net income to net cash provided by operating activities:        
Depreciation of property and equipment 42.8 42.4 84.8 84.4
Loss (gain) on sale of property and equipment (0.8) (1.3) 0.2 (1.6)
Bad debt expense 1.9 0.2 3.3 1.9
Deferred income taxes 0.2 0.7 (1.6) 1.4
Stock-based compensation 2.6 2.0 5.2 4.1
Amortization of intangible assets 2.7 2.7 5.4 5.4
Changes in operating assets and liabilities:        
Trade accounts receivable, net (116.0) (36.4) (320.2) (206.4)
Inventories (44.8) (41.2) 7.7 (67.7)
Other current assets (17.9) 15.5 2.4 25.6
Accounts payable 37.4 (20.6) 84.1 24.7
Accrued expenses 45.7 38.9 28.6 30.1
Income taxes (68.0) (58.4) 24.2 12.5
Other (3.0) 3.8 (2.4) (2.5)
Net cash provided by operating activities 265.7 278.6 644.1 540.8
Cash flows from investing activities:        
Purchases of property and equipment (64.1) (69.3) (123.0) (125.0)
Proceeds from sale of property and equipment 3.6 5.0 4.8 6.9
Other (2.0) (0.1) (2.0) (0.2)
Net cash used in investing activities (62.5) (64.4) (120.2) (118.3)
Cash flows from financing activities:        
Proceeds from debt obligations 360.0 520.0 407.0 675.0
Payments against debt obligations (365.0) (490.0) (412.0) (645.0)
Proceeds from exercise of stock options 2.8 6.1 10.4 17.3
Purchases of common stock (30.0) 0.0 (50.3) 0.0
Cash dividends paid (275.4) (252.5) (550.9) (499.1)
Net cash used in financing activities (307.6) (216.4) (595.9) (451.8)
Effect of exchange rate changes on cash and cash equivalents 0.5 8.2 (0.1) 11.3
Net (decrease) increase in cash and cash equivalents (103.9) 6.0 (72.0) (18.0)
Cash and cash equivalents at beginning of period 308.6 231.8 276.8 255.8
Cash and cash equivalents at end of period 204.7 237.8 204.7 237.8
Supplemental information:        
Cash paid for interest 1.3 2.7 2.0 4.2
Net cash paid for income taxes 187.0 163.4 203.0 185.3
Leased assets obtained in exchange for new operating lease liabilities $ 31.0 $ 42.7 $ 63.0 $ 73.2