v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
OPERATING ACTIVITIES    
Net income including noncontrolling interest $ 975.3 $ 935.0
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation 364.3 327.9
Amortization 167.7 149.9
Deferred income taxes 34.9 (60.7)
Share-based compensation expense 75.1 75.9
Pension and postretirement plan contributions (32.8) (29.0)
Pension and postretirement plan (income) expense, net 18.9 6.9
Restructuring charges, net of cash paid (2.8) 5.4
Sale of global surgical solutions business 0.0 1.1
Other, net 28.1 6.8
Changes in operating assets and liabilities, net of effect of acquisitions:    
Accounts receivable (197.0) (122.4)
Inventories (131.4) (76.9)
Other assets (208.6) 22.3
Accounts payable 146.3 7.4
Other liabilities (62.6) (178.4)
Cash provided by operating activities 1,175.4 1,071.2
INVESTING ACTIVITIES    
Capital expenditures (588.6) (454.6)
Property and other assets sold 2.0 42.4
Acquisitions and investments in affiliates, net of cash acquired (27.0) (0.5)
Divestiture of businesses, net of cash divested 0.0 (14.9)
Other, net (15.9) (20.8)
Cash used for investing activities (629.5) (448.4)
FINANCING ACTIVITIES    
Net repayments of commercial paper and notes payable (98.2) (0.8)
Long-term debt borrowings 5,081.2 500.0
Reacquired shares (669.3) (199.2)
Dividends paid (424.1) (380.0)
Exercise of employee stock options 94.8 139.0
Deferred financing costs (49.2) 0.0
Other, net (6.6) (3.3)
Cash provided by financing activities 3,928.6 55.7
Effect of exchange rate changes on cash and cash equivalents 14.6 (14.4)
Increase in cash and cash equivalents 4,489.1 664.1
Cash and cash equivalents, beginning of period 646.2 1,256.8
Cash and cash equivalents, end of period $ 5,135.3 $ 1,920.9