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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 income $ 4,169.7 $ 1,399.4 $ 1,521.9
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 155.2 144.9 139.6
Non-cash operating lease cost 27.8 28.2 27.2
Stock-based compensation (Notes 2 and 16) 162.3 139.4 126.8
Gain on sale of product group (Note 5) (3,348.2) 0.0 0.0
Impairment charges (Note 4) 0.0 0.0 55.1
Change in fair value of contingent consideration liabilities (Note 13) 0.0 (26.2) (35.8)
(Gain) loss on investments, net (5.2) 0.1 51.5
Deferred income taxes (323.4) (272.1) (254.5)
Gain on remeasurement of previously held equity interest upon acquisition (Note 10) (55.0) 0.0 0.0
Other 18.4 8.4 7.8
Changes in operating assets and liabilities:      
Accounts and other receivables, net 121.2 (141.2) (84.1)
Inventories (256.1) (289.0) (213.4)
Prepaid expenses and other current assets 22.7 (81.8) 0.1
Accounts payable and accrued liabilities 89.5 146.0 (21.4)
Intellectual property agreement accrual (36.8) (33.0) (45.0)
Income taxes (186.7) (5.8) (5.6)
Long-term prepaid royalties (Note 3) 8.3 (109.9) 0.0
Other (21.4) (11.6) (52.0)
Net cash provided by operating activities 542.3 895.8 1,218.2
Cash flows from investing activities      
Capital expenditures (252.4) (253.0) (244.6)
Purchases of held-to-maturity investments (Note 8) (45.9) (66.4) (353.5)
Proceeds from sales and maturities of held-to-maturity investments (Note 8) 57.5 97.9 419.5
Purchases of available-for-sale investments (Note 8) (899.9) (9.1) (315.8)
Proceeds from sales and maturities of available-for-sale investments (Note 8) 800.1 617.9 939.6
Business combinations, net of cash (Note 10) (1,061.8) (95.2) 0.0
Payments for acquisition options (Note 9) (46.2) (30.0) (109.6)
Issuances of notes receivable (63.0) (62.5) (52.3)
Collections of notes receivable 0.0 0.0 18.0
Investments in intangible assets (30.0) (13.3) (20.2)
Proceeds from sale of product group 3,927.4 0.0 0.0
Other (72.9) (12.5) (28.8)
Net cash provided by investing activities 2,312.9 173.8 252.3
Cash flows from financing activities      
Purchases of treasury stock (1,159.4) (879.6) (1,727.1)
Proceeds from stock plans 179.5 169.9 146.4
Other (3.1) (1.3) (3.8)
Net cash used in financing activities (983.0) (711.0) (1,584.5)
Effect of currency exchange rate changes on cash, cash equivalents, and restricted cash 38.6 16.8 19.2
Net increase (decrease) in cash, cash equivalents, and restricted cash 1,910.8 375.4 (94.8)
Cash, cash equivalents, and restricted cash at beginning of year 1,148.0 772.6 867.4
Cash, cash equivalents, and restricted cash at end of year (Note 6) $ 3,058.8 $ 1,148.0 $ 772.6