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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating Activities      
Income from continuing operations, net of tax $ 518.4 $ 411.4 $ 368.3
Adjustments to income from continuing operations:      
Depreciation and amortization 137.3 109.2 107.4
Equity-based compensation 25.9 20.2 18.1
Deferred income tax expense (benefit) (20.6) (27.6) 2.9
(Gain) loss on sale of businesses (47.8) 8.1 0.0
Loss (gain) on sale of long-lived assets (0.5) 0.1 16.3
Other non-cash charges, net 30.5 29.0 29.3
Changes in assets and liabilities:      
Change in receivables (43.2) (39.2) (90.7)
Change in inventories 2.0 (34.4) (99.5)
Change in contract assets (7.9) (0.3) (7.4)
Change in contract liabilities (0.9) 23.1 23.3
Change in accounts payable 1.8 26.3 39.4
Change in accrued expenses (10.8) 47.6 (36.9)
Change in income taxes (2.1) 5.4 (13.5)
Other, net (20.5) (40.7) (46.7)
Net Cash – Operating activities 562.6 538.0 277.7
Investing Activities      
Capital expenditures (123.9) (107.6) (103.9)
Proceeds from sale of business 177.9 11.5 0.0
Proceeds from sale of long-lived assets 1.6 0.9 20.9
Acquisitions, net of cash acquired (864.8) (79.3) (146.9)
Payments to acquire interest in unconsolidated subsidiaries (2.6) (2.5) (25.6)
Other, net (6.1) (4.0) 0.4
Net Cash – Investing activities (817.9) (181.0) (255.1)
Financing Activities      
Commercial paper, net borrowings 239.5 (266.0) 259.7
Long-term debt issued, net of debt issuance costs 763.9 0.0 0.0
Long-term debt repayments (537.4) (2.2) (2.1)
Share repurchases under repurchase plan (104.5) (60.0) (245.3)
Payments for taxes related to net share settlement of stock incentive plans (14.2) (7.2) (8.8)
Dividends paid (104.7) (95.8) (87.9)
Other, net (7.7) (1.1) 1.1
Net Cash – Financing activities 234.9 (432.3) (83.3)
Exchange rate effects on cash and cash equivalents (29.0) 3.6 (25.8)
Net cash from discontinued operations – operating activities (0.5) (0.3) 0.1
Net change in cash and cash equivalents (49.9) (72.0) (86.4)
Cash and cash equivalents – beginning of year (includes restricted cash of $0.7, $0.7, and $0.8, respectively) 489.9 561.9 648.3
Cash and cash equivalents – end of year (includes restricted cash of $0.7, $0.7, and $0.7, respectively) 440.0 489.9 561.9
Supplemental Disclosures of Cash Flow and Non-Cash Information:      
Cash paid for Interest 33.4 15.7 10.8
Cash paid for Income taxes, net of refunds received 128.6 113.1 92.7
Capital expenditures included in accounts payable $ 31.2 $ 25.3 $ 21.8