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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating Activities      
Income from continuing operations, net of tax $ 488.1 $ 520.0 $ 413.1
Adjustments to income from continuing operations:      
Depreciation and amortization 143.2 137.3 109.2
Equity-based compensation 36.2 25.9 20.2
Deferred income tax expense (benefit) 4.6 (20.6) (27.6)
(Gain) loss on sale of businesses 0.0 (47.8) 8.1
Other non-cash charges, net 34.1 30.9 28.9
Changes in assets and liabilities:      
Change in receivables (10.3) (43.2) (39.2)
Change in inventories (24.6) 0.0 (36.7)
Change in contract assets (15.7) (7.9) (0.3)
Change in contract liabilities 41.9 (0.9) 23.1
Change in accounts payable (18.8) 1.8 26.3
Change in accrued expenses 56.1 (10.8) 47.6
Change in income taxes (15.9) (1.6) 6.0
Other, net (50.1) (20.5) (40.7)
Net Cash – Operating activities 668.8 562.6 538.0
Investing Activities      
Capital expenditures (121.3) (123.9) (107.6)
Proceeds from government incentives 7.9 0.0 0.0
Proceeds from sale of business 0.0 177.9 11.5
Acquisitions, net of cash acquired (6.8) (864.8) (79.3)
Payments to acquire interest in unconsolidated subsidiaries (1.6) (2.6) (2.5)
Other, net 2.0 (4.5) (3.1)
Net Cash – Investing activities (119.8) (817.9) (181.0)
Financing Activities      
Commercial paper, net borrowings (212.3) 239.5 (266.0)
Long-term debt issued, net of debt issuance costs 749.0 763.9 0.0
Long-term debt repayments (462.0) (537.4) (2.2)
Share repurchases under repurchase plan (521.0) (104.5) (60.0)
Payments for taxes related to net share settlement of stock incentive plans (13.7) (14.2) (7.2)
Dividends paid (111.0) (104.7) (95.8)
Proceeds from issuance of common stock 1,314.1 0.0 0.0
Other, net (14.2) (7.7) (1.1)
Net Cash – Financing activities 728.9 234.9 (432.3)
Exchange rate effects on cash and cash equivalents 26.3 (29.0) 3.6
Net cash from discontinued operations – operating activities (0.5) (0.5) (0.3)
Net change in cash and cash equivalents 1,303.7 (49.9) (72.0)
Cash and cash equivalents – beginning of year (includes restricted cash of $0.7, $0.7, and $0.7, respectively) 440.0 489.9 561.9
Cash and cash equivalents – end of year (includes restricted cash of $0.8, $0.7, and $0.7, respectively) 1,743.7 440.0 489.9
Supplemental Disclosures of Cash Flow and Non-Cash Information:      
Cash paid for Interest 41.7 33.4 15.7
Cash paid for Income taxes, net of refunds received 151.6 128.6 113.1
Capital expenditures included in accounts payable $ 17.1 $ 31.2 $ 25.3