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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Operating activities:    
Net income $ 296.3 $ 495.1
Reconciliation of net income to net cash provided by operating activities:    
Depreciation 46.1 48.0
Amortization 72.9 79.2
Lease expense 14.5 14.2
Stock-based compensation 24.9 15.8
Deferred taxes (22.9) 0.4
Other operating activities, net 29.0 3.0
Changes in assets and liabilities, excluding effects of acquisitions:    
Receivables (196.5) (372.2)
Inventories 59.5 (184.4)
Contract assets 8.9 (6.5)
Prepaid expenses and other assets 67.2 33.4
Accounts payable 46.5 121.2
Accrued and other current liabilities (68.5) (7.3)
Contract liabilities 7.5 10.4
Other long-term liabilities (14.7) (26.8)
Net cash provided by operating activities 370.7 223.5
Investing activities:    
Capital expenditures (70.1) (82.7)
Proceeds from sale of discontinued operation, net of cash disposed 0.0 132.0
Acquisitions, net of cash acquired 0.0 (24.7)
Investment in securities 0.2 10.3
Other investing activities, net 14.0 2.0
Net cash (used in) provided by investing activities (55.9) 36.9
Financing activities:    
Repurchases of common stock (250.0) (175.0)
Dividends paid (77.2) (56.7)
Proceeds from exercise of stock options 11.8 16.0
Withholding tax paid related to stock-based compensation (10.0) (12.5)
Other financing activities, net (1.7) (1.7)
Net cash used in financing activities (327.1) (229.9)
Effect of foreign currency exchange rate changes on cash and cash equivalents 0.8 (1.7)
Change in cash and cash equivalents (11.5) 28.8
Less: change in cash and cash equivalents of discontinued operations (2.1) (2.2)
Cash and cash equivalents at beginning of period 388.7 313.7
Cash and cash equivalents at end of period $ 379.3 $ 344.7