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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating activities:    
Net income $ 561.9 $ 749.8
Reconciliation of net income to net cash provided by operating activities:    
Depreciation 66.9 72.7
Amortization 102.4 117.5
Lease expense 22.0 21.0
Stock-based compensation 36.4 21.4
Deferred taxes (35.5) (0.8)
Other operating activities, net 27.0 37.5
Changes in assets and liabilities, excluding effects of acquisitions:    
Receivables (145.3) (291.3)
Inventories 117.0 (223.4)
Contract assets 13.2 (12.3)
Prepaid expenses and other assets 48.8 32.0
Accounts payable 49.4 71.1
Accrued and other current liabilities (39.6) 7.9
Contract liabilities 14.0 22.5
Other long-term liabilities (26.2) (37.0)
Net cash provided by operating activities 812.4 588.6
Investing activities:    
Capital expenditures (106.3) (130.5)
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 0.9 10.3
Other investing activities, net 18.7 2.2
Net cash used in investing activities (86.7) (10.7)
Financing activities:    
Repayment of notes (300.0) 0.0
Borrowings from revolving credit facility 84.0 0.0
Repayments of revolving credit facility (84.0) 0.0
Repurchases of common stock (580.0) (201.1)
Dividends paid (119.3) (95.6)
Proceeds from exercise of stock options 17.7 39.3
Withholding tax paid related to stock-based compensation (10.4) (13.3)
Other financing activities, net (2.5) (2.5)
Net cash used in financing activities (994.5) (273.2)
Effect of foreign currency exchange rate changes on cash and cash equivalents 0.0 (3.7)
Change in cash and cash equivalents (268.8) 301.0
Less: change in cash and cash equivalents of discontinued operations (12.0) 7.3
Cash and cash equivalents at beginning of period 364.8 299.1
Cash and cash equivalents at end of period $ 108.0 $ 592.8