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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities:      
Net income $ 767.4 $ 924.0 $ 421.7
Reconciliation of net income to cash flows provided by operating activities:      
Depreciation 84.3 96.7 92.1
Amortization 120.4 154.6 134.1
Lease expense 28.7 27.9 27.1
Stock-based compensation 41.5 31.2 19.4
Deferred taxes (71.7) (33.3) (5.4)
Loss (gain) on sale of discontinued operations 82.5 (7.0) 8.0
Other operating activities, net 28.8 46.2 14.7
Changes in assets and liabilities, excluding effects of acquisitions:      
Receivables 1.5 (25.9) (206.9)
Inventories 158.0 (165.2) (136.8)
Contract assets 13.7 (18.9) 13.1
Prepaid expenses and other assets (24.7) 21.6 (34.6)
Accounts payable (27.0) (60.5) 85.4
Accrued and other current liabilities (10.1) 20.0 4.6
Contract liabilities 23.4 27.4 13.1
Other long-term liabilities (15.4) (37.9) (27.9)
Net cash provided by operating activities 1,201.3 1,000.9 421.7
Investing activities:      
Proceed from sale of discontinued operation, net of cash disposed 510.6 132.0 247.7
Capital expenditures (142.2) (183.5) (134.8)
Acquisitions, net of cash acquired (36.1) (24.7) (1,571.3)
Investment in securities     (30.2)
Investment in securities 1.1 10.3  
Other investing activities, net 19.0 4.8 2.2
Net cash provided by (used in) investing activities 352.4 (61.1) (1,486.4)
Financing activities:      
Proceeds from notes 0.0 0.0 842.6
Repayments of notes (300.0) (350.0) 0.0
Borrowings from revolving credit facility 84.0 0.0 650.0
Repayments of revolving credit facility (84.0) 0.0 (650.0)
Repurchases of common stock (900.0) (400.0) (315.6)
Dividends paid (160.3) (134.4) (112.5)
Proceeds from exercise of stock options 25.7 40.4 85.9
Withholding tax paid related to stock-based compensation (11.7) (14.7) (8.5)
Financing costs 0.0 0.0 (1.7)
Other financing activities, net (3.4) (3.3) (2.1)
Net cash (used in) provided by financing activities (1,349.7) (862.0) 488.1
Effect of foreign currency exchange rate changes on cash and cash equivalents 1.5 (2.2) (1.2)
Change in cash and cash equivalents 205.5 75.6 (577.8)
Less: change in cash and cash equivalents of discontinued operations (6.4) 9.9 (26.0)
Cash and cash equivalents      
Cash and cash equivalents at beginning of period 364.8 299.1 850.9
Cash and cash equivalents at end of period $ 576.7 $ 364.8 $ 299.1