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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating activities:    
Net income $ 904.7 $ 296.3
Reconciliation of net income to net cash provided by operating activities:    
Depreciation 34.2 46.1
Amortization 47.8 72.9
Lease expense 12.0 14.5
Stock-based compensation 14.8 21.0
Deferred taxes (4.1) (22.9)
(Gain) loss on sale of discontinued operations (454.4) 50.8
Other operating activities, net 7.1 29.0
Changes in assets and liabilities, excluding effects of acquisitions:    
Receivables (263.1) (196.5)
Inventories (69.3) 59.5
Contract assets 10.3 8.9
Prepaid expenses and other assets 2.6 22.1
Accounts payable 104.4 46.5
Accrued and other current liabilities 6.2 (69.9)
Contract liabilities 10.5 7.5
Other long-term liabilities (16.8) (15.1)
Net cash provided by operating activities 346.9 370.7
Investing activities:    
Proceeds from sale of discontinued operations, net of cash disposed 1,995.3 0.0
Acquisitions, net of cash acquired (412.8) 0.0
Capital expenditures (57.4) (70.1)
Investment in securities 0.4 0.2
Other investing activities, net 1.1 14.0
Net cash provided by (used in) investing activities 1,526.6 (55.9)
Financing activities:    
Borrowings from revolving credit facility 22.0 0.0
Repayments of revolving credit facility (22.0) 0.0
Repurchases of common stock (700.0) (250.0)
Dividends paid (81.7) (77.2)
Proceeds from exercise of stock options 61.2 11.8
Withholding tax paid related to stock-based compensation (17.5) (10.0)
Other financing activities, net (3.9) (1.7)
Net cash used in financing activities (741.9) (327.1)
Effect of foreign currency exchange rate changes on cash and cash equivalents (0.8) 0.8
Change in cash and cash equivalents 1,130.8 (11.5)
Less: change in cash and cash equivalents of discontinued operations (28.8) 4.1
Cash and cash equivalents at beginning of period 576.7 364.8
Cash and cash equivalents at end of period $ 1,736.3 $ 349.2