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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating activities:    
Net income $ 1,149.0 $ 561.9
Reconciliation of net income to net cash provided by operating activities:    
Depreciation 51.7 66.9
Amortization 74.9 102.4
Lease expense 18.9 22.0
Stock-based compensation 22.9 30.2
Deferred taxes (5.7) (35.5)
(Gain) loss on sale of discontinued operations (456.7) 49.9
Other operating activities, net 8.7 26.9
Changes in assets and liabilities, excluding effects of acquisitions:    
Receivables (157.1) (145.3)
Inventories (103.9) 117.0
Contract assets 10.2 13.2
Prepaid expenses and other assets (5.9) 7.4
Accounts payable 66.5 49.4
Accrued and other current liabilities (11.0) (41.4)
Contract liabilities 18.5 14.0
Other long-term liabilities (21.3) (26.6)
Net cash provided by operating activities 659.7 812.4
Investing activities:    
Proceeds from sale of discontinued operations, net of cash disposed 1,998.0 0.0
Acquisitions, net of cash acquired (414.3) 0.0
Capital expenditures (76.7) (106.3)
Investment in securities 0.6 0.9
Other investing activities, net 1.3 18.7
Net cash provided by (used in) investing activities 1,508.9 (86.7)
Financing activities:    
Repayment of notes 0.0 (300.0)
Borrowings from revolving credit facility 22.0 84.0
Repayments of revolving credit facility (22.0) (84.0)
Repurchases of common stock (1,166.1) (580.0)
Dividends paid (127.4) (119.3)
Proceeds from exercise of stock options 73.1 17.7
Withholding tax paid related to stock-based compensation (17.7) (10.4)
Other financing activities, net (4.8) (2.5)
Net cash used in financing activities (1,242.9) (994.5)
Effect of foreign currency exchange rate changes on cash and cash equivalents (0.6) 0.0
Change in cash and cash equivalents 925.1 (268.8)
Less: change in cash and cash equivalents of discontinued operations (28.8) (12.0)
Cash and cash equivalents at beginning of period 576.7 364.8
Cash and cash equivalents at end of period $ 1,530.6 $ 108.0