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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities:      
Net income $ 1,311.8 $ 767.4 $ 924.0
Reconciliation of net income to cash flows provided by operating activities:      
Depreciation 70.2 84.3 96.7
Amortization 102.4 120.4 154.6
Lease expense 26.6 28.7 27.9
Stock-based compensation 30.1 41.5 31.2
Deferred taxes (60.1) (71.7) (33.3)
(Gain) loss on sale of discontinued operations (454.4) 82.5 (7.0)
Other operating activities, net 29.4 28.8 46.2
Changes in assets and liabilities, excluding effects of acquisitions:      
Receivables 69.6 1.5 (25.9)
Inventories (103.7) 158.0 (165.2)
Contract assets 10.3 13.7 (18.9)
Prepaid expenses and other assets (16.8) (24.7) 21.6
Accounts payable (4.1) (27.0) (60.5)
Accrued and other current liabilities 14.5 (10.1) 20.0
Contract liabilities 25.9 23.4 27.4
Other long-term liabilities (21.4) (15.4) (37.9)
Net cash provided by operating activities 1,030.3 1,201.3 1,000.9
Investing activities:      
Proceeds from sale of discontinued operations, net of cash disposed 1,998.0 510.6 132.0
Capital expenditures (113.3) (142.2) (183.5)
Acquisitions, net of cash acquired (676.9) (36.1) (24.7)
Investment in securities 20.8 1.1 10.3
Other investing activities, net 1.0 19.0 4.8
Net cash provided by (used in) investing activities 1,229.6 352.4 (61.1)
Financing activities:      
Repayments of notes (400.0) (300.0) (350.0)
Borrowings from revolving credit facility 22.0 84.0 0.0
Repayments of revolving credit facility (22.0) (84.0) 0.0
Repurchases of common stock (1,585.9) (900.0) (400.0)
Dividends paid (172.4) (160.3) (134.4)
Proceeds from exercise of stock options 80.2 25.7 40.4
Withholding tax paid related to stock-based compensation (18.1) (11.7) (14.7)
Other financing activities, net (14.0) (3.4) (3.3)
Net cash (used in) provided by financing activities (2,110.2) (1,349.7) (862.0)
Effect of foreign currency exchange rate changes on cash and cash equivalents (1.7) 1.5 (2.2)
Change in cash and cash equivalents 148.0 205.5 75.6
Less: change in cash and cash equivalents of discontinued operations (28.8) (6.4) 9.9
Cash and cash equivalents at beginning of period 576.7 364.8 299.1
Cash and cash equivalents at end of period $ 753.5 $ 576.7 $ 364.8