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Condensed Consolidated Statements of Cash Flow - USD ($)
$ in Millions
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Cash from operating activities:          
Net income $ 528.7 $ 465.3 $ 1,080.8 $ 908.0  
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation and amortization 123.6 94.1 227.4 190.4  
Stock-based compensation expense     50.4 45.5  
Deferred income tax provision (benefit)     (19.3) (5.4)  
Gain on bargain purchase acquisition 0.0 (5.4) 0.0 (5.4)  
Net change in components of working capital     (69.8) (57.7)  
Net change in other long-term assets and liabilities     (5.9) (6.6)  
Net cash provided by operating activities     1,263.6 1,068.8  
Cash from investing activities:          
Capital expenditures     (235.6) (193.1)  
Proceeds from disposals of property, plant and equipment     5.4 1.6  
Purchases of investments     (13.4) (139.2)  
Sales and maturities of investments     145.8 63.8  
Acquisitions, net of cash acquired (2,099.8)   (2,099.8) (113.2)  
Other, net     1.9 5.0  
Net cash used in investing activities     (2,195.7) (375.1)  
Cash from financing activities:          
Proceeds from issuance of senior notes and other long-term debt     1,500.1 351.8  
Repayments of senior notes and other long-term debt     (351.8) (7.1)  
(Repayments) borrowings under commercial paper programs, net     0.0 (632.6)  
Payment of costs related to debt financing     (14.7) (2.3)  
Purchase of treasury stock     (344.2) (320.5)  
Proceeds from exercise of stock options     234.7 163.1  
Distributions to and purchases of noncontrolling interests     (17.5) (6.5)  
Dividend payments (132.1) (125.0) (263.8) (249.9)  
Other, net     0.6 0.0  
Net cash provided by (used in) financing activities     743.4 (704.0)  
Effect of exchange rate changes on cash and cash equivalents     (33.8) (37.7)  
Net increase (decrease) in cash and cash equivalents     (222.5) (48.0)  
Cash and cash equivalents balance, beginning of period     1,475.0 1,373.1 $ 1,373.1
Cash and cash equivalents balance, end of period $ 1,252.5 $ 1,325.1 1,252.5 1,325.1 $ 1,475.0
Cash paid for:          
Interest     71.2 60.3  
Income taxes, net     $ 359.2 $ 324.4