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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating activities:    
Net income $ 384.4 $ 524.6
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 61.1 59.1
Stock-based compensation expense 13.5 11.8
Other (0.1) 8.0
Changes in operating assets and liabilities (excluding effect of businesses acquired):    
Accounts receivable (237.1) (399.6)
Inventories 13.5 54.0
Prepaid expenses and other assets 50.0 19.5
Accounts payable and other liabilities 99.3 126.6
Net cash provided by operating activities 384.6 404.0
Investing activities:    
Purchases of property, plant and equipment (102.9) (66.7)
Proceeds from sales of property, plant and equipment 8.3 8.2
Deferred compensation plan contributions, net (7.4) (7.5)
Other (0.6) 2.7
Net cash used in investing activities (102.6) (63.3)
Financing activities:    
Principal payment on long-term debt (500.0)  
Cash dividends and dividend equivalents (62.0) (56.7)
Share repurchases (38.9) (17.1)
Taxes paid related to net share settlement of restricted stock units (37.2) (17.1)
Other (1.1) (1.1)
Net cash used in financing activities (639.2) (92.0)
Effect of exchange rate changes on cash and cash equivalents   (1.2)
(Decrease) increase in cash and cash equivalents (357.2) 247.5
Cash and cash equivalents at beginning of year 1,173.4 300.5
Cash and cash equivalents at end of the period 816.2 548.0
Supplemental cash flow information:    
Interest paid during the period 14.4 9.6
Income taxes paid during the period, net $ 21.2 $ 89.8