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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net income $ 306.6 $ 240.9
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 15.0 13.3
Share-based compensation expense (benefit) 25.6 (12.4)
Other (10.5) 5.8
Changes in operating assets and liabilities:    
Accounts receivable (28.3) 85.9
Inventories (9.3) (2.5)
Accounts payable and accrued expenses 1.9 2.8
Other assets and liabilities 75.5 41.0
Net cash provided by operating activities 376.5 374.8
Cash flows from investing activities:    
Purchases of property, plant, and equipment (38.2) (41.3)
Deposits (4.3) 0.0
Purchases of available-for-sale debt securities (529.3) (889.5)
Maturities of available-for-sale debt securities 475.3 709.7
Sales of available-for-sale debt securities 831.8 0.0
Net cash provided by (used in) investing activities 735.3 (221.1)
Cash flows from financing activities:    
Payments to repurchase common stock (1,000.0) 0.0
Repayment of line of credit (100.0) 0.0
Payments of debt issuance costs (2.7) (2.7)
Proceeds from the exercise of stock options 42.2 61.4
Proceeds from the issuance of stock under ESPP 3.9 3.4
RSUs withheld for taxes (11.4) (13.5)
Net cash (used in) provided by financing activities (1,068.0) 48.6
Net increase in cash and cash equivalents 43.8 202.3
Cash and cash equivalents, beginning of period 1,207.7 961.2
Cash and cash equivalents, end of period 1,251.5 1,163.5
Supplemental cash flow information:    
Cash paid for interest 12.6 13.1
Cash paid for income taxes 4.7 0.0
Non-cash investing and financing activities:    
Non-cash additions to property, plant, and equipment 23.6 18.4
Measurement period adjustment to purchase price 1.4 0.0
Excise tax on net share repurchase $ 6.9 $ 0.0