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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities    
Net income $ 278.0 $ 214.9
Adjustments to reconcile net income to net cash provided by operating activities:    
Gain on sale of assets (2.6) 0.0
Asset impairments 0.2 0.2
Depreciation and amortization 24.7 21.5
Amortization of intangible assets 32.2 24.5
Amortization of debt issuance expenses 0.8 1.0
Share-based compensation expense 13.5 10.5
Deferred income taxes (0.2) (14.0)
Non-cash interest expense associated with forward starting swaps 0.0 3.3
Termination of the U.S. pension plan 0.0 9.7
Changes in (net of the effect from acquisitions/divestitures and foreign exchange):    
Receivables (68.7) (46.3)
Inventories (84.5) (20.9)
Other current assets (17.8) 0.1
Trade accounts payable 36.2 22.6
Deferred revenue 1.3 15.5
Accrued expenses (22.5) 2.3
Other - net 1.4 0.7
Net cash flows provided by operating activities 192.0 245.6
Cash flows from investing activities    
Purchases of property, plant and equipment (31.7) (30.6)
Acquisition of businesses, net of cash acquired (234.9) (575.6)
Note receivable from collaborative partner 0.0 (4.2)
Proceeds from disposal of fixed assets 6.6 0.2
Other - net (0.1) 0.9
Net cash flows used in investing activities (260.1) (609.3)
Cash flows from financing activities    
Proceeds from issuance of long-term borrowings 0.0 499.4
Payment of long-term borrowings 0.0 (350.0)
Payment of make-whole redemption premium 0.0 (6.7)
Debt issuance costs 0.0 (4.6)
Dividends paid (86.9) (79.2)
Proceeds from stock option exercises 5.2 10.7
Repurchases of common stock (110.4) 0.0
Shares surrendered for tax withholding (4.9) (5.5)
Other - net (0.1) (0.1)
Net cash flows (used in) provided by financing activities (197.1) 64.0
Effect of exchange rate changes on cash and cash equivalents (32.4) (11.8)
Net decrease in cash (297.6) (311.5)
Cash and cash equivalents at beginning of year 855.4 1,025.9
Cash and cash equivalents at end of period 557.8 714.4
Cash paid for:    
Interest 18.5 17.2
Income taxes $ 86.9 $ 72.7