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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities      
Net income $ 586.7 $ 449.3 $ 377.8
Adjustments to reconcile net income to net cash provided by operating activities:      
Gains on sales of assets (3.5) 0.0 0.0
Gain on sale of business (34.8) 0.0 0.0
Asset impairments 17.4 0.8 3.1
Depreciation 50.7 46.6 41.7
Amortization of intangible assets 69.0 56.4 41.8
Amortization of debt issuance expenses 1.7 1.7 1.7
Share-based compensation expense 21.6 20.4 14.8
Deferred income taxes (18.5) (6.1) 8.2
Non-cash interest expense associated with forward starting swaps 0.0 3.3 6.0
Termination of the U.S. pension plan, net of curtailment 0.0 8.6 0.0
Changes in (net of the effect from acquisitions/divestitures and foreign exchange):      
Receivables (71.7) (49.4) 20.9
Inventories (72.4) (46.1) 36.5
Other current assets (0.5) 9.0 (10.3)
Trade accounts payable 17.6 22.9 2.7
Deferred revenue (25.0) 19.8 39.0
Accrued expenses 16.6 25.8 (13.7)
Other - net 2.5 2.3 (0.9)
Net cash flows provided by operating activities 557.4 565.3 569.3
Cash flows from investing activities      
Purchases of property, plant and equipment (68.0) (72.7) (51.6)
Acquisition of businesses, net of cash acquired (945.6) (577.4) (123.1)
Note receivable from collaborative partner (3.0) (4.2) 0.0
Proceeds from disposal of fixed assets 8.9 0.0 0.0
Proceeds from sale of business, net of cash remitted 49.4 0.0 0.0
Purchase of marketable securities 0.0 (45.2) 0.0
Proceeds from sale of marketable securities 39.7 0.0 0.0
Other - net 1.4 1.4 2.1
Net cash flows used in investing activities (917.2) (698.1) (172.6)
Cash flows from financing activities      
Borrowings under revolving credit facilities 210.4 0.0 150.0
Payments under revolving credit facilities (135.0) 0.0 (150.0)
Proceeds from issuance of long-term borrowings 200.0 499.4 499.1
Payment of long-term borrowings 0.0 (350.1) (300.4)
Payment of make-whole redemption premium 0.0 (6.7) (6.8)
Debt issuance costs (2.3) (4.6) (4.7)
Dividends paid (177.4) (161.1) (151.8)
Proceeds from stock option exercises 19.3 19.7 44.6
Repurchases of common stock (148.1) 0.0 (110.3)
Shares surrendered for tax withholding (5.2) (6.1) (12.3)
Contributions received from joint venture partner 0.5 0.0 0.0
Net cash flows used in financing activities (37.8) (9.5) (42.6)
Effect of exchange rate changes on cash and cash equivalents (27.6) (28.2) 39.2
Net (decrease) increase in cash and cash equivalents (425.2) (170.5) 393.3
Cash and cash equivalents at beginning of year 855.4 1,025.9 632.6
Cash and cash equivalents at end of year 430.2 855.4 1,025.9
Cash paid for:      
Interest 37.1 36.0 35.2
Income taxes - net $ 175.6 $ 118.2 $ 87.2