XML 27 R8.htm IDEA: XBRL DOCUMENT v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities    
Net income $ 278.3 $ 278.0
Adjustments to reconcile net income to net cash provided by operating activities:    
Gains on sales of assets (0.2) (2.6)
Asset impairments 0.5 0.2
Credit loss on note receivable from collaborative partner 7.7 0.0
Depreciation 27.2 24.7
Amortization of intangible assets 46.8 32.2
Amortization of debt issuance expenses 0.8 0.8
Share-based compensation expense 17.0 13.5
Deferred income taxes 0.0 (0.2)
Changes in (net of the effect from acquisitions and foreign exchange):    
Receivables (5.8) (68.7)
Inventories (2.0) (84.5)
Other current assets (18.6) (17.8)
Trade accounts payable (17.9) 36.2
Deferred revenue 4.2 1.3
Accrued expenses (52.5) (22.5)
Other - net 3.6 1.4
Net cash flows provided by operating activities 289.1 192.0
Cash flows from investing activities    
Purchases of property, plant and equipment (48.2) (31.7)
Acquisition of businesses, net of cash acquired (110.3) (234.9)
Proceeds from disposal of fixed assets 1.3 6.6
Purchases of marketable securities (19.1) 0.0
Other - net (0.3) (0.1)
Net cash flows used in investing activities (176.6) (260.1)
Cash flows from financing activities    
Proceeds from issuance of 5.13% Senior Notes 100.0 0.0
Payment of 3.20% Senior Notes (100.0) 0.0
Dividends paid (93.9) (86.9)
Proceeds from stock option exercises 8.0 5.2
Repurchases of common stock (1.0) (110.4)
Shares surrendered for tax withholding (4.6) (4.9)
Other - net (0.5) (0.1)
Net cash flows used in financing activities (92.0) (197.1)
Effect of exchange rate changes on cash and cash equivalents 6.3 (32.4)
Net increase (decrease) in cash and cash equivalents 26.8 (297.6)
Cash and cash equivalents at beginning of year 430.2 855.4
Cash and cash equivalents at end of period 457.0 557.8
Cash paid for:    
Interest 25.1 18.5
Income taxes $ 102.9 $ 86.9