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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities    
Net income $ 487.3 $ 456.7
Adjustments to reconcile net income to net cash flows provided by operating activities:    
Gain on sale of business (93.8) (34.8)
Asset impairments 0.8 17.0
Credit loss on note receivable from collaborative partner 7.7 0.0
Depreciation 41.9 37.0
Amortization of intangible assets 70.6 49.2
Share-based compensation expense 18.9 16.4
Deferred income taxes (1.8) 0.2
Changes in (net of the effect from acquisitions/divestitures and foreign currency translation):    
Receivables 11.6 (62.5)
Inventories 24.5 (99.6)
Other current assets 0.3 (4.8)
Trade accounts payable (30.2) 25.6
Deferred revenue 5.6 (24.7)
Accrued expenses (34.0) 13.1
Other - net 6.3 1.3
Net cash flows provided by operating activities 515.7 390.1
Cash flows from investing activities    
Capital expenditures (68.3) (48.0)
Acquisition of businesses, net of cash acquired (110.3) (232.6)
Proceeds from sale of business, net of cash remitted 110.3 49.4
Purchases of marketable securities (24.6) 0.0
Other - net 2.9 6.8
Net cash flows used in investing activities (90.0) (224.4)
Cash flows from financing activities    
Borrowings under revolving credit facilities 0.0 40.0
Payments under revolving credit facilities 0.0 (40.0)
Proceeds from issuance of 5.13% Senior Notes 100.0 0.0
Payment of 3.20% Senior Notes (100.0) 0.0
Payments under Term Facility (150.0) 0.0
Cash dividends paid to shareholders (142.3) (132.2)
Net proceeds from stock option exercises 7.7 3.9
Repurchases of common stock (1.1) (146.3)
Other - net (1.0) 0.0
Net cash flows used in financing activities (286.7) (274.6)
Effect of exchange rate changes on cash and cash equivalents (6.5) (65.8)
Net increase (decrease) in cash and cash equivalents 132.5 (174.7)
Cash and cash equivalents at beginning of year 430.2 855.4
Cash and cash equivalents at end of period 562.7 680.7
Cash paid for:    
Interest 30.5 18.9
Income taxes $ 147.1 $ 129.5