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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities      
Net income $ 595.6 $ 586.7 $ 449.3
Adjustments to reconcile net income to net cash flows provided by operating activities:      
Gain on sale of businesses - net (84.7) (34.8) 0.0
Asset impairments 0.8 17.4 0.8
Credit loss on note receivable from collaborative partner 7.7 0.0 0.0
Depreciation 57.2 50.7 46.6
Amortization of intangible assets 94.9 69.0 56.4
Share-based compensation expense 21.8 21.6 20.4
Deferred income taxes (14.7) (18.5) (6.1)
Non-cash interest expense associated with forward starting swaps 0.0 0.0 3.3
Termination of the U.S. pension plan, net of curtailment 0.0 0.0 8.6
Changes in (net of the effect from acquisitions/divestitures and foreign currency translation):      
Receivables - net 20.5 (71.7) (49.4)
Inventories - net 66.2 (72.4) (46.1)
Other current assets (6.5) (0.5) 9.0
Trade accounts payable (25.3) 17.6 22.9
Deferred revenue 12.7 (25.0) 19.8
Accrued expenses (34.8) 16.6 25.8
Other - net 5.3 0.7 4.0
Net cash flows provided by operating activities 716.7 557.4 565.3
Cash flows from investing activities      
Capital expenditures (89.9) (68.0) (72.7)
Acquisition of businesses, net of cash acquired (311.8) (945.6) (577.4)
Proceeds from sale of businesses, net of cash remitted 118.6 49.4 0.0
Purchases of marketable securities (29.0) 0.0 (45.2)
Proceeds from sale of marketable securities 24.8 39.7 0.0
Other - net 3.5 7.3 (2.8)
Net cash flows used in investing activities (283.8) (917.2) (698.1)
Cash flows from financing activities      
Borrowings under revolving credit facilities 0.0 210.4  
Payments under revolving credit facilities 0.0 (135.0) 0.0
Proceeds from issuance of long-term borrowings 100.0 200.0 499.4
Payment of long-term borrowings (250.0) 0.0 (350.1)
Payment of make-whole redemption premium 0.0 0.0 (6.7)
Cash dividends paid to shareholders (190.7) (177.4) (161.1)
Proceeds from share issuances, net of shares withheld for taxes 21.5 14.1 13.6
Repurchases of common stock (24.2) (148.1) 0.0
Other (1.3) (1.8) (4.6)
Net cash flows used in financing activities (344.7) (37.8) (9.5)
Effect of exchange rate changes on cash and cash equivalents 15.9 (27.6) (28.2)
Net increase (decrease) in cash and cash equivalents 104.1 (425.2) (170.5)
Cash and cash equivalents at beginning of year 430.2 855.4 1,025.9
Cash and cash equivalents at end of year 534.3 430.2 855.4
Cash paid for:      
Interest 50.8 37.1 36.0
Income taxes - net $ 199.5 $ 175.6 $ 118.2