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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities    
Net income $ 381.4 $ 487.3
Adjustments to reconcile net income to net cash flows provided by operating activities:    
Gain on sale of business (4.0) (93.8)
Credit loss on note receivable from collaborative partner 0.0 7.7
Depreciation 49.9 41.9
Amortization of intangible assets 75.0 70.6
Share-based compensation expense 20.9 18.9
Deferred income taxes 0.4 (1.8)
Changes in (net of the effect from acquisitions/divestitures and foreign currency translation):    
Receivables – net (14.5) 11.6
Inventories – net (21.6) 24.5
Other current assets (4.6) 0.3
Trade accounts payable 15.3 (30.2)
Deferred revenue (4.3) 5.6
Accrued expenses (0.5) (34.0)
Other – net 2.1 7.1
Net cash flows provided by operating activities 495.5 515.7
Cash flows from investing activities    
Capital expenditures (49.6) (68.3)
Acquisition of businesses, net of cash acquired (984.5) (110.3)
Proceeds from sale of business, net of cash remitted 45.1 110.3
Purchases of marketable securities 0.0 (24.6)
Proceeds from sale of marketable securities 4.5 0.0
Other – net (7.3) 2.9
Net cash flows used in investing activities (991.8) (90.0)
Cash flows from financing activities    
Borrowings under revolving credit facilities 279.3 0.0
Proceeds from issuance of long-term borrowings 496.7 100.0
Payment of long-term borrowings (25.0) (250.0)
Debt issuance costs (1.2) 0.0
Cash dividends paid to shareholders (153.0) (142.3)
Proceeds from share issuances, net of shares withheld for taxes 10.5 7.7
Repurchases of common stock 0.0 (1.1)
Other – net (0.6) (1.0)
Net cash flows provided by (used in) financing activities 606.7 (286.7)
Effect of exchange rate changes on cash and cash equivalents 6.6 (6.5)
Net increase in cash and cash equivalents and restricted cash 117.0 132.5
Cash and cash equivalents at beginning of year [1] 534.3 430.2
Cash and cash equivalents and restricted cash at end of period [1] 651.3 562.7
Cash paid for:    
Interest 25.5 30.5
Income taxes – net $ 120.2 $ 147.1
[1] Includes $18.1 million of restricted cash at September 30, 2024. The restricted cash has been included in Other current assets in the Condensed Consolidated Balance Sheets. There was no restricted cash as of September 30, 2023, December 31, 2023 or December 31, 2022.