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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities      
Net income $ 504.6 $ 595.6 $ 586.7
Adjustments to reconcile net income to net cash flows provided by operating activities:      
Gain on sale of businesses – net (4.0) (84.7) (34.8)
Asset Impairments 0.1 0.8 17.4
Credit loss on note receivable from collaborative partner 0.0 7.7 0.0
Depreciation 68.5 57.2 50.7
Amortization of intangible assets 107.1 94.9 69.0
Share-based compensation expense 25.8 21.8 21.6
Deferred income taxes (19.4) (14.7) (18.5)
Changes in (net of the effect from acquisitions/divestitures and foreign currency translation):      
Receivables – net (16.9) 20.5 (71.7)
Inventories – net 17.6 66.2 (72.4)
Other current assets (0.1) (6.5) (0.5)
Trade accounts payable 8.9 (25.3) 17.6
Deferred revenue (17.9) 12.7 (25.0)
Accrued expenses (8.6) (34.8) 16.6
Other – net 2.4 5.3 0.7
Net cash flows provided by operating activities 668.1 716.7 557.4
Cash flows from investing activities      
Capital expenditures (65.1) (89.9) (68.0)
Acquisition of businesses, net of cash acquired (984.5) (311.8) (945.6)
Proceeds from sale of businesses, net of cash remitted 45.1 118.6 49.4
Purchase of marketable securities 0.0 (29.0) 0.0
Proceeds from sale of marketable securities 4.5 24.8 39.7
Other – net (6.5) 3.5 7.3
Net cash flows used in investing activities (1,006.5) (283.8) (917.2)
Cash flows from financing activities      
Borrowings under revolving credit facilities 279.3 0.0 210.4
Payments under revolving credit facilities (69.1) 0.0 (135.0)
Proceeds from issuance of long-term borrowings 496.7 100.0 200.0
Payment of long-term borrowings (50.0) (250.0) 0.0
Debt issuance costs (1.7) 0.0 0.0
Cash dividends paid to shareholders (205.3) (190.7) (177.4)
Proceeds from share issuances, net of shares withheld for taxes 16.7 21.5 14.1
Repurchases of common stock 0.0 (24.2) (148.1)
Other – net (0.7) (1.3) (1.8)
Net cash flows provided by (used in) financing activities 465.9 (344.7) (37.8)
Effect of exchange rate changes on cash and cash equivalents (22.9) 15.9 (27.6)
Net increase (decrease) in cash and cash equivalents and restricted cash 104.6 104.1 (425.2)
Cash and cash equivalents at beginning of year [1] 534.3 430.2 855.4
Cash and cash equivalents and restricted cash at end of year [1] 638.9 534.3 430.2
Cash paid for:      
Interest 47.4 50.8 37.1
Income taxes - net $ 171.4 $ 199.5 $ 175.6
[1] Includes $18.1 million of restricted cash at December 31, 2024. The restricted cash has been included in Other current assets in the Consolidated Balance Sheets. There was no restricted cash as of December 31, 2023, December 31, 2022 or December 31, 2021.