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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows provided by operating activities:    
Net income $ 401.2 $ 234.5
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 76.1 75.8
Unrealized gain on derivatives not designated as hedging instruments (1.3) (1.2)
Amortization of debt issuance costs, original issue discount, and soft call premium 1.8 2.1
Stock-based compensation 27.8 22.7
Provision for excess and obsolete inventory 13.6 19.8
Deferred income taxes 7.2 (0.7)
Asset impairment   1.2
Other 1.4 1.8
Changes in operating assets and liabilities:    
Trade accounts receivable (51.3) (20.9)
Inventories (61.7) (47.1)
Other current and non-current assets (0.2) 10.9
Accounts payable 38.2 24.5
Accrued compensation 2.5 (5.8)
Income taxes payable (28.7) 21.4
Other current and non-current liabilities 18.6 27.0
Net cash provided by operating activities 445.2 366.0
Cash flows used in investing activities:    
Acquisition of business, net of cash acquired (268.4)  
Purchases of investments (497.0) (358.2)
Maturities of investments 342.9 181.5
Sales of investments 134.6 64.3
Purchases of property, plant and equipment (63.3) (59.9)
Net cash used in investing activities (351.2) (172.3)
Cash flows used in financing activities:    
Net proceeds from borrowings 1.0 20.1
Payments on short-term and long-term borrowings (12.8) (77.0)
Dividend payments (35.5) (33.0)
Net payments related to employee stock awards (14.4) (25.4)
Net cash used in financing activities (61.7) (115.3)
Effect of exchange rate changes on cash and cash equivalents (7.3) 0.3
Increase in cash and cash equivalents 25.0 78.7
Cash and cash equivalents at beginning of period 608.3 414.6
Cash and cash equivalents at end of period $ 633.3 $ 493.3