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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Operating activities    
Net income $ 177.8 $ 108.8
Non-cash adjustments:    
Depreciation 31.1 27.2
Amortization of intangibles 16.6 10.3
Non-cash lease expense 10.7 7.4
Stock-based compensation 11.6 11.1
Deferred taxes (0.1) 0.5
Asset impairment charges   9.5
Amortization of deferred financing fees 1.2 0.9
Equity in losses of affiliate   0.3
Loss (gain) on equity investments 2.9 (6.6)
Loss (gain) on sale of property, plant and equipment 0.2 (0.1)
Changes in assets and liabilities:    
Increase in accounts receivable (91.6) (81.3)
(Increase) decrease in inventories (86.4) 9.6
Decrease in accounts payable (15.9) (25.6)
Increase in other assets (10.9) (7.4)
Decrease in accrued expenses and other liabilities (150.7) (92.9)
Increase in accrued taxes 34.3 14.5
Net cash used in operating activities (69.2) (13.8)
Investing activities    
Capital expenditures [1] (25.4) (26.9)
Proceeds from the disposition of assets 1.7 1.5
Cost of acquisitions, net of cash acquired 5.2  
Cost of investments in equity securities   (51.6)
Net cash used in investing activities (18.5) (77.0)
Financing activities    
Issuance of long-term debt 370.0 380.0
Repayment of long-term debt (260.0) (130.0)
Proceeds from the exercise of stock options [2] 10.6 18.4
Treasury stock purchases (54.1) (150.0)
Employee withholding taxes related to stock-based compensation (7.8) (7.6)
Dividends to stockholders (36.0) (33.5)
Other financing, net 0.1  
Net cash provided by financing activities 22.8 77.3
Effect of foreign exchange rate changes on cash 1.7 (15.0)
Net decrease in cash and cash equivalents (63.2) (28.5)
Cash, cash equivalents and restricted cash at beginning of period [3] 425.0 394.9
Cash, cash equivalents and restricted cash at end of period [3] $ 361.8 $ 366.4
[1] Capital expenditures of $7.4 million and $4.9 million that had not been paid as of March 31, 2021 and 2020, respectively, were excluded from the Statement of Cash Flows.
[2] Proceeds from the exercise of stock options for the three months ended March 31, 2021 excludes $6.6 million related to options that were not settled until April 1, 2021.
[3] Restricted cash of $1.1 million and $4.7 million is included in Other current assets and Other assets, respectively, as of March 31, 2021 and restricted cash of $0.8 million and $5.9 million is included in Other current assets and Other assets, respectively, as of March 31, 2020.  Restricted cash of $1.0 million and $4.9 million is included in Other current assets and Other assets, respectively, as of December 31, 2020.