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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating activities      
Net income $ 703.4 $ 230.6 $ 133.4
Adjustments to reconcile net income to net cash provided by operating activities:      
Gain on sale of business, net of tax expense (550.1) 0.0 0.0
Depreciation and amortization 157.6 144.2 111.8
Accelerated depreciation 5.5 1.7 3.2
Amortization of inventory step-up 34.4 1.5 10.5
Deferred income tax expense (benefit) 0.5 (27.3) (1.7)
Share-based compensation expense 13.2 11.2 11.3
Changes in assets and liabilities, net of the effect of acquisitions:      
Decrease (increase) in accounts receivable 32.6 (143.1) (4.6)
Decrease (increase) in inventories 14.0 (141.0) 29.7
Increase in accounts payable 10.7 95.3 78.4
Increase (decrease) in pension and other post-retirement benefits 7.1 (10.9) 30.7
Taxes paid on gain on divestiture (2.8) 0.0 (142.0)
Payment of post-acquisition date earnout liability 0.0 0.0 (38.1)
(Decrease) increase in accrued expenses and other assets and liabilities - net (27.7) 71.6 (1.0)
Net cash provided by operating activities 398.4 233.8 221.6
Investing activities      
Capital expenditures (105.5) (100.6) (63.7)
Business acquisitions, net of cash acquired (1,426.1) (47.6) (1,380.2)
Settlement of foreign exchange derivatives 93.3 0.0 0.0
Net proceeds from divestiture 928.2 0.0 7.1
Other investing activities 6.1 (2.0) 5.2
Net cash used by investing activities (504.0) (150.2) (1,431.6)
Financing activities      
Debt offering proceeds 1,300.0 0.0 650.0
Purchase of common shares for treasury (36.4) (4.2) (22.4)
Cash dividends paid (86.8) (77.7) (71.3)
Repayment of long-term debt (956.8) (18.5) (7.8)
Payments on withholding tax on share awards (4.3) (10.7) (2.3)
Debt financing costs (49.3) 0.0 (9.5)
Equity offering proceeds, net of underwriting discount and issuance costs 0.0 0.0 496.1
Payment of acquisition date earnout liability 0.0 0.0 (50.8)
Other financing activities 0.0 (3.5) 0.0
Net cash provided (used) by financing activities 166.4 (114.6) 982.0
Effect of exchange rate changes on cash (20.9) (17.3) 12.8
Increase (decrease) in cash and cash equivalents 39.9 (48.3) (215.2)
Cash and cash equivalents at beginning of year 601.2 649.5 864.7
Cash and cash equivalents at end of year $ 641.1 $ 601.2 $ 649.5