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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 27, 2015
Jun. 28, 2014
Cash flows from operating activities:    
Consolidated net income $ 230,774 $ 235,252
Adjustments to reconcile consolidated net income to net cash provided by operations:    
Depreciation and amortization 76,913 76,283
Amortization of stock-based compensation 22,006 20,167
Equity in earnings of affiliated companies (3,216) (2,598)
Deferred income taxes 26,506 15,979
Restructuring, integration, and other charges 25,463 15,546
Excess tax benefits from stock-based compensation arrangements (5,842) (6,248)
Other 4,574 1,372
Change in assets and liabilities, net of effects of acquired businesses:    
Accounts receivable 1,079,153 597,926
Inventories (82,825) (130,669)
Accounts payable (1,020,150) (410,063)
Accrued expenses (124,829) (107,937)
Other assets and liabilities (9,089) (21,538)
Net cash provided by operating activities 219,438 283,472
Cash flows from investing activities:    
Cash consideration paid for acquired businesses (470,674) (60,224)
Acquisition of property, plant, and equipment (68,820) (62,003)
Other 2,008 0
Net cash used for investing activities (537,486) (122,227)
Cash flows from financing activities:    
Change in short-term and other borrowings (3,817) (9,904)
Proceeds from (repayment of) long-term bank borrowings, net 34,400 (120,000)
Net proceeds from note offering 688,162 0
Redemption of notes (254,313) 0
Proceeds from exercise of stock options 14,474 18,321
Excess tax benefits from stock-based compensation arrangements 5,842 6,248
Repurchases of common stock (156,424) (138,811)
Other (3,000) 0
Net cash provided by (used for) financing activities 325,324 (244,146)
Effect of exchange rate changes on cash (7,910) 1,235
Net decrease in cash and cash equivalents (634) (81,666)
Cash and cash equivalents at beginning of period 400,355 390,602
Cash and cash equivalents at end of period $ 399,721 $ 308,936