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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Cash flows from operating activities    
Net income $ 135,539 $ 146,325
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 17,460 16,741
Amortization of intangible assets 20,137 21,932
Amortization of debt issuance costs 860 859
Share-based compensation expense 11,802 11,963
Deferred income taxes 524 (471)
Excess tax benefit from share-based compensation (4,083) (3,680)
Non-cash interest expense associated with forward starting swaps 3,539 3,637
Changes in (net of effect from acquisitions):    
Receivables (15,274) (16,218)
Inventories (10,473) (15,584)
Other current assets (630) (3,352)
Trade accounts payable 4,158 13,291
Accrued expenses (15,886) (5,852)
Other — net 755 (3,411)
Net cash flows provided by operating activities 148,428 166,180
Cash flows from investing activities    
Purchases of property, plant and equipment (23,826) (23,299)
Acquisition of businesses, net of cash acquired (173,333) (25,995)
Other — net (105) (29)
Net cash flows used in investing activities (197,264) (49,323)
Cash flows from financing activities    
Borrowings under revolving facilities 350,342 80,014
Payments under revolving facilities (240,586) (36,181)
Payment of 2.58% Senior Euro Notes (88,420) 0
Debt issuance costs (1,323) 0
Dividends paid (46,910) (41,193)
Proceeds from stock option exercises 13,459 8,831
Excess tax benefit from share-based compensation 4,083 3,680
Purchase of common stock (113,592) (83,060)
Unvested shares surrendered for tax withholding (3,202) (2,836)
Net cash flows used in financing activities (126,149) (70,745)
Effect of exchange rate changes on cash and cash equivalents (22,657) (406)
Net increase (decrease) in cash (197,642) 45,706
Cash and cash equivalents at beginning of year 509,137 439,629
Cash and cash equivalents at end of period 311,495 485,335
Cash paid for:    
Interest 17,296 16,354
Income taxes $ 36,338 $ 61,801