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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Cash flows from operating activities    
Net income $ 215,044 $ 217,766
Adjustments to reconcile net income to net cash provided by operating activities    
Gain on sale of business (18,070) 0
Depreciation and amortization 26,634 25,330
Amortization of intangible assets 31,340 32,952
Amortization of debt issuance costs 1,233 1,290
Share-based compensation expense 14,735 16,445
Deferred income taxes 1,473 (5,170)
Excess tax benefit from share-based compensation (4,350) (5,360)
Non-cash interest expense associated with forward starting swaps 5,287 5,432
Changes in (net of effect from acquisitions):    
Receivables (1,417) (21,394)
Inventories (6,474) (17,888)
Other current assets (2,742) (2,570)
Trade accounts payable (4,002) 2,188
Accrued expenses 2,067 19,069
Other — net 1,023 (1,507)
Net cash flows provided by operating activities 261,781 266,583
Cash flows from investing activities    
Additions of property, plant and equipment (32,611) (33,820)
Acquisition of businesses, net of cash acquired 193,163 25,442
Proceeds from sale of business 27,677 0
Other — net 647 (52)
Net cash flows used in investing activities (197,450) (59,314)
Cash flows from financing activities    
Borrowings under revolving facilities 383,621 105,014
Payments under revolving facilities (295,934) (46,780)
Payment of 2.58% Senior Euro Notes (88,420) 0
Debt issuance costs (1,698) 0
Dividends paid (71,673) (63,525)
Proceeds from stock option exercises 15,167 13,787
Excess tax benefit from share-based compensation 4,350 5,360
Purchase of common stock (177,772) (146,042)
Unvested shares surrendered for tax withholding (3,217) (4,903)
Net cash flows used in financing activities (235,576) (137,089)
Effect of exchange rate changes on cash and cash equivalents (31,410) (22,743)
Net increase (decrease) in cash (202,655) 47,437
Cash and cash equivalents at beginning of year 509,137 439,629
Cash and cash equivalents at end of period 306,482 487,066
Cash paid for:    
Interest 18,069 16,525
Income taxes 70,217 91,625
Significant non-cash activities:    
Contingent consideration for acquisition $ 4,705 $ 0