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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Cash flows from operating activities    
Net income $ 143,889 $ 135,539
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 18,986 17,460
Amortization of intangible assets 23,146 20,137
Amortization of debt issuance costs 758 860
Share-based compensation expense 11,603 11,802
Deferred income taxes 3,669 524
Excess tax benefit from share-based compensation 0 (4,083)
Non-cash interest expense associated with forward starting swaps 3,443 3,539
Changes in (net of effect from acquisitions):    
Receivables (22,625) (15,274)
Inventories 11,386 (10,473)
Other current assets (17,233) (630)
Trade accounts payable (3,367) 4,158
Accrued expenses (12,675) (15,886)
Other — net (2,137) 755
Net cash flows provided by operating activities 158,843 148,428
Cash flows from investing activities    
Additions of property, plant and equipment (17,052) (23,826)
Acquisition of businesses, net of cash acquired 221,556 173,333
Other — net 27 (105)
Net cash flows used in investing activities (238,581) (197,264)
Cash flows from financing activities    
Borrowings under revolving facilities 280,391 350,342
Payments under revolving facilities (266,203) (240,586)
Payment of 2.58% Senior Euro Notes 0 (88,420)
Debt issuance costs (92) (1,323)
Dividends paid (51,430) (46,910)
Proceeds from stock option exercises 16,934 13,459
Excess tax benefit from share-based compensation 0 4,083
Purchase of common stock (55,971) (113,592)
Shares surrendered for tax withholding (4,830) (3,202)
Net cash flows provided by (used in) financing activities 118,799 (126,149)
Effect of exchange rate changes on cash and cash equivalents (5,591) (22,657)
Net increase (decrease) in cash 33,470 (197,642)
Cash and cash equivalents at beginning of year 328,018 509,137
Cash and cash equivalents at end of period 361,488 311,495
Cash paid for:    
Interest 17,019 17,296
Income taxes — net 49,142 36,338
3.2% Senior Notes, due June 2023    
Cash flows from financing activities    
Proceeds from Senior Notes 100,000 0
3.37% Senior Notes, due June 2025    
Cash flows from financing activities    
Proceeds from Senior Notes $ 100,000 $ 0