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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash flows from operating activities    
Net income $ 213,762 $ 215,044
Adjustments to reconcile net income to net cash provided by operating activities:    
Loss (gain) on sale of businesses - net 2,067 (18,070)
Depreciation and amortization 28,360 26,634
Amortization of intangible assets 35,964 31,340
Amortization of debt issuance costs 1,150 1,233
Share-based compensation expense 15,325 14,735
Deferred income taxes 4,880 1,473
Excess tax benefit from share-based compensation 0 (4,350)
Non-cash interest expense associated with forward starting swaps 5,144 5,287
Changes in (net of effect from acquisitions and divestitures):    
Receivables (2,178) (1,417)
Inventories 22,250 (6,474)
Other current assets (18,276) (2,742)
Trade accounts payable (16,696) (4,002)
Accrued expenses (2,982) 2,067
Other - net (4,446) 1,023
Net cash flows provided by operating activities 284,324 261,781
Cash flows from investing activities    
Additions of property, plant and equipment (28,642) (32,611)
Acquisition of businesses, net of cash acquired (510,001) (193,163)
Proceeds from sale of businesses, net of cash sold 32,529 27,677
Other - net (73) 647
Net cash flows used in investing activities (506,187) (197,450)
Cash flows from financing activities    
Borrowings under revolving facilities 460,524 383,621
Payments under revolving facilities (402,172) (295,934)
Payment of 2.58% Senior Euro Notes 0 (88,420)
Debt issuance costs (246) (1,698)
Dividends paid (77,367) (71,673)
Proceeds from stock option exercises 23,154 15,167
Excess tax benefit from share-based compensation 0 4,350
Purchase of common stock (57,272) (177,772)
Shares surrendered for tax withholding (4,899) (3,217)
Net cash flows provided by (used in) financing activities 141,722 (235,576)
Effect of exchange rate changes on cash and cash equivalents (8,480) (31,410)
Net increase (decrease) in cash (88,621) (202,655)
Cash and cash equivalents at beginning of year 328,018 509,137
Cash and cash equivalents at end of period 239,397 306,482
Cash paid for:    
Interest 18,261 18,069
Income taxes - net 77,250 70,217
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