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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Cash flows from operating activities      
Net income $ 271,109 $ 282,807 $ 279,386
Adjustments to reconcile net income to net cash provided by operating activities:      
Loss (gain) on sale of fixed assets (28) (114) (351)
Loss (gain) on sale of businesses - net 22,298 (18,070) 0
Asset impairments 205 795 2,473
Depreciation and amortization 37,854 35,694 33,720
Amortization of intangible assets 49,038 42,426 43,187
Amortization of debt issuance expenses 1,295 1,612 1,723
Share-based compensation expense 20,326 20,048 20,717
Deferred income taxes (17,308) (339) (8,593)
Excess tax benefit from share-based compensation 0 (5,265) (6,275)
Non-cash interest expense associated with forward starting swaps 6,851 7,030 7,223
Pension settlement 3,554 0 0
Changes in (net of the effect from acquisitions and divestitures):      
Receivables 302 8,832 (11,110)
Inventories 32,747 4,557 (7,821)
Other current assets (22,006) (2,728) (5,201)
Trade accounts payable 73 (2,828) (2,466)
Accrued expenses (5,470) (16,672) 23,760
Other — net (923) 2,536 (2,411)
Net cash flows provided by operating activities 399,917 360,321 367,961
Cash flows from investing activities      
Purchases of property, plant and equipment (38,242) (43,776) (47,997)
Acquisition of businesses, net of cash acquired (510,001) (195,013) (25,443)
Proceeds from fixed asset disposals 49 894 1,460
Proceeds from sale of businesses, net of cash sold 39,064 27,677 0
Other — net (69) (273) (280)
Net cash flows (used in) investing activities (509,199) (210,491) (72,260)
Cash flows from financing activities      
Borrowings under revolving credit facilities 501,529 414,032 165,014
Payment of 2.58% Senior Euro Notes 0 (88,420) 0
Payments under revolving credit facilities (520,125) (333,630) (61,951)
Debt issuance costs (246) (1,739) 0
Dividends paid (102,650) (96,172) (85,726)
Proceeds from stock option exercises 30,240 19,217 17,161
Excess tax benefit from share-based compensation 0 5,265 6,275
Purchases of common stock (57,272) (210,822) (219,893)
Unvested shares surrendered for tax withholding (4,928) (3,259) (4,952)
Net cash flows provided by (used in) financing activities 46,548 (295,528) (184,072)
Effect of exchange rate changes on cash and cash equivalents (29,320) (35,421) (42,121)
Net increase (decrease) in cash (92,054) (181,119) 69,508
Cash and cash equivalents at beginning of year 328,018 509,137 439,629
Cash and cash equivalents at end of period 235,964 328,018 509,137
Cash paid for:      
Interest 37,067 33,502 32,565
Income taxes 109,399 112,613 122,295
Significant non-cash activities:      
Contingent consideration for acquisition 0 4,705 0
3.2% Senior Notes, due June 2023      
Cash flows from financing activities      
Proceeds from issuance of Senior Notes 100,000 0 0
3.37% Senior Notes, due June 2025      
Cash flows from financing activities      
Proceeds from issuance of Senior Notes $ 100,000 $ 0 $ 0