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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities      
Net income $ 337,257 $ 271,109 $ 282,807
Adjustments to reconcile net income to net cash provided by operating activities:      
Loss (gain) on sale of fixed assets - net 315 (28) (114)
Loss (gain) on sale of businesses - net (9,273) 22,298 (18,070)
Asset impairments 0 205 795
Depreciation and amortization 38,314 37,854 35,694
Amortization of intangible assets 45,902 49,038 42,426
Amortization of debt issuance expenses 1,320 1,295 1,612
Share-based compensation expense 24,405 20,326 20,048
Deferred income taxes (33,742) (17,308) (339)
Excess tax benefit from share-based compensation 0 0 (5,265)
Non-cash interest expense associated with forward starting swaps 6,655 6,851 7,030
Pension settlement 0 3,554 0
Changes in (net of the effect from acquisitions and divestitures):      
Receivables (15,803) 302 8,832
Inventories 760 32,747 4,557
Other current assets (20,031) (22,006) (2,728)
Trade accounts payable 12,556 73 (2,828)
Accrued expenses 19,710 (5,470) (16,672)
Other — net 24,408 (923) 2,536
Net cash flows provided by operating activities 432,753 399,917 360,321
Cash flows from investing activities      
Purchases of property, plant and equipment (43,858) (38,242) (43,776)
Acquisition of businesses, net of cash acquired (38,161) (510,001) (195,013)
Proceeds from fixed asset disposals 6,011 49 894
Proceeds from sale of businesses, net of cash sold 21,795 39,064 27,677
Other — net (533) (69) (273)
Net cash flows (used in) investing activities (54,746) (509,199) (210,491)
Cash flows from financing activities      
Borrowings under revolving credit facilities 33,000 501,529 414,032
Payment of 2.58% Senior Euro Notes 0 0 (88,420)
Payments under revolving credit facilities (200,618) (520,125) (333,630)
Debt issuance costs 0 (246) (1,739)
Dividends paid (111,172) (102,650) (96,172)
Proceeds from stock option exercises 22,935 30,240 19,217
Excess tax benefit from share-based compensation 0 0 5,265
Purchases of common stock (29,074) (57,272) (210,822)
Unvested shares surrendered for tax withholding (6,228) (4,928) (3,259)
Settlement of foreign exchange contracts 13,736 0 0
Net cash flows provided by (used in) financing activities (277,421) 46,548 (295,528)
Effect of exchange rate changes on cash and cash equivalents 39,400 (29,320) (35,421)
Net increase (decrease) in cash 139,986 (92,054) (181,119)
Cash and cash equivalents at beginning of year 235,964 328,018 509,137
Cash and cash equivalents at end of period 375,950 235,964 328,018
Cash paid for:      
Interest 36,818 37,067 33,502
Income taxes - net 104,852 109,399 112,613
Significant non-cash activities:      
Contingent consideration for acquisition $ 0 0 4,705
3.2% Senior Notes, due June 2023      
Cash flows from financing activities      
Proceeds from issuance of Senior Notes   100,000 0
3.37% Senior Notes, due June 2025      
Cash flows from financing activities      
Proceeds from issuance of Senior Notes   $ 100,000 $ 0