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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash flows from operating activities    
Net income $ 98,958 $ 75,899
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 10,183 8,903
Amortization of intangible assets 10,871 11,789
Amortization of debt issuance expenses 332 329
Share-based compensation expense 7,652 6,159
Deferred income taxes (2,041) 1,293
Non-cash interest expense associated with forward starting swaps 1,632 1,677
Changes in (net of the effect from acquisitions):    
Receivables (30,816) (20,058)
Inventories (21,116) (2,761)
Other current assets 16,881 6,570
Trade accounts payable 8,215 5,188
Accrued expenses (27,273) (11,565)
Other — net (1,749) 1,556
Net cash flows provided by operating activities 71,729 84,979
Cash flows from investing activities    
Purchases of property, plant and equipment (10,009) (10,162)
Other — net (184) 546
Net cash flows (used in) investing activities (10,193) (9,616)
Cash flows from financing activities    
Borrowings under revolving credit facilities 0 13,000
Payments under revolving credit facilities 0 (80,224)
Dividends paid (28,945) (26,327)
Proceeds from stock option exercises 6,590 6,074
Purchases of common stock 0 (7,005)
Shares surrendered for tax withholding (10,750) (5,647)
Settlement of foreign exchange contracts 6,618 738
Net cash flows (used in) financing activities (26,487) (99,391)
Effect of exchange rate changes on cash and cash equivalents 1,974 4,159
Net increase (decrease) in cash 37,023 (19,869)
Cash and cash equivalents at beginning of year 375,950 235,964
Cash and cash equivalents at end of period 412,973 216,095
Cash paid for:    
Interest 355 760
Income taxes — net 10,942 5,888
Significant non-cash activities:    
Capital expenditures for construction of new leased facility $ 5,801 $ 0