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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Cash flows from operating activities    
Net income $ 312,436 $ 243,511
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 29,725 28,425
Amortization of intangible assets 29,505 35,381
Amortization of debt issuance expenses 998 989
Share-based compensation expense 19,814 18,143
Deferred income taxes (1,480) 1,888
Non-cash interest expense associated with forward starting swaps 4,869 5,004
Changes in (net of the effect from acquisitions):    
Receivables (34,057) (28,407)
Inventories (27,903) (4,869)
Other current assets 7,635 (15,113)
Trade accounts payable (4,420) 3,681
Accrued expenses 33 9,912
Other - net (11,402) (1,965)
Net cash flows provided by operating activities 325,753 296,580
Cash flows from investing activities    
Purchases of property, plant and equipment (39,856) (28,054)
Purchase of intellectual property (4,000) 0
Acquisition of businesses, net of cash acquired (20,205) 0
Proceeds from disposal of fixed assets 211 5,159
Other - net (1,180) (337)
Net cash flows used in investing activities (65,030) (23,232)
Cash flows from financing activities    
Borrowings under revolving credit facilities 0 33,000
Payments under revolving credit facilities (11,128) (181,692)
Dividends paid (94,913) (82,869)
Proceeds from stock option exercises 26,793 18,980
Purchases of common stock (50,654) (22,650)
Shares surrendered for tax withholding (11,260) (5,903)
Settlement of foreign exchange contracts 6,593 4,406
Net cash flows used in financing activities (134,569) (236,728)
Effect of exchange rate changes on cash and cash equivalents (10,337) 30,707
Net increase (decrease) in cash 115,817 67,327
Cash and cash equivalents at beginning of year 375,950 235,964
Cash and cash equivalents at end of period 491,767 303,291
Cash paid for:    
Interest 18,547 19,406
Income taxes - net 73,138 78,629
Significant non-cash activities:    
Capital expenditures for construction of new leased facility 11,616 0
Contingent consideration for acquisition $ 3,375 $ 0