XML 19 R8.htm IDEA: XBRL DOCUMENT v3.19.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash flows from operating activities    
Net income $ 110,268 $ 98,958
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 9,660 10,183
Amortization of intangible assets 8,999 10,871
Amortization of debt issuance expenses 335 332
Share-based compensation expense 7,560 7,652
Deferred income taxes 3,027 (2,041)
Non-cash interest expense associated with forward starting swaps 1,588 1,632
Changes in (net of the effect from acquisitions):    
Receivables (21,402) (30,816)
Inventories (18,548) (21,116)
Other current assets (7,119) 16,881
Trade accounts payable 17,488 8,215
Accrued expenses (24,606) (27,273)
Other - net 1,413 (1,749)
Net cash flows provided by operating activities 88,663 71,729
Cash flows from investing activities    
Purchases of property, plant and equipment (12,875) (10,009)
Proceeds from disposal of fixed assets 629 0
Other - net (195) (184)
Net cash flows used in investing activities (12,441) (10,193)
Cash flows from financing activities    
Dividends paid (33,446) (28,945)
Proceeds from stock option exercises 8,870 6,590
Repurchases of common stock (50,797) 0
Shares surrendered for tax withholding (11,479) (10,750)
Settlement of foreign exchange contracts 0 6,618
Other - net (129) 0
Net cash flows used in financing activities (86,981) (26,487)
Effect of exchange rate changes on cash and cash equivalents 482 1,974
Net increase (decrease) in cash (10,277) 37,023
Cash and cash equivalents at beginning of year 466,407 375,950
Cash and cash equivalents at end of period 456,130 412,973
Cash paid for:    
Interest 323 355
Income taxes 13,911 10,942
Significant non-cash activities:    
Capital expenditures for construction of new leased facility $ 0 $ 5,801