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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities    
Net income $ 223,477 $ 206,084
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 19,870 19,957
Amortization of intangible assets 17,953 20,667
Amortization of debt issuance expenses 669 664
Share-based compensation expense 14,413 13,252
Deferred income taxes 10,685 (3,021)
Non-cash interest expense associated with forward starting swaps 3,171 3,259
Changes in (net of the effect from acquisitions):    
Receivables (14,177) (40,044)
Inventories (21,007) (28,011)
Other current assets (12,382) 17,798
Trade accounts payable 17,276 5,432
Accrued expenses (39,602) (21,131)
Other - net (508) (2,480)
Net cash flows provided by operating activities 219,838 192,426
Cash flows from investing activities    
Purchases of property, plant and equipment (25,742) (20,968)
Purchase of intellectual property 0 (4,000)
Proceeds from disposal of fixed assets 780 0
Other - net 501 (861)
Net cash flows used in investing activities (24,461) (25,829)
Cash flows from financing activities    
Dividends paid (71,283) (61,916)
Proceeds from stock option exercises 20,761 13,616
Repurchases of common stock (54,668) (19,499)
Shares surrendered for tax withholding (11,509) (10,750)
Settlement of foreign exchange contracts 0 6,593
Other - net (1,929) 0
Net cash flows used in financing activities (118,628) (71,956)
Effect of exchange rate changes on cash and cash equivalents 33 (11,840)
Net increase in cash 76,782 82,801
Cash and cash equivalents at beginning of year 466,407 375,950
Cash and cash equivalents at end of period 543,189 458,751
Cash paid for:    
Interest 18,282 18,223
Income taxes 55,702 38,190
Significant non-cash activities:    
Capital expenditures for construction of new leased facility $ 0 $ 11,971