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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities    
Net income $ 328,671 $ 312,436
Adjustments to reconcile net income to net cash provided by operating activities:    
Asset impairments 9,680 0
Depreciation and amortization 29,599 29,725
Amortization of intangible assets 27,747 29,505
Amortization of debt issuance expenses 1,013 998
Share-based compensation expense 20,620 19,814
Deferred income taxes 11,528 (1,480)
Non-cash interest expense associated with forward starting swaps 4,737 4,869
Changes in (net of the effect from acquisitions):    
Receivables (2,071) (34,057)
Inventories (16,987) (27,903)
Other current assets (19,186) 7,635
Trade accounts payable 2,807 (4,420)
Accrued expenses (23,222) 33
Other - net 1,966 (11,402)
Net cash flows provided by operating activities 376,902 325,753
Cash flows from investing activities    
Purchases of property, plant and equipment (36,773) (39,856)
Purchase of intellectual property 0 (4,000)
Acquisition of businesses, net of cash acquired (87,180) (20,205)
Proceeds from disposal of fixed assets 957 211
Other - net 407 (1,180)
Net cash flows used in investing activities (122,589) (65,030)
Cash flows from financing activities    
Payments under revolving credit facilities 0 (11,128)
Payments under other long-term borrowings (49,923) 0
Dividends paid (109,227) (94,913)
Proceeds from stock option exercises 35,595 26,793
Repurchases of common stock (54,668) (50,654)
Shares surrendered for tax withholding (12,583) (11,260)
Settlement of foreign exchange contracts 0 6,593
Other - net (1,865) 0
Net cash flows used in financing activities (192,671) (134,569)
Effect of exchange rate changes on cash and cash equivalents (12,064) (10,337)
Net increase in cash 49,578 115,817
Cash and cash equivalents at beginning of year 466,407 375,950
Cash and cash equivalents at end of period 515,985 491,767
Cash paid for:    
Interest 18,832 18,547
Income taxes 84,326 73,138
Significant non-cash activities:    
Capital expenditures for construction of new leased facility 0 11,616
Contingent consideration for acquisition 0 3,375
Debt acquired with acquisition of business $ 51,130 $ 0