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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities    
Net income $ 172,862 $ 223,477
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 20,591 19,870
Amortization of intangible assets 20,032 17,953
Amortization of debt issuance expenses 976 669
Share-based compensation expense 13,665 14,413
Deferred income taxes 2,421 10,685
Non-cash interest expense associated with forward starting swaps 4,284 3,171
Changes in (net of the effect from acquisitions):    
Receivables 34,253 (14,177)
Inventories (9,529) (21,007)
Other current assets (18,421) (12,382)
Trade accounts payable (6,842) 17,276
Accrued expenses 17,776 (39,602)
Other - net 2,145 (508)
Net cash flows provided by operating activities 254,213 219,838
Cash flows from investing activities    
Purchases of property, plant and equipment (21,085) (25,742)
Acquisition of businesses, net of cash acquired (120,839) 0
Proceeds from disposal of fixed assets 2,114 780
Other - net (636) 501
Net cash flows (used in) investing activities (140,446) (24,461)
Cash flows from financing activities    
Borrowings under revolving credit facilities 150,000 0
Proceeds from issuance of 3.0% Senior Notes 499,100 0
Payment of 4.5% Senior Notes (300,000) 0
Payments under revolving credit facilities (150,000) 0
Payment of make-whole redemption premium (6,756) 0
Debt issuance costs (4,166) 0
Dividends paid (76,498) (71,283)
Proceeds from stock option exercises 13,111 20,761
Repurchases of common stock (110,342) (54,668)
Shares surrendered for tax withholding (12,148) (11,509)
Other - net (251) (1,929)
Net cash flows provided by (used in) financing activities 2,050 (118,628)
Effect of exchange rate changes on cash and cash equivalents (2,050) 33
Net increase in cash 113,767 76,782
Cash and cash equivalents at beginning of year 632,581 466,407
Cash and cash equivalents at end of period 746,348 543,189
Cash paid for:    
Interest 16,089 18,282
Income taxes $ 21,781 $ 55,702