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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities    
Net income $ 276,710 $ 328,671
Adjustments to reconcile net income to net cash provided by operating activities:    
Asset impairments 85 9,680
Depreciation and amortization 30,851 29,599
Amortization of intangible assets 31,123 27,747
Amortization of debt issuance expenses 1,351 1,013
Share-based compensation expense 21,155 20,620
Deferred income taxes 1,323 11,528
Non-cash interest expense associated with forward starting swaps 5,153 4,737
Changes in (net of the effect from acquisitions):    
Receivables 33,291 (2,071)
Inventories 17,920 (16,987)
Other current assets (27,655) (19,186)
Trade accounts payable (11,496) 2,807
Accrued expenses 24,333 (23,222)
Other - net 3,755 1,966
Net cash flows provided by operating activities 407,899 376,902
Cash flows from investing activities    
Purchases of property, plant and equipment (39,438) (36,773)
Acquisition of businesses, net of cash acquired (118,159) (87,180)
Proceeds from disposal of fixed assets 2,230 957
Other - net (238) 407
Net cash flows used in investing activities (155,605) (122,589)
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
Payments under other long-term borrowings (352) (49,923)
Payment of make-whole redemption premium (6,756) 0
Debt issuance costs (4,741) 0
Dividends paid (114,248) (109,227)
Proceeds from stock option exercises 28,729 35,595
Repurchases of common stock (110,342) (54,668)
Shares surrendered for tax withholding (12,198) (12,583)
Other - net 0 (1,865)
Net cash flows used in financing activities (20,808) (192,671)
Effect of exchange rate changes on cash and cash equivalents 13,691 (12,064)
Net increase in cash 245,177 49,578
Cash and cash equivalents at beginning of year 632,581 466,407
Cash and cash equivalents at end of period 877,758 515,985
Cash paid for:    
Interest 16,415 18,832
Income taxes 66,268 84,326
Significant non-cash activities:    
Debt acquired with acquisition of business $ 0 $ 51,130