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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities      
Net income $ 377,778 $ 425,521 $ 410,573
Adjustments to reconcile net income to net cash provided by operating activities:      
(Gain) loss on sale of fixed assets - net (868) 156 946
Asset impairments 3,087 10,155 0
Depreciation and amortization 41,651 39,543 39,049
Amortization of intangible assets 41,844 37,333 38,495
Amortization of debt issuance expenses 1,716 1,355 1,332
Share-based compensation expense 19,375 27,669 24,754
Deferred income taxes 8,238 6,625 (4,345)
Non-cash interest expense associated with forward starting swaps 6,021 6,327 6,475
Changes in (net of the effect from acquisitions):      
Receivables 20,873 22,338 (23,419)
Inventories 36,523 (3,322) (23,031)
Other current assets (10,276) (2,361) 25,162
Trade accounts payable 2,702 (9,115) (1,220)
Deferred revenue 38,967 8,680 (3,247)
Accrued expenses (15,326) (46,664) 7,125
Other - net (3,032) 3,822 (19,304)
Net cash flows provided by operating activities 569,273 528,062 479,345
Cash flows from investing activities      
Purchases of property, plant and equipment (51,545) (50,912) (56,089)
Purchase of intellectual property 0 0 (4,000)
Acquisition of businesses, net of cash acquired (123,133) (87,180) (20,205)
Proceeds from disposal of fixed assets 2,287 962 363
Contributions received from joint venture partner 120 0 0
Other - net (306) 115 (1,500)
Net cash flows used in investing activities (172,577) (137,015) (81,431)
Cash flows from financing activities      
Borrowings under revolving credit facilities 150,000 0  
Proceeds from issuance of 3.0% Senior Notes 499,100 0 0
Payment of 4.5% Senior Notes (300,000) 0 0
Payments under revolving credit facilities (150,000) 0 (11,284)
Payments under other long-term borrowings (396) (50,057) 0
Payment of make-whole redemption premium (6,756) 0 0
Debt issuance costs (4,749) 0 0
Dividends paid (151,838) (147,208) (127,478)
Proceeds from stock option exercises 44,587 38,809 27,639
Repurchases of common stock (110,342) (54,668) (173,926)
Shares surrendered for tax withholding (12,208) (12,596) (11,555)
Settlement of foreign exchange contracts 0 0 6,593
Other - net 0 (1,865) 0
Net cash flows used in financing activities (42,602) (227,585) (290,011)
Effect of exchange rate changes on cash and cash equivalents 39,176 2,712 (17,446)
Net increase in cash 393,270 166,174 90,457
Cash and cash equivalents at beginning of year 632,581 466,407 375,950
Cash and cash equivalents at end of year 1,025,851 632,581 466,407
Cash paid for:      
Interest 35,152 36,683 36,327
Income taxes - net 87,193 109,032 90,733
Significant non-cash activities:      
Contingent consideration for acquisition 0 0 3,375
Debt acquired with acquisition of business 0 51,130 0
Capital expenditures for construction of new leased facility $ 0 $ 0 $ 11,616