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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities    
Net income $ 112,672 $ 101,998
Adjustments to reconcile net income to net cash provided by operating activities:    
Asset impairments 136 0
Depreciation and amortization 10,554 10,453
Amortization of intangible assets 10,990 9,544
Amortization of debt issuance expenses 366 343
Share-based compensation expense 7,752 6,730
Deferred income taxes 561 2,012
Non-cash interest expense associated with forward starting swaps 859 1,545
Changes in (net of the effect from acquisitions):    
Receivables (46,289) (24,190)
Inventories (7,539) (23,717)
Other current assets 3,350 (14,267)
Trade accounts payable 20,042 14,146
Deferred revenue 11,089 25,651
Accrued expenses (11,592) (23,870)
Other - net (3,627) (1,618)
Net cash flows provided by operating activities 109,324 84,760
Cash flows from investing activities    
Purchases of property, plant and equipment (14,609) (12,762)
Acquisition of businesses, net of cash acquired (106,236) (120,839)
Proceeds from disposal of fixed assets 211 41
Other - net 1,100 (160)
Net cash flows used in investing activities (119,534) (133,720)
Cash flows from financing activities    
Borrowings under revolving credit facilities 0 150,000
Dividends paid (38,149) (38,736)
Proceeds from stock option exercises 3,231 2,089
Repurchases of common stock 0 (108,907)
Shares surrendered for tax withholding (5,460) (12,119)
Other - net (46) (129)
Net cash flows used in financing activities (40,424) (7,802)
Effect of exchange rate changes on cash and cash equivalents (17,075) (6,600)
Net decrease in cash (67,709) (63,362)
Cash and cash equivalents at beginning of year 1,025,851 632,581
Cash and cash equivalents at end of period 958,142 569,219
Cash paid for:    
Interest 483 276
Income taxes $ 18,322 $ 10,492