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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities    
Net income $ 214,851 $ 172,862
Adjustments to reconcile net income to net cash provided by operating activities:    
Asset impairments 226 0
Depreciation and amortization 21,480 20,591
Amortization of intangible assets 24,513 20,032
Amortization of debt issuance expenses 961 976
Share-based compensation expense 13,245 13,665
Deferred income taxes (13,982) 2,421
Non-cash interest expense associated with forward starting swaps 3,275 4,284
Termination of the U.S. pension plan 9,688 0
Changes in (net of the effect from acquisitions):    
Receivables (46,257) 34,253
Inventories (20,936) (9,529)
Other current assets 125 (18,421)
Trade accounts payable 22,569 (6,842)
Deferred revenue 15,502 20,346
Accrued expenses 1,217 (3,084)
Other - net (881) 2,659
Net cash flows provided by operating activities 245,596 254,213
Cash flows from investing activities    
Purchases of property, plant and equipment (30,593) (21,085)
Acquisition of businesses, net of cash acquired (575,606) (120,839)
Note receivable from collaborative partner (4,200) 0
Proceeds from disposal of fixed assets 242 2,114
Other - net 905 (636)
Net cash flows used in investing activities (609,252) (140,446)
Cash flows from financing activities    
Borrowings under revolving credit facilities 0 150,000
Payments under revolving credit facilities 0 (150,000)
Payment of make-whole redemption premium (6,659) (6,756)
Debt issuance costs (4,611) (4,166)
Dividends paid (79,242) (76,498)
Proceeds from stock option exercises 10,687 13,111
Repurchases of common stock 0 (110,342)
Shares surrendered for tax withholding (5,534) (12,148)
Other - net (60) (251)
Net cash flows provided by financing activities 63,961 2,050
Effect of exchange rate changes on cash and cash equivalents (11,776) (2,050)
Net (decrease) increase in cash (311,471) 113,767
Cash and cash equivalents at beginning of year 1,025,851 632,581
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending Balance 714,380 746,348
Cash paid for:    
Interest 17,157 16,089
Income taxes 72,681 21,781
3.00% Senior Notes, due May 2030    
Cash flows from financing activities    
Proceeds from Issuance of Senior Notes 0 499,100
2.625% Senior Notes, due June 2031    
Cash flows from financing activities    
Proceeds from Issuance of Senior Notes 499,380 0
4.5% Senior Notes    
Cash flows from financing activities    
Payment of Senior Notes 0 (300,000)
4.20% Senior Notes, due December 2021    
Cash flows from financing activities    
Payment of Senior Notes $ (350,000) $ 0