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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities    
Net income $ 330,565 $ 276,710
Adjustments to reconcile net income to net cash provided by operating activities:    
Asset impairments 815 85
Depreciation and amortization 32,281 30,851
Amortization of intangible assets 40,681 31,123
Amortization of debt issuance expenses 1,354 1,351
Share-based compensation expense 18,575 21,155
Deferred income taxes (7,070) 1,323
Non-cash interest expense associated with forward starting swaps 3,275 5,153
Termination of the U.S. pension plan 9,688 0
Changes in (net of the effect from acquisitions/divestitures):    
Receivables (59,249) 33,291
Inventories (28,072) 17,920
Other current assets 6,041 (27,655)
Trade accounts payable 20,962 (11,496)
Deferred revenue 14,817 27,179
Accrued expenses 17,595 125
Other - net (29) 784
Net cash flows provided by operating activities 402,229 407,899
Cash flows from investing activities    
Purchases of property, plant and equipment (45,487) (39,438)
Acquisition of businesses, net of cash acquired (575,606) (118,159)
Note receivable from collaborative partner (4,200) 0
Proceeds from disposal of fixed assets 250 2,230
Other - net 874 (238)
Net cash flows used in investing activities (624,169) (155,605)
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 (4,626) (4,741)
Dividends paid (120,289) (114,248)
Proceeds from stock option exercises 12,497 28,729
Repurchases of common stock 0 (110,342)
Shares surrendered for tax withholding (5,680) (12,198)
Other - net (74) (352)
Net cash flows provided by (used in) financing activities 24,549 (20,808)
Effect of exchange rate changes on cash and cash equivalents (21,963) 13,691
Net (decrease) increase in cash (219,354) 245,177
Cash and cash equivalents at beginning of year 1,025,851 632,581
Cash and cash equivalents at end of period 806,497 877,758
Cash paid for:    
Interest 17,839 16,415
Income taxes 93,859 66,268
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