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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities    
Net income $ 456,700 $ 330,600
Adjustments to reconcile net income to net cash provided by operating activities:    
Gains on sales of assets (3,000) 0
Gain on sale of business (34,800) 0
Asset impairments 17,000 800
Depreciation and amortization 37,000 32,300
Amortization of intangible assets 49,200 40,700
Amortization of debt issuance expenses 1,200 1,400
Share-based compensation expense 16,400 15,400
Deferred income taxes 200 (7,100)
Non-cash interest expense associated with forward starting swaps 0 3,300
Termination of the U.S. pension plan 0 9,700
Changes in (net of the effect from acquisitions/divestitures and foreign exchange):    
Receivables (62,500) (59,200)
Inventories (99,600) (28,100)
Other current assets (4,800) 6,000
Trade accounts payable 25,600 21,000
Deferred revenue (24,700) 14,800
Accrued expenses 13,100 18,900
Other - net 3,100 1,700
Net cash flows provided by operating activities 390,100 402,200
Cash flows from investing activities    
Purchases of property, plant and equipment (48,000) (45,500)
Acquisition of businesses, net of cash acquired (232,600) (575,600)
Note receivable from collaborative partner 0 (4,200)
Proceeds from disposal of fixed assets 7,000 200
Proceeds from sale of business, net of cash remitted 49,400 0
Other - net (200) 900
Net cash flows used in investing activities (224,400) (624,200)
Cash flows from financing activities    
Borrowings under revolving credit facilities 40,000 0
Payments under revolving credit facilities (40,000) 0
Proceeds from issuance of long-term borrowings 0 499,400
Payment of long-term borrowings 0 (350,000)
Payment of make-whole redemption premium 0 (6,700)
Debt issuance costs 0 (4,600)
Dividends paid (132,200) (120,300)
Proceeds from stock option exercises 9,000 12,500
Repurchases of common stock (146,300) 0
Shares surrendered for tax withholding (5,100) (5,600)
Other - net 0 (100)
Net cash flows (used in) provided by financing activities (274,600) 24,600
Effect of exchange rate changes on cash and cash equivalents (65,800) (22,000)
Net decrease in cash (174,700) (219,400)
Cash and cash equivalents at beginning of year 855,400 1,025,900
Cash and cash equivalents at end of period 680,700 806,500
Cash paid for:    
Interest 18,900 17,800
Income taxes $ 129,500 $ 93,900