XML 54 R7.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities of continuing operations:      
Net income $ 461,466 $ 200,802 $ 152,530
Adjustments to reconcile net income to net cash provided by operating activities:      
Loss (Income) from discontinued operations 515 (4,370) 2,733
Depreciation expense 64,088 60,494 56,497
Amortization expense of intangible assets 149,974 149,486 98,766
Amortization expense of deferred financing costs and debt discount 4,307 4,734 5,075
Loss on extinguishment of debt 8,822 0 5,593
Fair value step up of acquired inventory sold 0 0 10,442
Changes in contingent consideration 53,915 52,977 3,575
Impairment of long-lived assets 6,966 19,110 0
Stock-based compensation 26,940 22,438 19,407
Net gain on sales of businesses and assets (6,077) (1,388) 0
Deferred income taxes, net (168,594) (6,097) (41,822)
Payments for contingent consideration (26,092) (2,100) 0
Interest benefit on swaps designated as net investment hedges (18,866) (3,277) 0
Other (5,800) (13,426) (18,469)
Changes in operating assets and liabilities, net of effects of acquisitions and disposals:      
Accounts receivable (59,793) (23,412) (11,039)
Inventories (53,170) (37,198) (22,363)
Prepaid expenses and other current assets (31,023) (10,351) 547
Accounts payable, accrued expenses and other liabilities 36,021 62,404 39,001
Income taxes receivable and payable, net (6,531) (35,740) 125,828
Net cash provided by operating activities from continuing operations 437,068 435,086 426,301
Cash flows from investing activities of continuing operations:      
Expenditures for property, plant and equipment (102,695) (80,795) (70,903)
Payments for businesses and intangibles acquired, net of cash acquired (3,462) (121,025) (1,768,284)
Proceeds from sales of businesses and assets 14,345 3,878 6,332
Net interest proceeds on swaps designated as net investment hedges 18,331 1,548 0
Net cash used in investing activities from continuing operations (73,481) (196,394) (1,832,855)
Cash flows from financing activities of continuing operations:      
Proceeds from new borrowings 275,000 35,000 2,463,500
Reduction in borrowings (528,500) (128,500) (1,239,576)
Debt extinguishment, issuance and amendment fees (11,635) (188) (26,664)
Proceeds from share based compensation plans and the related tax impacts 21,206 22,655 5,571
Payments for contingent consideration (112,079) (73,235) (335)
Dividends (62,828) (62,165) (61,237)
Net cash (used in) provided by financing activities from continuing operations (418,836) (206,433) 1,141,259
Cash flows from discontinued operations:      
Net cash provided by (used in) operating activities 2,457 2,292 (6,416)
Net cash provided by (used in) discontinued operations 2,457 2,292 (6,416)
Effect of exchange rate changes on cash and cash equivalents (3,286) (10,948) 61,480
Net (decrease) increase in cash and cash equivalents (56,078) 23,603 (210,231)
Cash and cash equivalents at the beginning of the year 357,161 333,558 543,789
Cash and cash equivalents at the end of the year $ 301,083 $ 357,161 $ 333,558