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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities of continuing operations:      
Net income $ 335,324 $ 461,466 $ 200,802
Adjustments to reconcile net income to net cash provided by operating activities:      
Loss (Income) from discontinued operations 477 515 (4,370)
Depreciation expense 68,567 64,088 60,494
Intangible asset amortization expense 158,685 149,974 149,486
Deferred financing costs and debt discount amortization expense 4,430 4,307 4,734
Loss on extinguishment of debt 0 8,822 0
Fair value step up of acquired inventory sold 1,707 0 0
Changes in contingent consideration (38,164) 53,915 52,977
Asset impairment charges 21,388 6,966 19,110
Stock-based compensation 20,739 26,940 22,438
Net gain on sales of businesses and assets 0 (6,077) (1,388)
Deferred income taxes, net (32,675) (168,594) (6,097)
Payments for contingent consideration (79,801) (26,092) (2,100)
Interest benefit on swaps designated as net investment hedges (19,178) (18,866) (3,277)
Other (26,636) (5,800) (13,426)
Changes in operating assets and liabilities, net of effects of acquisitions and disposals:      
Accounts receivable 44,748 (59,793) (23,412)
Inventories (5,497) (53,170) (37,198)
Prepaid expenses and other current assets (4,323) (31,023) (10,351)
Accounts payable, accrued expenses and other liabilities 646 36,021 62,404
Income taxes receivable and payable, net (13,294) (6,531) (35,740)
Net cash provided by operating activities from continuing operations 437,143 437,068 435,086
Cash flows from investing activities of continuing operations:      
Expenditures for property, plant and equipment (90,694) (102,695) (80,795)
Payments for businesses and intangibles acquired, net of cash acquired (767,830) (3,462) (121,025)
Proceeds from sales of businesses and assets 1,400 14,345 3,878
Net interest proceeds on swaps designated as net investment hedges 19,341 18,331 1,548
Net cash used in investing activities from continuing operations (837,783) (73,481) (196,394)
Cash flows from financing activities of continuing operations:      
Proceeds from new borrowings 1,513,807 275,000 35,000
Reduction in borrowings (938,807) (528,500) (128,500)
Debt extinguishment, issuance and amendment fees (8,440) (11,635) (188)
Proceeds from share based compensation plans and the related tax impacts 18,994 21,206 22,655
Payments for contingent consideration (67,170) (112,079) (73,235)
Dividends (63,221) (62,828) (62,165)
Net cash provided by (used in) financing activities from continuing operations 455,163 (418,836) (206,433)
Cash flows from discontinued operations:      
Net cash (used in) provided by operating activities (737) 2,457 2,292
Net cash (used in) provided by discontinued operations (737) 2,457 2,292
Effect of exchange rate changes on cash and cash equivalents 21,011 (3,286) (10,948)
Net increase (decrease) in cash and cash equivalents 74,797 (56,078) 23,603
Cash and cash equivalents at the beginning of the year 301,083 357,161 333,558
Cash and cash equivalents at the end of the year $ 375,880 $ 301,083 $ 357,161