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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities of continuing operations:      
Net income $ 485,374 $ 335,324 $ 461,466
Adjustments to reconcile net income to net cash provided by operating activities:      
(Income) loss from discontinued operations (255) 477 515
Depreciation expense 71,758 68,567 64,088
Intangible asset amortization expense 165,604 158,685 149,974
Deferred financing costs and debt discount amortization expense 4,493 4,430 4,307
Loss on extinguishment of debt 12,986 0 8,822
Fair value step up of acquired inventory sold 3,993 1,707 0
Changes in contingent consideration 8,475 (38,164) 53,915
Asset impairment charges 6,739 21,388 6,966
Stock-based compensation 22,937 20,739 26,940
Net gain on sales of business and assets (91,157) 0 (6,077)
Deferred income taxes, net (110,239) (32,675) (168,594)
Payments for contingent consideration (230) (79,801) (26,092)
Interest benefit on swaps designated as net investment hedges (19,296) (19,178) (18,866)
Other (36,388) (26,636) (5,800)
Changes in operating assets and liabilities, net of effects of acquisitions and disposals:      
Accounts receivable (600) 44,748 (59,793)
Inventories (11,138) (5,497) (53,170)
Prepaid expenses and other current assets (28,410) (4,323) (31,023)
Accounts payable, accrued expenses and other liabilities 94,020 646 36,021
Income taxes receivable and payable, net 73,473 (13,294) (6,531)
Net cash provided by operating activities from continuing operations 652,139 437,143 437,068
Cash flows from investing activities of continuing operations:      
Expenditures for property, plant and equipment (71,618) (90,694) (102,695)
Payments for businesses and intangibles acquired, net of cash acquired (4,590) (767,830) (3,462)
Proceeds from sales of business and assets 224,909 1,400 14,345
Net interest proceeds on swaps designated as net investment hedges 19,154 19,341 18,331
Proceeds from sales of investments 7,300 0 0
Purchase of investments (18,418) 0 0
Net cash provided by (used in) investing activities from continuing operations 156,737 (837,783) (73,481)
Cash flows from financing activities of continuing operations:      
Proceeds from new borrowings 400,000 1,513,807 275,000
Reduction in borrowings (1,034,500) (938,807) (528,500)
Debt extinguishment, issuance and amendment fees (9,774) (8,440) (11,635)
Net proceeds from share based compensation plans and the related tax impacts 12,451 18,994 21,206
Payments for contingent consideration (31,448) (67,170) (112,079)
Dividends paid (63,648) (63,221) (62,828)
Proceeds from sale of treasury stock 11,097 0 0
Net cash (used in) provided by financing activities from continuing operations (715,822) 455,163 (418,836)
Cash flows from discontinued operations:      
Net cash (used in) provided by operating activities (720) (737) 2,457
Net cash (used in) provided by discontinued operations (720) (737) 2,457
Effect of exchange rate changes on cash and cash equivalents (23,130) 21,011 (3,286)
Net increase (decrease) in cash and cash equivalents 69,204 74,797 (56,078)
Cash and cash equivalents at the beginning of the year 375,880 301,083 357,161
Cash and cash equivalents at the end of the year $ 445,084 $ 375,880 $ 301,083