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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities of continuing operations:      
Net income $ 363,139 $ 485,374 $ 335,324
Adjustments to reconcile net income to net cash provided by operating activities:      
(Income) loss from discontinued operations (223) (255) 477
Depreciation expense 66,502 71,758 68,567
Intangible asset amortization expense 164,088 165,604 158,685
Deferred financing costs and debt discount amortization expense 4,053 4,493 4,430
Loss on extinguishment of debt 454 12,986 0
Fair value step up of acquired inventory sold 0 3,993 1,707
Changes in contingent consideration 2,350 8,475 (38,164)
Assets impairment charges 1,497 6,739 21,388
Stock-based compensation 27,224 22,937 20,739
Gain on sale of assets and business (6,504) (91,157) 0
Deferred income taxes, net (13,008) (110,239) (32,675)
Payments for contingent consideration (3,016) (230) (79,801)
Interest benefit on swaps designated as net investment hedges (20,880) (19,296) (19,178)
Other (2,906) (36,388) (26,636)
Changes in operating assets and liabilities, net of effects of acquisitions and disposals:      
Accounts receivable (38,459) (600) 44,748
Inventories (110,686) (11,138) (5,497)
Prepaid expenses and other current assets 13,420 (28,410) (4,323)
Accounts payable, accrued expenses and other liabilities (24,786) 94,020 646
Income taxes (79,453) 73,473 (13,294)
Net cash provided by operating activities from continuing operations 342,806 652,139 437,143
Cash flows from investing activities of continuing operations:      
Expenditures for property, plant and equipment (79,190) (71,618) (90,694)
Payments for businesses and intangibles acquired, net of cash acquired (198,429) (4,590) (767,830)
Proceeds from sales of business and assets 12,434 224,909 1,400
Net interest proceeds on swaps designated as net investment hedges 20,775 19,154 19,341
Proceeds from sales of investments 7,300 7,300 0
Purchase of investments (22,300) (18,418) 0
Net cash (used in) provided by investing activities from continuing operations (259,410) 156,737 (837,783)
Cash flows from financing activities of continuing operations:      
Proceeds from new borrowings 744,250 400,000 1,513,807
Reduction in borrowings (884,500) (1,034,500) (938,807)
Debt extinguishment, issuance and amendment fees (5,200) (9,774) (8,440)
Net proceeds from share based compensation plans and the related tax impacts (4,308)    
Net proceeds from share based compensation plans and the related tax impacts   12,451 18,994
Payments for contingent consideration (3,959) (31,448) (67,170)
Dividends paid (63,789) (63,648) (63,221)
Proceeds from sale of treasury stock 0 11,097 0
Net cash (used in) provided by financing activities from continuing operations (217,506) (715,822) 455,163
Cash flows from discontinued operations:      
Net cash used in operating activities (665) (720) (737)
Net cash provided by investing activities 1,469 0 0
Net cash provided by (used in) discontinued operations 804 (720) (737)
Effect of exchange rate changes on cash and cash equivalents (19,744) (23,130) 21,011
Net (decrease) increase in cash and cash equivalents (153,050) 69,204 74,797
Cash and cash equivalents at the beginning of the year 445,084 375,880 301,083
Cash and cash equivalents at the end of the year $ 292,034 $ 445,084 $ 375,880