XML 314 R8.htm IDEA: XBRL DOCUMENT v3.24.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended 24 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2023
Cash flows from operating activities of continuing operations:        
Net income $ 356,328 $ 363,139 $ 485,374  
Adjustments to reconcile net income to net cash provided by operating activities:        
Loss (income) from discontinued operations 1,244 (223) (255)  
Depreciation expense 68,144 66,502 71,758  
Intangible asset amortization expense 173,974 164,088 165,604  
Deferred financing costs and debt discount amortization expense 3,400 4,053 4,493  
Loss on extinguishment of debt 0 454 12,986  
Settlements 45,244 0 0  
Fair value step up of acquired inventory sold 1,536 0 3,993  
Changes in contingent consideration (27,243) 2,350 8,475  
Assets impairment charges 0 1,497 6,739  
Stock-based compensation 31,465 27,224 22,937  
Gain on sale of assets and business (4,448) (6,504) (91,157)  
Deferred income taxes, net (13,046) (13,008) (110,239)  
Payments for contingent consideration (289) (3,016) (230)  
Interest benefit on swaps designated as net investment hedges (18,814) (20,880) (19,296)  
Other 5,960 (2,906) (36,388)  
Changes in operating assets and liabilities, net of effects of acquisitions and disposals:        
Accounts receivable (15,763) (38,459) (600)  
Inventories (41,068) (110,686) (11,138)  
Prepaid expenses and other current assets (11,420) 13,420 (28,410)  
Accounts payable, accrued expenses and other liabilities (31,258) (24,786) 94,020  
Income taxes (12,263) (79,453) 73,473  
Net cash provided by operating activities from continuing operations 511,683 342,806 652,139  
Cash flows from investing activities of continuing operations:        
Expenditures for property, plant and equipment (91,442) (79,190) (71,618)  
Payments for businesses and intangibles acquired, net of cash acquired (603,920) (198,429) (4,590)  
Proceeds from sales of business and assets 15,000 12,434 224,909  
Net interest proceeds on swaps designated as net investment hedges 63,134 20,775 19,154  
Proceeds from sales of investments 7,300 7,300 7,300  
Purchase of investments (11,300) (22,300) (18,418)  
Net cash (used in) provided by investing activities from continuing operations (621,228) (259,410) 156,737  
Cash flows from financing activities of continuing operations:        
Proceeds from new borrowings 646,000 744,250 400,000  
Reduction in borrowings (544,750) (884,500) (1,034,500)  
Debt extinguishment, issuance and amendment fees 0 (5,200) (9,774)  
Net proceeds from share based compensation plans and the related tax impacts 5,190 (4,308) 12,451  
Payments for contingent consideration (4,004) (3,959) (31,448)  
Dividends paid (63,896) (63,789) (63,648)  
Proceeds from sale of treasury stock 0 0 11,097  
Net cash provided by (used in) financing activities from continuing operations 38,540 (217,506) (715,822)  
Cash flows from discontinued operations:        
Net cash used in operating activities (1,045) (665) (720)  
Net cash provided by investing activities 0 1,469 0  
Net cash (used in) provided by discontinued operations (1,045) 804 (720)  
Effect of exchange rate changes on cash and cash equivalents 2,864 (19,744) (23,130)  
Net (decrease) increase in cash and cash equivalents (69,186) (153,050) 69,204  
Cash and cash equivalents at the beginning of the year 292,034 445,084 375,880 $ 445,084
Cash and cash equivalents at the end of the year $ 222,848 $ 292,034 $ 445,084 $ 222,848