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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:      
Net income $ 1,014,589 $ 784,147 $ 467,468
Adjustments to reconcile net income from operations to net cash provided by operating activities:      
Depreciation 91,073 80,119 70,834
Amortization 34,412 46,624 49,821
Stock-based compensation 45,643 44,906 37,897
Provision for excess and obsolete inventory 15,475 17,534 15,244
Retirement plans actuarial losses (gains) (2,217) 10,284 8,176
Contingent consideration adjustment (7,227) (23,271) (19,257)
Deferred taxes (17,305) (15,688) (9,456)
(Gains) losses on investments (6,410) (7,898) (6,033)
Investment impairment 0 0 15,000
Other 271 1,557 766
Changes in operating assets and liabilities, net of businesses acquired:      
Accounts receivable (57,778) (129,451) (70,440)
Inventories 6,495 (8,438) (27,408)
Prepayments and other assets (175,846) (64,418) (23,784)
Accounts payable and other accrued expenses 129,499 73,167 49,279
Deferred revenue and customer advances 9,873 39,974 39,313
Retirement plans contributions (5,405) (5,382) (5,086)
Income taxes (5,604) 25,169 (13,584)
Loss on convertible debt conversion 28,828 0 0
Net cash provided by operating activities 1,098,366 868,935 578,750
Cash flows from investing activities:      
Purchases of property, plant and equipment (132,472) (184,977) (134,642)
Purchases of marketable securities (661,781) (900,196) (662,701)
Proceeds from maturities of marketable securities 660,148 479,678 611,927
Proceeds from sales of marketable securities 266,466 35,006 105,586
Proceeds from life insurance 0 546 2,912
Purchase of investment and acquisition of businesses, net of cash acquired (12,000) 149 (79,742)
Net cash (used for) provided by investing activities 120,361 (569,794) (156,660)
Cash flows from financing activities:      
Issuance of common stock under stock purchase and stock option plans 32,686 28,527 29,312
Repurchase of common stock (600,000) (88,465) (500,000)
Dividend payments (65,977) (66,482) (61,305)
Payments related to net settlement of employee stock compensation awards (32,303) (23,014) (14,741)
Payments of contingent consideration 0 (8,852) (27,615)
Payments of convertible debt principal (342,990) 0 0
Net cash (used for) provided by financing activities (1,008,584) (158,286) (574,349)
Effects of exchange rate changes on cash and cash equivalents (2,065) (658) (569)
Increase (decrease) in cash and cash equivalents 208,078 140,197 (152,828)
Cash and cash equivalents at beginning of year 914,121 773,924 926,752
Cash and cash equivalents at end of year 1,122,199 914,121 773,924
Cash paid for:      
Interest 4,236 6,435 5,996
Income taxes 172,134 106,577 81,410
Non-cash investing activities:      
Capital expenditures incurred but not yet paid: $ 1,973 $ 3,666 $ 4,068