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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
OPERATING ACTIVITIES:    
Net income $ 350,132 $ 349,394
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 77,364 70,565
Share-based compensation 8,086 10,002
Excess tax benefits from share-based compensation (2,245) (7,540)
Changes in operating assets and liabilities (88,053) 108,071
NET CASH PROVIDED BY OPERATING ACTIVITIES 345,284 530,492
INVESTING ACTIVITIES:    
Purchases of property, plant and equipment (54,095) (49,711)
Acquisitions and other investing activities (240,216) (305,435)
NET CASH USED IN INVESTING ACTIVITIES (294,311) (355,146)
FINANCING ACTIVITIES:    
Proceeds from debt 2,250,000 1,950,000
Payments on debt (1,995,000) (1,800,000)
Share-based awards exercised (3,014) (8,627)
Excess tax benefits from share-based compensation 0 7,540
Dividends paid (197,408) (190,934)
Purchases of stock (153,508) (119,397)
NET CASH USED IN FINANCING ACTIVITIES (98,930) (161,418)
EFFECT OF EXCHANGE RATE CHANGES ON CASH 8,223 8,068
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (39,734) 21,996
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 242,879 211,631
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 203,145 $ 233,627