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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
9 Months Ended
Jul. 04, 2021
Jun. 28, 2020
Cash flows from operating activities    
Net income $ 139.3 $ 53.0
(Loss) income from discontinued operations, net of tax (6.6) 12.2
Net income from continuing operations 145.9 40.8
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation and amortization 113.0 113.1
Share based compensation 23.5 38.8
(Gain) loss on equity investments (6.9) 8.2
Loss on assets held for sale 0.0 26.8
Write-off from impairment of intangible assets 0.0 24.2
Amortization of debt issuance costs and debt discount 4.3 3.7
Write-off of unamortized discount and debt issuance costs 7.9 1.1
Gain from extinguishment of Salus CLO debt 0.0 (76.2)
Inventory acquisition step-up 4.7 0.0
Deferred tax expense 20.3 5.3
Net changes in operating assets and liabilities (287.9) (150.4)
Net cash provided by operating activities from continuing operations 24.8 35.4
Net cash used by operating activities from discontinued operations (15.9) 0.0
Net cash provided by operating activities 8.9 35.4
Cash flows from investing activities    
Purchases of property, plant and equipment (43.3) (44.5)
Proceeds from disposal of property, plant and equipment 0.0 0.7
Proceeds from sale of assets held for sale 0.0 30.1
Proceeds from sale of discontinued operations, net of cash 0.0 3.6
Business acquisitions, net of cash acquired (429.5) (17.0)
Proceeds from sale of equity investment 73.1 68.0
Other investing activity (0.4) 2.5
Net cash (used) provided by investing activities (400.1) 43.4
Cash flows from financing activities    
Payment of debt, including premium on extinguishment (885.3) (132.7)
Proceeds from issuance of debt 997.0 528.0
Payment of debt issuance costs (12.6) (0.8)
Payment of contingent consideration 0.0 (197.0)
Treasury stock purchases (52.5) (239.8)
Accelerated share repurchase 0.0 (125.0)
Dividends paid to shareholders (53.6) (57.2)
Dividends paid by subsidiary to non-controlling interest (1.3) 0.0
Share based award tax withholding payments, net of proceeds upon vesting (7.2) (12.6)
Other financing activity 0.3 0.0
Net cash used by financing activities (15.2) (237.1)
Effect of exchange rate changes on cash and cash equivalents 5.0 0.0
Net change in cash, cash equivalents and restricted cash in continuing operations (401.4) (158.3)
Cash, cash equivalents, and restricted cash, beginning of period 533.8 627.1
Cash, cash equivalents, and restricted cash, end of period 132.4 468.8
Supplemental disclosure of cash flow information    
Cash paid for interest 100.8 92.1
Cash paid for taxes 28.7 34.7
Non cash investing activities    
Acquisition of property, plant and equipment through finance leases 1.3 3.6
Non cash financing activities    
Issuance of shares through stock compensation plan 17.8 39.3
SB/RH    
Cash flows from operating activities    
Net income 141.3 0.0
(Loss) income from discontinued operations, net of tax (6.6) 12.2
Net income from continuing operations 147.9 (12.2)
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation and amortization 113.0 113.1
Share based compensation 22.4 37.9
(Gain) loss on equity investments (6.9) 8.2
Loss on assets held for sale 0.0 26.8
Write-off from impairment of intangible assets 0.0 24.2
Amortization of debt issuance costs and debt discount 4.3 2.8
Write-off of unamortized discount and debt issuance costs 7.9 1.1
Inventory acquisition step-up 4.7 0.0
Deferred tax expense 20.9 21.8
Net changes in operating assets and liabilities (295.8) (398.7)
Net cash provided by operating activities from continuing operations 18.4 (175.0)
Net cash used by operating activities from discontinued operations (15.9) 0.0
Net cash provided by operating activities 2.5 (175.0)
Cash flows from investing activities    
Purchases of property, plant and equipment (43.3) (44.5)
Proceeds from disposal of property, plant and equipment 0.0 0.7
Proceeds from sale of assets held for sale 0.0 30.1
Proceeds from sale of discontinued operations, net of cash 0.0 3.6
Business acquisitions, net of cash acquired (429.5) (17.0)
Proceeds from sale of equity investment 73.1 68.0
Other investing activity (0.4) 2.5
Net cash (used) provided by investing activities (400.1) 43.4
Cash flows from financing activities    
Payment of debt, including premium on extinguishment (885.3) (132.7)
Proceeds from issuance of debt 997.0 528.0
Payment of debt issuance costs (12.6) (0.8)
Payment of contingent consideration 0.0 (197.0)
Payment of cash dividends to parent (104.3) (223.0)
Net cash used by financing activities (6.5) (25.5)
Effect of exchange rate changes on cash and cash equivalents 5.0 0.0
Net change in cash, cash equivalents and restricted cash in continuing operations (399.1) (157.1)
Cash, cash equivalents, and restricted cash, beginning of period 529.8 621.9
Cash, cash equivalents, and restricted cash, end of period 130.7 464.8
Supplemental disclosure of cash flow information    
Cash paid for interest 100.8 92.1
Cash paid for taxes 28.7 34.7
Non cash investing activities    
Acquisition of property, plant and equipment through finance leases $ 1.3 $ 3.6