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Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
9 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Cash flows from operating activities    
Net income $ 178.8 $ 187.3
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 162.8 162.5
Foreign exchange and other non-cash financing (income) expenses (26.2) 33.8
Share-based compensation expense 20.2 19.6
Decrease in post-employment benefit obligations, net (6.6) (7.0)
Deferred income taxes (25.1) (39.2)
Asset impairments 0.0 0.1
Loss on deconsolidation of Russian subsidiary 12.8 0.0
Gain on disposal of property, plant and equipment (7.2) 0.0
Other operating activities (1.5) 4.0
Changes in operating assets and liabilities:    
—Accounts receivable (46.1) (22.9)
—Inventories (84.0) 12.0
—Accounts payable (25.0) (24.4)
—Prepaid expenses and other assets 18.2 12.8
—Taxes payable (2.6) (5.8)
—Other liabilities 20.2 (41.1)
Net cash provided by operating activities 188.7 291.7
Cash flows from investing activities    
Purchases of property, plant and equipment (59.8) (39.6)
Purchases of intangible assets (13.5) (7.6)
Purchases of investments (11.3) 0.0
Cash paid under company-owned life insurance policies (5.4) (18.2)
Cash received under company-owned life insurance policies 11.2 6.6
Proceeds from the sale of property, plant and equipment 11.0 0.8
Cash deconsolidated from previously controlled subsidiary (12.5) 0.0
Net cash used in investing activities (80.3) (58.0)
Cash flows from financing activities    
Issuance of shares 10.0 17.5
Repurchase of shares (176.1) (251.7)
Proceeds from long-term debt 1,840.0 100.0
Payments of long-term debt (1,917.0) (114.7)
Debt issuance costs paid (20.5) (0.4)
Dividends paid to non-controlling interests (1.7) (0.5)
Other financing activities 11.8 8.1
Net cash used in financing activities (253.5) (241.7)
Effect of exchange rate changes on cash and cash equivalents and restricted cash (1.4) (13.3)
Net decrease in cash and cash equivalents and restricted cash (146.5) (21.3)
Cash and cash equivalents and restricted cash at the beginning of the period 724.0 581.4
Cash and cash equivalents and restricted cash at the end of the period 577.5 560.1
Supplemental schedule of cash flow information    
Interest paid 104.7 125.8
Income taxes paid 88.5 70.9
Accrued capital expenditures $ 1.0 $ 1.4