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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 27, 2020
Sep. 29, 2019
Cash flows from operating activities of continuing operations:    
Net income $ 259,193 $ 353,201
Adjustments to reconcile net income to net cash provided by operating activities:    
Loss from discontinued operations 7 974
Depreciation expense 51,329 47,286
Intangible asset amortization expense 118,649 112,661
Deferred financing costs and debt discount amortization expense 3,191 3,313
Gain on sale of assets 0 (3,828)
Fair value step up of acquired inventory sold 1,707 0
Changes in contingent consideration (54,585) 40,894
Impairment of long-lived assets 0 6,911
Stock-based compensation 14,759 20,037
Deferred income taxes, net 2,600 (140,963)
Payments for contingent consideration (79,771) (26,092)
Interest benefit on swaps designated as net investment hedges (14,488) (13,820)
Other (15,703) (7,142)
Changes in assets and liabilities, net of effects of acquisitions and disposals:    
Accounts receivable 35,546 (41,221)
Inventories (38,096) (53,259)
Prepaid expenses and other assets 9,393 (13,184)
Accounts payable, accrued expenses and other liabilities (4,243) 31,631
Income taxes receivable and payable, net (48,000) (28,232)
Net cash provided by operating activities from continuing operations 241,488 289,167
Cash flows from investing activities of continuing operations:    
Expenditures for property, plant and equipment (62,369) (83,797)
Proceeds from sale of assets 400 3,135
Payments for businesses and intangibles acquired, net of cash acquired (266,843) (1,265)
Net interest proceeds on swaps designated as net investment hedges 9,986 8,330
Net cash used in investing activities from continuing operations (318,826) (73,597)
Cash flows from financing activities of continuing operations:    
Proceeds from new borrowings 1,013,807 25,000
Reduction in borrowings (788,807) (185,500)
Debt extinguishment, issuance and amendment fees (8,440) (4,964)
Net proceeds from share based compensation plans and the related tax impacts 11,177 14,014
Payments for contingent consideration (64,135) (112,006)
Dividends paid (47,384) (47,071)
Net cash provided by (used in) financing activities from continuing operations 116,218 (310,527)
Cash flows from discontinued operations:    
Net cash (used in) provided by operating activities (540) 2,651
Net cash (used in) provided by discontinued operations (540) 2,651
Effect of exchange rate changes on cash and cash equivalents 8,057 (7,311)
Net increase (decrease) in cash and cash equivalents 46,397 (99,617)
Cash and cash equivalents at the beginning of the period 301,083 357,161
Cash and cash equivalents at the end of the period $ 347,480 $ 257,544