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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 28, 2021
Mar. 29, 2020
Cash flows from operating activities of continuing operations:    
Net income $ 74,866 $ 131,150
Adjustments to reconcile net income to net cash provided by operating activities:    
Loss from discontinued operations 1 2
Depreciation expense 17,513 16,842
Intangible asset amortization expense 41,922 38,911
Deferred financing costs and debt discount amortization expense 1,210 945
Fair value step up of acquired inventory sold 3,993 1,707
Changes in contingent consideration 6,354 (46,502)
Stock-based compensation 5,344 3,522
Deferred income taxes, net 425 679
Payments for contingent consideration 0 (79,771)
Interest benefit on swaps designated as net investment hedges (4,647) (4,874)
Other (14,384) (18,143)
Changes in assets and liabilities, net of effects of acquisitions and disposals:    
Accounts receivable (12,298) (23,145)
Inventories (10,074) (12,346)
Prepaid expenses and other assets 3,342 6,403
Accounts payable, accrued expenses and other liabilities (4,438) (31,488)
Income taxes receivable and payable, net 1,665 4,651
Net cash provided by (used in) operating activities from continuing operations 110,794 (11,457)
Cash flows from investing activities of continuing operations:    
Expenditures for property, plant and equipment (19,276) (19,684)
Proceeds from sale of assets 161 400
Payments for businesses and intangibles acquired, net of cash acquired (1,762) (265,160)
Net cash used in investing activities from continuing operations (20,877) (284,444)
Cash flows from financing activities of continuing operations:    
Proceeds from new borrowings 0 485,000
Reduction in borrowings (100,000) 0
Debt extinguishment, issuance and amendment fees (22) 0
Net proceeds from share based compensation plans and the related tax impacts (2,510) (3,022)
Payments for contingent consideration (13,071) (60,881)
Dividends paid (15,893) (15,767)
Net cash (used in) provided by financing activities from continuing operations (131,496) 405,330
Cash flows from discontinued operations:    
Net cash used in operating activities (243) (193)
Net cash used in discontinued operations (243) (193)
Effect of exchange rate changes on cash and cash equivalents (9,427) (3,842)
Net (decrease) increase in cash and cash equivalents (51,249) 105,394
Cash and cash equivalents at the beginning of the period 375,880 301,083
Cash and cash equivalents at the end of the period $ 324,631 $ 406,477