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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 26, 2021
Sep. 27, 2020
Cash flows from operating activities of continuing operations:    
Net income $ 357,295 $ 259,193
Adjustments to reconcile net income to net cash provided by operating activities:    
Loss from discontinued operations 361 7
Depreciation expense 53,846 51,329
Intangible asset amortization expense 124,832 118,649
Deferred financing costs and debt discount amortization expense 3,438 3,191
Loss on extinguishment of debt 12,986 0
Fair value step up of acquired inventory sold 3,993 1,707
Changes in contingent consideration 12,728 (54,585)
Impairment of long-lived assets 6,739 0
Stock-based compensation 17,065 14,759
Gain on sale of business (91,157) 0
Deferred income taxes, net (67) 2,600
Payments for contingent consideration (170) (79,771)
Interest benefit on swaps designated as net investment hedges (13,882) (14,488)
Other (26,113) (15,703)
Changes in assets and liabilities, net of effects of acquisitions and disposals:    
Accounts receivable (13,829) 35,546
Inventories (10,951) (38,096)
Prepaid expenses and other assets (31,223) 9,393
Accounts payable, accrued expenses and other liabilities 84,179 (4,243)
Income taxes receivable and payable, net (39,610) (48,000)
Net cash provided by operating activities from continuing operations 450,460 241,488
Cash flows from investing activities of continuing operations:    
Expenditures for property, plant and equipment (52,090) (62,369)
Proceeds from sale of business and assets 225,900 400
Payments for businesses and intangibles acquired, net of cash acquired (4,254) (266,843)
Net interest proceeds on swaps designated as net investment hedges 9,288 9,986
Proceeds from sales of investments 7,300 0
Purchase of investments (18,418) 0
Net cash provided by (used in) investing activities from continuing operations 167,726 (318,826)
Cash flows from financing activities of continuing operations:    
Proceeds from new borrowings 400,000 1,013,807
Reduction in borrowings (834,000) (788,807)
Debt extinguishment, issuance and amendment fees (9,774) (8,440)
Net proceeds from share based compensation plans and the related tax impacts 11,366 11,177
Payments for contingent consideration (31,388) (64,135)
Dividends paid (47,716) (47,384)
Proceeds from sale of treasury stock 11,097 0
Net cash (used in) provided by financing activities from continuing operations (500,415) 116,218
Cash flows from discontinued operations:    
Net cash used in operating activities (519) (540)
Net cash used in discontinued operations (519) (540)
Effect of exchange rate changes on cash and cash equivalents (11,965) 8,057
Net increase in cash and cash equivalents 105,287 46,397
Cash and cash equivalents at the beginning of the period 375,880 301,083
Cash and cash equivalents at the end of the period $ 481,167 $ 347,480