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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 27, 2022
Mar. 28, 2021
Cash flows from operating activities of continuing operations:    
Net income $ 77,141 $ 74,866
Adjustments to reconcile net income to net cash provided by operating activities:    
Loss from discontinued operations 226 1
Depreciation expense 17,317 17,513
Intangible asset amortization expense 40,597 41,922
Deferred financing costs and debt discount amortization expense 1,048 1,210
Fair value step up of acquired inventory sold 0 3,993
Changes in contingent consideration (30) 6,354
Asset impairment charges 1,497 0
Stock-based compensation 5,302 5,344
Deferred income taxes, net 409 425
Interest benefit on swaps designated as net investment hedges (4,848) (4,647)
Other (2,093) (14,384)
Changes in assets and liabilities, net of effects of acquisitions and disposals:    
Accounts receivable (27,805) (12,298)
Inventories (19,852) (10,074)
Prepaid expenses and other assets 4,830 3,342
Accounts payable, accrued expenses and other liabilities (36,978) (4,438)
Income taxes receivable and payable, net 5,341 1,665
Net cash provided by operating activities from continuing operations 62,102 110,794
Cash flows from investing activities of continuing operations:    
Expenditures for property, plant and equipment (13,078) (19,276)
Proceeds from sale of business and assets 262 161
Payments for businesses and intangibles acquired, net of cash acquired 0 (1,762)
Net cash used in investing activities from continuing operations (12,816) (20,877)
Cash flows from financing activities of continuing operations:    
Reduction in borrowings 0 (100,000)
Debt extinguishment, issuance and amendment fees 0 (22)
Net payments from share based compensation plans and the related tax impacts (4,941) (2,510)
Payments for contingent consideration (73) (13,071)
Dividends paid (15,946) (15,893)
Net cash used in financing activities from continuing operations (20,960) (131,496)
Cash flows from discontinued operations:    
Net cash used in operating activities (119) (243)
Net cash used in discontinued operations (119) (243)
Effect of exchange rate changes on cash and cash equivalents (6,635) (9,427)
Net increase (decrease) in cash and cash equivalents 21,572 (51,249)
Cash and cash equivalents at the beginning of the period 445,084 375,880
Cash and cash equivalents at the end of the period $ 466,656 $ 324,631