XML 16 R6.htm IDEA: XBRL DOCUMENT v3.22.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 26, 2022
Jun. 27, 2021
Cash flows from operating activities of continuing operations:    
Net income $ 182,655 $ 158,114
Adjustments to reconcile net income to net cash provided by operating activities:    
Loss from discontinued operations 267 36
Depreciation expense 33,499 35,982
Intangible asset amortization expense 81,137 83,867
Deferred financing costs and debt discount amortization expense 2,103 2,388
Loss on extinguishment of debt 0 12,986
Fair value step up of acquired inventory sold 0 3,993
Changes in contingent consideration 145 11,428
Asset impairment charges 1,497 6,739
Stock-based compensation 12,801 11,693
Deferred income taxes, net 937 1,050
Payments for contingent consideration (2,722) 0
Interest benefit on swaps designated as net investment hedges (10,145) (9,126)
Other (1,779) (16,679)
Changes in assets and liabilities, net of effects of acquisitions and disposals:    
Accounts receivable (43,939) (23,159)
Inventories (48,682) (13,648)
Prepaid expenses and other assets 15,464 (16,551)
Accounts payable, accrued expenses and other liabilities (38,722) 32,625
Income taxes receivable and payable, net (82,657) (16,663)
Net cash provided by operating activities from continuing operations 101,859 265,075
Cash flows from investing activities of continuing operations:    
Expenditures for property, plant and equipment (32,445) (36,659)
Proceeds from sale of business and assets 530 404
Payments for businesses and intangibles acquired, net of cash acquired (22,971) (3,539)
Deposits 0 (1,250)
Net interest proceeds on swaps designated as net investment hedges 10,314 9,288
Net cash used in investing activities from continuing operations (44,572) (31,756)
Cash flows from financing activities of continuing operations:    
Proceeds from new borrowings 0 400,000
Reduction in borrowings (135,500) (575,000)
Debt extinguishment, issuance and amendment fees 0 (9,774)
Net (payments) proceeds from share based compensation plans and related tax impacts (4,366) 6,339
Payments for contingent consideration (3,012) (30,489)
Dividends paid (31,892) (31,793)
Net cash used in financing activities from continuing operations (174,770) (240,717)
Cash flows from discontinued operations:    
Net cash used in operating activities (280) (371)
Net cash used in discontinued operations (280) (371)
Effect of exchange rate changes on cash and cash equivalents (19,200) (6,330)
Net decrease in cash and cash equivalents (136,963) (14,099)
Cash and cash equivalents at the beginning of the period 445,084 375,880
Cash and cash equivalents at the end of the period $ 308,121 $ 361,781