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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 27, 2020
Jun. 29, 2019
Cash flows from operating activities:    
Net income $ 73,003 $ 35,042
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 30,919 28,420
Amortization of operating lease right-of-use assets 5,968 5,377
Amortization of deferred debt financing costs and bond discount/premium 1,799 1,745
Deferred income taxes 14,281 7,240
Write-off of property, plant, and equipment (61) 13
Share-based compensation expense 4,244 1,964
Changes in assets and liabilities, net of effects of businesses acquired:    
Trade accounts receivable 1,751 21,246
Inventories 110,038 10,251
Prepaid expenses and other current assets (9,667) (5,035)
Income tax receivable/payable 6,930 (39,759)
Other assets (150) 122
Trade accounts payable 10,903 (32,335)
Accrued expenses (25) (16,749)
Other liabilities (3,567) (696)
Net cash provided by operating activities 246,366 16,846
Cash flows from investing activities:    
Capital expenditures (10,016) (18,148)
Proceeds from sale of property, plant and equipment 303  
Payments for acquisition of businesses, net of cash acquired (3,227) (82,430)
Net cash used in investing activities (12,940) (100,578)
Cash flows from financing activities:    
Repayments of long-term debt (2,250)  
Repayments of borrowings under revolving credit facility (160,000) (95,000)
Borrowings under revolving credit facility 160,000 260,000
Dividends paid (60,878) (62,194)
Payments for repurchase of common stock, net   (10,000)
Payments of tax withholding on behalf of employees for net share settlement of share-based compensation (64) (905)
Net cash provided by (used in) financing activities (63,192) 91,901
Effect of exchange rate fluctuations on cash and cash equivalents (349) 94
Net increase (decrease) in cash and cash equivalents 169,885 8,263
Cash and cash equivalents at beginning of period 11,315 11,648
Cash and cash equivalents at end of period 181,200 19,911
Supplemental disclosures of cash flow information:    
Cash interest payments 49,008 45,302
Cash income tax payments 1,256 44,710
Non-cash investing and financing transactions:    
Dividends declared and not yet paid 30,476 31,053
Accruals related to purchases of property, plant and equipment 1,074 2,142
Right-of-use assets obtained in exchange for new operating lease liabilities $ 1,457 $ 533