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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 27, 2020
Jun. 29, 2019
OPERATING ACTIVITIES    
Net income $ 22,867 $ 38,133
Adjustments to reconcile net income to cash used in operating activities:    
Depreciation and amortization 66,217 64,828
Deferred income taxes 674 213
Gain on sale of business units, property and equipment (2,410) (1,695)
Adjustment to carrying value of assets 5,075 2,584
Amortization of deferred financing costs 1,142 967
Stock-based compensation 8,895 6,477
Contributions to U.S. pension plan (1,619) (3,021)
Amortization of U.S. pension expense 3,450 4,450
Other items, net 12,353 1,690
Net change in operating assets and liabilities, net of effect of acquisitions:    
Accounts receivable (90,892) (97,942)
Inventories (34,885) (30,208)
Other assets (5,068) 220
Accounts payable and accrued expenses 52,479 47,145
Change in short term and long-term tax liabilities 37 8,764
Net cash provided by operating activities 38,315 42,605
INVESTING ACTIVITIES    
Purchases of property and equipment (34,951) (41,108)
Proceeds from sale of business units, property and equipment 8,497 6,489
Purchase of intangible assets (11,586) (22,118)
Purchases of businesses, net of cash acquired 0 (57,264)
Cash received for notes receivable 27 244
Net cash used in investing activities (38,013) (113,757)
FINANCING ACTIVITIES    
Change in long-term debt 234,296 95,400
Common stock issued for exercise of options 79 1,482
Common stock repurchased (5,000) (19,994)
Payments to tax authorities for employee share-based compensation (932) (619)
Net cash provided by financing activities 228,443 76,269
Effect of foreign currency exchange rates on cash (184) 733
Net increase in cash and cash equivalents 228,561 5,850
Cash, cash equivalents and restricted cash, beginning 229,876 117,623
Cash, cash equivalents and restricted cash, ending $ 458,437 $ 123,473