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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
9 Months Ended
Sep. 27, 2024
Sep. 29, 2023
Cash flows from operating activities:    
Net income (loss) $ (1,119.8) $ 117.2
Noncash items:    
Depreciation 31.6 26.8
Amortization 63.7 75.9
Allowance for credit losses 16.0 3.5
Stock-based compensation expense 26.1 26.2
Loss (gain) on equity investments, net 0.5 (3.6)
Gain on sale of property, plant and equipment 0.0 (2.0)
Restructuring charges 0.0 0.7
Goodwill and intangible asset impairments 1,153.8 0.0
Fixed assets impairments and other charges 17.1 0.3
Non-cash operating lease costs 23.1 19.9
Inducement expense related to exchange of convertible notes 0.0 28.5
Amortization of debt discount and issuance costs 3.7 3.4
Deferred income taxes (46.8) 0.0
Change in trade accounts receivable (0.9) (33.0)
Change in inventories (11.6) 9.4
Change in trade accounts payable (7.5) (53.2)
Change in prepaid expenses and other assets (12.9) 5.4
Change in accrued expenses and other liabilities 99.5 (26.1)
Change in operating lease liabilities (31.5) (25.6)
Net cash provided by operating activities 204.1 173.7
Cash flows from investing activities:    
Payments for additions to property, plant and equipment (25.2) (50.0)
Purchases of investments held in rabbi trust (32.6) 0.0
Proceeds from sale of investments held in rabbi trust 8.8 0.0
Proceeds from sale of equity investment 0.4 10.7
All other investing activities, net 1.4 (10.5)
Net cash used in investing activities (47.2) (49.8)
Cash flows from financing activities:    
Proceeds from stock option exercises 2.0 7.5
Tax withholding payment related to net settlement of equity awards (4.0) (7.8)
Proceeds from issuance of convertible notes due 2028 0.0 500.2
Principal paid related to exchange of convertible notes due 2025 0.0 (401.2)
Proceeds from borrowings 0.0 323.5
Repayment of borrowings (100.0) (288.8)
All other financing activities (0.8) 0.2
Net cash (used in) provided by financing activities (102.8) 115.6
Effect of exchange rate changes on cash and cash equivalents (2.8) (22.2)
Net change in cash and cash equivalents 51.3 217.3
Beginning balance of cash and cash equivalents 940.0 606.9
Ending balance of cash and cash equivalents 991.3 824.2
Supplemental data:    
Cash paid for interest 45.4 47.9
Cash paid for taxes 29.8 49.5
ROU assets obtained in exchange for operating lease obligations 44.5 18.9
Convertible senior notes due 2028 (the “2028 Convertible Notes”)    
Cash flows from financing activities:    
Debt issuance costs 0.0 (13.5)
Other Borrowings    
Cash flows from financing activities:    
Debt issuance costs $ 0.0 $ (4.5)