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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2024
Jun. 25, 2023
OPERATING ACTIVITIES    
Net income $ 154.5 $ 140.6
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 16.9 14.3
Amortization of intangibles 9.8 6.0
(Gain) on sale of assets, loss on disposal and impairment of long-lived asset (4.1) 0.2
Stock-based compensation 10.0 9.5
Deferred income tax (5.2) (10.1)
Changes in operating assets and liabilities, net of effects from business acquisitions:    
Accounts receivable (50.0) (29.2)
Inventories (16.8) (35.0)
Prepaid expenses and other assets (0.8) (8.9)
Accounts payable, accrued expenses and other liabilities 16.6 13.1
Net cash provided by operating activities 130.9 100.5
INVESTING ACTIVITIES    
Additions to property, plant and equipment (16.9) (11.6)
Proceeds from the sale of property, plant and equipment 5.7  
Business acquisitions, net of cash acquired (96.3) (11.7)
Net cash used in investing activities (107.5) (23.3)
FINANCING ACTIVITIES    
Proceeds from long-term borrowings   30.0
Payments of long-term debt (40.0) (80.0)
Payments for withholding taxes on vested awards (12.8) (15.6)
Payments for finance leases and other (1.3) (1.4)
Proceeds from share transactions under employee stock plans   0.1
Payments to repurchase common stock (8.1) (7.7)
Dividends (26.7) (22.3)
Net cash used in financing activities (88.9) (96.9)
Effect of exchange rate changes on cash and cash equivalents (5.2) 0.8
DECREASE IN CASH AND CASH EQUIVALENTS (70.7) (18.9)
Cash and cash equivalents at beginning of year 350.1 310.8
CASH AND CASH EQUIVALENTS AT END OF PERIOD 279.4 291.9
Acquisition of businesses:    
Fair value of assets acquired 98.0 19.5
Cash paid, net of cash acquired 96.3 11.7
Liabilities assumed 1.7 7.8
Issuance of stock under management stock purchase plan 0.3 0.4
CASH PAID FOR:    
Interest 7.0 2.9
Income taxes $ 60.6 $ 57.7