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CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 29, 2019
Dec. 30, 2018
Dec. 31, 2017
Cash flows from operating activities:      
Net income $ 456,536 $ 246,804 $ 718,167
Adjustments to reconcile net income to cash provided by operating activities:      
Depreciation and amortization 287,230 274,088 271,824
Gain on bargain purchase (56,880) 0 0
Deferred income tax expense (benefit) 42,478 32,540 (49,963)
Share-based compensation 10,132 13,153 3,020
Gain on property disposals (10,896) (1,889) (506)
Foreign currency transaction losses (gains) related to borrowing arrangements (4,970) 5,267 (1,387)
Loan cost amortization 4,821 5,569 5,968
Accretion of bond discount 982 812 0
Amortization of bond premium (668) (668) (180)
Gain on equity method investments (63) (63) (59)
Loss on early extinguishment of debt recognized as a component of interest expense 0 15,818 0
Asset impairment 0 3,504 5,156
Changes in operating assets and liabilities:      
Trade accounts and other receivables (25,000) (10,918) (82,169)
Inventories (111,748) 83,174 (207,399)
Prepaid expenses and other current assets (15,490) (11,612) (14,827)
Accounts payable and accrued expenses 119,892 86,834 (22,827)
Income taxes (26,378) (248,470) 188,120
Long-term pension and other postretirement obligations (9,221) (6,751) (10,864)
Other 5,764 4,458 (753)
Cash provided by operating activities 666,521 491,650 801,321
Cash flows from investing activities:      
Purchase of acquired business, net of cash acquired (384,694) 0 (658,520)
Acquisitions of property, plant and equipment (348,120) (348,666) (339,872)
Proceeds from property disposals 15,753 9,775 4,475
Proceeds from settlement of life insurance contract 0 0 1,845
Cash used in investing activities (717,061) (338,891) (992,072)
Cash flows from financing activities:      
Payments on revolving line of credit, long-term borrowings and finance lease obligations (289,917) (1,117,009) (628,677)
Proceeds from revolving line of credit and long-term borrowings 259,466 748,382 1,871,818
Purchase of common stock under share repurchase program (2,898) (236) (14,641)
Payment of capitalized loan costs (652) (12,581) (13,631)
Proceeds (distribution) from capital contribution under the TSA (525) 5,558 5,038
Capital contributions to subsidiary by noncontrolling stockholders 0 1,421 0
Payment on early extinguishment of debt 0 (9,781) 0
Payment of note payable to affiliate 0 0 (753,512)
Cash provided by (used in) financing activities (34,526) (384,246) 466,395
Effect of exchange rate changes on cash and cash equivalents 4,065 3,534 16,364
Increase (decrease) in cash and cash equivalents (81,001) (227,953) 292,008
Cash and cash equivalents, beginning of period 361,578 589,531 297,523
Cash and cash equivalents, end of period 280,577 361,578 589,531
Supplemental Disclosure Information:      
Interest paid (net of amount capitalized) 130,882 154,627 81,260
Income taxes paid $ 125,856 $ 253,932 $ 122,956