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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Cash flows from (used in) operating activities:    
Net income $ 49.0 $ 42.8
Less: Gain (loss) from discontinued operations, net of tax (0.2) 3.7
Income from continuing operations 49.2 39.1
Adjustments to reconcile income from continuing operations to net cash from (used in) operating activities:    
Special charges, net 0.6 0.0
(Gain) loss on change in fair value of equity security 4.2 (3.6)
Deferred and other income taxes (3.4) (3.5)
Depreciation and amortization 21.0 10.7
Pension and other employee benefits 4.2 3.5
Long-term incentive compensation 3.3 3.1
Other, net (1.6) (1.5)
Changes in operating assets and liabilities, net of effects from acquisitions and divestitures:    
Accounts receivable and other assets (29.5) (15.1)
Inventories (12.0) (21.2)
Accounts payable, accrued expenses and other (24.9) (10.7)
Cash spending on restructuring actions (0.4) 0.0
Net cash from continuing operations 10.7 0.8
Net cash used in discontinued operations (0.2) (5.2)
Net cash from (used in) operating activities 10.5 (4.4)
Cash flows from (used in) investing activities:    
Proceeds related to company-owned life insurance policies, net 0.1 0.1
Business acquisition, net of cash acquired (294.1) 0.0
Capital expenditures (9.9) (4.0)
Net cash used in continuing operations (303.9) (3.9)
Net cash used in discontinued operations 0.0 0.0
Net cash used in investing activities (303.9) (3.9)
Cash flows from (used in) financing activities:    
Borrowings under senior credit facilities 557.2 20.0
Repayments under senior credit facilities (279.2) 0.0
Borrowings under trade receivables arrangement 65.0 47.0
Repayments under trade receivables arrangement (47.0) 0.0
Net repayments under other financing arrangements (0.3) 0.0
Minimum withholdings paid on behalf of employees for net share settlements, net of proceeds from the exercise of employee stock options (3.0) (4.1)
Net cash from continuing operations 292.7 62.9
Net cash from discontinued operations 0.0 0.0
Net cash from financing activities 292.7 62.9
Change in cash and equivalents due to changes in foreign currency exchange rates 1.3 1.0
Net change in cash and equivalents 0.6 55.6
Consolidated cash and equivalents, beginning of period 104.9 157.1
Consolidated cash and equivalents, end of period $ 105.5 $ 212.7