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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 28, 2020
Jun. 30, 2019
Cash flows from operating activities of continuing operations:    
Net income $ 142,606 $ 124,272
Adjustments to reconcile net income to net cash provided by operating activities:    
(Income) loss from discontinued operations (11) 974
Depreciation expense 34,461 31,966
Intangible asset amortization expense 78,638 75,285
Deferred financing costs and debt discount amortization expense 1,984 2,249
Gain on sale of assets 0 (2,739)
Fair value step up of acquired inventory sold 1,707 0
Changes in contingent consideration (29,951) 25,456
Impairment of long-lived assets 0 6,911
Stock-based compensation 8,482 12,700
Deferred income taxes, net 1,055 (5,495)
Payments for contingent consideration (79,771) (26,092)
Interest benefit on swaps designated as net investment hedges (9,805) (8,799)
Other (18,981) 4,272
Changes in assets and liabilities, net of effects of acquisitions and disposals:    
Accounts receivable 45,843 (19,747)
Inventories (34,875) (33,970)
Prepaid expenses and other assets 11,819 (6,381)
Accounts payable, accrued expenses and other liabilities (26,449) (6,231)
Income taxes receivable and payable, net 7,257 (17,347)
Net cash provided by operating activities from continuing operations 134,009 157,284
Cash flows from investing activities of continuing operations:    
Expenditures for property, plant and equipment (39,052) (56,107)
Proceeds from sale of assets 400 1,178
Payments for businesses and intangibles acquired, net of cash acquired (265,895) (1,025)
Net interest proceeds on swaps designated as net investment hedges 9,986 8,330
Net cash used in investing activities from continuing operations (294,561) (47,624)
Cash flows from financing activities of continuing operations:    
Proceeds from new borrowings 1,010,000 25,000
Reduction in borrowings (500,000) (52,500)
Debt extinguishment, issuance and amendment fees (7,727) (4,703)
Net proceeds from share based compensation plans and the related tax impacts 2,668 7,829
Payments for contingent consideration (60,947) (111,928)
Dividends paid (31,558) (31,347)
Net cash provided by (used in) financing activities from continuing operations 412,436 (167,649)
Cash flows from discontinued operations:    
Net cash (used in) provided by operating activities (317) 2,799
Net cash (used in) provided by discontinued operations (317) 2,799
Effect of exchange rate changes on cash and cash equivalents 885 1,925
Net increase (decrease) in cash and cash equivalents 252,452 (53,265)
Cash and cash equivalents at the beginning of the period 301,083 357,161
Cash and cash equivalents at the end of the period $ 553,535 $ 303,896