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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jul. 02, 2023
Jun. 26, 2022
Cash flows from operating activities of continuing operations:    
Net income $ 188,083 $ 182,655
Adjustments to reconcile net income to net cash provided by operating activities:    
Loss from discontinued operations 636 267
Depreciation expense 36,723 33,499
Intangible asset amortization expense 83,600 81,137
Deferred financing costs and debt discount amortization expense 1,700 2,103
Changes in contingent consideration (6,776) 145
Assets impairment charges 0 1,497
Stock-based compensation 14,020 12,801
Deferred income taxes, net 460 937
Payments for contingent consideration 0 (2,722)
Interest benefit on swaps designated as net investment hedges (10,288) (10,145)
Other 2,824 (1,779)
Changes in assets and liabilities, net of effects of acquisitions and disposals:    
Accounts receivable (16,587) (43,939)
Inventories (45,630) (48,682)
Prepaid expenses and other assets 12,120 15,464
Accounts payable, accrued expenses and other liabilities (53,766) (38,722)
Income taxes receivable and payable, net (36,501) (82,657)
Net cash provided by operating activities from continuing operations 170,618 101,859
Cash flows from investing activities of continuing operations:    
Expenditures for property, plant and equipment (39,374) (32,445)
Proceeds from sale of business and assets 0 530
Payments for businesses and intangibles acquired, net of cash acquired (129) (22,971)
Net interest proceeds on swaps designated as net investment hedges 10,275 10,314
Net cash used in investing activities from continuing operations (29,228) (44,572)
Cash flows from financing activities of continuing operations:    
Reduction in borrowings (154,500) (135,500)
Net payments from share based compensation plans and related tax impacts 572 (4,366)
Payments for contingent consideration (121) (3,012)
Dividends paid (31,941) (31,892)
Net cash used in financing activities from continuing operations (185,990) (174,770)
Cash flows from discontinued operations:    
Net cash used in operating activities (454) (280)
Net cash used in discontinued operations (454) (280)
Effect of exchange rate changes on cash and cash equivalents 3,836 (19,200)
Net decrease in cash and cash equivalents (41,218) (136,963)
Cash and cash equivalents at the beginning of the period 292,034 445,084
Cash and cash equivalents at the end of the period $ 250,816 $ 308,121