XML 16 R6.htm IDEA: XBRL DOCUMENT v3.21.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 9 Months Ended
Oct. 02, 2021
Sep. 26, 2020
Cash flows from (used in) operating activities:    
Net income $ 419.4 $ 72.6
Less: Income from discontinued operations, net of tax 378.0 32.3
Income from continuing operations 41.4 40.3
Adjustments to reconcile income from continuing operations to net cash from operating activities:    
Special charges, net 1.9 1.6
Gain on change in fair value of equity security (9.0) (7.4)
Deferred and other income taxes 1.9 13.0
Depreciation and amortization 32.1 21.6
Pension and other employee benefits 4.1 5.3
Long-term incentive compensation 9.5 9.6
Other, net 3.6 3.3
Changes in operating assets and liabilities, net of effects from acquisitions:    
Accounts receivable and other assets 62.5 51.1
Inventories (20.1) (24.1)
Accounts payable, accrued expenses and other (31.5) (101.0)
Cash spending on restructuring actions (2.4) (2.3)
Net cash from continuing operations 94.0 11.0
Net cash from discontinued operations 59.8 45.4
Net cash from operating activities 153.8 56.4
Cash flows from (used in) investing activities:    
Proceeds from company-owned life insurance policies, net 8.2 1.1
Business acquisitions, net of cash acquired (120.0) (87.9)
Capital expenditures (7.5) (12.5)
Net cash used in continuing operations (119.3) (99.3)
Net cash from (used in) discontinued operations 617.9 (2.5)
Net cash from (used in) investing activities 498.6 (101.8)
Cash flows from (used in) financing activities:    
Borrowings under senior credit facilities 209.1 183.9
Repayments under senior credit facilities (343.6) (118.9)
Borrowings under trade receivables financing arrangement 179.0 65.0
Repayments under trade receivables financing arrangement (207.0) (60.4)
Net repayments under other financing arrangements (0.3) (1.8)
Payment of contingent consideration 0.0 (1.5)
Minimum withholdings paid on behalf of employees for net share settlements, net of proceeds from the exercise of employee stock options (4.0) (1.8)
Net cash from (used in) continuing operations (166.8) 64.5
Net cash used in discontinued operations 0.0 0.0
Net cash from (used in) financing activities (166.8) 64.5
Change in cash and equivalents due to changes in foreign currency exchange rates 6.2 (3.1)
Net change in cash and equivalents 491.8 16.0
Consolidated cash and equivalents, beginning of period 68.3 54.7
Consolidated cash and equivalents, end of period $ 560.1 $ 70.7