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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Apr. 01, 2023
Mar. 31, 2022
Operating activities    
Net income $ 84.6 $ 180.9
Non-cash adjustments:    
Depreciation 19.3 30.9
Amortization of intangibles 12.6 16.0
Non-cash lease expense 8.1 10.9
Stock-based compensation 9.5 12.3
Deferred taxes 7.4 5.7
Amortization of deferred financing fees 1.0 0.8
Gain on sales of property, plant and equipment 0.0 (6.1)
Changes in assets and liabilities:    
Increase in accounts receivable (35.7) (118.1)
Decrease (increase) in inventories 91.6 (128.2)
Increase (decrease) in accounts payable 2.7 (37.2)
Decrease (increase) in other assets 7.7 (27.1)
Decrease in accrued expenses and other liabilities (116.9) (151.8)
(Decrease) increase in accrued taxes (15.8) 27.9
Net cash provided by (used in) operating activities 76.1 (183.1)
Investing activities    
Capital expenditures [1] (42.6) (60.8)
Proceeds from the disposition of assets 0.0 8.0
Cost of acquisitions, net of cash acquired 0.0 (61.6)
Net cash used in investing activities (42.6) (114.4)
Financing activities    
Issuance of short-term debt 0.0 700.0
Repayment of short-term debt 0.0 (1,100.0)
Issuance of long-term debt 0.0 2,874.5
Repayment of long-term debt 0.0 (1,814.0)
Proceeds from the exercise of stock options 2.3 0.2
Treasury stock purchases [2] (100.0) (377.1)
Employee withholding taxes related to stock-based compensation (12.1) (24.3)
Dividends to stockholders (29.5) (37.2)
Other financing, net 0.0 (18.9)
Net cash (used in) provided by financing activities (139.3) 203.2
Effect of foreign exchange rate changes on cash 2.2 0.7
Net decrease in cash and cash equivalents (103.6) (93.6)
Cash, cash equivalents and restricted cash at beginning of period [3] 648.3 476.1
Cash, cash equivalents and restricted cash at end of period [3] $ 544.7 $ 382.5
[1] Capital expenditures of $11.1 million and $11.9 million that had not been paid as of April 1, 2023 and March 31, 2022, respectively, were excluded from the Statement of Cash Flows.
[2] Treasury stock purchased for the three months ended March 31, 2022 excludes $2.5 million related to purchases that were not settled until after March 31, 2022.
[3] Restricted cash of $2.7 million and $2.9 million is included in Other current assets and Other assets, respectively, as of April 1, 2023 and restricted cash of $1.3 million and $3.0 million is included in Other current assets and Other assets, respectively, as of March 31, 2022. Restricted cash of $2.1 million and $3.7 million is included in Other current assets and Other assets, respectively, as of December 31, 2022.

 

The Condensed Consolidated Statements of Cash Flows presented above include cash flows from continuing and discontinued operations. Refer to Note 4, Acquisitions and Dispositions, for additional details.