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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 6 Months Ended
Jul. 01, 2023
Jun. 30, 2022
Operating activities    
Net income $ 186.7 $ 372.9
Non-cash adjustments:    
Depreciation 40.9 61.7
Amortization of intangibles 25.2 32.1
Non-cash lease expense 15.8 22.2
Stock-based compensation 16.2 27.5
Deferred taxes (1.0) (0.5)
Asset impairment charges 0.0 26.0
Amortization of deferred financing fees 2.1 1.8
(Gain) on sale of property, plant and equipment (1.6) (5.9)
Changes in assets and liabilities:    
Increase in accounts receivable (65.4) (110.8)
Decrease (increase) in inventories 177.3 (247.4)
Increase (decrease) in accounts payable 49.6 (1.0)
Decrease (increase) in other assets 130.3 (17.1)
Decrease in accrued expenses and other liabilities (46.5) (110.2)
Decrease in accrued taxes (26.0) (9.4)
Net cash provided by operating activities 503.6 41.9
Investing activities    
Capital expenditures [1] (112.2) (115.6)
Proceeds from the disposition of assets 2.7 8.0
Cost of acquisitions, net of cash acquired (781.8) (61.6)
Net cash used in investing activities (891.3) (169.2)
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 595.1 4,123.7
Repayment of long-term debt 0.0 (3,073.3)
Proceeds from the exercise of stock options 5.0 0.4
Treasury stock purchases (100.0) (505.0)
Employee withholding taxes related to stock-based compensation (12.4) (24.8)
Dividends to stockholders (58.6) (73.6)
Other financing, net (1.3) (20.3)
Net cash provided by financing activities 427.8 27.1
Effect of foreign exchange rate changes on cash (2.1) (11.3)
Net (decrease) increase in cash and cash equivalents 38.0 (111.5)
Cash, cash equivalents and restricted cash at beginning of period [2] 648.3 476.1
Cash, cash equivalents and restricted cash at end of period [2] $ 686.3 $ 364.6
[1] Capital expenditures of $5.3 million as of July 1, 2023 and $12.1 million as of June 30, 2022 that had not been paid, were excluded from the Statement of Cash Flows.
[2] Restricted cash of $2.3 million and $2.3 million is included in Other current assets and Other assets, respectively, as of July 1, 2023 and restricted cash of $1.2 million and $2.8 million is included in Other current assets and Other assets, respectively, as of June 30, 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.