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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Operating activities    
Net income $ 96.4 $ 84.6
Non-cash adjustments:    
Depreciation 28.3 19.3
Amortization of intangibles 17.8 12.6
Non-cash lease expense 9.3 8.1
Stock-based compensation 9.7 9.5
Deferred taxes 8.8 7.4
Amortization of deferred financing fees 0.9 1.0
Gain on sales of property, plant and equipment 0.3 0.0
Changes in assets and liabilities:    
Increase in accounts receivable (81.4) (35.7)
(Increase) decrease in inventories (43.7) 91.6
Increase in accounts payable 30.2 2.7
(Increase) decrease in other assets (14.8) 7.7
Decrease in accrued expenses and other liabilities (137.1) (116.9)
Increase (decrease) in accrued taxes 4.0 (15.8)
Net cash (used in) provided by operating activities (71.3) 76.1
Investing activities    
Capital expenditures [1] (64.6) (42.6)
Cost of acquisitions, net of cash acquired (105.2) 0.0
Net cash used in investing activities (169.8) (42.6)
Financing activities    
Issuance of long-term debt 465.0 0.0
Repayment of long-term debt (90.0) 0.0
Proceeds from the exercise of stock options 6.3 2.3
Treasury stock purchases (100.0) (100.0)
Employee withholding taxes related to stock-based compensation (12.4) (12.1)
Dividends to stockholders (30.1) (29.5)
Other financing, net (0.1) 0.0
Net cash provided by (used in) financing activities 238.7 (139.3)
Effect of foreign exchange rate changes on cash (5.0) 2.2
Net increase (decrease) in cash and cash equivalents (7.4) (103.6)
Cash, cash equivalents and restricted cash at beginning of period [2] 395.5 648.3
Cash, cash equivalents and restricted cash at end of period [2] $ 388.1 $ 544.7
[1] Capital expenditures of $9.2 million and $11.1 million that had not been paid as of March 30, 2024 and April 1, 2023, respectively, were excluded from the Statement of Cash Flows.
[2] Restricted cash of $25.9 million and $2.5 million is included in Other current assets and Other assets, respectively, as of March 30, 2024 and 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. Restricted cash of $26.9 million and $2.2 million is included in Other current assets and Other assets, respectively, as of December 30, 2023.