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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 6 Months Ended
Jun. 29, 2024
Jul. 01, 2023
Operating activities    
Net income $ 230.2 $ 186.7
Non-cash adjustments:    
Depreciation 65.4 40.9
Amortization of intangibles 36.1 25.2
Non-cash lease expense 19.3 15.8
Stock-based compensation 19.4 16.2
Deferred taxes 11.8 (1.0)
Amortization of deferred financing fees 1.8 2.1
(Gain) on sale of property, plant and equipment (1.5) (1.6)
Changes in operating assets and liabilities:    
Decrease (increase) in accounts receivable (62.4) (65.4)
Decrease in inventories (10.4) 177.3
Increase in accounts payable 18.0 49.6
Decrease in other assets 2.3 130.3
Increase (decrease) in accrued expenses and other liabilities (122.8) (46.5)
Increase (decrease) in accrued taxes (17.0) (26.0)
Net cash provided by operating activities 190.2 503.6
Investing activities    
Capital expenditures [1] (103.4) (112.2)
Proceeds from the disposition of assets 5.7 2.7
Cost of acquisitions, net of cash acquired (129.0) (781.8)
Other investing activities, net (3.5) 0.0
Net cash provided by (used in) investing activities (230.2) (891.3)
Financing activities    
Issuance of long-term debt 600.0 595.1
Repayment of long-term debt (370.0) 0.0
Proceeds from the exercise of stock options 7.1 5.0
Treasury stock purchases [2] (150.2) (100.0)
Employee withholding taxes related to stock-based compensation (12.7) (12.4)
Dividends to stockholders (60.2) (58.6)
Other financing activities, net (4.3) (1.3)
Net cash (used in) provided by financing activities 9.7 427.8
Effect of foreign exchange rate changes on cash (7.7) (2.1)
Net (decrease) increase in cash and cash equivalents (38.0) 38.0
Cash, cash equivalents and restricted cash at beginning of period [3] 395.5 648.3
Cash, cash equivalents and restricted cash at end of period [3] $ 357.5 $ 686.3
[1] Capital expenditures of $6.1 million as of June 29, 2024 and $5.3 million as of July 1, 2023 that had not been paid, were excluded from the Statement of Cash Flows.
[2] Treasury stock purchased for the twenty-six weeks ended June 29, 2024, excludes $5.0 million related to purchases that were not settled until after June 29, 2024.
[3] Restricted cash of $2.5 million and $2.4 million is included in Other current assets and Other assets, respectively, as of June 29, 2024 and 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. 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.