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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 9 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Operating activities    
Net income $ 366.8 $ 323.2
Non-cash adjustments:    
Depreciation 92.2 67.5
Amortization of intangibles 55.2 44.0
Non-cash lease expense 29.3 23.9
Stock-based compensation 29.6 25.7
Deferred taxes 18.1 (11.5)
Other operating activities, net 1.1 (0.8)
Changes in operating assets and liabilities:    
Increase in accounts receivable (22.3) (24.6)
Decrease in inventories 21.5 196.2
(Decrease) increase in accounts payable (47.1) 107.5
Decrease in other assets 6.1 142.7
Decrease in accrued expenses and other liabilities (129.1) (47.8)
Decrease in accrued taxes (25.9) (10.4)
Net cash provided by operating activities 395.5 835.6
Investing activities    
Capital expenditures [1] (133.1) (175.7)
Proceeds from the disposition of assets 6.8 2.8
Cost of acquisitions, net of cash acquired (129.0) (784.1)
Other investing activities, net (3.4) 0.0
Net cash used in investing activities (258.7) (957.0)
Financing activities    
Repayment of short-term debt 0.0 (600.0)
Issuance of long-term debt 740.0 865.1
Repayment of long-term debt (635.0) (110.0)
Proceeds from the exercise of stock options 10.4 8.8
Treasury stock purchases [2] (190.4) (120.1)
Employee withholding taxes related to stock-based compensation (13.8) (13.6)
Dividends to stockholders (90.0) (87.8)
Other financing activities, net (4.3) (3.0)
Net cash used in financing activities (183.1) (60.6)
Effect of foreign exchange rate changes on cash 0.8 (7.7)
Net decrease in cash and cash equivalents (45.5) (189.7)
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] $ 350.0 $ 458.6
[1] Capital expenditures of $3.9 million as of September 28, 2024 and $33.2 million as of September 30, 2023 that had not been paid, were excluded from the Statement of Cash Flows.
[2] Treasury stock purchased for the thirty-nine weeks ended September 30, 2023 excludes $10.0 million related to purchases that were not settled until after September 30, 2023.
[3] Restricted cash of $2.4 million and $2.8 million is included in Other current assets and Other assets, respectively, as of September 28, 2024 and restricted cash of $3.0 million and $2.1 million is included in Other current assets and Other assets, respectively, as of September 30, 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.