XML 11 R5.htm IDEA: XBRL DOCUMENT v3.25.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 9 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Operating activities    
Net income $ 222.4 $ 366.8
Non-cash adjustments:    
Depreciation 94.9 92.2
Amortization of intangibles 56.6 55.2
Non-cash lease expense 31.4 29.3
Stock-based compensation 19.5 29.6
Deferred taxes 33.3 18.1
Asset impairment charges 50.1 0.0
Other operating activities, net (0.1) 1.1
Changes in operating assets and liabilities:    
Increase in accounts receivable (50.3) (22.3)
(Increase) decrease in inventories (73.6) 21.5
Increase (decrease) in accounts payable 14.3 (47.1)
(Increase) decrease in other assets (6.6) 6.1
Decrease in accrued expenses and other liabilities (105.7) (129.1)
Decrease in accrued taxes (15.8) (25.9)
Net cash provided by operating activities 270.4 395.5
Investing activities    
Capital expenditures [1] (87.3) (133.1)
Cost of acquisitions, net of cash acquired 0.0 (129.0)
Other investing activities, net 2.9 3.4
Net cash used in investing activities (84.4) (258.7)
Financing activities    
Repayment of short-term debt (500.0) 0.0
Issuance of long-term debt 1,661.7 740.0
Repayment of long-term debt (1,181.7) (635.0)
Proceeds from the exercise of stock options 4.0 10.4
Treasury stock purchases (237.8) (190.4)
Employee withholding taxes related to stock-based compensation (7.9) (13.8)
Dividends to stockholders (90.6) (90.0)
Other financing activities, net (0.3) (4.3)
Net cash used in financing activities (352.6) (183.1)
Effect of foreign exchange rate changes on cash 8.6 0.8
Net decrease in cash and cash equivalents (158.0) (45.5)
Cash, cash equivalents and restricted cash at beginning of period [2] 385.5 395.5
Cash, cash equivalents and restricted cash at end of period [2] $ 227.5 $ 350.0
[1] Capital expenditures of $6.9 million as of September 27, 2025 and $3.9 million as of September 28, 2024 that had not been paid, as of such dates were excluded from the Statement of Cash Flows.
[2] Restricted cash of $1.3 million and $2.3 million is included in Other current assets and Other assets, respectively, as of September 27, 2025 and 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. Restricted cash of $1.3 million and $3.1 million is included in Other current assets and Other assets, respectively, as of December 28, 2024.