XML 292 R6.htm IDEA: XBRL DOCUMENT v3.23.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 9 Months Ended
Jul. 02, 2023
Jul. 03, 2022
Cash flows from operating activities    
Net income $ 1,785.5 $ 57.5
Income from discontinued operations, net of tax 2,072.7 109.8
Net (loss) income from continuing operations (287.2) (52.3)
Adjustments to reconcile net loss to net cash from operating activities:    
Depreciation 36.2 36.6
Amortization 31.4 39.9
Share based compensation 12.5 11.4
Impairment of goodwill 111.1 0.0
Impairment of intangible assets 120.7 0.0
Impairment of property, plant and equipment and operating lease assets 8.1 0.0
Gain on sale of property, plant and equipment (2.7) 0.0
Non-cash purchase accounting adjustments 1.4 7.8
Amortization of debt issuance costs and debt discount 5.9 5.1
Write-off of unamortized discount and debt issuance costs 8.6 0.0
Gain from remeasurement of contingent consideration liability (1.5) (25.0)
Deferred tax benefit (120.7) (50.4)
Net changes in operating assets and liabilities 148.7 (153.9)
Net cash provided (used) by operating activities from continuing operations 72.5 (180.8)
Net cash provided by operating activities from discontinued operations 31.8 42.4
Net cash provided (used) by operating activities 104.3 (138.4)
Cash flows from investing activities    
Purchases of property, plant and equipment (44.3) (45.3)
Proceeds from disposal of property, plant and equipment 3.0 0.1
Proceeds from sale of discontinued operations, net of cash 4,334.7 0.0
Business acquisitions, net of cash acquired 0.0 (272.1)
Other investing activity (0.1) (0.1)
Net cash provided (used) by investing activities from continuing operations 4,293.3 (317.4)
Net cash used by investing activities from discontinued operations (11.8) (18.0)
Net cash provided (used) by investing activities 4,281.5 (335.4)
Cash flows from financing activities    
Payment of debt (1,141.1) (9.8)
Proceeds from issuance of debt 0.0 775.0
Payment of debt issuance costs (2.3) (7.6)
Payment of contingent consideration 0.0 (1.9)
Treasury stock purchases 0.0 (134.0)
Accelerated share repurchase (500.0) 0.0
Dividends paid to shareholders (51.6) (51.5)
Share based award tax withholding payments, net of proceeds upon vesting (11.3) (24.5)
Net cash (used) provided by financing activities from continuing operations (1,706.3) 545.7
Net cash used by financing activities from discontinued operations (0.8) (2.7)
Net cash (used) provided by financing activities (1,707.1) 543.0
Effect of exchange rate changes on cash and cash equivalents 7.8 (11.5)
Net change in cash, cash equivalents and restricted cash in continuing operations 2,686.5 57.7
Cash, cash equivalents, and restricted cash, beginning of period 243.7 190.0
Cash, cash equivalents, and restricted cash, end of period 2,930.2 247.7
Non cash investing activities    
Acquisition of property, plant and equipment through finance leases 2.6 1.0
Non cash financing activities    
Issuance of shares through stock compensation plan 13.9 33.4
Continuing Operations    
Supplemental disclosure of cash flow information    
Cash paid for interest associated with continued operations 89.2 60.7
Cash paid for taxes associated with continued operations 21.6 25.3
Discontinued Operations    
Supplemental disclosure of cash flow information    
Cash paid for interest associated with continued operations 45.3 36.9
Cash paid for taxes associated with continued operations $ 24.0 $ 11.2