Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.22.4
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Jan. 01, 2022
Jan. 02, 2021
Cash flows from operating activities:      
Net income $ 98.4 $ 104.6 $ 14.2
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 51.6 54.4 39.7
Goodwill impairment 0.0 0.0 31.9
Stock-based compensation expense 8.6 8.9 5.8
Amortization of debt issuance costs 0.5 0.5 1.1
Benefit for deferred income taxes (4.5) (1.4) (3.6)
Amortization of acquisition-related inventory step-up 0.0 0.6 1.9
Forward contract (gains) losses, net (4.0) (4.7) 5.5
Other, net 0.0 0.1 1.0
(Increase) decrease in, net of acquisition:      
Accounts receivable 9.1 (32.4) 0.7
Inventories (27.0) (52.5) 0.6
Income taxes receivable (5.0) (0.7) 1.7
Other current assets 1.6 0.7 (1.9)
Other assets 8.0 5.1 4.0
Increase (decrease) in, net of acquisition:      
Accounts payable (11.5) 23.8 10.6
Accrued expenses and other liabilities (6.2) 8.1 3.8
Income taxes payable (2.3) 5.7 (5.1)
Other noncurrent liabilities (7.4) (7.7) (3.3)
Net cash provided by operating activities 109.9 113.1 108.6
Cash flows from investing activities:      
Acquisitions of businesses, net of cash acquired (67.3) (61.1) (217.0)
Capital expenditures (31.9) (26.8) (14.6)
Proceeds from dispositions of property, plant and equipment 7.2 0.2 0.1
Cash settlement of forward contracts 4.3 2.4 (3.5)
Software development costs (3.1) (2.6) (0.9)
Amounts paid for net assets acquired 0.0 (2.4)  
Net cash used in investing activities (90.8) (90.3) (235.9)
Cash flows from financing activities:      
Borrowings on revolving credit facilities 118.7 81.2 117.6
Repayment of borrowings on revolving credit facilities (92.7) (86.8) (79.6)
Borrowings on long-term non-revolving debt 0.0 12.0 119.7
Repayment of borrowings on long-term non-revolving debt (18.0) (16.2) (6.0)
Proceeds from stock issued 2.1 1.8 1.3
Dividends to shareholders (11.7) (11.6) (11.6)
Debt issuance costs 0.0 0.0 (1.7)
Payment of employee tax withholding on equity award vestings (2.6) (1.4) (0.7)
Other financing activities (2.7) (1.6) (1.3)
Net cash (used in) provided by financing activities (6.9) (22.6) 137.7
Effect of exchange rate changes on cash, cash equivalents and restricted cash 3.0 3.0 (7.3)
Net increase (decrease) in cash, cash equivalents and restricted cash 15.2 3.2 3.1
Cash, cash equivalents and restricted cash, beginning of period 28.5 25.3 22.2
Cash, cash equivalents and restricted cash, end of period 43.7 28.5 25.3
Cash paid:      
Income taxes 31.7 23.6 11.3
Interest 15.5 15.9 11.6
Supplemental disclosure of noncash transactions:      
Unrealized (gain) loss on interest rate swap (12.8) (6.0) 1.9
Contingent consideration incurred in connection with acquisition 0.0 3.3 1.9
Indemnified tax liability incurred in connection with acquisition 0.0 0.0 3.6
Stock issued for acquisition 1.6 14.2  
Foreign currency remeasurement impact on euro denominated debt 4.6 5.9 $ 7.2
Measurement period adjustment $ 0.0 $ 0.8