Annual report pursuant to Section 13 and 15(d)

Consolidated and Combined Statements of Cash Flows

v3.22.0.1
Consolidated and Combined Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Jan. 01, 2022
Jan. 02, 2021
Dec. 28, 2019
OPERATING ACTIVITIES      
Net income $ 195,423 $ 67,923 $ 96,654
Adjustments to reconcile net income to cash provided by operating activities:      
Depreciation and amortization 36,599 34,491 30,760
Stock-based compensation 38,516 15,948 23,844
Provision for doubtful accounts 330 18,338 5,988
Deferred income taxes 3,637 2,706 (4,174)
Non-cash impairment of intangible asset 0 0 32,636
Other 9,087 (1,131) 2,442
Changes in operating assets and liabilities:      
Accounts receivable (60,957) (17,647) 24,971
Inventories (24,928) 119,276 9,682
Due from former parent 0 0 548,301
Accounts payable 47,662 17,375 31,923
Income taxes 15,987 (3,390) 4,033
Accrued liabilities 18,859 (4,178) 23,273
Due to former parent 0 0 (16,065)
Other assets and liabilities 3,647 (7,741) (36,480)
Cash provided by operating activities 283,862 241,970 777,788
INVESTING ACTIVITIES      
Property, plant and equipment expenditures (10,551) (18,182) (22,679)
Capitalized computer software (26,322) (44,207) (14,807)
Collection of notes receivable from former parent 0 0 517,940
Proceeds from sales of assets 669 18,155 4,955
Other (3,167) (4,833) (1,462)
Cash (used) provided by investing activities (39,371) (49,067) 483,947
FINANCING ACTIVITIES      
Borrowings under revolving credit facility 0 512,500 65,000
Repayments under revolving credit facility 0 (512,500) (65,000)
Proceeds from issuance of senior notes 400,000 0 0
Proceeds from issuance of term loans 0 0 1,050,000
Payment of deferred financing costs (8,010) (4,346) (12,993)
Repayments of term loans (523,000) 0 (127,000)
Repayment of notes payable to former parent 0 0 (269,112)
Net transfers to former parent 0 0 (1,814,682)
Repurchases of Common Stock 75,462 0 0
Dividends paid (95,081) (54,768) (63,555)
Proceeds from issuance of Common Stock, net of shares withheld for taxes (1,951) 1,389 1,035
Other (562) 38 (15,787)
Cash used by financing activities (304,066) (57,687) (1,252,094)
Effect of foreign currency rate changes on cash and cash equivalents (3,241) 6,114 391
Net change in cash and cash equivalents (62,816) 141,330 10,032
Cash and cash equivalents - beginning of period 248,138 106,808 96,776
Cash and cash equivalents - end of period 185,322 248,138 106,808
Supplemental cash flow information:      
Interest paid, net of amounts capitalized 27,074 47,069 29,407
Income taxes paid 32,607 15,626 28,886
Change in accrual for property, plant and equipment (336) (4,623) 4,854
Change in accrual for capitalized computer software $ (2,669) $ (889) $ 5,352