Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jul. 01, 2023
Jul. 02, 2022
OPERATING ACTIVITIES    
Net income $ 102,692 $ 142,805
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 18,219 18,821
Stock-based compensation 7,023 12,474
Provision for doubtful accounts (278) 308
Other 9,113 4,826
Changes in operating assets and liabilities:    
Accounts receivable 44,043 95,340
Inventories (25,574) (179,019)
Accounts payable (11,545) 70,974
Income taxes (22,242) (13,090)
Accrued liabilities (20,665) (47,907)
Other assets and liabilities 10,890 (6,144)
Cash provided by operating activities 111,676 99,388
INVESTING ACTIVITIES    
Property, plant and equipment expenditures (13,277) (6,995)
Capitalized computer software (6,756) (4,493)
Other (10) (120)
Cash used by investing activities (20,043) (11,608)
FINANCING ACTIVITIES    
Borrowings under revolving credit facility 268,000 0
Repayments under revolving credit facility (268,000) 0
Repayments of term loan (5,000) 0
Repurchases of Common Stock 0 (62,494)
Dividends paid (53,756) (51,508)
Shares withheld for taxes, net of proceeds from issuance of Common Stock (3,057) (11,024)
Other (7,236) 4,330
Cash used by financing activities (69,049) (120,696)
Effect of foreign currency rate changes on cash and cash equivalents 655 (7,110)
Net change in cash and cash equivalents 23,239 (40,026)
Cash and cash equivalents – beginning of period 59,179 185,322
Cash and cash equivalents – end of period $ 82,418 $ 145,296