XML 33 R22.htm IDEA: XBRL DOCUMENT v3.21.2
Subsequent Events
9 Months Ended
May 29, 2021
Subsequent Events [Abstract]  
Subsequent Events Note 14. Subsequent Events

In June 2021, the Company acquired a majority ownership interest in Wm. F. Hurst Co., LLC, a Wichita, Kansas-based distributor of metalworking tools and supplies, for aggregate consideration of $15,200, which is subject to finalizing post-closing working capital adjustments. Wm. F. Hurst Co., LLC has deep expertise and relationships in the aerospace industry, which will contribute to the growth of the Company’s metalworking base and serve as a center of excellence for expanding its technical capabilities in the aerospace sector. The Company holds an 80% interest in the business, which will continue to do business under the Wm. F. Hurst brand.

In June 2021, the Company paid $20,000 to satisfy its obligation on the Series 2018B Notes associated with the Met Life Note Purchase Agreement referenced above.

The Company repurchased approximately 229 shares of its Class A Common Stock in the outside market for a total cost of approximately $20,373 during the period May 30 through June 21, 2021. These shares were immediately retired.

On June 29, 2021, the Company’s Board of Directors approved the Share Repurchase Program to purchase up to 5,000 shares, which replaced the Repurchase Plan authorized during fiscal year 1999. There is no expiration date governing the period over which the Company can repurchase shares under the Share Repurchase Program.