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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
May 27, 2023
May 28, 2022
May 27, 2023
May 28, 2022
Operating activities        
Net income $ 59.1 $ 117.2 $ 172.1 $ 308.0
Adjustments to reconcile net income to net cash provided by operating activities        
Depreciation 7.6 6.3 20.9 17.0
Amortization 4.4 8.0 12.0 24.2
Non-cash interest expense, net   3.9 0.0 11.2
Amortization of debt issuance costs     2.3 1.8
Last in, first-out ("LIFO") expense     2.0 5.9
Stock-based compensation 1.7 5.6 8.2 12.5
Deferred income taxes     (3.6) (4.3)
Contingent consideration fair value adjustment 0.0 11.8 2.0 24.7
Payments of earnout liability above acquisition-date fair value     (13.3) 0.0
Other, net     0.3 2.3
Change in operating assets and liabilities, net of assets and liabilities acquired        
Receivables, net     49.8 (117.4)
Inventories, net     15.8 (129.1)
Prepaid expenses and other assets     12.6 10.3
Accounts payable     (81.3) 41.6
Income taxes and unrecognized tax benefits     3.2 4.0
Accrued expenses and other liabilities     (46.6) 32.5
Net cash provided by operating activities     156.4 245.2
Investing activities        
Purchases of property, plant, and equipment (18.6) (19.8) (68.0) (63.2)
Acquisition of business, net of cash acquired     (87.5) (228.2)
Proceeds from the sale of property, plant, and equipment     0.3 0.1
Other, net     0.8 0.0
Net cash used in investing activities     (154.4) (291.3)
Financing activities        
Borrowings on long-term debt     2,840.2 3,422.5
Repayments on long-term debt     (2,840.2) (3,422.5)
Payments of cash dividends     (25.1) (18.1)
Payments for repurchases of common stock     (24.9) (134.2)
Payments of earnout liability up to acquisition-date fair value     (8.7) 0.0
Other, net     0.4 1.9
Net cash used in financing activities     (58.3) (150.4)
Net decrease in cash and cash equivalents     (56.3) (196.5)
Cash and cash equivalents at beginning of period     282.2 434.6
Cash and cash equivalents at end of period 225.9 238.1 225.9 238.1
Supplemental Disclosures        
Income taxes paid, net     54.9 97.7
Interest paid     14.6 14.3
Non-cash investing and financing activities        
Issuance of common stock for acquisition of business     0.0 22.0
Issuance of common stock for settlement of earnout liability   13.2 0.0 13.2
Capital expenditures in accounts payable     2.8 4.7
Dividends declared not yet paid $ 8.9 $ 6.2 8.9 6.2
Increase in lease assets in exchange for lease liabilities:        
Operating leases     3.9 17.2
Finance leases     $ 0.9 $ 2.5