XML 56 R6.htm IDEA: XBRL DOCUMENT v3.23.3
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Aug. 26, 2023
Aug. 27, 2022
Aug. 28, 2021
Operating Activities      
Net income $ 215.9 $ 390.6 $ 281.9
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation 29.2 24.2 18.2
Amortization 17.7 29.4 14.4
Non-cash interest expense, net 0.0 15.1 13.9
Amortization of debt issuance costs 3.1 2.5 2.5
Last in, first-out ("LIFO") expense 0.5 8.4 3.1
Stock-based compensation 10.9 17.1 15.3
Deferred income taxes 16.3 (6.7) (2.2)
Deferred compensation expense 0.7 0.5 1.1
Contingent consideration fair value adjustment 0.6 29.4 0.0
Payments of earnout liability above acquisition-date fair value (13.3) 0.0 0.0
Other, net 0.8 1.9 (4.7)
Change in operating assets and liabilities, net of assets and liabilities acquired      
Receivables, net 76.7 1.9 (33.0)
Inventories, net 63.8 (171.3) (161.7)
Prepaid expenses and other assets 9.7 1.2 (6.6)
Accounts payable (67.5) 27.2 51.5
Income taxes and unrecognized tax benefits (8.9) (7.4) (3.7)
Accrued expenses and other liabilities (61.7) 36.6 47.3
Net cash provided by operating activities 294.5 400.6 237.3
Investing activities      
Purchases of property, plant, and equipment (83.2) (88.0) (44.9)
Acquisition of business, net of cash acquired (87.5) (228.2) 0.0
Proceeds from the sale of property, plant, and equipment 0.4 0.2 12.5
Other, net 0.3 0.3 (0.6)
Net cash used in investing activities (170.0) (315.7) (33.0)
Financing activities      
Borrowings on long-term debt 3,718.0 4,735.6 3,627.6
Repayments on long-term debt (3,718.0) (4,735.6) (3,627.6)
Payments of cash dividends (33.2) (23.8) (16.2)
Payments for repurchases of common stock (55.1) (214.3) (47.6)
Payments of earnout liability up to acquisition-date fair value (8.7) 0.0 0.0
Payments of debt issuance costs 0.0 (1.2) (0.2)
Other, net 0.2 2.0 1.7
Net cash used in financing activities (96.8) (237.3) (62.3)
Net increase/(decrease) in cash and cash equivalents 27.7 (152.4) 142.0
Cash and cash equivalents at beginning of period 282.2 434.6 292.6
Cash and cash equivalents at end of period 309.9 282.2 434.6
Supplemental Disclosures      
Income taxes paid, net 57.8 139.7 88.7
Interest paid 24.2 23.8 24.1
Non-cash investing and financing activities      
Issuance of common stock for acquisition of business 0.0 22.0 0.0
Issuance of common stock for settlement of earnout liability 0.0 13.2 0.0
Capital expenditures in accounts payable 3.0 6.8 3.8
Dividends declared not yet paid 10.2 8.8 6.5
Increase in lease assets in exchange for lease liabilities:      
Operating leases 5.6 17.2 2.6
Financing leases $ 2.4 $ 2.5 $ 1.2