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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
9 Months Ended
May 25, 2024
May 27, 2023
Operating activities    
Net income $ 42.1 $ 172.1
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation 25.5 20.9
Amortization 16.9 12.0
Amortization of debt issuance costs 2.4 2.3
Last in, first-out ("LIFO") expense (0.1) 2.0
Stock-based compensation 11.5 8.2
Deferred income taxes (3.8) (3.6)
Loss on note repurchase 32.7 0.0
Contingent consideration fair value adjustment 1.1 2.0
Payments of earnout liability above acquisition-date fair value (14.7) (13.3)
Other, net 3.1 0.3
Change in operating assets and liabilities, net of assets and liabilities acquired    
Receivables, net (20.8) 49.8
Inventories, net 28.7 15.8
Prepaid expenses and other assets 6.8 12.6
Accounts payable (12.1) (81.3)
Income taxes and unrecognized tax benefits 14.3 3.2
Accrued expenses and other liabilities (30.4) (46.6)
Net cash provided by operating activities 103.2 156.4
Investing activities    
Purchases of property, plant, and equipment (33.8) (68.0)
Acquisition of business, net of cash acquired 0.0 (87.5)
Proceeds from the sale of property, plant, and equipment 0.3 0.3
Other, net (2.9) 0.8
Net cash used in investing activities (36.4) (154.4)
Financing activities    
Borrowings on long-term debt 2,652.2 2,840.2
Repayments on long-term debt (2,596.0) (2,840.2)
Payments for convertible note bond hedge (68.7) 0.0
Proceeds from issuance of convertible note warrant 31.3 0.0
Proceeds from partial unwind of convertible note bond hedge 55.8 0.0
Payments for partial unwind of convertible note warrant (25.3) 0.0
Payments of cash dividends (27.8) (25.1)
Payments for repurchases of common stock (64.3) (24.9)
Payments of debt issuance costs (10.4) 0.0
Payments of earnout liability up to acquisition-date fair value (5.8) (8.7)
Other, net 0.4 0.4
Net cash used in financing activities (58.6) (58.3)
Net increase (decrease) in cash and cash equivalents 8.2 (56.3)
Cash and cash equivalents at beginning of period 309.9 282.2
Cash and cash equivalents at end of period 318.1 225.9
Supplemental Disclosures    
Income taxes paid, net 12.6 54.9
Interest paid 13.9 14.6
Non-cash investing and financing activities    
Capital expenditures in accounts payable 2.2 2.8
Dividends declared not yet paid 10.0 8.9
Increase in lease assets in exchange for lease liabilities:    
Operating leases 9.8 3.9
Finance leases $ 1.2 $ 0.9