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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
May 29, 2021
May 30, 2020
Operating Activities    
Net income $ 197,786 $ 18,983
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation 13,476 11,854
Amortization 10,771 18,514
Non-cash interest expense, net 10,372 7,440
Amortization of debt issuance costs 1,852 2,181
Last-in, first-out expense 2,321 1,450
Stock-based compensation 11,719 3,332
Deferred income taxes (765) 365
Other, net (4,412) 516
Change in operating assets and liabilities:    
Receivables, net (7,384) 31,440
Inventories, net (152,398) 91,938
Prepaid expenses and other assets 1,010 159
Accounts payable 40,817 (13,528)
Income taxes and unrecognized tax benefits (12,771) (2,622)
Accrued expenses and other liabilities 35,560 (9,585)
Net cash provided by (used in) operating activities 147,954 162,437
Investing Activities    
Purchases of property, plant and equipment (23,596) (28,582)
Acquisition of business, net of cash acquired 0 (260,965)
Proceeds from sale of property, plant and equipment 12,450 0
Other, net (224) 141
Net cash provided by (used in) investing activities (11,370) (289,406)
Financing Activities    
Borrowings on long-term debt 2,629,932 1,795,209
Repayments on long-term debt (2,629,932) (1,501,709)
Purchase of convertible bond hedge 0 (70,800)
Proceeds from issuance of warrants 0 42,210
Payments of cash dividends (12,136) (10,881)
Payments for repurchases of common stock (12,109) (1,789)
Payments of debt issuance costs (224) (10,761)
Other, net 1,151 539
Net cash provided by (used in) financing activities (23,318) 242,018
Net increase in cash and cash equivalents 113,266 115,049
Cash and cash equivalents at beginning of period 292,575 37,431
Cash and cash equivalents at end of period 405,841 152,480
Supplemental Disclosures    
Income taxes paid, net 71,090 6,240
Interest paid 14,618 14,961
Non-cash investing and financing activities    
Issuance of common stock for acquisition of business 0 92,572
Capital expenditures in accounts payable 121 255
Dividends declared not yet paid $ 4,273 $ 126