XML 16 R5.htm IDEA: XBRL DOCUMENT v3.22.2.2
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
3 Months Ended
Nov. 26, 2022
Nov. 27, 2021
Operating activities    
Net income $ 60.2 $ 99.6
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation 6.6 5.3
Amortization 3.8 8.2
Non-cash interest expense, net 0.0 3.6
Amortization of debt issuance costs 0.8 0.6
Last in, first-out expense 1.1 0.4
Stock-based compensation 3.0 2.7
Deferred income taxes 1.0 (0.2)
Contingent consideration fair value adjustment 0.4 6.4
Other, net (0.2) 2.3
Change in operating assets and liabilities, net of assets and liabilities acquired    
Receivables, net 51.2 (7.2)
Inventories, net (28.3) (70.3)
Prepaid expenses and other assets 6.9 4.8
Accounts payable (81.5) (17.7)
Income taxes and unrecognized tax benefits 19.1 24.7
Accrued expenses and other liabilities (14.2) (6.7)
Net cash provided by operating activities 29.9 56.5
Investing activities    
Purchases of property, plant, and equipment (27.8) (23.2)
Acquisition of business, net of cash acquired 0.0 (228.2)
Other, net 0.7 0.0
Net cash used in investing activities (27.1) (251.4)
Financing activities    
Borrowings on long-term debt 1,475.0 932.6
Repayments on long-term debt (1,475.0) (932.6)
Payments of cash dividends (8.5) (6.0)
Payments for repurchases of common stock (4.5) (23.7)
Other, net (0.3) 1.4
Net cash used in financing activities (13.3) (28.3)
Net decrease in cash and cash equivalents (10.5) (223.2)
Cash and cash equivalents at beginning of period 282.2 434.6
Cash and cash equivalents at end of period 271.7 211.4
Supplemental Disclosures    
Income taxes (received) paid, net (1.3) 8.7
Interest paid 2.3 4.8
Non-cash investing and financing activities    
Issuance of common stock for acquisition of business 0.0 22.0
Capital expenditures in accounts payable 4.1 1.1
Increase in lease assets in exchange for lease liabilities:    
Operating leases 0.2 0.3
Finance leases $ 0.0 $ 1.1