Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.21.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Sep. 25, 2021
Sep. 26, 2020
Sep. 28, 2019
Cash flows from operating activities:      
Net income $ 152,773 $ 121,520 $ 92,647
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 74,727 55,359 50,828
Amortization of deferred financing costs 2,208 1,873 1,832
Non-cash lease expense 41,044 35,025 0
Stock-based compensation 23,127 18,982 14,662
Debt extinguishment costs 8,577 0 0
Loss on sale of business 2,611 0 0
Deferred income taxes (14,744) (6,615) 6,659
(Gain) loss on disposal of property, plant and equipment (256) 1,171 730
Asset impairments 0 3,566 0
Other 4,716 4,675 (570)
Changes in assets and liabilities (excluding businesses acquired):      
Receivables 69,135 (91,470) 1,485
Inventories (132,170) 27,351 (3,696)
Prepaid expenses and other assets 13,370 4,683 (2,643)
Accounts payable 24,583 52,047 30,473
Accrued expenses 6,734 72,278 12,261
Other long-term obligations 14,731 (83) 306
Operating lease liabilities (40,322) (36,089) 0
Net cash provided by operating activities 250,844 264,273 204,974
Cash flows from investing activities:      
Additions to property, plant and equipment (80,333) (43,055) (31,577)
Businesses acquired, net of cash acquired (820,453) 0 (41,161)
Proceeds from sale of business 2,400 0 0
Payments for investments (500) (4,439) (2,010)
Other investing activities (473) (612) (1,515)
Net cash used in investing activities (899,359) (48,106) (76,263)
Cash flows from financing activities:      
Repayments on revolving line of credit (858,000) (200,000) 0
Borrowings on revolving line of credit 858,000 200,000 0
Premium paid on extinguishment of debt (6,124) 0 0
Repayments of long-term debt (430,401) (113) (46,193)
Issuance of long-term debt 900,000 0 0
Repurchase of common stock, including shares surrendered for tax withholding (27,892) (59,129) (62,974)
Payments of contingent consideration (373) (227) (170)
Distribution to noncontrolling interest (606) (143) (76)
Payment of financing costs (14,129) (948) (1,352)
Net cash provided by (used in) financing activities 420,475 (60,560) (110,765)
Effect of exchange rate changes on cash and equivalents 1,165 89 (250)
Net (decrease) increase in cash, cash equivalents and restricted cash (226,875) 155,696 17,696
Cash, cash equivalents and restricted cash at beginning of year 666,397 510,701 493,005
Cash, cash equivalents and restricted cash at end of year 439,522 666,397 510,701
Supplemental information:      
Cash paid for interest 42,762 43,892 42,702
Cash paid for income taxes – net of refunds 70,831 25,537 14,958
Non-cash investing and financing activities:      
Capital expenditures incurred but not paid 6,150 6,260 2,630
Liability for contingent performance based payments 610 227 (685)
Shares of common stock repurchased but not settled 2,112 0 458
Operating lease right of use assets recognized at ASC 842 transition 0 111,298 0
Operating lease liabilities recognized at ASC 842 transition 0 115,376 0
Operating lease right of use assets recognized after ASC 842 transition $ 90,799 $ 39,605 $ 0