Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.22.2.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Sep. 24, 2022
Sep. 25, 2021
Sep. 26, 2020
Cash flows from operating activities:      
Net income $ 152,672 $ 152,773 $ 121,520
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 80,948 74,727 55,359
Amortization of deferred financing costs 2,657 2,208 1,873
Non-cash lease expense 48,656 41,044 35,025
Stock-based compensation 25,817 23,127 18,982
Debt extinguishment costs 169 8,577 0
Loss on sale of business 0 2,611 0
Deferred income taxes 28,128 (14,744) (6,615)
Loss (gain) on disposal of property, plant and equipment 131 (256) 1,171
Asset impairments 0 0 3,566
Other (779) 4,716 4,675
Changes in assets and liabilities (excluding businesses acquired):      
Receivables 7,004 69,135 (91,470)
Inventories (256,443) (132,170) 27,351
Prepaid expenses and other assets (6,031) 13,370 4,683
Accounts payable (31,209) 24,583 52,047
Accrued expenses (33,495) 6,734 72,278
Other long-term obligations (7,728) 14,731 (83)
Operating lease liabilities (44,527) (40,322) (36,089)
Net cash (used in) provided by operating activities (34,030) 250,844 264,273
Cash flows from investing activities:      
Additions to property, plant and equipment (115,205) (80,333) (43,055)
Businesses acquired, net of cash acquired 0 (820,453) 0
Proceeds from sale of business 0 2,400 0
Payments for investments (27,818) (500) (4,439)
Other investing activities 40 (473) (612)
Net cash used in investing activities (142,983) (899,359) (48,106)
Cash flows from financing activities:      
Repayments on revolving line of credit 0 (858,000) (200,000)
Borrowings on revolving line of credit 0 858,000 200,000
Premium paid on extinguishment of debt 0 (6,124) 0
Repayments of long-term debt (1,096) (430,401) (113)
Issuance of long-term debt 0 900,000 0
Repurchase of common stock, including shares surrendered for tax withholding (62,287) (27,892) (59,129)
Payments of contingent consideration (216) (373) (227)
Distribution to noncontrolling interest (806) (606) (143)
Payment of financing costs (2,410) (14,129) (948)
Net cash (used in) provided by financing activities (66,815) 420,475 (60,560)
Effect of exchange rate changes on cash and equivalents (3,510) 1,165 89
Net (decrease) increase in cash, cash equivalents and restricted cash (247,338) (226,875) 155,696
Cash, cash equivalents and restricted cash at beginning of year 439,522 666,397 510,701
Cash, cash equivalents and restricted cash at end of year 192,184 439,522 666,397
Supplemental information:      
Cash paid for interest 57,928 42,762 43,892
Cash paid for income taxes – net of refunds 34,964 70,831 25,537
Non-cash investing and financing activities:      
Capital expenditures incurred but not paid 8,016 6,150 6,260
Liability for contingent performance based payments (847) 610 227
Shares of common stock repurchased but not settled 911 2,112 0
Operating lease right of use assets recognized at ASC 842 transition 0 0 111,298
Operating lease liabilities recognized at ASC 842 transition 0 0 115,376
Operating lease right of use assets recognized after ASC 842 transition $ 70,794 $ 90,799 $ 39,605