XML 18 R7.htm IDEA: XBRL DOCUMENT v3.22.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
9 Months Ended
Apr. 02, 2022
Mar. 27, 2021
Cash flows from operating activities:    
Net income $ 36.5 $ 9.3
Adjustments to reconcile net income to net cash provided by (used in) operating activities    
Depreciation 203.2 158.4
Amortization of intangible assets 136.1 88.7
Amortization of deferred financing costs 7.1 10.5
Provision for losses on accounts receivables 8.2 (7.9)
Change in LIFO reserve 55.3 9.3
Stock compensation expense 34.9 19.3
Deferred income tax benefit (3.8) 3.6
Loss on extinguishment of debt 3.2 0.0
Other non-cash activities 14.4 2.6
Changes in operating assets and liabilities, net    
Accounts receivable (68.4) (123.5)
Inventories (171.5) 1.8
Income taxes receivable 18.3 114.8
Prepaid expenses and other assets 1.5 (31.9)
Trade accounts payable and outstanding checks in excess of deposits 177.4 (95.6)
Accrued expenses and other liabilities (61.8) 13.7
Net cash provided by (used in) operating activities 390.6 173.1
Cash flows from investing activities:    
Purchases of property, plant and equipment (140.8) (118.9)
Net cash paid for acquisitions (1,651.1) (18.1)
Proceeds from sale of property, plant and equipment 3.7 6.6
Net cash used in investing activities (1,788.2) (130.4)
Cash flows from financing activities:    
Net borrowings under ABL Facility 835.7 (103.8)
Payment of Additional Junior Term Loan 0.0 (110.0)
Cash paid for debt issuance, extinguishment and modifications (24.9) (0.1)
Payments under finance lease obligations (67.4) (27.3)
Payments on financed property, plant and equipment (0.1) (0.6)
Cash paid for acquisitions (1.4) (136.4)
Proceeds from employee stock purchase plan 12.3 16.3
Proceeds from exercise of stock options 2.7 4.2
Cash paid for shares withheld to cover taxes (10.7) (4.2)
Net cash provided by financing activities 1,396.2 (361.9)
Net decrease in cash and restricted cash (1.4) (319.2)
Cash and restricted cash, beginning of period 22.2 431.8
Cash and restricted cash, end of period 20.8 112.6
Debt assumed through finance lease obligations 96.7 102.9
Purchases of property, plant and equipment, financed 0.5 0.3
Non-cash issuance of PFG stock in exchange for Core-Mark stock 1,008.0 0.0
Interest 101.8 81.2
Income tax payments (refunds), net 3.0 (117.8)
4.250% Notes due 2029 [Member]    
Cash flows from financing activities:    
Borrowing of Notes due 2029 1,000.0 0.0
5.500% Notes due 2024 [Member]    
Cash flows from financing activities:    
Repayment of Notes due 2024 $ (350.0) $ 0.0