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Consolidated Statement of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Feb. 27, 2021
Feb. 29, 2020
Feb. 23, 2019
Cash flows from operating activities:      
Net income $ 850.2 $ 466.4 $ 131.1
Adjustments to reconcile net income to net cash provided by operating activities:      
Gain on property dispositions and impairment losses, net (38.8) (484.8) (165.0)
Depreciation and amortization 1,536.9 1,691.3 1,738.8
Operating lease right-of-use assets amortization 581.5 570.3 0.0
LIFO expense 58.7 18.4 8.0
Deferred income tax (112.3) (5.9) (81.5)
Pension and post-retirement benefits (income) expense (36.4) (2.0) 24.5
Contributions to pension and post-retirement benefit plans (60.0) (11.0) (199.3)
Loss (gain) on interest rate swaps and commodity hedges, net 16.9 50.6 (1.3)
Deferred financing costs 20.9 39.8 42.7
Loss on debt extinguishment 85.3 111.4 8.7
Equity-based compensation expense 59.0 32.8 47.7
Other operating activities (143.0) 2.5 (42.7)
Changes in operating assets and liabilities, net of effects of acquisition of businesses:      
Receivables, net 0.4 60.8 28.8
Inventories, net 9.2 (38.1) 80.3
Accounts payable, accrued salaries and wages and other accrued liabilities 787.4 85.3 98.4
Operating lease liabilities (563.3) (584.4) 0.0
Pension withdrawal liabilities 672.3 (62.3) (18.2)
Self-insurance assets and liabilities 6.5 (4.0) (48.7)
Other operating assets and liabilities 171.1 (33.2) 35.6
Net cash provided by operating activities 3,902.5 1,903.9 1,687.9
Cash flows from investing activities:      
Business acquisitions, net of cash acquired (97.9) 0.0 0.0
Payments for property, equipment and intangibles, including lease buyouts (1,630.2) (1,475.1) (1,362.6)
Proceeds from sale of assets 161.6 1,096.7 1,252.0
Other investing activities (5.5) (0.1) 23.8
Net cash used in investing activities (1,572.0) (378.5) (86.8)
Cash flows from financing activities:      
Proceeds from issuance of long-term debt 4,094.0 3,874.0 1,969.8
Payments on long-term borrowings (4,446.7) (5,676.6) (3,082.3)
Payments of obligations under finance leases (79.9) (109.3) (97.5)
Payment of redemption premium on debt extinguishment (71.6) 0.0  
Payment of redemption premium on debt extinguishment     (3.1)
Payments for debt financing costs (21.9) (53.2) (27.0)
Dividends paid on common stock (93.7) 0.0 0.0
Dividends paid on convertible preferred stock (66.0) 0.0 0.0
Proceeds from convertible preferred stock 1,680.0 0.0 0.0
Third party issuance costs on convertible preferred stock (80.9) 0.0 0.0
Treasury stock purchase, at cost (1,881.2) 0.0 (25.8)
Employee tax withholding on vesting of restricted stock and phantom units (14.1) (18.8) (15.3)
Other financing activities (59.8) (30.3) (33.0)
Net cash used in financing activities (1,041.8) (2,014.2) (1,314.2)
Net increase (decrease) in cash and cash equivalents and restricted cash 1,288.7 (488.8) 286.9
Cash and cash equivalents and restricted cash at beginning of period 478.9 967.7 680.8
Cash and cash equivalents and restricted cash at end of period 1,767.6 478.9 967.7
Reconciliation of capital investments:      
Payments for property and equipment, including payments for lease buyouts (1,630.2) (1,475.1) (1,362.6)
Lease buyouts (13.0) 7.7 18.9
Total payments for capital investments, excluding lease buyouts (1,643.2) (1,467.4) (1,343.7)
Non-cash investing and financing activities were as follows:      
Additions of finance lease obligations, excluding business acquisitions 38.8 0.0 6.0
Purchases of property and equipment included in accounts payable 360.8 230.8 243.1
Interest and income taxes paid:      
Interest paid, net of amount capitalized 574.3 718.5 805.9
Income taxes paid $ 366.2 $ 228.8 $ 18.2