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Consolidated Statement of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Feb. 25, 2023
Feb. 26, 2022
Feb. 27, 2021
Cash flows from operating activities:      
Net income $ 1,513.5 $ 1,619.6 $ 850.2
Adjustments to reconcile net income to net cash provided by operating activities:      
Gain on property dispositions and impairment losses, net (147.5) (15.0) (38.8)
Depreciation and amortization 1,807.1 1,681.3 1,536.9
Operating lease right-of-use assets amortization 652.7 623.9 581.5
LIFO expense 268.0 115.2 58.7
Deferred income tax 12.9 219.0 (112.3)
Pension and post-retirement benefits income (21.7) (54.7) (36.4)
Contributions to pension and post-retirement benefit plans (27.3) (29.8) (60.0)
(Gain) loss on interest rate swaps and energy hedges, net (8.4) (22.8) 16.9
Deferred financing costs 16.9 23.4 20.9
Loss on debt extinguishment 0.0 3.7 85.3
Equity-based compensation expense 138.3 101.2 59.0
Other operating activities 1.8 (77.0) (143.0)
Changes in operating assets and liabilities, net of effects of acquisition of businesses:      
Receivables, net (127.1) (22.4) 0.4
Inventories, net (549.1) (313.8) 9.2
Accounts payable, accrued salaries and wages and other accrued liabilities (164.2) 679.5 787.4
Operating lease liabilities (637.7) (604.6) (563.3)
Pension withdrawal liabilities (103.4) (131.0) 672.3
Self-insurance assets and liabilities 56.2 18.6 6.5
Other operating assets and liabilities 172.9 (300.9) 171.1
Net cash provided by operating activities 2,853.9 3,513.4 3,902.5
Cash flows from investing activities:      
Payments for property, equipment and intangibles, including payments for lease buyouts (2,153.9) (1,606.5) (1,630.2)
Proceeds from sale of assets 195.2 51.9 161.6
Business acquisitions, net of cash acquired 0.0 (25.4) (97.9)
Other investing activities (18.6) 41.1 (5.5)
Net cash used in investing activities (1,977.3) (1,538.9) (1,572.0)
Cash flows from financing activities:      
Proceeds from issuance of long-term debt, including ABL facility 2,150.0 0.0 4,094.0
Payments on long-term borrowings, including ABL facility (1,150.8) (330.9) (4,446.7)
Payments of obligations under finance leases (71.6) (78.0) (79.9)
Payment of redemption premium on debt extinguishment 0.0 (2.9) (71.6)
Payments for debt financing costs (7.1) (11.0) (21.9)
Special dividend paid (3,916.9) 0.0 0.0
Dividends paid on common stock (255.1) (207.4) (93.7)
Dividends paid on convertible preferred stock (65.3) (114.6) (66.0)
Proceeds from convertible preferred stock 0.0 0.0 1,680.0
Third party issuance costs on convertible preferred stock 0.0 0.0 (80.9)
Treasury stock purchase, at cost 0.0 0.0 (1,881.2)
Employee tax withholding on vesting of restricted stock units (44.0) (29.4) (14.1)
Other financing activities (4.6) (15.3) (59.8)
Net cash used in financing activities (3,365.4) (789.5) (1,041.8)
Net (decrease) increase in cash and cash equivalents and restricted cash (2,488.8) 1,185.0 1,288.7
Cash and cash equivalents and restricted cash at beginning of period 2,952.6 1,767.6 478.9
Cash and cash equivalents and restricted cash at end of period 463.8 2,952.6 1,767.6
Reconciliation of capital investments:      
Payments for property, equipment and intangibles, including payments for lease buyouts (2,153.9) (1,606.5) (1,630.2)
Lease buyouts (2.8) 11.7 (13.0)
Total payments for capital investments, excluding lease buyouts (2,156.7) (1,594.8) (1,643.2)
Non-cash investing and financing activities were as follows:      
Additions of finance lease obligations, excluding business acquisitions 23.3 81.0 38.8
Purchases of property and equipment included in accounts payable 333.5 499.7 360.8
Interest and income taxes paid:      
Interest paid, net of amount capitalized 395.3 480.3 574.3
Income taxes paid $ 220.9 $ 240.9 $ 366.2