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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
6 Months Ended
Nov. 24, 2019
Nov. 25, 2018
Cash flows from operating activities    
Net income $ 256.1 $ 235.4
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of intangibles and debt issuance costs 91.7 77.2
Stock-settled, stock-based compensation expense 12.6 9.2
Earnings of joint ventures in excess of distributions (7.6) (4.5)
Deferred income taxes 17.2 27.9
Other 2.0 6.2
Changes in operating assets and liabilities, net of acquisition:    
Receivables (55.2) (28.2)
Inventories (133.4) (149.4)
Income taxes payable/receivable, net 17.5 3.7
Prepaid expenses and other current assets 46.3 51.0
Accounts payable 126.4 114.8
Accrued liabilities (28.3) (26.5)
Net cash provided by operating activities 345.3 316.8
Cash flows from investing activities    
Acquisition of business, net of cash acquired (116.7)  
Additions to property, plant and equipment (88.1) (170.4)
Additions to other long-term assets (19.3)  
Investment in equity method joint venture (17.1)  
Other 1.0 1.7
Net cash used for investing activities (240.2) (168.7)
Cash flows from financing activities    
Proceeds from issuance of debt 299.3  
Repayments of debt and financing obligations (318.1) (20.3)
Dividends paid (58.5) (56.0)
Repurchase of common stock and common stock withheld to cover taxes (17.8) (4.4)
Proceeds (payments) of short-term borrowings, net 1.4 4.3
Cash distributions paid to noncontrolling interest   (6.1)
Other 0.1 1.1
Net cash used for financing activities (93.6) (81.4)
Effect of exchange rate changes on cash and cash equivalents 0.1 (0.7)
Net increase in cash and cash equivalents 11.6 66.0
Cash and cash equivalents, beginning of the period 12.2 55.6
Cash and cash equivalents, end of period $ 23.8 $ 121.6