XML 48 R8.htm IDEA: XBRL DOCUMENT v3.20.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
9 Months Ended
Feb. 23, 2020
Feb. 24, 2019
Cash flows from operating activities    
Net income $ 367.5 $ 376.8
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of intangibles and debt issuance costs 137.5 117.5
Stock-settled, stock-based compensation expense 18.2 13.7
Earnings of joint ventures in excess of distributions (6.5) (9.0)
Deferred income taxes 25.3 38.5
Other 1.2 4.1
Changes in operating assets and liabilities, net of acquisitions:    
Receivables (24.3) (43.3)
Inventories (94.6) (104.7)
Income taxes payable/receivable, net 8.1 14.1
Prepaid expenses and other current assets 1.8 (7.0)
Accounts payable 2.1 51.6
Accrued liabilities (0.6) (7.9)
Net cash provided by operating activities 435.7 444.4
Cash flows from investing activities    
Acquisition of business, net of cash acquired (116.7) (88.6)
Additions to property, plant and equipment (127.8) (244.2)
Additions to other long-term assets (24.2) (3.1)
Investment in equity method joint venture (22.6)  
Other 1.5 2.0
Net cash used for investing activities (289.8) (333.9)
Cash flows from financing activities    
Proceeds from issuance of debt 299.3  
Repayments of debt and financing obligations (327.1) (57.1)
Dividends paid (87.7) (84.0)
Repurchase of common stock and common stock withheld to cover taxes (28.9) (12.3)
Proceeds (payments) of short-term borrowings, net 12.7 89.3
Acquisition of noncontrolling interest   (78.2)
Cash distributions paid to noncontrolling interest   (6.1)
Other 4.0 1.1
Net cash used for financing activities (127.7) (147.3)
Effect of exchange rate changes on cash and cash equivalents (0.3) (1.6)
Net increase (decrease) in cash and cash equivalents 17.9 (38.4)
Cash and cash equivalents, beginning of the period 12.2 55.6
Cash and cash equivalents, end of period $ 30.1 $ 17.2