Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
May 31, 2020	May 26, 2019	May 27, 2018
Cash flows from operating activities
Net income	$ 365.9	$ 487.2	$ 433.7
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of intangibles and debt issuance costs	184.0	162.4	143.3
Stock-settled, stock-based compensation expense	22.8	18.8	13.5
Earnings of joint ventures in excess of distributions	(0.4)	(13.8)	(35.1)
Deferred income taxes	20.0	37.5	(3.6)
Other	15.6	13.2	(8.0)
Changes in operating assets and liabilities, net of acquisitions:
Receivables	1.1	(25.1)	(40.4)
Inventories	15.3	(15.8)	(23.6)
Income taxes payable/receivable, net	2.7	(16.4)	13.7
Prepaid expenses and other current assets	(2.0)	(1.9)	(15.5)
Accounts payable	(34.9)	32.9	(8.3)
Accrued liabilities	(16.1)	1.9	11.5
Net cash provided by operating activities	574.0	680.9	481.2
Cash flows from investing activities
Acquisition of business, net of cash acquired	(116.7)	(88.6)
Additions to property, plant and equipment	(167.7)	(334.2)	(306.8)
Additions to other long-term assets	(40.7)	(2.7)
Investment in equity method joint venture	(22.6)
Other	1.7	2.5
Net cash used for investing activities	(346.0)	(423.0)	(306.8)
Cash flows from financing activities
Proceeds from issuance of debt	1,122.9
Proceeds (payments) from short-term borrowings, net	490.5	(1.0)	(14.4)
Repayments of debt and financing obligations	(336.3)	(66.7)	(39.2)
Dividends paid	(121.3)	(113.3)	(110.2)
Repurchase of common stock and common stock withheld to cover taxes	(28.9)	(36.4)	(2.7)
Acquisition of noncontrolling interest		(78.2)
Cash distributions paid to noncontrolling interest		(6.1)	(14.6)
Other	(1.9)	2.1	2.2
Net cash provided by (used for) financing activities	1,125.0	(299.6)	(178.9)
Effect of exchange rate changes on cash and cash equivalents	(1.2)	(1.7)	3.0
Net increase (decrease) in cash and cash equivalents	1,351.8	(43.4)	(1.5)
Cash and cash equivalents, beginning of the period	12.2	55.6	57.1
Cash and cash equivalents, end of period	$ 1,364.0	$ 12.2	$ 55.6

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