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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
9 Months Ended
Feb. 28, 2021
Feb. 23, 2020
Cash flows from operating activities    
Net income $ 252.3 $ 367.5
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of intangibles and debt issuance costs 143.3 137.5
Stock-settled, stock-based compensation expense 17.6 18.2
Earnings of joint ventures in excess of distributions (29.9) (6.5)
Deferred income taxes 1.0 25.3
Other 9.4 1.2
Changes in operating assets and liabilities, net of acquisition:    
Receivables (30.4) (24.3)
Inventories (80.6) (94.6)
Income taxes payable/receivable, net 28.2 8.1
Prepaid expenses and other current assets (6.5) 1.8
Accounts payable 60.9 2.1
Accrued liabilities 9.5 (0.6)
Net cash provided by operating activities 374.8 435.7
Cash flows from investing activities    
Additions to property, plant and equipment (92.1) (127.8)
Additions to other long-term assets (14.6) (24.2)
Acquisition of business, net of cash acquired   (116.7)
Investment in equity method joint venture   (22.6)
Other 0.5 1.5
Net cash used for investing activities (106.2) (289.8)
Cash flows from financing activities    
Proceeds (payments) of short-term borrowings, net (498.8) 12.7
Repayments of debt and financing obligations (297.6) (327.1)
Dividends paid (100.9) (87.7)
Repurchase of common stock and common stock withheld to cover taxes (22.9) (28.9)
Proceeds from issuance of debt   299.3
Other 0.3 4.0
Net cash used for financing activities (919.9) (127.7)
Effect of exchange rate changes on cash and cash equivalents 1.6 (0.3)
Net increase (decrease) in cash and cash equivalents (649.7) 17.9
Cash and cash equivalents, beginning of the period 1,364.0 12.2
Cash and cash equivalents, end of period $ 714.3 $ 30.1