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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
9 Months Ended
Feb. 27, 2022
Feb. 28, 2021
Cash flows from operating activities    
Net income $ 168.9 $ 252.3
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of intangibles and debt issuance costs 142.4 142.3
Loss on extinguishment of debt 53.3 1.0
Stock-settled, stock-based compensation expense 15.5 17.6
Earnings of joint ventures in excess of distributions (26.8) (29.9)
Deferred income taxes 14.2 1.0
Other (3.3) 9.4
Changes in operating assets and liabilities:    
Receivables (64.1) (30.4)
Inventories (121.2) (80.6)
Income taxes payable/receivable, net 16.4 28.2
Prepaid expenses and other current assets (15.6) (6.5)
Accounts payable (3.8) 60.9
Accrued liabilities (1.9) 9.5
Net cash provided by operating activities 174.0 374.8
Cash flows from investing activities    
Additions to property, plant and equipment (217.8) (92.1)
Additions to other long-term assets (9.2) (14.6)
Other 0.8 0.5
Net cash used for investing activities (226.2) (106.2)
Cash flows from financing activities    
Proceeds from issuance of debt 1,669.2  
Repayments of debt and financing obligations (1,690.1) (297.6)
Repurchase of common stock and common stock withheld to cover taxes (133.7) (22.9)
Dividends paid (103.0) (100.9)
Payments of senior notes call premium (39.6)  
Repayments of short-term borrowings, net   (498.8)
Other (5.0) 0.3
Net cash used for financing activities (302.2) (919.9)
Effect of exchange rate changes on cash and cash equivalents (0.5) 1.6
Net decrease in cash and cash equivalents (354.9) (649.7)
Cash and cash equivalents, beginning of period 783.5 1,364.0
Cash and cash equivalents, end of period $ 428.6 $ 714.3