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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
May 29, 2022
May 30, 2021
May 31, 2020
Cash flows from operating activities      
Net income $ 200.9 $ 317.8 $ 365.9
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization of intangibles and debt issuance costs 192.1 187.8 182.3
Loss on extinguishment of debt 53.3 1.0 1.7
Stock-settled, stock-based compensation expense 21.3 20.6 22.8
Loss (earnings) of joint ventures in excess of distributions 29.9 (33.0) (0.4)
Deferred income taxes 13.5 3.8 20.0
Other (7.0) 10.7 15.6
Changes in operating assets and liabilities, net of acquisition:      
Receivables (76.3) (21.0) 1.1
Inventories (63.0) (22.0) 15.3
Income taxes payable/receivable, net 11.6 (3.3) 2.7
Prepaid expenses and other current assets (6.8) (4.9) (2.0)
Accounts payable 16.5 104.7 (34.9)
Accrued liabilities 32.1 (9.0) (16.1)
Net cash provided by operating activities 418.1 553.2 574.0
Cash flows from investing activities      
Additions to property, plant and equipment (290.1) (147.2) (167.7)
Additions to other long-term assets (16.3) (16.1) (40.7)
Acquisition of business, net of cash acquired     (116.7)
Investment in equity method investment     (22.6)
Other (4.1) 0.8 1.7
Net cash used for investing activities (310.5) (162.5) (346.0)
Cash flows from financing activities      
Proceeds from issuance of debt 1,676.1   1,122.9
Repayments of debt and financing obligations (1,698.1) (305.5) (336.3)
Dividends paid (138.4) (135.3) (121.3)
Repurchase of common stock and common stock withheld to cover taxes (158.4) (36.1) (28.9)
Payments of senior notes call premium (39.6)    
(Repayments) proceeds of short-term borrowings, net   (498.8) 490.5
Other (5.0) 1.7 (1.9)
Net cash (used for) provided by financing activities (363.4) (974.0) 1,125.0
Effect of exchange rate changes on cash and cash equivalents (2.7) 2.8 (1.2)
Net (decrease) increase in cash and cash equivalents (258.5) (580.5) 1,351.8
Cash and cash equivalents, beginning of period 783.5 1,364.0 12.2
Cash and cash equivalents, end of period $ 525.0 $ 783.5 $ 1,364.0