XML 25 R8.htm IDEA: XBRL DOCUMENT v3.22.2.2
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
3 Months Ended
Aug. 28, 2022
Aug. 29, 2021
Cash flows from operating activities    
Net income $ 231.9 $ 29.8
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of intangibles and debt issuance costs 49.8 47.3
Stock-settled, stock-based compensation expense 7.6 5.2
Equity method investment (earnings) loss in excess of distributions (174.6) 3.5
Deferred income taxes 34.5 1.7
Other (2.8) 1.5
Changes in operating assets and liabilities, net of acquisition:    
Receivables 9.9 (35.1)
Inventories (51.5) 43.4
Income taxes payable/receivable, net 42.3 9.7
Prepaid expenses and other current assets 45.5 33.0
Accounts payable 24.3 10.0
Accrued liabilities (24.8) 11.8
Net cash provided by operating activities 192.1 161.8
Cash flows from investing activities    
Additions to property, plant and equipment (101.2) (78.9)
Acquisition of interest in joint venture, net (42.3)  
Additions to other long-term assets (20.0)  
Other (3.4) 0.1
Net cash used for investing activities (166.9) (78.8)
Cash flows from financing activities    
Proceeds from issuance of debt 13.8  
Repayments of debt and financing obligations (8.0) (7.9)
Dividends paid (35.3) (34.4)
Repurchase of common stock and common stock withheld to cover taxes (34.4) (33.4)
Other 0.4 (0.1)
Net cash used for financing activities (63.5) (75.8)
Effect of exchange rate changes on cash and cash equivalents (1.4) (1.0)
Net (decrease) increase in cash and cash equivalents (39.7) 6.2
Cash and cash equivalents, beginning of period 525.0 783.5
Cash and cash equivalents, end of period $ 485.3 $ 789.7