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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
9 Months Ended
Feb. 25, 2024
Feb. 26, 2023
Cash flows from operating activities    
Net income $ 595.8 $ 510.1
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of intangibles and debt issuance costs 220.0 153.3
Stock-settled, stock-based compensation expense 34.4 28.0
Equity method investment earnings in excess of distributions (4.8) (44.3)
Deferred income taxes 1.3 (25.5)
Foreign currency remeasurement gain (0.1) (21.2)
Other (2.9) (22.3)
Changes in operating assets and liabilities, net of acquisitions:    
Receivables (8.6) (47.2)
Inventories (275.0) (254.3)
Income taxes payable/receivable, net 36.3 13.1
Prepaid expenses and other current assets (5.9) 5.9
Accounts payable (25.6) 16.7
Accrued liabilities (83.4) 22.8
Net cash provided by operating activities 481.5 335.1
Cash flows from investing activities    
Additions to property, plant and equipment (763.4) (429.4)
Additions to other long-term assets (64.9) (67.6)
Acquisition of business, net of cash acquired/ Acquisition of interests in joint ventures, net (11.2) (42.3)
Other 14.7 3.6
Net cash used for investing activities (824.8) (535.7)
Cash flows from financing activities    
Proceeds from short-term borrowings, net 379.1 0.0
Proceeds from issuance of debt 50.1 510.8
Repayments of debt and financing obligations (42.0) (24.6)
Dividends paid (122.0) (105.8)
Repurchase of common stock and common stock withheld to cover taxes (165.1) (47.2)
Other 0.0 (1.9)
Net cash provided by financing activities 100.1 331.3
Effect of exchange rate changes on cash and cash equivalents 0.7 19.3
Net (decrease) increase in cash and cash equivalents (242.5) 150.0
Cash and cash equivalents, beginning of period 304.8 525.0
Cash and cash equivalents, end of period $ 62.3 $ 675.0