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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
9 Months Ended
Feb. 24, 2019
Feb. 25, 2018
Cash flows from operating activities:    
Net income $ 553.2 $ 741.5
Income (loss) from discontinued operations (1.9) 14.6
Income from continuing operations 555.1 726.9
Adjustments to reconcile income from continuing operations to net cash flows from operating activities:    
Depreciation and amortization 232.6 193.4
Asset impairment charges 3.0 9.4
Gain on divestiture (13.2) 0.0
Earnings of affiliates in excess of distributions (23.4) (53.1)
Stock-settled share-based payments expense 22.5 26.7
Contributions to pension plans (11.5) (9.7)
Pension benefit (21.0) (38.7)
Lease cancellation expense 0.0 48.2
Proceeds from settlement of interest rate swaps 47.5 0.0
Novation of a legacy guarantee (27.3) 0.0
Other items 25.4 (31.0)
Change in operating assets and liabilities excluding effects of business acquisitions and dispositions:    
Receivables (108.4) (25.8)
Inventories 13.0 (89.8)
Deferred income taxes and income taxes payable, net 39.3 (10.2)
Prepaid expenses and other current assets (20.0) (5.5)
Accounts payable (15.6) 101.2
Accrued payroll (9.0) (30.9)
Other accrued liabilities 56.1 (3.0)
Net cash flows from operating activities — continuing operations 745.1 808.1
Net cash flows from operating activities — discontinued operations 11.2 34.2
Net cash flows from operating activities 756.3 842.3
Cash flows from investing activities:    
Additions to property, plant and equipment (236.1) (175.9)
Sale of property, plant and equipment 18.7 7.5
Purchase of businesses, net of cash acquired (5,119.2) (337.1)
Proceeds from divestiture 32.2 0.0
Other items 0.1 4.3
Net cash flows from investing activities (5,304.3) (501.2)
Cash flows from financing activities:    
Net short-term borrowings (repayments) (278.3)  
Net short-term borrowings (repayments)   324.1
Issuance of long-term debt 8,310.5 500.0
Repayment of long-term debt (3,517.1) (170.1)
Debt issuance costs and bridge financing fees (95.2) (2.9)
Payment of intangible asset financing arrangement (14.0) (14.4)
Issuance of Conagra Brands, Inc. common shares, net 555.7 0.0
Repurchase of Conagra Brands, Inc. common shares 0.0 (860.0)
Cash dividends paid (253.0) (257.7)
Exercise of stock options and issuance of other stock awards, including tax withholdings (4.1)  
Exercise of stock options and issuance of other stock awards, including tax withholdings   13.0
Other items 0.9 0.0
Net cash flows from financing activities 4,705.4 (468.0)
Effect of exchange rate changes on cash and cash equivalents and restricted cash (3.2) 8.4
Net change in cash and cash equivalents and restricted cash 154.2 (118.5)
Cash and cash equivalents and restricted cash at beginning of period 129.0 252.4
Cash and cash equivalents and restricted cash at end of period $ 283.2 $ 133.9