XML 26 R5.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Dec. 02, 2017
Dec. 03, 2016
Cash Flows from Operating Activities:    
Net earnings $ 66,500,000 $ 68,100,000
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Depreciation and amortization 31,800,000 28,300,000
Stock-based compensation 3,000,000.0 6,500,000
Excess tax benefits from stock-based compensation 0 (400,000)
Pension and post-retirement expenses 700,000 200,000
Pension contributions (12,000,000.0) 0
Earnings from nonconsolidated affiliates net of dividends received (300,000) (1,000,000.0)
Deferred taxes (1,000,000.0) 2,000,000.0
Gain on sales of property and dealers (800,000) 0
Restructuring expenses 3,800,000 1,000,000.0
Increase in current assets (15,700,000) (13,200,000)
Increase (decrease) in current liabilities 2,500,000 (1,400,000)
Increase in non-current liabilities 3,000,000.0 4,100,000
Other, net 0 200,000
Net Cash Provided by Operating Activities 81,500,000 94,400,000
Cash Flows from Investing Activities:    
Proceeds from sale of property and dealers 2,000,000.0 0
Equity investment in non-controlled entities 0 (14,500,000)
Capital expenditures (39,800,000) (46,700,000)
Payments of loans on cash surrender value of life insurance 0 (15,300,000)
Proceeds from life insurance policy 8,100,000 0
Net advances on notes receivable (500,000) 0
Other, net (400,000) (800,000)
Net Cash Used in Investing Activities (30,600,000) (77,300,000)
Cash Flows from Financing Activities:    
Dividends paid (20,900,000) (19,000,000.0)
Proceeds from issuance of long-term debt 115,400,000 468,300,000
Payments of long-term debt (115,400,000) (470,600,000)
Payment of deferred financing costs 0 (1,400,000)
Common stock issued 5,700,000 6,500,000
Common stock repurchased and retired (17,300,000) (12,100,000)
Excess tax benefits from stock-based compensation 0 400,000
Purchase of redeemable noncontrolling interests (1,000,000.0) (1,500,000)
Net proceeds from supplier financing program 400,000 0
Payment of contingent consideration (100,000) (1,000,000.0)
Other, net 0 100,000
Net Used in by Financing Activities (33,200,000) (30,300,000)
Effect of Exchange Rate Changes on Cash and Cash Equivalents 700,000 200,000
Net Increase (Decrease) in Cash and Cash Equivalents 18,400,000 (13,000,000.0)
Cash and Cash Equivalents, Beginning of Period 96,200,000 84,900,000
Cash and Cash Equivalents, End of Period $ 114,600,000 $ 71,900,000