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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
May 28, 2023
May 29, 2022
May 30, 2021
Cash flows - operating activities      
Net earnings $ 981.9 $ 952.8 $ 629.3
Losses from discontinued operations, net of tax 1.6 1.9 3.1
Adjustments to reconcile net earnings (loss) from continuing operations to cash flows:      
Depreciation and amortization 387.8 368.4 350.9
Impairments and disposal of assets, net (10.6) (2.0) 6.6
Stock-based compensation expense 67.5 60.5 72.4
Change in current assets and liabilities 175.7 (96.7) (25.9)
Contributions to pension and postretirement plans (2.1) (2.2) (1.8)
Deferred income taxes (59.5) (23.7) 169.2
Change in other assets and liabilities 9.0 (7.4) 23.0
Other, net 1.5 13.0 (33.3)
Net cash provided by operating activities of continuing operations 1,552.8 1,264.6 1,193.5
Cash flows - investing activities      
Purchases of land, buildings and equipment (564.9) (376.9) (254.9)
Proceeds from disposal of land, buildings and equipment 25.4 10.1 5.4
Purchases of capitalized software and other assets (29.4) (25.6) (15.4)
Other, net 0.5 3.4 1.2
Net cash used in investing activities of continuing operations (568.4) (389.0) (263.7)
Cash flows - financing activities      
Net proceeds from issuance of common stock 35.4 40.2 46.2
Dividends paid (589.8) (563.0) (202.6)
Repurchases of common stock (458.7) (1,071.3) (45.4)
Repayments of short-term debt (427.0) 0.0 (270.0)
Proceeds from issuance of short-term debt 427.0 0.0 0.0
Principal payments on finance leases (19.8) (12.9) (7.1)
Other, net (0.2) (2.7) 0.0
Net cash used in financing activities of continuing operations (1,033.1) (1,609.7) (478.9)
Cash flows - discontinued operations      
Net cash provided by (used in) operating activities of discontinued operations (7.2) (8.5) 0.5
Net cash provided by (used in) discontinued operations (7.2) (8.5) 0.5
(Decrease) increase in cash and cash equivalents (55.9) (742.6) 451.4
Cash and cash equivalents - beginning of year 472.1 1,214.7 763.3
Cash and cash equivalents - end of year 416.2 472.1 1,214.7
Reconciliation of cash, cash equivalents, and restricted cash:      
Cash and cash equivalents 367.8 420.6 1,214.7
Restricted cash included in prepaid and other current assets 48.4 51.5 0.0
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows 416.2 472.1 1,214.7
Cash flows from changes in current assets and liabilities      
Receivables, net (8.2) (3.9) (18.4)
Inventories (17.3) (79.8) 16.1
Prepaid expenses and other current assets (24.5) (22.6) 3.1
Accounts payable 40.9 43.2 48.9
Accrued payroll (8.4) 4.1 27.4
Prepaid/accrued income taxes 143.3 58.5 (289.1)
Other accrued taxes 1.3 4.1 17.1
Unearned revenues 14.0 23.8 6.2
Other current liabilities 34.6 (124.1) 162.8
Change in current assets and liabilities $ 175.7 $ (96.7) $ (25.9)