XML 36 R11.htm IDEA: XBRL DOCUMENT v3.24.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
May 26, 2024
May 28, 2023
May 29, 2022
Cash flows - operating activities      
Net earnings $ 1,027.6 $ 981.9 $ 952.8
Losses from discontinued operations, net of tax 2.9 1.6 1.9
Adjustments to reconcile net earnings (loss) from continuing operations to cash flows:      
Depreciation and amortization 459.9 387.8 368.4
Impairments and disposal of assets, net 12.4 (10.6) (2.0)
Stock-based compensation expense 68.5 67.5 60.5
Change in current assets and liabilities 95.4 175.7 (96.7)
Contributions to pension and postretirement plans (1.7) (2.1) (2.2)
Deferred income taxes (3.2) (59.5) (23.7)
Change in other assets and liabilities (23.4) 9.0 (7.4)
Other, net (16.7) 1.5 13.0
Net cash provided by operating activities of continuing operations 1,621.7 1,552.8 1,264.6
Cash flows - investing activities      
Purchases of land, buildings and equipment (601.2) (564.9) (376.9)
Proceeds from disposal of land, buildings and equipment 3.3 25.4 10.1
Cash used in business acquisitions, net of cash acquired (701.1) 0.0 0.0
Purchases of capitalized software and other assets (27.1) (29.4) (25.6)
Other, net 1.5 0.5 3.4
Net cash used in investing activities of continuing operations (1,324.6) (568.4) (389.0)
Cash flows - financing activities      
Net proceeds from issuance of common stock 43.6 35.4 40.2
Dividends paid (628.4) (589.8) (563.0)
Repurchases of common stock (453.9) (458.7) (1,071.3)
Proceeds from issuance of commercial paper, net 86.8 0.0 0.0
Proceeds from the issuance of long-term debt 1,100.0 0.0 0.0
Repayments of long-term debt (600.0) 0.0 0.0
Principal payments on finance leases, net (19.9) (19.8) (12.9)
Payment of debt issuance costs (11.6) (0.2) (2.7)
Net cash used in financing activities of continuing operations (483.4) (1,033.1) (1,609.7)
Cash flows - discontinued operations      
Net cash used in operating activities of discontinued operations (9.8) (7.2) (8.5)
Net cash used in discontinued operations (9.8) (7.2) (8.5)
Decrease in cash, cash equivalents, and restricted cash (196.1) (55.9) (742.6)
Cash, cash equivalents, and restricted cash - beginning of year 416.2 472.1 1,214.7
Cash, cash equivalents and restricted cash - end of year 220.1 416.2 472.1
Reconciliation of cash, cash equivalents, and restricted cash:      
Cash and cash equivalents 194.8 367.8 420.6
Restricted cash included in prepaid and other current assets 25.3 48.4 51.5
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows 220.1 416.2 472.1
Cash flows from changes in current assets and liabilities      
Receivables, net 9.3 (8.2) (3.9)
Inventories 5.6 (17.3) (79.8)
Prepaid expenses and other current assets (1.4) (24.5) (22.6)
Accounts payable (11.3) 40.9 43.2
Accrued payroll 7.7 (8.4) 4.1
Prepaid/accrued income taxes 5.1 143.3 58.5
Other accrued taxes 4.6 1.3 4.1
Unearned revenues 12.9 14.0 23.8
Other current liabilities 62.9 34.6 (124.1)
Change in current assets and liabilities $ 95.4 $ 175.7 $ (96.7)