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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
3 Months Ended
Aug. 25, 2024
Aug. 27, 2023
Cash flows from operating activities    
Net income $ 127.4 $ 234.8
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of intangibles and debt issuance costs 90.5 70.1
Stock-settled, stock-based compensation expense 9.5 9.9
Equity method investment earnings in excess of distributions (0.1) (12.2)
Deferred income taxes (2.9) 3.6
Blue chip swap transaction gains (16.6) 0.0
Other (14.4) 9.3
Changes in operating assets and liabilities:    
Receivables 31.9 0.4
Inventories 10.2 60.2
Income taxes payable/receivable, net 49.1 61.2
Prepaid expenses and other current assets 50.1 62.8
Accounts payable 9.5 (22.4)
Accrued liabilities (14.0) (143.1)
Net cash provided by operating activities 330.2 334.6
Cash flows from investing activities    
Additions to property, plant and equipment (325.9) (267.3)
Additions to other long-term assets (26.3) (37.4)
Proceeds from blue chip swap transactions, net of purchases 16.6 0.0
Other 0.0 (0.1)
Net cash used for investing activities (335.6) (304.8)
Cash flows from financing activities    
Proceeds from short-term borrowings 398.0 14.0
Repayments of short-term borrowings (194.4) (32.9)
Proceeds from issuance of debt 3.3 15.1
Repayments of debt and financing obligations (10.2) (13.7)
Dividends paid (51.7) (40.8)
Repurchase of common stock and common stock withheld to cover taxes (92.2) (113.5)
Other (0.6) 0.1
Net cash provided by (used for) financing activities 52.2 (171.7)
Effect of exchange rate changes on cash and cash equivalents 2.6 0.4
Net increase (decrease) in cash and cash equivalents 49.4 (141.5)
Cash and cash equivalents, beginning of period 71.4 304.8
Cash and cash equivalents, end of period $ 120.8 $ 163.3