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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 from operating activities:      
Net income $ 683.2 $ 888.2 $ 1,300.9
Adjustments to reconcile income to net cash flows from operating activities:      
Depreciation and amortization 369.9 375.4 387.7
Asset impairment charges 771.1 284.8 95.5
Gain on divestitures 0.0 0.0 (65.5)
Loss on extinguishment of debt 0.0 0.0 68.7
Equity method investment earnings in excess of distributions (73.6) (66.3) (27.9)
Stock-settled share-based payments expense 79.2 26.1 63.9
Contributions to pension plans (12.5) (11.5) (27.6)
Pension benefit (13.9) (54.4) (38.3)
Other items 8.0 (46.6) 9.1
Change in operating assets and liabilities excluding effects of business acquisitions and dispositions:      
Receivables (102.1) (69.5) 66.1
Inventories (265.3) (232.8) (364.3)
Deferred income taxes and income taxes payable, net (188.5) (8.7) (92.5)
Prepaid expenses and other current assets 23.5 (10.1) (8.5)
Accounts payable (248.9) 223.6 141.4
Accrued payroll 12.5 (23.5) (14.3)
Other accrued liabilities (21.7) (71.9) (60.2)
Deferred employer payroll taxes (25.5) (25.5) 33.9
Net cash flows from operating activities 995.4 1,177.3 1,468.1
Cash flows from investing activities:      
Additions to property, plant and equipment (362.2) (464.4) (506.4)
Sale of property, plant and equipment 3.2 20.2 2.5
Proceeds from divestitures, net of cash divested 0.0 0.1 160.9
Purchase of marketable securities (5.2) (4.5) (11.8)
Sales of marketable securities 5.2 10.4 14.5
Other items 4.1 3.3 0.0
Net cash flows from investing activities (354.9) (434.9) (340.3)
Cash flows from financing activities:      
Issuance of short-term borrowings, maturities greater than 90 days 286.8 392.6 298.6
Repayment of short-term borrowings, maturities greater than 90 days (330.0) (392.6) (298.6)
Net issuance (repayment) of other short-term borrowings, maturities less than or equal to 90 days 394.6 (523.1) 706.3
Issuance of long-term debt 500.0 499.1 988.2
Repayment of long-term debt (712.4) (48.5) (2,514.5)
Debt issuance costs (4.1) (2.5) (6.2)
Payment of intangible asset financing arrangement 0.0 (12.6) (12.9)
Repurchase of Conagra Brands, Inc. common shares (150.0) (50.0) (298.1)
Cash dividends paid (623.8) (581.8) (474.6)
Exercise of stock options and issuance of other stock awards, including tax withholdings 2.3 (11.3) (0.1)
Other items 5.0 (7.3) 2.3
Net cash flows from financing activities (631.6) (738.0) (1,609.6)
Effect of exchange rate changes on cash and cash equivalents and restricted cash 1.7 (1.3) 7.7
Net change in cash and cash equivalents and restricted cash 10.6 3.1 (474.1)
Cash and cash equivalents and restricted cash at beginning of year 83.3 80.2 554.3
Cash and cash equivalents and restricted cash at end of year $ 93.9 $ 83.3 $ 80.2