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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
6 Months Ended
Nov. 24, 2019
Nov. 25, 2018
Cash flows from operating activities:    
Net income $ 435.8 $ 310.6
Loss from discontinued operations, net of tax 0.0 (1.9)
Income from continuing operations 435.8 312.5
Adjustments to reconcile net income to net cash flows from operating activities:    
Depreciation and amortization 193.4 140.3
Asset impairment charges 105.9 2.3
Loss (gain) on divestiture 1.5 (13.2)
Earnings of affiliates in excess of distributions (14.1) (26.1)
Stock-settled share-based payments expense 21.0 18.7
Contributions to pension plans (7.4) (7.9)
Pension benefit (13.2) (13.8)
Proceeds from settlement of interest rate swaps 0.0 47.5
Other items 10.9 22.5
Change in operating assets and liabilities excluding effects of business acquisitions and dispositions:    
Receivables (128.3) (186.5)
Inventories (230.0) (75.2)
Deferred income taxes and income taxes payable, net (23.0) 17.9
Prepaid expenses and other current assets (7.0) (21.2)
Accounts payable 207.3 39.0
Accrued payroll (41.9) (1.2)
Other accrued liabilities (83.4) (4.9)
Net cash flows from operating activities — continuing operations 427.5 250.7
Net cash flows from operating activities — discontinued operations 0.0 11.2
Net cash flows from operating activities 427.5 261.9
Cash flows from investing activities:    
Additions to property, plant and equipment (183.7) (133.3)
Sale of property, plant and equipment 5.8 17.7
Purchase of marketable securities (27.8) 0.0
Sale of marketable securities 29.9 0.0
Purchase of businesses, net of cash acquired 0.0 (5,119.2)
Proceeds from divestiture, net of cash divested 139.0 32.2
Other items (3.4) 0.1
Net cash flows from investing activities (40.2) (5,202.5)
Cash flows from financing activities:    
Net short-term borrowings (0.5) (277.4)
Issuance of long-term debt 0.0 8,310.5
Repayment of long-term debt (210.9) (3,061.3)
Debt issuance costs and bridge financing fees 0.0 (87.0)
Payment of intangible asset financing arrangement (13.6) (14.0)
Issuance of Conagra Brands, Inc. common shares, net 0.0 555.9
Cash dividends paid (206.7) (166.3)
Exercise of stock options and issuance of other stock awards, including tax withholdings (0.7) (3.7)
Other items 0.9 0.0
Net cash flows from financing activities (431.5) 5,256.7
Effect of exchange rate changes on cash and cash equivalents and restricted cash (0.4) (1.8)
Net change in cash and cash equivalents and restricted cash (44.6) 314.3
Cash and cash equivalents and restricted cash at beginning of period 237.6 129.0
Cash and cash equivalents and restricted cash at end of period $ 193.0 $ 443.3