XML 58 R6.htm IDEA: XBRL DOCUMENT v3.20.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
9 Months Ended
Feb. 23, 2020
Feb. 24, 2019
Cash flows from operating activities:    
Net income $ 640.5 $ 553.2
Loss from discontinued operations, net of tax 0.0 (1.9)
Income from continuing operations 640.5 555.1
Adjustments to reconcile net income to net cash flows from operating activities:    
Depreciation and amortization 292.5 232.6
Asset impairment charges 113.5 3.0
Loss (gain) on divestiture 2.2 (13.2)
Earnings of affiliates in excess of distributions (15.8) (23.4)
Stock-settled share-based payments expense 29.0 22.5
Contributions to pension plans (11.0) (11.5)
Pension benefit (25.8) (21.0)
Proceeds from settlement of interest rate swaps 0.0 47.5
Novation of a legacy guarantee 0.0 (27.3)
Other items 12.1 25.4
Change in operating assets and liabilities excluding effects of business acquisitions and dispositions:    
Receivables (37.2) (108.4)
Inventories (104.6) 13.0
Deferred income taxes and income taxes payable, net (33.3) 39.3
Prepaid expenses and other current assets (14.6) (20.0)
Accounts payable 116.4 (15.6)
Accrued payroll (40.0) (9.0)
Other accrued liabilities (17.4) 56.1
Net cash flows from operating activities — continuing operations 906.5 745.1
Net cash flows from operating activities — discontinued operations 0.0 11.2
Net cash flows from operating activities 906.5 756.3
Cash flows from investing activities:    
Additions to property, plant and equipment (265.3) (236.1)
Sale of property, plant and equipment 8.7 18.7
Purchase of marketable securities (37.9) 0.0
Sale of marketable securities 43.1 0.0
Purchase of businesses, net of cash acquired 0.0 (5,119.2)
Proceeds from divestitures, net of cash divested 191.4 32.2
Other items 0.1 0.1
Net cash flows from investing activities (59.9) (5,304.3)
Cash flows from financing activities:    
Net short-term borrowings (0.1) (278.3)
Issuance of long-term debt 0.0 8,310.5
Repayment of long-term debt (665.9) (3,517.1)
Debt issuance costs and bridge financing fees 0.0 (95.2)
Payment of intangible asset financing arrangement (13.6) (14.0)
Issuance of Conagra Brands, Inc. common shares, net 0.0 555.7
Cash dividends paid (310.1) (253.0)
Exercise of stock options and issuance of other stock awards, including tax withholdings 4.3 (4.1)
Other items 0.8 0.9
Net cash flows from financing activities (984.6) 4,705.4
Effect of exchange rate changes on cash and cash equivalents and restricted cash 0.4 (3.2)
Net change in cash and cash equivalents and restricted cash (137.6) 154.2
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 $ 100.0 $ 283.2