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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
May 31, 2020
May 26, 2019
May 27, 2018
Cash flows from operating activities:      
Net income $ 841.8 $ 678.4 $ 811.8
Income (loss) from discontinued operations 0.0 (1.9) 14.3
Income from continuing operations 841.8 680.3 797.5
Adjustments to reconcile income from continuing operations to net cash flows from operating activities:      
Depreciation and amortization 388.9 333.0 257.0
Asset impairment charges 259.9 93.8 14.7
Loss (gain) on divestitures 2.2 (69.4) 0.0
Lease cancellation expense 0.0 0.0 48.2
Loss on extinguishment of debt 0.0 5.5 0.0
Significant litigation accruals 0.0 (39.3) 151.0
Proceeds from the settlement of interest rate swaps 0.0 47.5 0.0
Novation of a legacy guarantee 0.0 (27.3) 0.0
Earnings of affiliates in excess of distributions (21.8) (20.8) (34.8)
Stock-settled share-based payments expense 59.2 33.7 37.9
Contributions to pension plans (17.5) (14.7) (312.6)
Pension expense (benefit) 5.9 (22.7) (56.1)
Other items 11.3 12.3 (34.0)
Change in operating assets and liabilities excluding effects of business acquisitions and dispositions:      
Receivables (43.8) (69.1) (4.7)
Inventories 163.5 78.0 (62.8)
Deferred income taxes and income taxes payable, net 23.1 83.7 10.5
Prepaid expenses and other current assets (13.6) (19.1) 3.2
Accounts payable 234.4 38.2 144.9
Accrued payroll 15.9 0.1 (8.0)
Other accrued liabilities (66.8) (9.4) (32.2)
Net cash flows from operating activities - continuing operations 1,842.6 1,114.3 919.7
Net cash flows from operating activities - discontinued operations 0.0 11.2 34.5
Net cash flows from operating activities 1,842.6 1,125.5 954.2
Cash flows from investing activities:      
Additions to property, plant and equipment (369.5) (353.1) (251.6)
Sale of property, plant and equipment 14.0 22.5 8.0
Purchase of business, net of cash acquired 0.0 (5,119.2) (337.1)
Proceeds from divestitures, net of cash divested 194.6 281.5 0.0
Purchase of marketable securities (46.8) (61.0) 0.0
Sales of marketable securities 53.8 52.2 0.0
Other items 0.1 11.1 4.5
Net cash flows from investing activities (153.8) (5,166.0) (576.2)
Cash flows from financing activities:      
Net short-term borrowings (repayments) 0.1 (277.3) 249.1
Issuance of long-term debt 0.0 8,310.5 800.0
Repayment of long-term debt (947.5) (3,972.7) (242.3)
Debt issuance costs and bridge financing fees 0.0 (95.2) (3.0)
Payment of intangible asset financing arrangement (13.6) (14.0) (14.4)
Issuance of Conagra Brands, Inc. common shares, net 0.0 555.7 0.0
Repurchase of Conagra Brands, Inc. common shares 0.0 0.0 (967.3)
Cash dividends paid (413.6) (356.2) (342.3)
Exercise of stock options and issuance of other stock awards, including tax withholdings 4.8 (1.6) 14.9
Other items (0.6) 0.6 (1.6)
Net cash flows from financing activities (1,370.4) 4,149.8 (506.9)
Effect of exchange rate changes on cash and cash equivalents and restricted cash (1.7) (0.7) 5.5
Net change in cash and cash equivalents and restricted cash 316.7 108.6 (123.4)
Cash and cash equivalents and restricted cash at beginning of year 237.6 129.0 252.4
Cash and cash equivalents and restricted cash at end of year $ 554.3 $ 237.6 $ 129.0