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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
May 30, 2021
May 31, 2020
May 26, 2019
Cash flows from operating activities:      
Net income $ 1,300.9 $ 841.8 $ 678.4
Loss from discontinued operations, net of tax 0.0 0.0 (1.9)
Income from continuing operations 1,300.9 841.8 680.3
Adjustments to reconcile income from continuing operations to net cash flows from operating activities:      
Depreciation and amortization 387.7 388.9 333.0
Asset impairment charges 95.5 259.9 93.8
Loss (gain) on divestitures (65.5) 2.2 (69.4)
Loss on extinguishment of debt 68.7 1.0 5.5
Significant litigation accruals 0.0 0.0 (39.3)
Proceeds from the settlement of interest rate swaps 0.0 0.0 47.5
Novation of a legacy guarantee 0.0 0.0 (27.3)
Equity method investment earnings in excess of distributions (27.9) (21.8) (20.8)
Stock-settled share-based payments expense 63.9 59.2 33.7
Contributions to pension plans (27.6) (17.5) (14.7)
Pension expense (benefit) (38.3) 5.9 (22.7)
Other items 9.1 10.3 12.3
Change in operating assets and liabilities excluding effects of business acquisitions and dispositions:      
Receivables 66.1 (43.8) (69.1)
Inventories (364.3) 163.5 78.0
Deferred income taxes and income taxes payable, net (92.5) 23.1 83.7
Prepaid expenses and other current assets (8.5) (13.6) (19.1)
Accounts payable 141.4 234.4 38.2
Accrued payroll (14.3) 15.9 0.1
Other accrued liabilities (60.2) (66.8) (9.4)
Deferred employer payroll taxes 33.9 0.0 0.0
Net cash flows from operating activities - continuing operations 1,468.1 1,842.6 1,114.3
Net cash flows from operating activities - discontinued operations 0.0 0.0 11.2
Net cash flows from operating activities 1,468.1 1,842.6 1,125.5
Cash flows from investing activities:      
Additions to property, plant and equipment (506.4) (369.5) (353.1)
Sale of property, plant and equipment 2.5 14.0 22.5
Purchase of business, net of cash acquired 0.0 0.0 (5,119.2)
Proceeds from divestitures, net of cash divested 160.9 194.6 281.5
Purchase of marketable securities (11.8) (46.8) (61.0)
Sales of marketable securities 14.5 53.8 52.2
Other items 0.0 0.1 11.1
Net cash flows from investing activities (340.3) (153.8) (5,166.0)
Cash flows from financing activities:      
Issuances of commercial paper, maturities greater than 90 days 298.6 0.0 0.0
Repayments of commercial paper, maturities greater than 90 days (298.6) 0.0 0.0
Net issuances (repayments) of other short-term borrowings 706.3 0.1 (277.3)
Issuance of long-term debt 988.2 0.0 8,310.5
Repayment of long-term debt (2,514.5) (947.5) (3,972.7)
Debt issuance costs and bridge financing fees (6.2) 0.0 (95.2)
Payment of intangible asset financing arrangement (12.9) (13.6) (14.0)
Issuance of Conagra Brands, Inc. common shares, net 0.0 0.0 555.7
Repurchase of Conagra Brands, Inc. common shares (298.1) 0.0 0.0
Cash dividends paid (474.6) (413.6) (356.2)
Exercise of stock options and issuance of other stock awards, including tax withholdings (0.1) 4.8 (1.6)
Other items 2.3 (0.6) 0.6
Net cash flows from financing activities (1,609.6) (1,370.4) 4,149.8
Effect of exchange rate changes on cash and cash equivalents and restricted cash 7.7 (1.7) (0.7)
Net change in cash and cash equivalents and restricted cash (474.1) 316.7 108.6
Cash and cash equivalents and restricted cash at beginning of year 554.3 237.6 129.0
Cash and cash equivalents and restricted cash at end of year $ 80.2 $ 554.3 $ 237.6