Consolidated Statements of Cash Flows - USD ($)
$ in Millions |
6 Months Ended |
Nov. 28, 2021 |
Nov. 29, 2020 |
| Cash flows—operating activities |
|
|
| Net earnings |
$ 424.1
|
$ 132.1
|
| Losses from discontinued operations, net of tax |
1.0
|
2.1
|
| Adjustments to reconcile net earnings from continuing operations to cash flows: |
|
|
| Depreciation and amortization |
181.1
|
173.6
|
| Stock-based compensation expense |
38.1
|
41.4
|
| Change in current assets and liabilities |
(156.2)
|
(6.9)
|
| Contributions to pension and postretirement plans |
(1.1)
|
(0.7)
|
| Deferred income taxes |
7.5
|
(8.0)
|
| Change in other assets and liabilities |
(9.4)
|
118.4
|
| Other, net |
(3.6)
|
(23.4)
|
| Net cash provided by operating activities of continuing operations |
481.5
|
428.6
|
| Cash flows—investing activities |
|
|
| Purchases of land, buildings and equipment |
(173.3)
|
(108.2)
|
| Proceeds from disposal of land, buildings and equipment |
6.0
|
5.4
|
| Purchases of capitalized software and other assets |
(11.8)
|
(6.6)
|
| Other, net |
1.3
|
(0.3)
|
| Net cash used in investing activities of continuing operations |
(177.8)
|
(109.7)
|
| Cash flows—financing activities |
|
|
| Proceeds from issuance of common stock |
25.7
|
10.4
|
| Dividends paid |
(286.1)
|
(39.1)
|
| Repurchases of common stock |
(452.3)
|
(6.8)
|
| Repayments of short-term debt |
0.0
|
(270.0)
|
| Principal payments on finance leases |
(5.6)
|
(2.9)
|
| Payments of debt issuance costs |
(2.7)
|
0.0
|
| Net cash used in financing activities of continuing operations |
(721.0)
|
(308.4)
|
| Cash flows—discontinued operations |
|
|
| Net cash provided by operating activities of discontinued operations |
0.4
|
3.5
|
| Net cash provided by discontinued operations |
0.4
|
3.5
|
| (Decrease) increase in cash, cash equivalents, and restricted cash |
(416.9)
|
14.0
|
| Cash, cash equivalents, and restricted cash - beginning of period |
1,214.7
|
763.3
|
| Cash, cash equivalents, and restricted cash - end of period |
797.8
|
777.3
|
| Reconciliation of cash, cash equivalents, and restricted cash: |
|
|
| Cash and cash equivalents |
746.3
|
777.3
|
| Restricted cash included in prepaid expenses and other current assets |
51.5
|
0.0
|
| Total cash, cash equivalents, and restricted cash shown in the statement of cash flows |
797.8
|
777.3
|
| Cash flows from changes in current assets and liabilities |
|
|
| Receivables, net |
(0.9)
|
3.6
|
| Inventories |
(39.4)
|
3.9
|
| Prepaid expenses and other current assets |
(16.8)
|
1.3
|
| Accounts payable |
36.8
|
(24.8)
|
| Accrued payroll |
(16.7)
|
(20.1)
|
| Prepaid/accrued income taxes |
(2.3)
|
(3.5)
|
| Other accrued taxes |
3.4
|
4.2
|
| Unearned revenues |
(16.7)
|
(28.1)
|
| Other current liabilities |
(103.6)
|
56.6
|
| Change in current assets and liabilities |
$ (156.2)
|
$ (6.9)
|