|
Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified
|
6 Months Ended |
|
May 25, 2014
|
May 26, 2013
|
| Cash Flows from Operating Activities: |
|
|
|
|
| Net income |
$ 60,612 |
|
$ 155,084 |
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
| Depreciation and amortization |
53,399 |
|
57,263 |
|
| Asset impairments |
620 |
|
1,091 |
|
| Gain on disposal of assets |
47 |
|
144 |
|
| Unrealized foreign exchange losses (gains) |
3,866 |
|
(11,048) |
|
| Realized (gain) loss on settlement of forward foreign exchange contracts not designated for hedge accounting |
(6,769) |
|
6,197 |
|
| Employee benefit plans’ amortization from accumulated other comprehensive loss |
7,438 |
|
11,717 |
|
| Employee benefit plans’ curtailment gain, net |
0 |
|
(510) |
|
| Noncash Restructuring Charges |
5,176 |
[1] |
0 |
[1] |
| Noncash loss on extinguishment of debt |
3,170 |
|
689 |
|
| Amortization of deferred debt issuance costs |
2,092 |
|
2,143 |
|
| Stock-based compensation |
5,301 |
|
3,246 |
|
| Allowance for doubtful accounts |
927 |
|
2,367 |
|
| Change in operating assets and liabilities: |
|
|
|
|
| Trade receivables |
103,394 |
|
156,324 |
|
| Inventories |
(82,387) |
|
(20,949) |
|
| Other current assets |
(11,415) |
|
7,767 |
|
| Other non-current assets |
(4,389) |
|
(289) |
|
| Accounts payable and other accrued liabilities |
(56,529) |
|
(84,347) |
|
| Restructuring Liabilities |
50,599 |
|
0 |
|
| Income tax liabilities |
(1,732) |
|
30,196 |
|
| Accrued salaries, wages and employee benefits and long-term employee related benefits |
(59,574) |
|
(72,422) |
|
| Other long-term liabilities |
(588) |
|
10,004 |
|
| Other, net |
(741) |
|
(180) |
|
| Net cash provided by operating activities |
72,423 |
|
254,199 |
|
| Cash Flows from Investing Activities: |
|
|
|
|
| Purchases of property, plant and equipment |
(35,320) |
|
(41,891) |
|
| Proceeds from sale of assets |
1,402 |
|
147 |
|
| Proceeds (payments) on settlement of forward foreign exchange contracts not designated for hedge accounting |
6,769 |
|
(6,197) |
|
| Payments to Acquire Businesses, Net of Cash Acquired |
(75) |
|
0 |
|
| Net cash used for investing activities |
(27,224) |
|
(47,941) |
|
| Cash Flows from Financing Activities: |
|
|
|
|
| Proceeds from issuance of long-term debt |
0 |
|
140,000 |
|
| Repayments of long-term debt and capital leases |
(207,074) |
|
(325,820) |
|
| Proceeds from senior revolving credit facility |
100,000 |
|
0 |
|
| Proceeds from Lines of Credit |
8,386 |
|
36,760 |
|
| Repayments of Lines of Credit |
(6,417) |
|
(37,227) |
|
| Short-term borrowings, net |
(8,535) |
|
(4,307) |
|
| Debt issuance costs |
2,684 |
|
2,412 |
|
| Restricted cash |
596 |
|
(65) |
|
| Repurchase of common stock |
4,676 |
|
365 |
|
| Excess tax benefits from stock-based compensation |
359 |
|
0 |
|
| Dividend to stockholders |
(30,003) |
|
(25,076) |
|
| Net cash used for financing activities |
(150,048) |
|
(218,512) |
|
| Effect of exchange rate changes on cash and cash equivalents |
1,665 |
|
(4,095) |
|
| Net decrease in cash and cash equivalents |
(103,184) |
|
(16,349) |
|
| Beginning cash and cash equivalents |
489,258 |
|
406,134 |
|
| Ending cash and cash equivalents |
386,074 |
|
389,785 |
|
| Cash paid (received) during the period for: |
|
|
|
|
| Interest |
59,759 |
|
58,520 |
|
| Income Taxes Paid, Net |
$ 30,639 |
|
$ 13,948 |
|
|
|
|