Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
6 Months Ended |
May 30, 2021 |
May 24, 2020 |
| Cash Flows from Operating Activities: |
|
|
| Net income (loss) |
$ 207,223
|
$ (210,860)
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Depreciation and amortization |
69,926
|
71,005
|
| Property, plant, equipment, and right-of-use asset impairments |
5,147
|
61,157
|
| Loss on early extinguishment of debt |
30,338
|
0
|
| Stock-based compensation |
30,102
|
25,598
|
| Credit losses and accounts receivable allowances |
0
|
20,935
|
| Benefit from deferred income taxes |
(46,857)
|
(100,977)
|
| Other, net |
9,392
|
1,949
|
| Change in operating assets and liabilities, net of effect of acquisition: |
|
|
| Trade receivables |
(36,149)
|
408,053
|
| Inventories |
(38,630)
|
(109,486)
|
| Accounts payable |
60,303
|
(73,701)
|
| Accrued salaries, wages and employee benefits and long-term employee related benefits |
27,808
|
(100,567)
|
| Other current and non-current assets |
(20,867)
|
(81,270)
|
| Other current and long-term liabilities |
(49,718)
|
129,528
|
| Net cash provided by operating activities |
248,018
|
41,364
|
| Cash Flows from Investing Activities: |
|
|
| Purchases of property, plant and equipment |
(67,501)
|
(75,210)
|
| Payments for business acquisition |
0
|
(52,201)
|
| (Payments) proceeds on settlement of forward foreign exchange contracts not designated for hedge accounting |
(4,349)
|
15,114
|
| Payments to acquire short-term investments |
(55,124)
|
(44,847)
|
| Proceeds from sale, maturity and collection of short-term investments |
56,530
|
49,586
|
| Net cash used for investing activities |
(70,444)
|
(107,558)
|
| Cash Flows from Financing Activities: |
|
|
| Proceeds from issuance of long-term debt |
500,000
|
502,500
|
| Repayments of long-term debt |
(800,000)
|
0
|
| Proceeds from senior revolving credit facility |
0
|
300,000
|
| Other short-term borrowings, net |
(8,502)
|
810
|
| Payment of debt extinguishment costs |
(20,000)
|
0
|
| Payment of debt issuance and refinancing costs |
(10,446)
|
(6,459)
|
| Proceeds from issuance of common stock and employee stock purchase |
3,721
|
4,283
|
| Repurchase of common stock |
0
|
(56,243)
|
| Repurchase of shares surrendered for tax withholdings on equity awards |
(76,360)
|
(75,568)
|
| Payments to noncontrolling interests |
0
|
(16,090)
|
| Dividend to stockholders |
(40,097)
|
(63,639)
|
| Other financing, net |
(1,454)
|
(3)
|
| Net cash (used for) provided by financing activities |
(453,138)
|
589,591
|
| Effect of exchange rate changes on cash and cash equivalents and restricted cash |
2,500
|
(9,113)
|
| Net increase (decrease) in cash and cash equivalents and restricted cash |
(273,064)
|
514,284
|
| Beginning cash and cash equivalents, and restricted cash |
1,497,648
|
934,753
|
| Ending cash and cash equivalents, and restricted cash |
1,224,584
|
1,449,037
|
| Less: Ending restricted cash |
(504)
|
(802)
|
| Ending cash and cash equivalents |
1,224,080
|
1,448,235
|
| Noncash Investing and Financing Activity: |
|
|
| Property, plant and equipment acquired and not yet paid at end of period |
29,579
|
21,462
|
| Supplemental disclosure of cash flow information: |
|
|
| Cash paid for interest during the period |
29,926
|
36,856
|
| Cash paid for income taxes during the period, net of refunds |
$ 30,750
|
$ 53,594
|