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Consolidated Statement of Cash Flows - USD ($)
12 Months Ended
May 28, 2022
May 29, 2021
May 30, 2020
Cash Flows from Operating Activities:      
Net (loss) earnings $ (19,700,000) $ 180,300,000 $ (14,000,000.0)
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:      
Depreciation expense 112,000,000.0 72,000,000.0 68,100,000
Amortization expense 78,600,000 15,200,000 11,400,000
Earnings (loss) from nonconsolidated affiliates net of dividends received 800,000 (400,000) (4,800,000)
Gain on consolidation of equity method investments 0 0 (36,200,000)
(Gain) loss on sales of property and dealers (1,000,000.0) 0 0
Deferred taxes (21,700,000) 7,100,000 (25,100,000)
Pension contributions (5,000,000.0) (5,400,000) (900,000)
Pension and post-retirement expenses (4,100,000) 3,000,000.0 1,600,000
Impairment charges 15,500,000 0 205,400,000
Loss on extinguishment of debt 13,400,000 0 0
Restructuring expenses 0 2,700,000 26,400,000
Stock-based compensation 31,400,000 9,000,000.0 2,700,000
Decrease (increase) in long-term assets (1,600,000) 1,200,000 (4,700,000)
Increase in long-term liabilities (2,100,000) 16,000,000.0 5,800,000
Decrease (increase) in accounts receivable & unbilled accounts receivable (92,400,000) (14,800,000) 68,600,000
Decrease (increase) in inventories (166,400,000) (10,400,000) 5,500,000
Increase in prepaid expenses and other (39,600,000) (3,900,000) (2,200,000)
Increase (decrease) in accounts payable 51,500,000 43,200,000 (59,500,000)
Increase (decrease) in accrued liabilities 47,200,000 15,100,000 (32,000,000.0)
Other, net (8,700,000) 2,400,000 5,700,000
Net Cash (Used in) Provided by Operating Activities (11,900,000) 332,300,000 221,800,000
Cash Flows from Investing Activities:      
Marketable securities purchases 0 (5,900,000) (3,100,000)
Marketable securities sales 7,700,000 5,300,000 5,000,000.0
Capital expenditures (94,700,000) (59,800,000) (69,000,000.0)
Proceeds from sales of property and dealers 2,800,000 14,000,000.0 200,000
Acquisitions, net of cash received (1,088,500,000) 0 (111,200,000)
Equity investment in non-controlled entities 0 0 (3,300,000)
Other, net 300,000 (13,500,000) 13,300,000
Net Cash Used in Investing Activities (1,172,400,000) (59,900,000) (168,100,000)
Cash Flows from Financing Activities:      
Proceeds from issuance of debt, net of discounts 1,007,000,000 0 50,000,000.0
Payments of deferred financing costs (9,300,000) 0 0
Repayments of long-term debt (63,100,000) (50,000,000.0) 0
Proceeds from credit facility 1,026,500,000 0 265,000,000.0
Repayments of credit facility (838,500,000) (265,000,000.0) 0
Payment of make whole premium on debt (13,400,000) 0 0
Dividends paid (54,500,000) (34,500,000) (36,400,000)
Common stock issued 7,500,000 5,000,000.0 15,600,000
Common stock repurchased and retired (16,200,000) (900,000) (26,600,000)
Distribution to noncontrolling interest (6,800,000) 0 0
Purchase of redeemable noncontrolling interests 0 0 (20,300,000)
Other, net 700,000 (2,300,000) (3,300,000)
Net Cash Provided by (Used in) Financing Activities 1,039,900,000 (347,700,000) 244,000,000.0
Effect of exchange rate changes on cash and cash equivalents (21,700,000) 17,700,000 (2,900,000)
Net (Decrease) Increase In Cash and Cash Equivalents (166,100,000) (57,600,000) 294,800,000
Cash and cash equivalents, Beginning of Year 396,400,000 454,000,000.0 159,200,000
Cash and Cash Equivalents, End of Year 230,300,000 396,400,000 454,000,000.0
Other Cash Flow Information      
Interest paid 28,800,000 12,500,000 11,400,000
Income taxes paid, net of cash received $ 36,900,000 $ 15,800,000 $ 39,600,000