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Consolidated Statement of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Jun. 01, 2024
Jun. 03, 2023
May 28, 2022
Cash Flows from Operating Activities:      
Net earnings (loss) $ 84.6 $ 46.1 $ (19.7)
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:      
Depreciation expense 117.5 115.3 112.0
Amortization expense 37.6 39.8 78.6
Loss on sale of equity method investment 0.4 0.0 0.0
Loss on sale of property and dealers 0.0 0.0 (1.0)
Deferred taxes (38.8) (45.3) (21.7)
Pension contributions (1.8) (11.7) (5.0)
Impairment charges 16.8 57.9 15.5
Loss on extinguishment of debt 0.0 0.0 13.4
Restructuring expenses 30.8 34.0 0.0
Stock-based compensation 20.7 20.2 31.4
Amortization of deferred financing costs 4.6 4.6 4.2
Decrease (increase) in long-term assets 2.4 (4.7) (1.6)
(Decrease) in long-term liabilities (3.6) (1.8) (2.1)
Changes in current assets and liabilities:      
Decrease (increase) in accounts receivable & unbilled accounts receivable 35.2 15.6 (92.4)
Decrease (increase) in inventories 59.0 81.5 (166.4)
Decrease (increase) in prepaid expenses and other 25.6 19.6 (39.6)
(Decrease) increase in accounts payable (28.9) (82.5) 51.5
(Decrease) increase in accrued liabilities (7.5) (124.8) 47.2
Other, net (2.3) (0.9) (16.2)
Net Cash Provided by (Used in) Operating Activities 352.3 162.9 (11.9)
Cash Flows from Investing Activities:      
Advances of notes receivable (14.7) (5.1) (1.2)
Collection of notes receivable 2.8 0.0 0.0
Marketable securities sales 0.0 0.0 7.7
Capital expenditures (78.4) (83.3) (94.7)
Proceeds from sales of property and dealers 0.0 0.3 2.8
Proceeds from life insurance policy 0.0 13.5 0.0
Acquisitions, net of cash received 0.0 0.0 (1,088.5)
Proceeds from the sale of equity method investment 3.5 0.0 0.0
Other, net 0.5 (1.9) 1.5
Net Cash (Used in) Investing Activities (86.3) (76.5) (1,172.4)
Cash Flows from Financing Activities:      
Proceeds from issuance of debt, net of discounts 0.0 0.0 1,007.0
Payments of deferred financing costs 0.0 0.0 (9.3)
Repayments of long-term debt (31.3) (26.3) (63.1)
Proceeds from credit facility 833.2 929.9 1,026.5
Repayments of credit facility (869.9) (916.2) (838.5)
Payment of make whole premium on debt 0.0 0.0 (13.4)
Dividends paid (55.6) (57.1) (54.5)
Common stock issued 5.9 5.5 7.5
Common stock repurchased and retired (138.2) (16.0) (16.2)
Distribution to noncontrolling interest (2.8) (4.9) (6.8)
Other, net (0.1) (1.7) 0.7
Net Cash (Used in) Provided by Financing Activities (258.8) (86.8) 1,039.9
Effect of exchange rate changes on cash and cash equivalents (0.3) (6.4) (21.7)
Net Increase (Decrease) In Cash and Cash Equivalents 6.9 (6.8) (166.1)
Cash and cash equivalents, Beginning of Year 223.5 230.3 396.4
Cash and Cash Equivalents, End of Year 230.4 223.5 230.3
Other Cash Flow Information      
Interest paid 70.6 70.6 28.8
Income taxes paid, net of cash received $ 28.1 $ 34.8 $ 36.9