v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
May 31, 2026
May 25, 2025
May 26, 2024
Cash flows from operating activities      
Net income $ 290.0 $ 357.2 $ 725.5
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization of intangibles and debt issuance costs 396.7 374.8 306.8
Stock-settled, stock-based compensation expense 46.2 39.5 46.8
Equity method investment (earnings) loss, net of distributions (2.5) 11.9 (15.5)
Deferred income taxes 40.5 0.6 (1.3)
Cost Savings Program and Restructuring expenses 37.8 48.7 0.0
Blue chip swap transaction gains 0.0 (21.1) (18.0)
Other 1.0 (21.4) 24.9
Changes in operating assets and liabilities:      
Receivables 20.3 (22.2) (15.1)
Inventories 77.8 112.6 (203.3)
Income taxes payable/receivable, net (41.9) (10.3) 20.1
Prepaid expenses and other current assets (2.6) 9.5 9.7
Accounts payable (1.5) 2.0 36.5
Accrued liabilities 81.1 (13.5) (118.9)
Net cash provided by operating activities 942.9 868.3 798.2
Cash flows from investing activities      
Additions to property, plant and equipment (402.7) (638.2) (929.5)
Additions to other long-term assets (7.4) (33.6) (62.3)
Acquisition of business, net of cash acquired 0.0 0.0 (10.5)
Proceeds from sale of property, plant and equipment 26.0 2.0 0.0
Proceeds from blue chip swap transactions, net of purchases 0.0 21.1 18.0
Other 3.9 0.7 0.2
Net cash used for investing activities (380.2) (648.0) (984.1)
Cash flows from financing activities      
Proceeds from short-term borrowings 1,169.8 1,738.5 1,074.9
Repayments of short-term borrowings (1,296.9) (1,695.7) (910.0)
Proceeds from issuance of debt 103.5 525.3 592.0
Repayments of debt and financing obligations (217.1) (276.6) (401.1)
Dividends paid (207.5) (206.9) (174.0)
Repurchase of common stock and common stock withheld to cover taxes (122.8) (294.4) (225.3)
Other 1.9 (15.2) (4.5)
Net cash used for financing activities (569.1) (225.0) (48.0)
Effect of exchange rate changes on cash and cash equivalents 3.9 4.0 0.5
Net decrease in cash and cash equivalents (2.5) (0.7) (233.4)
Cash and cash equivalents, beginning of period 70.7 71.4 304.8
Cash and cash equivalents, end of period $ 68.2 $ 70.7 $ 71.4