| May'19 | May'18 | May'17 | May'16 | May'15 | ||
|---|---|---|---|---|---|---|
Cash flows from operating activities | ||||||
Net income | ||||||
487,200 | 433,700 | 340,200 | 294,600 | 277,600 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Depreciation and amortization of intangibles and debt issuance costs | ||||||
162,400 | 143,300 | 109,100 | 95,900 | 96,400 | ||
Stock-settled, stock-based compensation expense | ||||||
18,800 | 13,500 | 5,700 | 3,200 | 6,900 | ||
Earnings of joint ventures in excess of distributions | ||||||
13,800 | 35,100 | 22,300 | 33,800 | 30,700 | ||
Deferred income taxes | ||||||
37,500 | -3,600 | 14,800 | 20,700 | 23,700 | ||
Pension expense, net of contributions | ||||||
5,500 | -5,900 | 100 | - | - | ||
Other | ||||||
7,700 | -2,100 | 4,800 | -6,500 | -5,900 | ||
Changes in operating assets and liabilities, net of acquisitions: | ||||||
Receivables | ||||||
25,100 | 40,400 | -1,200 | 15,100 | -3,500 | ||
Inventories | ||||||
15,800 | 23,600 | 26,100 | 10,700 | 43,800 | ||
Income taxes payable/receivable, net | ||||||
-16,400 | 13,700 | -16,100 | - | - | ||
Prepaid expenses and other current assets | ||||||
1,900 | 15,500 | 11,900 | -3,500 | -7,600 | ||
Accounts payable | ||||||
32,900 | -8,300 | 12,100 | 7,500 | 1,300 | ||
Accrued liabilities | ||||||
1,900 | 11,500 | 35,300 | 23,000 | 17,100 | ||
Net cash provided by operating activities | ||||||
680,900 | 481,200 | 446,900 | 382,300 | 353,700 | ||
Cash flows from investing activities | ||||||
Acquisition of business, net of cash acquired | ||||||
88,600 | - | - | - | 74,900 | ||
Additions to property, plant and equipment | ||||||
334,200 | 306,800 | 287,400 | 152,300 | 114,700 | ||
Proceeds from sale of assets | ||||||
- | - | - | 8,000 | 18,400 | ||
Other | ||||||
200 | - | -2,100 | - | - | ||
Net cash used for investing activities | ||||||
-423,000 | -306,800 | -285,300 | -144,300 | -171,200 | ||
Cash flows from financing activities | ||||||
Proceeds from issuance of debt | ||||||
- | - | 798,100 | 30,000 | - | ||
Payments on debt issuance costs | ||||||
- | - | 12,300 | - | - | ||
Repayments of debt and financing obligations | ||||||
66,700 | 39,200 | 23,800 | 39,100 | 3,100 | ||
Dividends paid | ||||||
113,300 | 110,200 | 27,400 | - | - | ||
Repurchase of common stock and common stock withheld to cover taxes | ||||||
36,400 | 2,700 | 200 | - | - | ||
Proceeds (payments) of short-term borrowings, net | ||||||
1,000 | 14,400 | 2,800 | 21,400 | 12,600 | ||
Acquisition of noncontrolling interest | ||||||
78,200 | - | - | - | - | ||
Cash distributions paid to noncontrolling interest | ||||||
6,100 | 14,600 | 12,200 | 8,300 | 11,300 | ||
Net transfers to Conagra | ||||||
- | - | -38,800 | -236,800 | -150,700 | ||
Cash distributions paid to Conagra at Separation | ||||||
- | - | 823,500 | - | - | ||
Other | ||||||
2,100 | 2,200 | 900 | - | - | ||
Net cash used for financing activities | ||||||
-299,600 | -178,900 | -142,000 | -232,800 | -177,700 | ||
Effect of exchange rate changes on cash and cash equivalents | ||||||
-1,700 | 3,000 | 1,100 | 600 | -1,200 | ||
Net increase (decrease) in cash and cash equivalents | ||||||
-43,400 | -1,500 | 20,700 | 5,800 | 3,600 | ||