Financial Review 2004
Consolidated Statements of Cash Flows
|
| |
Fiscal Year Ended |
| (In thousands) |
|
May 30, 2004 |
|
May 25, 2003 |
May 26, 2002 |
|
| Cash flows – operating activities |
| Net earnings |
$ |
231,462 |
|
$ |
232,260 |
|
$ |
237,788 |
|
| Adjustments to reconcile net earnings to cash flows: |
| Depreciation and amortization |
|
210,004 |
|
|
191,218 |
|
|
165,829 |
|
| Asset impairment charges, net |
|
40,756 |
|
|
4,282 |
|
|
– |
|
| Restructuring charge (credit) |
|
1,112 |
|
|
(358 |
) |
|
(2,568 |
) |
| Amortization of unearned compensation and loan costs |
|
7,599 |
|
|
6,901 |
|
|
7,578 |
|
| Change in current assets and liabilities |
|
2,207 |
|
|
36,046 |
|
|
49,604 |
|
| Change in other liabilities |
|
1,794 |
|
|
420 |
|
|
(496 |
) |
| Contribution to defined benefit pension plans and postretirement plan |
|
(257 |
) |
|
(20,203 |
) |
|
(164 |
) |
| Loss on disposal of land, buildings, and equipment |
|
104 |
|
|
2,456 |
|
|
1,803 |
|
| Change in cash surrender value of trust-owned life insurance |
|
(6,106 |
) |
|
2,441 |
|
|
743 |
|
| Deferred income taxes |
|
19,621 |
|
|
35,890 |
|
|
22,743 |
|
| Income tax benefits credited to equity |
|
15,650 |
|
|
16,385 |
|
|
24,989 |
|
| Non-cash compensation expense |
|
861 |
|
|
758 |
|
|
– |
|
| Other, net |
|
604 |
|
|
139 |
|
|
252 |
|
|
| Net cash provided by operating activities |
$ |
525,411 |
|
$ |
508,635 |
|
$ |
508,101 |
|
|
| Cash flows – investing activities |
| Purchases of land, buildings, and equipment |
|
(354,326 |
) |
|
(423,273 |
) |
|
(318,392 |
) |
| Increase in other assets |
|
(5,128 |
) |
|
(8,100 |
) |
|
(24,700 |
) |
| Purchase of trust-owned life insurance |
|
– |
|
|
(6,000 |
) |
|
(31,500 |
) |
| Proceeds from disposal of land, buildings, and equipment |
|
16,197 |
|
|
7,641 |
|
|
10,741 |
|
| Proceeds from maturities of (purchases of) short-term investments |
|
– |
|
|
10,000 |
|
|
(9,904 |
) |
|
| Net cash used in investing activities |
$ |
(343,257 |
) |
$ |
(419,732 |
) |
$ |
(373,755 |
) |
|
| Cash flows – financing activities |
| Proceeds from issuance of common stock |
|
39,856 |
|
|
33,664 |
|
|
40,520 |
|
| Dividends paid |
|
(12,984 |
) |
|
(13,501 |
) |
|
(9,225 |
) |
| Purchases of treasury stock |
|
(235,462 |
) |
|
(213,311 |
) |
|
(208,578 |
) |
| ESOP note receivable repayments |
|
5,027 |
|
|
4,710 |
|
|
5,315 |
|
| Increase (decrease) in short-term debt |
|
14,500 |
|
|
– |
|
|
(12,000 |
) |
| Proceeds from issuance of long-term debt |
|
– |
|
|
– |
|
|
149,655 |
|
| Repayment of long-term debt |
|
(5,027 |
) |
|
(4,710 |
) |
|
(7,962 |
) |
| Payment of loan costs |
|
– |
|
|
– |
|
|
(1,010 |
) |
|
| Net cash used in financing activities |
$ |
(194,090 |
) |
$ |
(193,148 |
) |
$ |
(43,285 |
) |
|
| (Decrease) increase in cash and cash equivalents |
|
(11,936 |
) |
|
(104,245 |
) |
|
91,061 |
|
| Cash and cash equivalents – beginning of year |
|
48,630 |
|
|
152,875 |
|
|
61,814 |
|
|
| Cash and cash equivalents – end of year |
$ |
36,694 |
|
$ |
48,630 |
|
$ |
152,875 |
|
|
|
|
| Cash flows from changes in current assets and liabilities |
| Receivables |
|
(279 |
) |
|
66 |
|
|
3,781 |
|
| Inventories |
|
(25,137 |
) |
|
(1,231 |
) |
|
(23,984 |
) |
| Prepaid expenses and other current assets |
|
(190 |
) |
|
(8,523 |
) |
|
1,987 |
|
| Accounts payable |
|
(1,027 |
) |
|
15,927 |
|
|
3,205 |
|
| Accrued payroll |
|
17,352 |
|
|
(1,961 |
) |
|
5,348 |
|
| Accrued income taxes |
|
(19,222 |
) |
|
(529 |
) |
|
20,806 |
|
| Other accrued taxes |
|
3,371 |
|
|
4,595 |
|
|
3,045 |
|
| Unearned revenues |
|
2,815 |
|
|
16,066 |
|
|
18,487 |
|
| Other current liabilities |
|
24,524 |
|
|
11,636 |
|
|
16,929 |
|
|
| Change in current assets and liabilities |
$ |
2,207 |
|
$ |
36,046 |
|
$ |
49,604 |
|
|
|
|
|
|
|
See accompanying notes to consolidated financial statements.
|
|
|
