|
Consolidated Statements of Cash Flows
Financial Review 2005
| |
Fiscal Year Ended |
 |
|
| (In thousands) |
May 29, 2005 |
May 30, 2004 |
May 25, 2003 |
|
| Cash flows – operating activities |
|
|
|
|
|
|
|
|
|
| Net earnings |
$ |
290,606 |
|
$ |
227,173 |
|
$ |
225,979 |
|
| Adjustments to reconcile net earnings to cash flows: |
|
|
|
|
|
|
|
|
|
| Depreciation and amortization |
|
213,219 |
|
|
210,004 |
|
|
191,218 |
|
| Asset impairment charges, net |
|
4,549 |
|
|
40,756 |
|
|
4,282 |
|
| Restructuring charge (credit) |
|
– |
|
|
1,112 |
|
|
(358 |
) |
| Amortization of unearned compensation and loan costs |
|
11,041 |
|
|
7,599 |
|
|
6,901 |
|
| Change in current assets and liabilities |
|
28,967 |
|
|
2,207 |
|
|
36,046 |
|
| Contribution to defined benefit pension plans and postretirement plan |
|
(575 |
) |
|
(257 |
) |
|
(20,203 |
) |
| Loss on disposal of land, buildings and equipment |
|
1,164 |
|
|
104 |
|
|
2,456 |
|
| Change in cash surrender value of trust-owned life insurance |
|
(3,451 |
) |
|
(6,106 |
) |
|
2,441 |
|
| Deferred income taxes |
|
(24,722 |
) |
|
16,688 |
|
|
32,026 |
|
| Change in deferred rent |
|
7,993 |
|
|
7,583 |
|
|
10,098 |
|
| Change in other liabilities |
|
11,920 |
|
|
1,490 |
|
|
1,051 |
|
| Income tax benefits credited to equity |
|
42,996 |
|
|
15,650 |
|
|
16,385 |
|
| Non-cash compensation expense |
|
1,006 |
|
|
861 |
|
|
758 |
|
| Other, net |
|
(1,471 |
) |
|
547 |
|
|
(445 |
) |
|
| Net cash provided by operating activities |
$ |
583,242 |
|
$ |
525,411 |
|
$ |
508,635 |
|
|
| Cash flows – investing activities |
|
|
|
|
|
|
|
|
|
| Purchases of land, buildings and equipment |
|
(329,238 |
) |
|
(354,326 |
) |
|
(423,273 |
) |
| Increase in other assets |
|
(1,931 |
) |
|
(5,128 |
) |
|
(8,100 |
) |
| Purchase of trust-owned life insurance |
|
– |
|
|
– |
|
|
(6,000 |
) |
| Proceeds from disposal of land, buildings and equipment |
|
18,028 |
|
|
16,197 |
|
|
7,641 |
|
| Proceeds from maturities of short-term investments |
|
– |
|
|
– |
|
|
10,000 |
|
|
| Net cash used in investing activities |
$ |
(313,141 |
) |
$ |
(343,257 |
) |
$ |
(419,732 |
) |
|
| Cash flows – financing activities |
|
|
|
|
|
|
|
|
|
| Proceeds from issuance of common stock |
|
74,697 |
|
|
39,856 |
|
|
33,664 |
|
| Dividends paid |
|
(12,505 |
) |
|
(12,984 |
) |
|
(13,501 |
) |
| Purchases of treasury stock |
|
(311,686 |
) |
|
(235,462 |
) |
|
(213,311 |
) |
| ESOP note receivable repayments |
|
3,393 |
|
|
5,027 |
|
|
4,710 |
|
| (Decrease) increase in short-term debt |
|
(14,500 |
) |
|
14,500 |
|
|
– |
|
| Repayment of long-term debt |
|
(3,393 |
) |
|
(5,027 |
) |
|
(4,710 |
) |
|
| Net cash used in financing activities |
$ |
(263,994 |
) |
$ |
(194,090 |
) |
$ |
(193,148 |
) |
|
| Increase (decrease) in cash and cash equivalents |
|
6,107 |
|
|
(11,936 |
) |
|
(104,245 |
) |
| Cash and cash equivalents – beginning of year |
|
36,694 |
|
|
48,630 |
|
|
152,875 |
|
|
| Cash and cash equivalents – end of year |
$ |
42,801 |
|
$ |
36,694 |
|
$ |
48,630 |
|
|
|
|
Cash flows from changes in current assets and liabilities
Receivables |
|
(5,533 |
) |
|
(279 |
) |
|
66 |
|
| Inventories |
|
(36,663 |
) |
|
(25,137 |
) |
|
(1,231 |
) |
| Prepaid expenses and other current assets |
|
(4,463 |
) |
|
(190 |
) |
|
(8,523 |
) |
| Accounts payable |
|
16,573 |
|
|
(1,027 |
) |
|
15,927 |
|
| Accrued payroll |
|
11,275 |
|
|
17,352 |
|
|
(1,961 |
) |
| Accrued income taxes |
|
3,651 |
|
|
(19,222 |
) |
|
(529 |
) |
| Other accrued taxes |
|
5,385 |
|
|
3,371 |
|
|
4,595 |
|
| Unearned revenues |
|
12,959 |
|
|
2,815 |
|
|
16,066 |
|
| Other current liabilities |
|
25,783 |
|
|
24,524 |
|
|
11,636 |
|
|
| Change in current assets and liabilities |
$ |
28,967 |
|
$ |
2,207 |
|
$ |
36,046 |
|
|
|
|
See accompanying notes to consolidated financial statements.
|
