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37
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.