Proceeds from issuance of short-term debt

  
DARDEN RESTAURANTS, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS(In millions)

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Fiscal Year Ended |
|  | May 29, 2022 |  | May 30, 2021 |  | May 31, 2020 |
| Cash flows - operating activities |  |  |  |  |  |
| Net earnings (loss) | $ | 952.8  |  |  | $ | 629.3  |  |  | $ | (52.4) |  |
| Losses from discontinued operations, net of tax | 1.9  |  |  | 3.1  |  |  | 3.2  |  |
| Adjustments to reconcile net earnings (loss) from continuing operations to cash flows: |  |  |  |  |  |
| Depreciation and amortization | 368.4  |  |  | 350.9  |  |  | 355.9  |  |
| Goodwill and other impairments and disposal of assets, net | (2.0) |  |  | 6.6  |  |  | 390.2  |  |
| Stock-based compensation expense | 60.5  |  |  | 72.4  |  |  | 53.0  |  |
| Change in current assets and liabilities | (96.7) |  |  | (25.9) |  |  | (73.3) |  |
| Contributions to pension and postretirement plans | (2.2) |  |  | (1.8) |  |  | (14.4) |  |
| Deferred income taxes | (23.7) |  |  | 169.2  |  |  | (133.6) |  |
|  |  |  |  |  |  |
| Change in other assets and liabilities | (7.4) |  |  | 23.0  |  |  | 38.3  |  |
| Pension settlement charge | —  |  |  | —  |  |  | 145.5  |  |
|  |  |  |  |  |  |
| Other, net | 13.0  |  |  | (33.3) |  |  | 5.0  |  |
| Net cash provided by operating activities of continuing operations | $ | 1,264.6  |  |  | $ | 1,193.5  |  |  | $ | 717.4  |  |
| Cash flows - investing activities |  |  |  |  |  |
| Purchases of land, buildings and equipment | (376.9) |  |  | (254.9) |  |  | (459.9) |  |
| Proceeds from disposal of land, buildings and equipment | 10.1  |  |  | 5.4  |  |  | 5.8  |  |
| Cash used in business acquisitions, net of cash acquired | —  |  |  | —  |  |  | (55.8) |  |
| Purchases of capitalized software and other assets | (25.6) |  |  | (15.4) |  |  | (24.6) |  |
| Other, net | 3.4  |  |  | 1.2  |  |  | (9.5) |  |
| Net cash used in investing activities of continuing operations | $ | (389.0) |  |  | $ | (263.7) |  |  | $ | (544.0) |  |
| Cash flows - financing activities |  |  |  |  |  |
| Net proceeds from issuance of common stock | 40.2  |  |  | 46.2  |  |  | 525.9  |  |
|  |  |  |  |  |  |
| Dividends paid | (563.0) |  |  | (202.6) |  |  | (322.3) |  |
| Repurchases of common stock | (1,071.3) |  |  | (45.4) |  |  | (330.3) |  |
| Proceeds from issuance of short-term debt | —  |  |  | —  |  |  | 1,020.0  |  |
| Repayments of short-term debt | —  |  |  | (270.0) |  |  | (750.0) |  |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
| Principal payments on finance leases | (12.9) |  |  | (7.1) |  |  | (5.2) |  |
|  |  |  |  |  |  |
| Other, net | (2.7) |  |  | —  |  |  | 0.6  |  |
| Net cash provided by (used in) financing activities of continuing operations | $ | (1,609.7) |  |  | $ | (478.9) |  |  | $ | 138.7  |  |
| Cash flows - discontinued operations |  |  |  |  |  |
| Net cash provided by (used in) operating activities of discontinued operations | (8.5) |  |  | 0.5  |  |  | (6.1) |  |
|  |  |  |  |  |  |
| Net cash provided by (used in) discontinued operations | $ | (8.5) |  |  | $ | 0.5  |  |  | $ | (6.1) |  |
| (Decrease) increase in cash and cash equivalents | (742.6) |  |  | 451.4  |  |  | 306.0  |  |
| Cash and cash equivalents - beginning of year | 1,214.7  |  |  | 763.3  |  |  | 457.3  |  |
| Cash and cash equivalents - end of year | $ | 472.1  |  |  | $ | 1,214.7  |  |  | $ | 763.3  |  |

  
  
  


|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Reconciliation of cash, cash equivalents, and restricted cash: | May 29, 2022 |  | May 30, 2021 |  | May 31, 2020 |
| Cash and cash equivalents | $ | 420.6  |  |  | $ | 1,214.7  |  |  | $ | 763.3  |  |
| Restricted cash included in prepaid and other current assets | 51.5 |  | —  |  |  | —  |  |
| Total cash, cash equivalents, and restricted cash shown in the statement of cash flows | $ | 472.1  |  |  | $ | 1,214.7  |  |  | $ | 763.3  |  |

  
  
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