Proceeds from Noncontrolling Interest

[Table of Contents](#ic0f1e00f8fa04a87b8ba424679040b3d_7)  
Consolidated Statements of Cash Flows 

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|   |  | Fiscal Year Ended |
|   |  | October 31, |  | October 25, |  | October 27, |
| (in thousands) |  | 2021 |  | 2020 |  | 2019 |
| Operating Activities |  |   |  |   |  |   |
| Net Earnings |  | $ | 909,140  |  |  | $ | 908,354  |  |  | $ | 979,148  |  |
| Adjustments to Reconcile to Net Cash Provided by Operating Activities: |  |  |  |  |  |  |
| Depreciation |  | 183,772  |  |  | 165,716  |  |  | 153,182  |  |
| Amortization |  | 44,634  |  |  | 40,065  |  |  | 12,027  |  |
|  |  |  |  |  |  |  |
| Equity in Earnings of Affiliates |  | (47,763) |  |  | (35,572) |  |  | (39,201) |  |
| Distributions Received from Equity Method Investees |  | 44,999  |  |  | 37,499  |  |  | 22,500  |  |
| Provision for Deferred Income Taxes |  | 28,677  |  |  | 32,039  |  |  | 28,641  |  |
| Loss (Gain) on Property/Equipment Sales and Plant Facilities |  | 3,731  |  |  | 1,793  |  |  | (811) |  |
| Gain on Sale of Business |  | —  |  |  | —  |  |  | (16,469) |  |
|  |  |  |  |  |  |  |
| Non-cash Investment Activities |  | (24,215) |  |  | (15,315) |  |  | (20,180) |  |
| Stock-based Compensation Expense |  | 24,744  |  |  | 22,458  |  |  | 19,707  |  |
| Changes in Operating Assets and Liabilities, Net of Acquisitions: |  |  |  |  |  |  |
| Decrease (Increase) in Accounts Receivable |  | (191,627) |  |  | (119,516) |  |  | (11,146) |  |
| Decrease (Increase) in Inventories |  | (145,176) |  |  | (1,839) |  |  | (123,843) |  |
| Decrease (Increase) in Prepaid Expenses and Other Current Assets |  | 34,555  |  |  | 5,860  |  |  | (10,105) |  |
| Increase (Decrease) in Pension and Post-retirement Benefits |  | (15,448) |  |  | (10,509) |  |  | (10,416) |  |
| Increase (Decrease) in Accounts Payable and Accrued Expenses |  | 115,099  |  |  | 111,277  |  |  | (44,109) |  |
| Increase (Decrease) in Net Income Taxes Payable |  | 36,811  |  |  | (14,286) |  |  | (15,929) |  |
|  |  |  |  |  |  |  |
| Net Cash Provided by (Used in) Operating Activities |  | $ | 1,001,934  |  |  | $ | 1,128,024  |  |  | $ | 922,996  |  |
| Investing Activities |  |  |  |  |  |  |
| Net (Purchase) Sale of Securities |  | $ | (4,364) |  |  | $ | (2,589) |  |  | $ | (14,496) |  |
| Proceeds from Sale of Business |  | —  |  |  | —  |  |  | 479,806  |  |
| Acquisitions of Businesses and Intangibles |  | (3,396,246) |  |  | (270,789) |  |  | —  |  |
| Purchases of Property and Equipment |  | (232,416) |  |  | (367,501) |  |  | (293,838) |  |
| Proceeds from Sales of Property and Equipment |  | 2,216  |  |  | 1,916  |  |  | 37,402  |  |
| Decrease (Increase) in Investments, Equity in Affiliates, and OtherAssets |  | (343) |  |  | (21,124) |  |  | (6,479) |  |
| Proceeds from Company-owned Life Insurance |  | 5,315  |  |  | 3,772  |  |  | 17,758  |  |
|  |  |  |  |  |  |  |
| Net Cash Provided by (Used in) Investing Activities |  | $ | (3,625,839) |  |  | $ | (656,316) |  |  | $ | 220,153  |  |
| Financing Activities |  |  |  |  |  |  |
|  |  |  |  |  |  |  |
| Proceeds from Long-term Debt |  | $ | 2,276,292  |  |  | $ | 992,381  |  |  | $ | —  |  |
| Repayments of Long-term Debt and Finance Leases |  | (258,617) |  |  | (8,368) |  |  | (374,840) |  |
| Dividends Paid on Common Stock |  | (523,114) |  |  | (487,376) |  |  | (437,053) |  |
| Share Repurchase |  | (19,958) |  |  | (12,360) |  |  | (174,246) |  |
| Proceeds from Exercise of Stock Options |  | 45,919  |  |  | 81,818  |  |  | 59,895  |  |
| Proceeds from Noncontrolling Interest |  | —  |  |  | 77  |  |  | —  |  |
|  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |
| Net Cash Provided by (Used in) Financing Activities |  | $ | 1,520,520  |  |  | $ | 566,172  |  |  | $ | (926,244) |  |
| Effect of Exchange Rate Changes on Cash |  | 2,606  |  |  | 3,526  |  |  | (3,140) |  |
| Increase (Decrease) in Cash and Cash Equivalents |  | (1,100,778) |  |  | 1,041,407  |  |  | 213,765  |  |
| Cash and Cash Equivalents at Beginning of Year |  | 1,714,309  |  |  | 672,901  |  |  | 459,136  |  |
| Cash and Cash Equivalents at End of Year |  | $ | 613,530  |  |  | $ | 1,714,309  |  |  | $ | 672,901  |  |

  
See Notes to Consolidated Financial Statements  
  
36
