Performance Food Group Co
For the period ended Jun 29, 2024. Filed Aug 14, 2024.
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FY2024 · Filed Aug 14, 2024
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| ($ in millions) | Fiscal year endedJune 29, 2024 | Fiscal year endedJuly 1, 2023 | Fiscal year endedJuly 2, 2022 |
|---|---|---|---|
| Cash flows from operating activities: | |||
| Net income | $435.9 | $397.2 | $112.5 |
| Adjustments to reconcile net income to net cash provided by operating activities | |||
| Depreciation | 355.2 | 315.7 | 279.7 |
| Amortization of intangible assets | 201.5 | 181.0 | 183.1 |
| Amortization of deferred financing costs | 10.5 | 10.3 | 9.7 |
| Provision for losses on accounts receivables | 19.8 | 6.0 | 9.0 |
| Change in LIFO reserve | 62.3 | 39.2 | 122.9 |
| Stock compensation expense | 41.9 | 43.4 | 44.0 |
| Deferred income tax expense | 10.7 | 20.0 | 4.8 |
| Loss on extinguishment of debt | 0.9 | — | 3.2 |
| Change in fair value of derivative assets and liabilities | (4.1) | 19.0 | (10.5) |
| Other non-cash activities | (2.4) | 9.0 | 6.2 |
| Changes in operating assets and liabilities, net | |||
| Accounts receivable | (81.1) | (95.6) | (195.1) |
| Inventories | 37.7 | 56.9 | (582.4) |
| Income taxes receivable | (29.9) | (11.0) | 46.7 |
| Prepaid expenses and other assets | (95.8) | (3.2) | (0.4) |
| Trade accounts payable and outstanding checks in excess of deposits | 124.0 | (164.6) | 182.5 |
| Accrued expenses and other liabilities | 75.9 | 8.8 | 60.6 |
| Net cash provided by operating activities | 1,163.0 | 832.1 | 276.5 |
| Cash flows from investing activities: | |||
| Purchases of property, plant and equipment | (395.6) | (269.7) | (215.5) |
| Net cash paid for acquisitions | (307.7) | (63.8) | (1,650.5) |
| Proceeds from sale of property, plant and equipment and other | 20.6 | 38.9 | 4.5 |
| Net cash used in investing activities | (682.7) | (294.6) | (1,861.5) |
| Cash flows from financing activities: | |||
| Net borrowings (payments) under ABL Facility | 6.8 | (454.4) | 1,019.7 |
| Repayment of Notes due 2025 | (275.0) | — | — |
| Borrowing of Notes due 2029 | — | — | 1,000.0 |
| Repayment of Notes due 2024 | — | — | (350.0) |
| Cash paid for debt issuance, extinguishment and modifications | — | — | (25.0) |
| Payments under finance lease obligations | (122.2) | (88.5) | (72.1) |
| Cash paid for acquisitions | — | — | (6.9) |
| Proceeds from employee stock purchase plan | 15.5 | 27.7 | 24.6 |
| Proceeds from exercise of stock options | 2.2 | 3.1 | 2.7 |
| Cash paid for shares withheld to cover taxes | (21.5) | (12.6) | (11.4) |
| Repurchases of common stock | (78.1) | (11.2) | — |
| Other financing activities | (0.3) | (0.3) | (0.1) |
| Net cash (used in) provided by financing activities | (472.6) | (536.2) | 1,581.5 |
| Net increase (decrease) in cash and restricted cash | 7.7 | 1.3 | (3.5) |
| Cash and restricted cash, beginning of period | 20.0 | 18.7 | 22.2 |
| Cash and restricted cash, end of period | $27.7 | $20.0 | $18.7 |
The following table provides a reconciliation of cash and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows:
| (In millions) | As of June 29, 2024 | As of July 1, 2023 |
|---|---|---|
| Cash | $20.0 | $12.7 |
| Restricted cash(1) | 7.7 | 7.3 |
| Total cash and restricted cash | $27.7 | $20.0 |
(1)
Restricted cash is reported within Other assets and represents the amounts required by insurers to collateralize a part of the deductibles for the Company’s workers’ compensation and liability claims.
Supplemental disclosures of non-cash transactions are as follows(2):
| (In millions) | Fiscal year endedJune 29, 2024 | Fiscal year endedJuly 1, 2023 | Fiscal year endedJuly 2, 2022 |
|---|---|---|---|
| Non-cash issuance of Common Stock in exchange for Core-Mark stock | — | — | 1,008.0 |
(2)Disclosure of non-cash transactions related to right-of-use assets and lease obligations is included in Note 12. Leases.
Supplemental disclosures of cash flow information are as follows:
| (In millions) | Fiscal year endedJune 29, 2024 | Fiscal year endedJuly 1, 2023 | Fiscal year endedJuly 2, 2022 |
|---|---|---|---|
| Cash paid during the year for: | |||
| Interest | $242.1 | $218.5 | $152.4 |
| Income tax payments net of refunds | 177.1 | 134.1 | 8.7 |
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