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Consolidated and Combined Statements of Cash Flows - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Feb. 29, 2024
Feb. 28, 2023
Feb. 29, 2024
Feb. 28, 2023
Operating activities:        
Net earnings $ 52.4 $ 9.3 $ 112.4 $ 28.1
Adjustments to reconcile net earnings to net cash provided by operating activities:        
Depreciation and amortization 15.9 17.0 49.2 52.4
Impairment of long-lived assets 0.0 0.0 1.4 0.3
Benefit from deferred income taxes (0.9) (0.1) (1.1) (0.3)
Bad debt expense (income) (0.2) 2.3 (0.6) 3.6
Equity in net income of unconsolidated affiliate, net of distributions (2.9) 10.2 (15.7) 6.5
Net gain on sale of assets 0.0 0.0 (0.4) (3.8)
Stock-based compensation 2.2 2.7 8.3 7.5
Changes in assets and liabilities, net of impact of acquisitions:        
Receivables (52.1) 9.6 4.4 123.6
Inventories (34.9) 34.3 13.4 179.4
Accounts payable 45.5 14.6 (4.4) (161.5)
Accrued compensation and employee benefits 4.4 (1.0) 1.7 (6.5)
Other operating items, net 15.3 19.3 (4.7) 6.4
Net cash provided by operating activities 44.7 118.2 163.9 235.7
Investing activities:        
Investment in property, plant and equipment (22.4) (10.8) (58.6) (36.4)
Proceeds from sale of assets, net of selling costs 0.0 0.0 0.8 23.2
Acquisitions, net of cash acquired 0.0 0.0 (21.0) 0.0
Net cash used in investing activities (22.4) (10.8) (78.8) (13.2)
Financing activities:        
Distribution to the Former Parent in connection with the Separation (150.0) 0.0 (150.0) 0.0
Transfers from (to) Former Parent 3.8 (99.5) (47.6) (138.7)
Proceeds from (repayment of) short-term borrowings (45.0) (1.3) 127.2 (44.4)
Proceeds from revolving credit facility borrowings - swing loans 142.6 0.0 142.6 0.0
Repayment of revolving credit facility borrowings - swing loans (125.4) 0.0 (125.4) 0.0
Principal payments on long-term obligations 0.0 (5.0) 0.0 (15.0)
Payments to noncontrolling interests (1.9) 0.0 (3.8) (11.8)
Net cash used in financing activities (175.9) (105.8) (57.0) (209.9)
Increase (decrease) in cash and cash equivalents (153.6) 1.6 28.1 12.6
Cash and cash equivalents at beginning of period 214.4 31.1 32.7 20.1
Cash and cash equivalents at end of period $ 60.8 $ 32.7 $ 60.8 $ 32.7