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Consolidated and Combined Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
May 31, 2025
May 31, 2024
May 31, 2023
Operating activities:      
Net earnings $ 119.3 $ 170.1 $ 99.7
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation and amortization 66.0 65.3 69.6
Impairment of assets 7.4 1.4 2.1
Provision for (benefit from) deferred income taxes (3.1) 1.1 (9.7)
Bad debt expense 1.8 1.1 1.6
Equity in net income of unconsolidated affiliate, net of distributions 8.4 (20.4) 4.8
Net (gain) loss on sale of assets (0.7) 1.0 (3.3)
Stock-based compensation 11.0 10.3 10.4
Changes in assets and liabilities, net of impact of acquisitions:      
Receivables 34.1 (1.4) 113.0
Inventories (16.7) 16.4 154.5
Accounts payable 15.8 (26.7) (124.3)
Accrued compensation and employee benefits (9.8) 7.9 (5.8)
Other operating items, net (3.2) (26.6) 2.4
Net cash provided by operating activities 230.3 199.5 315.0
Investing activities:      
Investment in property, plant and equipment (130.4) (103.4) (45.5)
Acquisitions, net of cash acquired 0.0 (21.0) 0.0
Proceeds from sale of assets, net of selling costs 1.3 1.2 23.3
Net cash used in investing activities (129.1) (123.2) (22.2)
Financing activities:      
Distribution to the Former Parent in connection with the Separation 0.0 (150.0) 0.0
Transfers to the Former Parent, net 0.0 (47.6) (199.8)
Proceeds from (repayments of) short-term borrowings, net 15.0 127.2 (45.2)
Proceeds from revolving credit facility borrowings - swing loans 508.7 266.1 0.0
Repayment of revolving credit facility borrowings - swing loans (522.5) (248.1) 0.0
Proceeds from long-term debt, net of issuance costs 2.3 0.0 0.0
Proceeds from issuance of common shares, net of tax withholdings (3.1) 0.3 0.0
Principal payments on long-term debt to the Former Parent 0.0 0.0 (15.0)
Payments to noncontrolling interests (17.0) (8.8) (20.2)
Dividends paid (31.9) (7.9) 0.0
Net cash used in financing activities (48.5) (68.8) (280.2)
Increase in cash, cash equivalents and restricted cash 52.7 7.5 12.6
Cash, cash equivalents, and restricted cash at beginning of year 40.2 32.7 20.1
Cash, cash equivalents, and restricted cash at end of year $ 92.9 $ 40.2 $ 32.7