XML 23 R8.htm IDEA: XBRL DOCUMENT v3.20.2
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
May 31, 2020
May 31, 2019
May 31, 2018
Cash flows - operating activities:      
Net income (loss) $ (43.8) $ 15.6 $ (5.0)
Adjustments to reconcile Net income (loss) to net cash provided by (used in) operating activities:      
Provision for losses on accounts receivable 15.6 7.0 9.5
Provision for losses on inventory 34.3 20.8 18.4
Provision for losses on royalty advances 8.1 6.8 4.1
Pension settlement 0.0 0.0 57.3
Amortization of prepublication and production costs 26.2 22.4 21.8
Depreciation and amortization 64.0 59.3 44.2
Amortization of pension and postretirement actuarial gains and losses 0.8 0.7 2.2
Deferred income taxes 17.9 3.3 7.7
Stock-based compensation 3.8 8.3 10.7
Income from equity investments (3.2) (5.9) (4.8)
Non cash write off related to asset impairments and write downs 40.6 0.9 11.2
(Gain) loss on investments 0.0 1.0 0.0
Changes in assets and liabilities, net of amounts acquired:      
Accounts receivable (7.0) (11.9) (12.9)
Inventories (20.8) (49.8) (27.4)
Income tax receivable (79.8) 7.4 (13.8)
Prepaid expenses and other current assets 0.9 8.1 (8.3)
Royalty advances (2.6) (9.8) (7.0)
Accounts payable (33.6) 11.8 45.9
Accrued income taxes 0.1 (0.9) (1.1)
Accrued royalties (3.8) 7.9 (0.3)
Deferred revenue (13.8) 20.1 0.2
Other, net (1.8) (6.7) (11.1)
Total adjustments 45.9 100.8 146.5
Net cash provided by (used in) operating activities 2.1 116.4 141.5
Cash flows - investing activities:      
Prepublication and production expenditures (28.5) (38.1) (36.1)
Additions to property, plant and equipment (62.7) (95.0) (121.5)
Other investment and acquisition-related payments (1.2) (14.2) (4.4)
Land acquisition (3.3) 0.0 0.0
Net cash provided by (used in) investing activities (95.7) (147.3) (162.0)
Cash flows - financing activities:      
Borrowings under lines of credit, credit agreement and revolving loan 234.2 58.8 44.9
Repayments of lines of credit, credit agreement and revolving loan (26.7) (60.1) (42.0)
Repayment of capital lease obligations (2.0) (1.6) (1.3)
Reacquisition of common stock (35.5) (8.5) (27.3)
Proceeds pursuant to stock-based compensation plans 0.7 6.0 15.8
Payment of dividends (20.8) (21.1) (21.1)
Other, net 4.2 0.8 (1.0)
Net cash provided by (used in) financing activities 154.1 (25.7) (32.0)
Effect of exchange rate changes on cash and cash equivalents (0.8) (1.2) 0.3
Net increase (decrease) in cash and cash equivalents 59.7 (57.8) (52.2)
Cash and cash equivalents at beginning of period 334.1 391.9 444.1
Cash and cash equivalents at end of period 393.8 334.1 391.9
Supplemental Information:      
Income tax payments (refunds) 7.2 2.5 14.5
Interest paid 1.5 1.3 1.4
Non cash: Property, plant and equipment additions accrued in accounts payable $ 2.5 $ 6.1 $ 23.7