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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Aug. 31, 2021
Aug. 31, 2020
Cash flows - operating activities:    
Net income (loss) $ (24.2) $ (39.8)
Adjustments to reconcile Net income (loss) to net cash provided by (used in) operating activities:    
Provision for losses on accounts receivable 1.6 1.4
Provision for losses on inventory 4.5 2.9
Provision for losses on royalty advances 0.9 1.3
Amortization of prepublication costs 6.8 6.3
Depreciation and amortization 16.4 16.4
Amortization of pension and postretirement plans (0.0) 0.1
Deferred income taxes 0.0 0.1
Stock-based compensation 1.5 0.6
Income from equity-method investments (1.1) (0.8)
Changes in assets and liabilities, net of amounts acquired:    
Accounts receivable 8.1 23.3
Inventories (35.6) (50.0)
Prepaid expenses and other current assets (25.1) (12.0)
Income tax receivable 53.4 (13.0)
Royalty advances (5.2) (2.8)
Accounts payable 48.9 13.9
Accrued income taxes 0.3 0.3
Accrued royalties 20.8 17.5
Deferred revenue 26.9 10.1
Other accrued expenses (32.5) 3.9
Other, net (2.8) 0.9
Net cash provided by (used in) operating activities 63.6 (26.0)
Cash flows - investing activities:    
Prepublication expenditures (4.3) (5.2)
Additions to property, plant and equipment (10.2) (16.0)
Net proceeds from sale of assets 0.0 12.3
Net cash provided by (used in) investing activities (14.5) (8.9)
Cash flows - financing activities:    
Borrowings under lines of credit, credit agreement and revolving loan 0.9 2.2
Repayments of lines of credit, credit agreement and revolving loan (101.3) (3.8)
Repayment of capital lease obligations (0.6) (0.5)
Proceeds pursuant to stock-based compensation plans 0.5 0.0
Payment of dividends (5.2) (5.1)
Other 0.1 1.9
Net cash provided by (used in) financing activities (105.6) (5.3)
Effect of exchange rate changes on cash and cash equivalents (1.4) 1.9
Net increase (decrease) in cash and cash equivalents (57.9) (38.3)
Cash and cash equivalents at beginning of period 366.5 393.8
Cash and cash equivalents at end of period 308.6 355.5
Gain (Loss) on Sale of Assets and Asset Impairment Charges $ 0.0 $ 6.6