XML 23 R9.htm IDEA: XBRL DOCUMENT v3.22.2
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
May 31, 2022
May 31, 2021
May 31, 2020
Cash flows - operating activities:      
Net income (loss) $ 80.9 $ (11.0) $ (43.8)
Adjustments to reconcile Net income (loss) to net cash provided by (used in) operating activities:      
Provision for losses on accounts receivable 15.2 5.2 15.6
Provision for losses on inventory 27.7 36.6 34.3
Provision for losses on royalty advances 4.1 5.4 8.1
Amortization of prepublication costs 26.4 25.4 26.2
Depreciation and amortization 64.9 64.9 64.0
Amortization of pension and postretirement plans 0.0 0.0 0.8
Deferred income taxes 3.2 (8.0) 17.9
Stock-based compensation 7.8 6.6 3.8
Income from equity investments 2.0 7.4 3.2
Non cash write off related to asset impairments and write downs 0.4 11.1 40.6
Non cash write off related to assets held for sale 11.6 0.0 0.0
(Gain) loss on sale of assets and other 9.7 10.4 0.0
Changes in assets and liabilities, net of amounts acquired:      
Accounts receivable (73.1) (14.6) (7.0)
Inventories (46.7) (26.2) (20.8)
Income tax receivable 62.0 1.4 (79.8)
Prepaid expenses and other current assets (22.2) (3.5) 0.9
Assets held for sale (3.7) 0.0 0.0
Royalty advances (10.4) (8.5) (2.6)
Accounts payable 27.4 (17.9) (33.6)
Accrued income taxes (0.1) 1.3 0.1
Liabilities related to assets held for sale 3.5 0.0 0.0
Accrued royalties 17.0 6.2 (3.8)
Deferred revenue 74.7 (19.5) (13.8)
Other accrued expenses (6.8) 36.5 (11.7)
Other, net (26.1) (2.6) 9.9
Net cash provided by (used in) operating activities 226.0 71.0 2.1
Cash flows - investing activities:      
Prepublication expenditures (17.2) (20.7) (28.5)
Additions to property, plant and equipment (42.0) (47.2) (62.7)
Proceeds from sale of assets 16.0 17.4 0.0
Land acquisition 0.0 0.0 3.3
Other investment and acquisition-related payments 0.0 0.0 (1.2)
Net cash provided by (used in) investing activities (43.2) (50.5) (95.7)
Cash flows - financing activities:      
Borrowings under lines of credit, credit agreement and revolving loan 3.2 4.0 234.2
Repayments of lines of credit, credit agreement and revolving loan (186.2) (33.9) (26.7)
Repayment of capital lease obligations (2.3) (2.3) (2.0)
Reacquisition of common stock (33.4) 0.0 (35.5)
Proceeds pursuant to stock-based compensation plans 10.2 0.4 0.7
Payment of dividends (20.7) (20.6) (20.8)
Other, net 0.0 0.1 4.2
Net cash provided by (used in) financing activities (229.2) (52.3) 154.1
Effect of exchange rate changes on cash and cash equivalents (3.5) 4.5 (0.8)
Net increase (decrease) in cash and cash equivalents (49.9) (27.3) 59.7
Cash and cash equivalents at beginning of period 366.5 393.8 334.1
Cash and cash equivalents at end of period 316.6 366.5 393.8
Supplemental Information:      
Income tax payments (refunds) (48.8) 1.3 7.2
Interest paid $ 3.3 $ 5.4 $ 1.5