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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
May 31, 2024
May 31, 2023
May 31, 2022
Cash flows - operating activities:      
Net income (loss) $ 12.1 $ 86.3 $ 80.9
Adjustments to reconcile Net income (loss) to net cash provided by (used in) operating activities:      
Provision for losses on accounts receivable 5.2 3.3 15.2
Provision for losses on inventory 20.4 26.5 27.7
Provision for losses on royalty advances 2.7 4.2 4.1
Amortization of prepublication costs 26.2 25.1 26.4
Depreciation and amortization 67.0 64.6 64.9
Amortization of net actuarial (gain) loss 0.4 (0.4) (0.0)
Deferred income taxes (1.9) (0.7) 3.2
Stock-based compensation 11.0 10.5 7.8
Income from equity investments (0.5) (0.9) (2.0)
Asset impairments and write downs 10.0 0.0 0.4
Non cash write off related to assets held for sale 0.0 0.0 11.6
(Gain) loss on sale of assets and other 0.0 0.0 (9.7)
Changes in assets and liabilities, net of amounts acquired:      
Accounts receivable 38.2 15.0 (73.1)
Inventories 50.9 (83.6) (46.7)
Income tax receivable (6.3) 17.7 62.0
Prepaid expenses and other current assets (1.7) 21.5 (22.2)
Assets held for sale 0.0 0.0 (3.7)
Royalty advances (3.4) (12.0) (10.4)
Accounts payable (32.5) 9.4 27.4
Accrued income taxes (11.5) 10.9 (0.1)
Liabilities related to assets held for sale 0.0 0.0 3.5
Accrued royalties (4.5) (7.6) 17.0
Deferred revenue (8.1) (2.9) 74.7
Other accrued expenses (10.3) (15.3) (6.8)
Other, net (8.8) (22.7) (26.1)
Net cash provided by (used in) operating activities 154.6 148.9 226.0
Cash flows - investing activities:      
Prepublication expenditures (22.8) (26.9) (17.2)
Additions to property, plant and equipment (58.4) (62.0) (42.0)
Proceeds from sale of assets 0.0 0.0 16.0
Acquisition-related payments (8.5) (10.7) 0.0
Net cash provided by (used in) investing activities (89.7) (99.6) (43.2)
Cash flows - financing activities:      
Borrowings under lines of credit, credit agreement and revolving loan 54.1 3.5 3.2
Repayments of lines of credit, credit agreement and revolving loan (54.1) (3.7) (186.2)
Repayment of capital lease obligations (2.3) (2.3) (2.3)
Reacquisition of common stock (158.2) (132.1) (33.4)
Proceeds pursuant to stock-based compensation plans 9.1 20.7 10.2
Payment of dividends (24.7) (25.6) (20.7)
Net cash provided by (used in) financing activities (176.1) (139.5) (229.2)
Effect of exchange rate changes on cash and cash equivalents 0.4 (1.9) (3.5)
Net increase (decrease) in cash and cash equivalents (110.8) (92.1) (49.9)
Cash and cash equivalents at beginning of period 224.5 316.6 366.5
Cash and cash equivalents at end of period 113.7 224.5 316.6
Supplemental Information:      
Income tax payments (refunds) 23.7 2.5 (48.8)
Interest paid $ 2.2 $ 1.5 $ 3.3