XML 23 R8.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
May 31, 2017
May 31, 2016
May 31, 2015
Cash flows - operating activities:      
Net income (loss) $ 52.3 $ 40.5 $ 294.6
Earnings (loss) from discontinued operations, net of tax (0.2) (3.5) 279.1
Earnings (loss) from continuing operations 52.5 44.0 15.5
Adjustments to reconcile earnings (loss) from continuing operations to net cash provided by (used in) operating activities of continuing operations:      
Provision for losses on accounts receivable 11.0 12.3 10.6
Provision for losses on inventory 16.0 12.0 21.7
Provision for losses on royalty advances 4.3 4.1 3.6
Amortization of prepublication and production costs 23.3 26.4 30.4
Depreciation and amortization 39.1 39.3 48.3
Amortization of pension and post-retirement actuarial gains and losses 2.1 4.4 6.9
Deferred income taxes 15.5 18.8 (3.5)
Stock-based compensation 10.1 9.7 8.8
Income from equity investments (5.3) (3.5) (2.0)
Non cash write off related to asset impairments 6.8 14.4 15.8
Unrealized (gain) loss on investments 0.0 (2.2) (0.6)
Changes in assets and liabilities, net of amounts acquired:      
Accounts receivable (15.2) (18.7) 1.6
Inventories (29.4) (27.8) (33.4)
Prepaid expenses and other current assets 24.9 (34.4) (0.3)
Royalty advances (2.3) (9.1) (6.2)
Accounts payable (6.0) (12.7) 12.1
Other accrued expenses 3.1 2.8 5.3
Accrued income taxes 1.2 (155.2) (24.6)
Accrued royalties 2.9 5.2 (3.1)
Deferred revenue 0.8 2.2 2.2
Pension and post-retirement obligations (5.3) (2.1) (2.2)
Other noncurrent liabilities (3.7) 0.4 2.5
Other, net (4.2) 1.7 (1.1)
Total adjustments 89.7 (112.0) 92.8
Net cash provided by (used in) operating activities of continuing operations 142.2 (68.0) 108.3
Net cash provided by (used in) operating activities of discontinued operations (0.8) (10.9) 58.6
Net cash provided by (used in) operating activities 141.4 (78.9) 166.9
Cash flows - investing activities:      
Prepublication and production expenditures (26.9) (25.2) (29.0)
Additions to property, plant and equipment (65.7) (35.6) (30.3)
Proceeds from sale of assets 0.0 3.3 0.7
Loan to investee 0.0 0.0 (3.0)
Repayment of loan to investee 0.0 0.0 4.8
Other investment and acquisition related payments (10.1) (3.7) (8.3)
Other 0.0 0.0 1.1
Net cash provided by (used in) investing activities of continuing operations (102.7) (61.2) (64.0)
Working capital adjustment/Proceeds from sale of discontinued assets 0.0 (2.9) 577.7
Changes in restricted cash held in escrow for discontinued assets 9.9 24.6 (34.5)
Other cash provided by (used in) investing activities of discontinued operations 0.0 0.0 (33.9)
Net cash provided by (used in) investing activities (92.8) (39.5) 445.3
Cash flows - financing activities:      
Net (repayments) borrowings under credit agreement and revolving loan 0.0 0.0 (120.0)
Borrowings under lines of credit 28.3 39.0 350.9
Repayments of lines of credit (28.5) (36.5) (359.9)
Repayment of capital lease obligations (1.1) (0.8) (0.2)
Reacquisition of common stock (6.9) (14.4) (3.5)
Proceeds pursuant to stock-based compensation plans 25.4 45.3 26.0
Payment of dividends (20.8) (20.5) (19.7)
Other (0.5) (0.1) 2.1
Net cash provided by (used in) financing activities of continuing operations (4.1) 12.0 (124.3)
Net cash provided by (used in) financing activities of discontinued operations 0.0 0.0 (0.2)
Net cash provided by (used in) financing activities (4.1) 12.0 (124.5)
Effect of exchange rate changes on cash and cash equivalents (0.1) (0.7) (1.8)
Net increase (decrease) in cash and cash equivalents 44.4 (107.1) 485.9
Cash and cash equivalents at beginning of period 399.7 506.8 20.9
Cash and cash equivalents at end of period 444.1 399.7 506.8
Supplemental Information:      
Income taxes payments (refunds), net 3.0 183.3 34.2
Interest paid 1.4 1.6 3.2
Non cash: Property, plant and equipment additions accrued in accounts payable $ 14.4 $ 0.0 $ 0.0