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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
May 31, 2019
May 31, 2018
May 31, 2017
Cash flows - operating activities:      
Net income (loss) $ 15,600,000 $ (5,000,000) $ 52,300,000
Earnings (loss) from discontinued operations, net of tax 0 0 (200,000)
Earnings (loss) from continuing operations 15,600,000 (5,000,000) 52,500,000
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 7,000,000 9,500,000 11,000,000
Provision for losses on inventory 20,800,000 18,400,000 16,000,000
Provision for losses on royalty advances 6,800,000 4,100,000 4,300,000
Pension settlement 0 57,300,000 0
Amortization of prepublication and production costs 22,400,000 21,800,000 23,300,000
Depreciation and amortization 59,300,000 44,200,000 39,100,000
Amortization of pension and postretirement actuarial gains and losses 700,000 2,200,000 2,100,000
Deferred income taxes 3,300,000 7,700,000 15,500,000
Stock-based compensation 8,300,000 10,700,000 10,100,000
Income from equity investments (5,900,000) (4,800,000) (5,300,000)
Non cash write off related to asset impairments 900,000 11,200,000 6,800,000
(Gain) loss on investments 1,000,000 0 0
Changes in assets and liabilities, net of amounts acquired:      
Accounts receivable (11,900,000) (12,900,000) (15,200,000)
Inventories (49,800,000) (27,400,000) (29,400,000)
Prepaid expenses and other current assets 15,500,000 (22,100,000) 24,900,000
Royalty advances (9,800,000) (7,000,000) (2,300,000)
Accounts payable 11,800,000 45,900,000 (6,000,000)
Other accrued expenses (19,600,000) (3,100,000) 3,100,000
Accrued income taxes (900,000) (1,100,000) 1,200,000
Accrued royalties 7,900,000 (300,000) 2,900,000
Deferred revenue 20,100,000 200,000 800,000
Pension and postretirement obligations (2,700,000) (4,300,000) (5,300,000)
Other noncurrent liabilities 6,700,000 (1,100,000) (3,700,000)
Returns liability 4,500,000 0 0
Other, net 4,400,000 (2,600,000) (4,200,000)
Total adjustments 100,800,000 146,500,000 89,700,000
Net cash provided by (used in) operating activities of continuing operations 116,400,000 141,500,000 142,200,000
Net cash provided by (used in) operating activities of discontinued operations 0 0 (800,000)
Net cash provided by (used in) operating activities 116,400,000 141,500,000 141,400,000
Cash flows - investing activities:      
Prepublication and production expenditures (38,100,000) (36,100,000) (26,900,000)
Additions to property, plant and equipment (95,000,000) (121,500,000) (65,700,000)
Other investment and acquisition-related payments (18,500,000) (4,400,000) (10,100,000)
Cash acquired through acquisition 4,300,000 0 0
Net cash provided by (used in) investing activities of continuing operations (147,300,000) (162,000,000) (102,700,000)
Changes in restricted cash held in escrow for discontinued assets 0 0 9,900,000
Net cash provided by (used in) investing activities (147,300,000) (162,000,000) (92,800,000)
Cash flows - financing activities:      
Borrowings under lines of credit 58,800,000 44,900,000 28,300,000
Repayments of lines of credit (60,100,000) (42,000,000) (28,500,000)
Repayment of capital lease obligations (1,600,000) (1,300,000) (1,100,000)
Reacquisition of common stock (8,500,000) (27,300,000) (6,900,000)
Proceeds pursuant to stock-based compensation plans 6,000,000 15,800,000 25,400,000
Payment of dividends (21,100,000) (21,100,000) (20,800,000)
Other 800,000 (1,000,000) (500,000)
Net cash provided by (used in) financing activities (25,700,000) (32,000,000) (4,100,000)
Effect of exchange rate changes on cash and cash equivalents (1,200,000) 300,000 (100,000)
Net increase (decrease) in cash and cash equivalents (57,800,000) (52,200,000) 44,400,000
Cash and cash equivalents at beginning of period 391,900,000 444,100,000 399,700,000
Cash and cash equivalents at end of period 334,100,000 391,900,000 444,100,000
Supplemental Information:      
Income tax payments (refunds) 2,500,000 14,500,000 3,000,000
Interest paid 1,300,000 1,400,000 1,400,000
Non cash: Property, plant and equipment additions accrued in accounts payable $ 6,100,000 $ 23,700,000 $ 14,400,000