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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
May 31, 2023
May 31, 2022
May 31, 2021
Cash flows provided by operating activities:      
Net income $ 90.2 $ 78.7 $ 35.8
Less: Loss (Income) from discontinued operations (0.4) (0.2) 10.5
Income from continuing operations 89.8 78.5 46.3
Adjustments to reconcile income to net cash provided by operating activities:      
Depreciation and amortization 27.9 33.1 36.3
Stock-based compensation expense 13.5 8.2 9.2
Provision for credit losses 2.6 1.2 8.5
Pension settlement charges   1.4 0.9
Deferred tax provision (benefit) (2.2) 8.7 8.4
Loss (Earnings) from joint ventures 3.2 2.9 (0.2)
Customer contract termination and restructuring costs     2.2
Impairment charges 1.0 2.9 9.1
Losses on sale and exit of business 0.7 1.7 20.2
Changes in certain assets and liabilities, net of acquisitions:      
Accounts receivable (18.1) (49.0) (4.5)
Contract assets (13.7) (1.9) (26.4)
Inventories (23.6) (10.4) 74.9
Prepaid expenses and other current assets (8.6) (10.2) 49.8
Rotable assets supporting long-term programs (19.3) 3.0 9.1
Accounts payable   29.4 (62.6)
Accrued and other liabilities (6.4) (10.5) 16.2
Deferred revenue on long-term programs (4.0) 3.8 (83.0)
Other (19.0) (3.0) (5.9)
Net cash provided by operating activities-continuing operations 23.8 89.8 108.5
Net cash used in operating activities-discontinued operations (0.5) (14.6) (3.3)
Net cash provided by operating activities 23.3 75.2 105.2
Cash flows used in investing activities:      
Property, plant and equipment expenditures (29.5) (17.3) (11.3)
Payment for acquisition of Trax, net of cash acquired (103.3)    
Proceeds from asset sales   7.3  
Proceeds from termination of life insurance policies     10.0
Joint venture and other investment activity (5.2) (6.5) 0.8
Net cash used in investing activities (138.0) (16.5) (0.5)
Cash flows provided by (used in) financing activities:      
Short-term borrowings (repayments), net 172.0 (9.5) (470.0)
Repayments on long-term borrowings   (24.7)  
Purchase of treasury stock (50.1) (42.4)  
Stock compensation activity 17.7 16.8 0.6
Other (1.9)   (0.1)
Net cash provided by (used in) financing activities 137.7 (59.8) (469.5)
Effect of exchange rate changes on cash (0.1) (0.2) 0.3
Increase (Decrease) in cash and cash equivalents 22.9 (1.3) (364.5)
Cash, cash equivalents, and restricted cash at beginning of year 58.9 60.2 424.7
Cash, cash equivalents, and restricted cash at end of year $ 81.8 $ 58.9 $ 60.2