XML 16 R6.htm IDEA: XBRL DOCUMENT v3.23.4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
6 Months Ended
Nov. 30, 2023
Nov. 30, 2022
Cash flows used in operating activities:    
Net income $ 23.2 $ 45.2
Less: Income from discontinued operations   (0.4)
Income from continuing operations 23.2 44.8
Adjustments to reconcile income from continuing operations to net cash used in operating activities:    
Depreciation and intangible amortization 17.1 13.3
Stock-based compensation 7.9 6.9
Pension settlement charge 26.7  
Loss from joint ventures 0.3 1.3
Provision for (Recovery of) credit losses 0.4 (0.1)
Deferred taxes (4.6)  
Changes in certain assets and liabilities:    
Accounts receivable (6.3) (12.0)
Contract assets (12.4) (9.3)
Inventories (71.5) (44.8)
Prepaid expenses and other current assets (10.2) (0.1)
Rotable assets supporting long-term programs (4.0) (8.1)
Accounts payable 52.8  
Accrued and other liabilities (5.6) (21.2)
Deferred revenue on long-term programs (9.5) 8.2
Other (5.4) (17.8)
Net cash used in operating activities - continuing operations (1.1) (38.9)
Net cash used in operating activities - discontinued operations (0.2) (0.4)
Net cash used in operating activities (1.3) (39.3)
Cash flows used in investing activities:    
Property, plant, and equipment expenditures (16.4) (12.8)
Other (3.9) (5.5)
Net cash used in investing activities - continuing operations (20.3) (18.3)
Cash flows provided by financing activities:    
Short-term borrowings on Revolving Credit Facility, net 5.0 98.0
Purchase of treasury stock   (50.1)
Stock compensation activity 10.3 2.1
Net cash provided by financing activities - continuing operations 15.3 50.0
Effect of exchange rate changes on cash   (0.1)
Decrease in cash, cash equivalents, and restricted cash (6.3) (7.7)
Cash, cash equivalents, and restricted cash at beginning of period 81.8 58.9
Cash, cash equivalents, and restricted cash at end of period $ 75.5 $ 51.2