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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 provided by operating activities:      
Net income $ 46.3 $ 90.2 $ 78.7
Less: Income from discontinued operations   (0.4) (0.2)
Income from continuing operations 46.3 89.8 78.5
Adjustments to reconcile income to net cash provided by operating activities:      
Depreciation and amortization 41.2 27.9 33.1
Stock-based compensation expense 15.3 13.5 8.2
Provision for credit losses 0.7 2.6 1.2
Pension settlement charges 26.7   1.4
Deferred tax provision (benefit) (20.5) (2.2) 8.7
Loss from joint ventures 0.2 3.2 2.9
Impairment charges   1.0 2.9
Changes in certain assets and liabilities, net of acquisitions:      
Accounts receivable (5.3) (18.1) (49.0)
Contract assets (17.1) (13.7) (1.9)
Inventories (90.4) (23.6) (10.4)
Prepaid expenses and other current assets (20.5) (8.6) (10.2)
Rotable assets supporting long-term programs 2.5 (19.3) 3.0
Accounts payable 59.4   29.4
Accrued and other liabilities 16.9 (6.4) (10.5)
Deferred revenue on long-term programs (3.6) (4.0) 3.8
Other (8.0) (18.3) (1.3)
Net cash provided by operating activities-continuing operations 43.8 23.8 89.8
Net cash used in operating activities-discontinued operations (0.2) (0.5) (14.6)
Net cash provided by operating activities 43.6 23.3 75.2
Cash flows used in investing activities:      
Property, plant and equipment expenditures (29.7) (29.5) (17.3)
Acquisitions, net of cash acquired (722.9) (103.3)  
Joint venture and other investment activity (5.9) (5.2) (6.5)
Proceeds from asset sales     7.3
Net cash used in investing activities (758.5) (138.0) (16.5)
Cash flows provided by (used in) financing activities:      
Short-term borrowings (repayments), net 175.0 172.0 (9.5)
Proceeds from long-term borrowings 550.0    
Repayments on long-term borrowings     (24.7)
Purchase of treasury stock (5.1) (50.1) (42.4)
Financing costs (10.3) (1.9)  
Stock compensation activity 19.6 17.7 16.8
Net cash provided by (used in) financing activities 729.2 137.7 (59.8)
Effect of exchange rate changes on cash 0.0 (0.1) (0.2)
Increase (Decrease) in cash and cash equivalents 14.3 22.9 (1.3)
Cash, cash equivalents, and restricted cash at beginning of year 81.8 58.9 60.2
Cash, cash equivalents, and restricted cash at end of year $ 96.1 $ 81.8 $ 58.9