| May'19 | May'18 | May'17 | May'16 | May'15 | May'14 | May'13 | May'12 | May'11 | May'10 | May'09 |
|---|---|---|---|---|---|---|---|---|---|---|
Cash flows - operating activities: | ||||||||||
Net income (loss) | ||||||||||
15,600 | -5,000 | 52,300 | 40,500 | 294,600 | 44,400 | 31,100 | 102,400 | 39,400 | 56,100 | -14,300 |
Earnings (loss) from discontinued operations, net of tax | ||||||||||
0 | 0 | -200 | -3,500 | 279,100 | 31,100 | 26,200 | -5,700 | -5,900 | -4,900 | -21,300 |
Earnings (loss) from continuing operations | ||||||||||
15,600 | -5,000 | 52,500 | 44,000 | 15,500 | 13,300 | 4,900 | 108,100 | 45,300 | 61,000 | 7,000 |
Adjustments to reconcile Net income (loss) to net cash provided by (used in) operating activities: | ||||||||||
Provision for losses on accounts receivable | ||||||||||
7,000 | 9,500 | 11,000 | 12,300 | 10,600 | 7,300 | 5,800 | 12,300 | 13,600 | 9,500 | 15,800 |
Provision for losses on inventory | ||||||||||
20,800 | 18,400 | 16,000 | 12,000 | 21,700 | 23,700 | 26,200 | 48,100 | 27,300 | 27,200 | 28,400 |
Provision for losses on royalty advances | ||||||||||
6,800 | 4,100 | 4,300 | 4,100 | 3,600 | 6,500 | 4,900 | 6,500 | 4,500 | 6,800 | 12,600 |
Pension settlement | ||||||||||
0 | 57,300 | 0 | 0 | - | - | - | - | - | - | - |
Loss on subleases | ||||||||||
- | - | - | - | - | - | - | 6,200 | - | - | - |
Amortization of prepublication and production costs | ||||||||||
22,400 | 21,800 | 23,300 | 26,400 | 30,400 | 32,900 | 26,600 | 55,100 | 51,100 | 51,000 | 44,800 |
Depreciation and amortization | ||||||||||
59,300 | 44,200 | 39,100 | 39,300 | 48,300 | 61,600 | 67,500 | 68,800 | 60,100 | 59,500 | 61,200 |
Amortization of pension and postretirement actuarial gains and losses | ||||||||||
-700 | -2,200 | -2,100 | -4,400 | -6,900 | -5,600 | -4,800 | -4,600 | - | - | - |
Deferred income taxes | ||||||||||
-3,300 | -7,700 | -15,500 | -18,800 | 3,500 | -8,900 | -19,600 | 37,500 | 2,800 | -29,400 | 35,300 |
Stock-based compensation | ||||||||||
8,300 | 10,700 | 10,100 | 9,700 | 8,800 | 8,400 | 5,500 | 12,200 | 13,700 | 14,000 | 11,600 |
Income from equity investments | ||||||||||
5,900 | 4,800 | 5,300 | 3,500 | 2,000 | 2,600 | 2,300 | 1,300 | 1,700 | - | - |
Changes in assets and liabilities, net of amounts acquired: | ||||||||||
Non cash write off related to asset impairments | ||||||||||
900 | 11,200 | 6,800 | 14,400 | 15,800 | 28,000 | 7,200 | 800 | 3,400 | 40,100 | 26,300 |
(Gain) loss on investments | ||||||||||
-1,000 | 0 | 0 | 2,200 | 600 | -5,800 | 0 | 0 | 3,600 | 1,500 | 13,500 |
Equity investment income | ||||||||||
- | - | - | - | - | - | - | - | - | 700 | - |
Accounts receivable | ||||||||||
11,900 | 12,900 | 15,200 | 18,700 | -1,600 | 42,700 | -88,500 | 108,700 | 12,600 | 22,400 | 17,700 |
Inventories | ||||||||||
49,800 | 27,400 | 29,400 | 27,800 | 33,400 | 19,300 | 13,700 | 40,400 | 9,800 | -3,700 | 25,800 |
Prepaid expenses and other current assets | ||||||||||
-15,500 | 22,100 | -24,900 | 34,400 | 300 | -24,400 | 14,200 | -10,100 | -600 | -3,000 | -7,300 |
Income tax receivable | ||||||||||
- | - | - | - | - | 200 | -300 | 0 | -100 | -800 | -300 |
Royalty advances | ||||||||||
9,800 | 7,000 | 2,300 | 9,100 | 6,200 | 7,600 | 7,200 | 6,200 | 1,200 | 3,700 | 6,600 |
Accounts payable | ||||||||||
11,800 | 45,900 | -6,000 | -12,700 | 12,100 | -9,700 | 34,000 | -300 | 19,100 | -27,000 | 25,600 |
Other accrued expenses | ||||||||||
-19,600 | -3,100 | 3,100 | 2,800 | 5,300 | 7,300 | -47,300 | 64,700 | 15,900 | 20,400 | -28,300 |
Accrued income taxes | ||||||||||
-900 | -1,100 | 1,200 | -155,200 | -24,600 | 1,400 | -4,300 | - | - | - | - |
Accrued royalties | ||||||||||
7,900 | -300 | 2,900 | 5,200 | -3,100 | 500 | -57,100 | 58,200 | -8,300 | 400 | -2,500 |
Deferred revenue | ||||||||||
20,100 | 200 | 800 | 2,200 | 2,200 | 1,700 | 2,800 | -1,700 | 8,700 | 5,600 | -500 |
Pension and postretirement obligations | ||||||||||
-2,700 | -4,300 | -5,300 | -2,100 | -2,200 | -16,200 | -20,800 | -7,000 | -11,300 | -3,600 | -4,400 |
Other noncurrent liabilities | ||||||||||
6,700 | -1,100 | -3,700 | 400 | 2,500 | -29,400 | -3,600 | 5,900 | 5,600 | -2,400 | 5,000 |
Returns liability | ||||||||||
4,500 | 0 | 0 | - | - | - | - | - | - | - | - |
Other, net | ||||||||||
-4,400 | 2,600 | 4,200 | -1,700 | 1,100 | 4,400 | 2,100 | -3,200 | -7,100 | -1,400 | 3,300 |
Total adjustments | ||||||||||
100,800 | 146,500 | 89,700 | -112,000 | 92,800 | 91,900 | 121,100 | 153,600 | 186,700 | 214,500 | 198,600 |
Net cash provided by (used in) operating activities of continuing operations | ||||||||||
116,400 | 141,500 | 142,200 | -68,000 | 108,300 | 105,200 | 126,000 | 261,700 | 232,000 | 275,500 | 205,600 |
Net cash provided by (used in) operating activities of discontinued operations | ||||||||||
0 | 0 | -800 | -10,900 | 58,600 | 51,600 | 63,100 | -1,500 | -3,600 | 300 | -17,000 |
Net cash provided by (used in) operating activities | ||||||||||
116,400 | 141,500 | 141,400 | -78,900 | 166,900 | 156,800 | 189,100 | 260,200 | 228,400 | 275,800 | 188,600 |
Cash flows - investing activities: | ||||||||||
Prepublication and production expenditures | ||||||||||
38,100 | 36,100 | 26,900 | 25,200 | 29,000 | 35,900 | 33,400 | 58,800 | 57,900 | 48,900 | -57,800 |
Additions to property, plant and equipment | ||||||||||
95,000 | 121,500 | 65,700 | 35,600 | 30,300 | 26,500 | 54,100 | 53,700 | 50,000 | 55,300 | 45,100 |
Cash acquired through acquisition | ||||||||||
4,300 | 0 | 0 | - | - | - | - | - | - | - | - |
Building purchase | ||||||||||
- | - | - | - | - | 253,900 | 0 | 0 | - | - | - |
Acquisition of land | ||||||||||
- | - | - | - | - | - | - | - | -24,300 | - | - |
Proceeds from sale of assets | ||||||||||
- | - | - | 3,300 | 700 | 1,300 | 0 | - | - | - | - |
Loan to investee | ||||||||||
- | - | - | - | 3,000 | 0 | 0 | - | - | - | - |
Repayment of loan to investee | ||||||||||
- | - | - | - | 4,800 | 0 | 0 | - | - | - | - |
Other investment and acquisition-related payments | ||||||||||
18,500 | 4,400 | 10,100 | 3,700 | 8,300 | 1,000 | 300 | 9,500 | 10,100 | 1,000 | 4,400 |
Other | ||||||||||
- | - | - | - | -1,100 | -1,000 | -800 | -800 | 1,200 | -200 | -1,700 |
Net cash provided by (used in) investing activities of continuing operations | ||||||||||
-147,300 | -162,000 | -102,700 | -61,200 | -64,000 | -315,000 | -87,000 | -121,200 | -141,100 | - | -72,600 |
Working capital adjustment/Proceeds from sale of discontinued assets | ||||||||||
- | - | - | -2,900 | 577,700 | 0 | - | - | - | - | - |
Proceeds from sale of discontinued assets | ||||||||||
- | - | - | - | - | - | 0 | - | - | - | 33,000 |
Changes in restricted cash held in escrow for discontinued assets | ||||||||||
0 | 0 | -9,900 | -24,600 | 34,500 | 0 | 0 | - | - | - | - |
Other cash provided by (used in) investing activities of discontinued operations | ||||||||||
- | - | - | - | -33,900 | -30,700 | -37,000 | -100 | - | - | - |
Net cash used in investing activities of discontinued operations | ||||||||||
- | - | - | - | - | - | - | - | - | - | -800 |
Net cash provided by (used in) investing activities | ||||||||||
-147,300 | -162,000 | -92,800 | -39,500 | 445,300 | -345,700 | -124,000 | -121,300 | -141,100 | -105,000 | -73,400 |
Cash flows - financing activities: | ||||||||||
Net (repayments) borrowings under credit agreement and revolving loan | ||||||||||
- | - | - | - | -120,000 | 120,000 | 0 | 0 | 70,000 | - | 220,300 |
Repayment of term loan | ||||||||||
- | - | - | - | - | - | - | 50,200 | 42,800 | 42,800 | 42,800 |
Repayment of 5.00% notes | ||||||||||
- | - | - | - | - | - | 153,000 | 0 | - | 4,100 | 2,100 |
Repayment of credit agreement and revolving loan | ||||||||||
- | - | - | - | - | - | - | - | -70,000 | - | 220,300 |
Borrowings under lines of credit | ||||||||||
58,800 | 44,900 | 28,300 | 39,000 | 350,900 | 207,400 | 23,200 | 89,200 | 118,600 | 157,000 | 465,000 |
Repayments of lines of credit | ||||||||||
60,100 | 42,000 | 28,500 | 36,500 | 359,900 | 193,500 | 27,500 | 80,600 | 128,200 | 159,000 | 461,400 |
Repayment of capital lease obligations | ||||||||||
1,600 | 1,300 | 1,100 | 800 | 200 | 200 | 1,000 | 700 | 2,000 | 3,400 | 4,900 |
Reacquisition of common stock | ||||||||||
8,500 | 27,300 | 6,900 | 14,400 | 3,500 | 6,200 | 11,800 | 13,100 | 166,900 | 10,800 | 34,000 |
Proceeds pursuant to stock-based compensation plans | ||||||||||
6,000 | 15,800 | 25,400 | 45,300 | 26,000 | 11,200 | 13,900 | 22,400 | 2,900 | 3,200 | 2,300 |
Payment of dividends | ||||||||||
21,100 | 21,100 | 20,800 | 20,500 | 19,700 | 17,800 | 15,900 | 13,200 | 10,800 | 10,900 | 8,400 |
Other | ||||||||||
800 | -1,000 | -500 | -100 | 2,100 | 1,600 | -600 | -1,200 | -1,300 | -100 | - |
Net cash provided by (used in) financing activities of continuing operations | ||||||||||
- | - | - | - | -124,300 | 122,500 | -172,700 | - | - | -105,000 | -86,300 |
Net cash provided by (used in) financing activities of discontinued operations | ||||||||||
- | - | - | - | -200 | 0 | 0 | - | - | - | - |
Net cash provided by (used in) financing activities | ||||||||||
-25,700 | -32,000 | -4,100 | 12,000 | -124,500 | 122,500 | -172,700 | -47,400 | -230,500 | -70,900 | -86,300 |
Effect of exchange rate changes on cash and cash equivalents | ||||||||||
-1,200 | 300 | -100 | -700 | -1,800 | -100 | 100 | -1,900 | 4,400 | 600 | -5,700 |
Net increase (decrease) in cash and cash equivalents | ||||||||||
-57,800 | -52,200 | 44,400 | -107,100 | 485,900 | -66,500 | -107,500 | 89,600 | -138,800 | 100,500 | 23,200 |
Income tax payments (refunds) | ||||||||||
2,500 | 14,500 | 3,000 | 183,300 | 34,200 | 2,000 | 30,000 | 61,000 | 31,500 | 22,300 | -5,300 |
Interest paid | ||||||||||
1,300 | 1,400 | 1,400 | 1,600 | 3,200 | 7,100 | 15,100 | 15,300 | 15,400 | 16,500 | 23,100 |
Non cash: Property, plant and equipment additions accrued in accounts payable | ||||||||||
6,100 | 23,700 | 14,400 | 0 | 0 | - | - | - | - | - | - |