Worthington Steel Inc
For the period ended May 31, 2024. Filed Aug 2, 2024.
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FY2024 · Filed Aug 2, 2024
WS$39.37+1.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated and Combined Statements of Cash Flows
(In millions)
| Fiscal Years Ended May 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Operating activities: | |||
| Net earnings | $170.1 | $99.7 | $200.3 |
| Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
| Depreciation and amortization | 65.3 | 69.6 | 59.5 |
| Impairment of long-lived assets | 1.4 | 2.1 | 3.1 |
| Provision for (benefit from) deferred income taxes | 1.1 | (9.7) | 13.6 |
| Bad debt expense | 1.1 | 1.6 | 0.7 |
| Equity in net income of unconsolidated affiliate, net of distributions | (20.4) | 4.8 | (27.3) |
| Net (gain) loss on sale of assets | 1.0 | (3.3) | (15.1) |
| Stock-based compensation | 10.3 | 10.4 | 8.7 |
| Changes in assets and liabilities, net of impact of acquisitions: | |||
| Receivables | (1.4) | 113.0 | (109.7) |
| Inventories | 16.4 | 154.5 | (50.7) |
| Accounts payable | (26.7) | (124.3) | (14.9) |
| Accrued compensation and employee benefits | 7.9 | (5.8) | (12.3) |
| Other operating items, net | (26.6) | 2.4 | (16.4) |
| Net cash provided by operating activities | 199.5 | 315.0 | 39.5 |
| Investing activities: | |||
| Investment in property, plant and equipment | (103.4) | (45.5) | (36.4) |
| Acquisitions, net of cash acquired | (21.0) | - | (376.7) |
| Proceeds from sale of assets, net of selling costs | 1.2 | 23.3 | 24.6 |
| Purchase of noncontrolling interest in Worthington Taylor, LLC | - | - | (6.8) |
| Net cash used in investing activities | (123.2) | (22.2) | (395.3) |
| Financing activities: | |||
| Distribution to the Former Parent in connection with the Separation | (150.0) | - | - |
| Transfers from (to) the Former Parent, net | (47.6) | (199.8) | 316.9 |
| Proceeds from (repayments of) short-term borrowings, net | 127.2 | (45.2) | 41.7 |
| Proceeds from revolving credit facility borrowings - swing loans | 266.1 | - | - |
| Repayment of revolving credit facility borrowings - swing loans | (248.1) | - | - |
| Proceeds from issuance of common shares, net of tax withholdings | 0.3 | - | - |
| Proceeds from long-term debt from the Former Parent | - | - | 50.0 |
| Principal payments on long-term debt to the Former Parent | - | (15.0) | (15.0) |
| Payments to noncontrolling interests | (8.8) | (20.2) | (35.2) |
| Dividends paid | (7.9) | - | - |
| Net cash provided by (used in) financing activities | (68.8) | (280.2) | 358.4 |
| Increase in cash and cash equivalents | 7.5 | 12.6 | 2.6 |
| Cash and cash equivalents at beginning of year | 32.7 | 20.1 | 17.5 |
| Cash and cash equivalents at end of year | $40.2 | $32.7 | $20.1 |
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