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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
May 31, 2022
May 31, 2021
May 31, 2020
Operating activities:      
Net earnings $ 399,264,000 $ 741,450,000 $ 84,444,000
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation and amortization 98,827,000 87,654,000 92,678,000
Impairment of goodwill and long-lived assets 3,076,000 13,739,000 82,690,000
Provision for (benefit from) deferred income taxes 19,175,000 4,822,000 (1,309,000)
Bad debt expense (income) 959,000 (255,000) 580,000
Equity in net income of unconsolidated affiliates, net of distributions (113,583,000) (32,318,000) 8,106,000
Net (gain) loss on sale of assets (16,150,000) 53,607,000 (5,057,000)
Stock-based compensation 16,100,000 19,129,000 11,883,000
Gains on investment in Nikola   (655,102,000)  
Charitable contribution of Nikola shares   20,653,000  
Loss on extinguishment of debt     4,034,000
Changes in assets and liabilities, net of impact of acquisitions:      
Receivables (151,328,000) (223,254,000) 147,225,000
Inventories (118,490,000) (169,740,000) 62,126,000
Accounts payable 12,230,000 315,222,000 (142,685,000)
Accrued compensation and employee benefits (29,348,000) 75,725,000 (11,878,000)
Income taxes payable (5,977,000) 2,671,000 (215,000)
Other operating items, net (44,643,000) 20,376,000 4,104,000
Net cash provided by operating activities 70,112,000 274,379,000 336,726,000
Investing activities:      
Investment in property, plant and equipment (94,600,000) (82,178,000) (95,503,000)
Purchase of noncontrolling interest in Worthington Taylor, LLC (6,811,000)    
Acquisitions, net of cash acquired (376,713,000) (129,615,000) (30,748,000)
Proceeds from sale of assets, net of selling costs 39,936,000 45,854,000 10,036,000
Proceeds from sale of Nikola shares   634,449,000  
Net cash provided (used) by investing activities (438,188,000) 468,510,000 (116,215,000)
Financing activities:      
Net proceeds from short-term borrowings, net of issuance costs 41,726,000    
Proceeds from long-term debt, net of issuance costs     101,464,000
Principal payments on long-term debt (565,000) (622,000) (154,913,000)
Proceeds from issuance of common shares, net of tax withholdings (6,280,000) 6,581,000 (6,513,000)
Payments to noncontrolling interests (35,160,000) (10,690,000) (1,453,000)
Repurchase of common shares (180,248,000) (192,054,000) (50,972,000)
Dividends paid (57,223,000) (52,991,000) (53,289,000)
Net cash used by financing activities (237,750,000) (249,776,000) (165,676,000)
Increase (decrease) in cash and cash equivalents (605,826,000) 493,113,000 54,835,000
Cash and cash equivalents at beginning of year 640,311,000 147,198,000 92,363,000
Cash and cash equivalents at end of year $ 34,485,000 $ 640,311,000 $ 147,198,000