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Changes in Equity (Tables)
 3 Months Ended
Aug. 31, 2022
Equity [Abstract]  
Summary of Changes in Equity by Component and in Total

The following tables summarize the changes in equity by component and in total for the periods presented:

 

 

 

Controlling Interest

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Comprehensive

 

 

 

 

 

 

 

 

Non-

 

 

 

 

 

 

Paid-in

 

 

Loss,

 

 

Retained

 

 

 

 

 

controlling

 

 

 

 

(in thousands)

 

Capital

 

 

Net of Tax

 

 

Earnings

 

 

Total

 

 

Interests

 

 

Total

 

Balance at May 31, 2022

 

$

273,439

 

 

$

(22,850

)

 

$

1,230,163

 

 

$

1,480,752

 

 

$

133,210

 

 

$

1,613,962

 

Net earnings

 

 

-

 

 

 

-

 

 

 

64,082

 

 

 

64,082

 

 

 

1,162

 

 

 

65,244

 

Other comprehensive loss

 

 

-

 

 

 

(20,462

)

 

 

-

 

 

 

(20,462

)

 

 

-

 

 

 

(20,462

)

Common shares issued, net of withholding tax

 

 

(3,466

)

 

 

-

 

 

 

-

 

 

 

(3,466

)

 

 

-

 

 

 

(3,466

)

Common shares in non-qualified plans

 

 

136

 

 

 

-

 

 

 

-

 

 

 

136

 

 

 

-

 

 

 

136

 

Stock-based compensation

 

 

6,976

 

 

 

-

 

 

 

-

 

 

 

6,976

 

 

 

-

 

 

 

6,976

 

Cash dividends declared

 

 

-

 

 

 

-

 

 

 

(15,418

)

 

 

(15,418

)

 

 

-

 

 

 

(15,418

)

Balance at August 31, 2022

 

$

277,085

 

 

$

(43,312

)

 

$

1,278,827

 

 

$

1,512,600

 

 

$

134,372

 

 

$

1,646,972

 

 

 

 

Controlling Interest

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Comprehensive

 

 

 

 

 

 

 

 

Non-

 

 

 

 

 

 

Paid-in

 

 

Income,

 

 

Retained

 

 

 

 

 

controlling

 

 

 

 

(in thousands)

 

Capital

 

 

Net of Tax

 

 

Earnings

 

 

Total

 

 

Interests

 

 

Total

 

Balance at May 31, 2021

 

$

282,790

 

 

$

45,387

 

 

$

1,070,016

 

 

$

1,398,193

 

 

$

153,502

 

 

$

1,551,695

 

Net earnings

 

 

-

 

 

 

-

 

 

 

132,491

 

 

 

132,491

 

 

 

8,984

 

 

 

141,475

 

Other comprehensive loss

 

 

-

 

 

 

(4,274

)

 

 

-

 

 

 

(4,274

)

 

 

-

 

 

 

(4,274

)

Common shares issued, net of withholding tax

 

 

(4,091

)

 

 

-

 

 

 

-

 

 

 

(4,091

)

 

 

-

 

 

 

(4,091

)

Common shares in non-qualified plans

 

 

89

 

 

 

-

 

 

 

-

 

 

 

89

 

 

 

-

 

 

 

89

 

Stock-based compensation

 

 

6,324

 

 

 

-

 

 

 

-

 

 

 

6,324

 

 

 

-

 

 

 

6,324

 

Purchases and retirement of common shares

 

 

(5,477

)

 

 

-

 

 

 

(55,408

)

 

 

(60,885

)

 

 

-

 

 

 

(60,885

)

Cash dividends declared

 

 

-

 

 

 

-

 

 

 

(14,504

)

 

 

(14,504

)

 

 

-

 

 

 

(14,504

)

Dividends to noncontrolling interests

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(9,197

)

 

 

(9,197

)

Balance at August 31, 2021

 

$

279,635

 

 

$

41,113

 

 

$

1,132,595

 

 

$

1,453,343

 

 

$

153,289

 

 

$

1,606,632

 
Summary of Changes in Accumulated Other Comprehensive Income (Loss)

The following table summarizes the changes in accumulated other comprehensive income (loss) for the periods presented:

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

Foreign

 

 

Pension

 

 

 

 

 

Other

 

 

 

Currency

 

 

Liability

 

 

Cash Flow

 

 

Comprehensive

 

(in thousands)

 

Translation

 

 

Adjustment

 

 

Hedges

 

 

Loss

 

Balance as of May 31, 2022

 

$

(15,310

)

 

$

(6,244

)

 

$

(1,296

)

 

$

(22,850

)

Other comprehensive loss before reclassifications

 

 

(9,519

)

 

 

(1,049

)

 

 

(14,207

)

 

 

(24,775

)

Reclassification adjustments to net earnings (a)

 

 

-

 

 

 

4,774

 

 

 

(2,890

)

 

 

1,884

 

Income tax effect

 

 

(581

)

 

 

(786

)

 

 

3,796

 

 

 

2,429

 

Balance as of August 31, 2022

 

$

(25,410

)

 

$

(3,305

)

 

$

(14,597

)

 

$

(43,312

)

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

Foreign

 

 

Pension

 

 

 

 

 

Other

 

 

 

Currency

 

 

Liability

 

 

Cash Flow

 

 

Comprehensive

 

(in thousands)

 

Translation

 

 

Adjustment

 

 

Hedges

 

 

Income

 

Balance as of May 31, 2021

 

$

1,779

 

 

$

(15,955

)

 

$

59,563

 

 

$

45,387

 

Other comprehensive income (loss) before reclassifications

 

 

(3,617

)

 

 

-

 

 

 

35,220

 

 

 

31,603

 

Reclassification adjustments to net earnings (a)

 

 

-

 

 

 

-

 

 

 

(35,419

)

 

 

(35,419

)

Income tax effect

 

 

(358

)

 

 

-

 

 

 

(100

)

 

 

(458

)

Balance as of August 31, 2021

 

$

(2,196

)

 

$

(15,955

)

 

$

59,264

 

 

$

41,113

 

 

(a)
The statement of earnings classification of amounts reclassified to net earnings include:
1.
Pension liability adjustment – During August 2022, we purchased (using pension plan assets) an annuity contract from a third-party insurance company to transfer approximately 31% of the total projected benefit obligation of The Gerstenslager Company Bargaining Unit Employees’ Pension Plan as of the purchase date. As a result of this transaction: 1) we incurred a non-cash settlement charge of $4,774,000 within miscellaneous income (expense), net; 2) we were relieved of all responsibility for these pension obligations; and 3) the insurance company is now required to pay and administer the retirement benefits owed to 220 beneficiaries; and