Changes in Equity (Tables)

9 Months Ended

Feb. 28, 2023

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			Income (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
Net earnings		-			-			16,218			16,218			3,287			19,505
Other comprehensive loss		-			(3,224	)		-			(3,224	)		-			(3,224	)
Common shares issued, net of withholding tax		(649	)		-			-			(649	)		-			(649	)
Common shares in non-qualified plans		298			-			-			298			-			298
Stock-based compensation		3,620			-			-			3,620			-			3,620
Cash dividends declared		-			-			(15,470	)		(15,470	)		-			(15,470	)
Dividends to noncontrolling interests		-			-			-			-			(11,760	)		(11,760	)
Balance at November 30, 2022	$	280,354		$	(46,536	)	$	1,279,575		$	1,513,393		$	125,899		$	1,639,292
Net earnings		-			-			46,325			46,325			3,933			50,258
Other comprehensive income		-			36,228			-			36,228			-			36,228
Common shares issued, net of withholding tax		704			-			-			704			-			704
Common shares in non-qualified plans		107			-			-			107			-			107
Stock-based compensation		3,818			-			-			3,818			-			3,818
Cash dividends declared		-			-			(15,149	)		(15,149	)		-			(15,149	)
Balance at February 28, 2023	$	284,983		$	(10,308	)	$	1,310,751		$	1,585,426		$	129,832		$	1,715,258

	Controlling Interest
				Accumulated
				Other
	Additional			Comprehensive									Non-
	Paid-in			Income (Loss),			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
Net earnings		-			-			110,301			110,301			2,884			113,185
Other comprehensive loss		-			(57,858	)		-			(57,858	)		-			(57,858	)
Common shares issued, net of withholding tax		(2,694	)		-			-			(2,694	)		-			(2,694	)
Common shares in non-qualified plans		257			-			-			257			-			257
Stock-based compensation		3,304			-			-			3,304			-			3,304
Purchases and retirement of common shares		(1,297	)		-			(11,405	)		(12,702	)		-			(12,702	)
Cash dividends declared		-			-			(14,154	)		(14,154	)		-			(14,154	)
Dividends to noncontrolling interests		-			-			-			-			(2,879	)		(2,879	)
Balance at November 30, 2021	$	279,205		$	(16,745	)	$	1,217,337		$	1,479,797		$	153,294		$	1,633,091
Net earnings		-			-			56,342			56,342			2,305			58,647
Other comprehensive loss		-			(19,348	)		-			(19,348	)		-			(19,348	)
Common shares issued, net of withholding tax		269			-			-			269			-			269
Common shares in non-qualified plans		79			-			-			79			-			79
Stock-based compensation		2,889			-			-			2,889			-			2,889
Purchases and retirement of common shares		(5,559	)		-			(48,696	)		(54,255	)		-			(54,255	)
Cash dividends declared		-			-			(14,407	)		(14,407	)		-			(14,407	)
Dividends to noncontrolling interests		-			-			-			-			(3,360	)		(3,360	)
Balance at February 28, 2022	$	276,883		$	(36,093	)	$	1,210,576		$	1,451,366		$	152,239		$	1,603,605

Summary of Changes in Accumulated Other Comprehensive Income (Loss)

The following table summarizes the changes in accumulated OCI for the periods presented:

										Accumulated
	Foreign			Pension						Other
	Currency			Liability			Cash Flow			Comprehensive
(in thousands)	Translation			Adjustment			Hedges			Loss
Balance at May 31, 2022	$	(15,310	)	$	(6,244	)	$	(1,296	)	$	(22,850	)
Other comprehensive loss before reclassifications		(7,549	)		(619	)		(2,999	)		(11,167	)
Reclassification adjustments to net earnings (a)		-			4,774			24,200			28,974
Income tax effect		(131	)		(975	)		(4,159	)		(5,265	)
Balance at February 28, 2023	$	(22,990	)	$	(3,064	)	$	15,746		$	(10,308	)

										Accumulated
	Foreign			Pension						Other
	Currency			Liability			Cash Flow			Comprehensive
(in thousands)	Translation			Adjustment			Hedges			Income (Loss)
Balance at May 31, 2021	$	1,779		$	(15,955	)	$	59,563		$	45,387
Other comprehensive income (loss) before reclassifications		(9,473	)		500			11,747			2,774
Reclassification adjustments to net earnings (a)		-			1,200			(107,152	)		(105,952	)
Income tax effect		(851	)		(336	)		22,885			21,698
Balance at February 28, 2022	$	(8,545	)	$	(14,591	)	$	(12,957	)	$	(36,093	)

(a)The consolidated 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 recorded in miscellaneous income (expense), net in the consolidated statements of earnings; 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

2.Cash flow hedges – See the disclosure in “Note Q – Derivative Financial Instruments and Hedging Activities”.