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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Feb. 28, 2023
Feb. 28, 2022
Feb. 28, 2023
Feb. 28, 2022
Operating activities:        
Net earnings $ 50,258 $ 58,647 $ 135,007 $ 313,307
Adjustments to reconcile net earnings to net cash provided (used) by operating activities:        
Depreciation and amortization 28,153 27,425 84,508 70,579
Impairment of long-lived assets 484 3,076 796 3,076
Provision for (benefit from) deferred income taxes (5,525) 10,661 (20,198) 13,336
Bad debt expense 2,346 382 3,786 896
Equity in net income of unconsolidated affiliates, net of distributions 23,218 (18,604) 84,415 (83,096)
Net loss (gain) on sale of assets 46 (628) (4,988) (13,830)
Stock-based compensation 4,975 4,408 13,758 11,959
Changes in assets and liabilities, net of impact of acquisitions:        
Receivables 3,382 (33,766) 160,475 (155,451)
Inventories 53,499 31,051 166,959 (229,813)
Accounts payable 6,627 51,893 (195,489) 50,967
Accrued compensation and employee benefits (2,900) (21,105) (33,432) (52,924)
Income taxes payable   (14,422) (300) (1,487)
Other operating items, net 17,588 (24,828) 833 (22,245)
Net cash provided (used) by operating activities 182,151 74,190 396,130 (94,726)
Investing activities:        
Investment in property, plant and equipment (22,748) (23,645) (68,715) (71,804)
Investment in non-marketable equity securities (20)   (270)  
Acquisitions, net of cash acquired   (269,511) (56,088) (377,261)
Net proceeds from sale of investment in ArtiFlex (300)   35,795  
Proceeds from sale of assets, net of selling costs 51 4,083 35,545 35,904
Net cash used by investing activities (23,017) (289,073) (53,733) (413,161)
Financing activities:        
Net proceeds from (repayments of) short-term borrowings (1,330) 105,638 (44,392) 105,638
Principal payments on long-term obligations (5,759) (152) (5,909) (554)
Proceeds from issuance of common shares, net of tax withholdings 704 269 (3,411) (6,516)
Payments to noncontrolling interests   (3,360) (11,760) (15,436)
Repurchase of common shares   (54,255)   (127,842)
Dividends paid (15,101) (14,127) (44,166) (43,390)
Net cash provided (used) by financing activities (21,486) 34,013 (109,638) (88,100)
Increase (decrease) in cash and cash equivalents 137,648 (180,870) 232,759 (595,987)
Cash and cash equivalents at beginning of period 129,596 225,194 34,485 640,311
Cash and cash equivalents at end of period $ 267,244 $ 44,324 $ 267,244 $ 44,324