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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
May 31, 2023
May 31, 2022
May 31, 2021
Operating activities:      
Net earnings $ 269,170 $ 399,264 $ 741,450
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation and amortization 112,800 98,827 87,654
Impairment of long-lived assets 2,596 3,076 13,739
Provision for (benefit from) deferred income taxes (15,528) 19,175 4,822
Bad debt expense (income) 2,108 959 (255)
Equity in net income of unconsolidated affiliates, net of distributions 79,870 (113,583) 32,318
Net (gain) loss on sale of assets (4,458) (16,150) 53,607
Stock-based compensation 19,178 16,100 19,129
Gains on investment in Nikola     655,102
Charitable contribution of Nikola shares     20,653
Changes in assets and liabilities, net of impact of acquisitions:      
Receivables 143,089 (151,328) (223,254)
Inventories 160,116 (118,490) (169,740)
Accounts payable (150,400) 12,230 315,222
Accrued compensation and employee benefits (23,226) (29,348) 75,725
Income taxes payable 7,150 (5,977) 2,671
Other operating items, net 22,899 (44,643) 20,376
Net cash provided by operating activities 625,364 70,112 274,379
Investing activities:      
Investment in property, plant and equipment (86,366) (94,600) (82,178)
Investment in non-marketable equity securities (770)    
Purchase of noncontrolling interest in Worthington Taylor, LLC   (6,811)  
Acquisitions, net of cash acquired (56,088) (376,713) (129,615)
Proceeds from sale of assets, net of selling costs 35,653 39,936 45,854
Net cash provided (used) by investing activities (71,776) (438,188) 468,510
Financing activities:      
Net proceeds from (repayments of) short-term borrowings, net of issuance costs (45,183) 41,726  
Principal payments on long-term debt (6,685) (565) (622)
Proceeds from issuance of common shares, net of tax withholdings (1,780) (6,280) 6,581
Payments to noncontrolling interests (20,235) (35,160) (10,690)
Repurchase of common shares   (180,248) (192,054)
Dividends paid (59,244) (57,223) (52,991)
Net cash used by financing activities (133,127) (237,750) (249,776)
Increase (decrease) in cash and cash equivalents 420,461 (605,826) 493,113
Cash and cash equivalents at beginning of year 34,485 640,311 147,198
Cash and cash equivalents at end of year 454,946 $ 34,485 640,311
ArtiFlex      
Investing activities:      
Net proceeds from sale of investment/shares $ 35,795    
Nikola      
Investing activities:      
Net proceeds from sale of investment/shares     $ 634,449