Changes in Equity

3 Months Ended

Aug. 31, 2023

Equity [Abstract]

Changes in Equity

– Changes in Equity

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			Subtotal			Interests			Total
Balance at May 31, 2023	$	290,799		$	(23,179	)	$	1,428,391		$	1,696,011		$	125,617		$	1,821,628
Net earnings		-			-			96,106			96,106			3,597			99,703
Other comprehensive loss		-			(5,408	)		-			(5,408	)		-			(5,408	)
Common shares issued, net of withholding tax		(5,130	)		-			-			(5,130	)		-			(5,130	)
Common shares in non-qualified plans		130			-			-			130			-			130
Stock-based compensation		8,995			-			-			8,995			-			8,995
Cash dividends declared		-			-			(16,081	)		(16,081	)		-			(16,081	)
Dividends to noncontrolling interests		-			-			-			-			(1,921	)		(1,921	)
Balance at August 31, 2023	$	294,794		$	(28,587	)	$	1,508,416		$	1,774,623		$	127,293		$	1,901,916

	Controlling Interest
				Accumulated
				Other
	Additional			Comprehensive									Non-
	Paid-in			Income (Loss),			Retained						controlling
(In thousands)	Capital			Net of Tax			Earnings			Subtotal			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

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, 2023	$	(22,123	)	$	(1,730	)	$	674		$	(23,179	)
Other comprehensive income (loss) before reclassifications		1,326			-			(2,038	)		(712	)
Reclassification adjustments to net earnings (a)		-			-			(6,773	)		(6,773	)
Income tax effect		118			(3	)		1,962			2,077
Balance at August 31, 2023	$	(20,679	)	$	(1,733	)	$	(6,175	)	$	(28,587	)

										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		(9,519	)		(1,049	)		(14,207	)		(24,775	)
Reclassification adjustments to net earnings (a)(b)		-			4,774			(2,890	)		1,884
Income tax effect		(581	)		(786	)		3,796			2,429
Balance at August 31, 2022	$	(25,410	)	$	(3,305	)	$	(14,597	)	$	(43,312	)

The consolidated statement of earnings classification of amounts reclassified to net income include:

(a)Cash flow hedges – See the disclosure in “Note P – Derivative Financial Instruments and Hedging Activities;” and

(b)Pension liability adjustment – Reflects a non-cash settlement charge of $4,774 recognized in connection with a pension lift-out transaction completed in August 2022 for The Gerstenslager Company Bargaining Unit Employees’ Pension Plan.