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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Nov. 30, 2023
Nov. 30, 2022
Nov. 30, 2023
Nov. 30, 2022
Operating activities:        
Net earnings $ 28,167 $ 19,505 $ 127,870 $ 84,749
Adjustments to reconcile net earnings to net cash provided by operating activities:        
Depreciation and amortization 28,007 28,354 56,332 56,355
Impairment of long-lived assets     1,401 312
Provision for (benefit from) deferred income taxes 1,968 (3,617) (3,485) (14,673)
Loss on extinguishment of debt     1,534  
Bad debt expense (income) 345 1,098 (454) 1,440
Equity in net income of unconsolidated affiliates, net of distributions (4,129) 18,352 6,096 61,197
Net gain on sale of assets (439) (4,265) (334) (5,034)
Stock-based compensation 6,175 4,547 10,691 8,783
Changes in assets and liabilities, net of impact of acquisitions:        
Receivables 76,704 119,674 67,861 157,093
Inventories 103,150 72,293 38,823 113,460
Accounts payable (75,373) (100,535) (75,095) (202,116)
Accrued compensation and employee benefits 2,794 3,336 (9,220) (30,532)
Income taxes payable (35,428) (7,629) (6,966) (300)
Other operating items, net 3,049 (18,172) (20,368) (16,755)
Net cash provided by operating activities 134,990 132,941 194,686 213,979
Investing activities:        
Investment in property, plant and equipment (32,876) (24,490) (62,174) (45,967)
Proceeds from sale of assets, net of selling costs 751 23,739 802 35,494
Acquisitions, net of cash acquired (21,013)   (21,013) (56,088)
Investment in note receivable     (15,000)  
Investment in non-marketable equity securities (1,500) (140) (1,540) (250)
Proceeds from the sale of investment in ArtiFlex, net of selling costs       36,095
Distribution from unconsolidated affiliate 1,085   1,085  
Net cash used by investing activities (53,553) (891) (97,840) (30,716)
Financing activities:        
Net proceeds from (repayments of) short-term borrowings 175,000 (10,619) 172,187 (43,062)
Principal payments on long-term obligations   (13) (243,757) (150)
Proceeds from issuance of common shares, net of tax withholdings (9,207) (649) (14,337) (4,115)
Payments to noncontrolling interests   (11,760) (1,921) (11,760)
Dividends paid (17,333) (15,181) (33,058) (29,065)
Net cash provided (used) by financing activities 148,460 (38,222) (120,886) (88,152)
Increase (decrease) in cash and cash equivalents 229,897 93,828 (24,040) 95,111
Cash and cash equivalents at beginning of period 201,009 35,768 454,946 34,485
Cash and cash equivalents at end of period $ 430,906 $ 129,596 $ 430,906 $ 129,596