Consolidated Statements of Cash Flows - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Feb. 29, 2024	Feb. 28, 2023	Feb. 29, 2024	Feb. 28, 2023
Operating activities:
Net earnings		$ 22,000	$ 50,258	$ 149,869	$ 135,007
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		11,949	28,153	68,281	84,508
Impairment of long-lived assets			484	1,401	796
Provision for (benefit from) deferred income taxes		4,329	(5,525)	843	(20,198)
Loss on extinguishment of debt				1,534
Bad debt expense (income)		24	2,346	(430)	3,786
Equity in net income of unconsolidated affiliates, net of distributions		(2,926)	23,218	3,169	84,415
Net loss (gain) on sale of assets		(14)	46	(348)	(4,988)
Stock-based compensation		2,602	4,975	13,294	13,758
Changes in assets and liabilities, net of impact of acquisitions:
Receivables		(18,124)	3,382	49,737	160,475
Inventories		16,176	53,499	54,999	166,959
Accounts payable		15,561	6,627	(59,534)	(195,489)
Accrued compensation and employee benefits		7,190	(2,900)	(2,030)	(33,432)
Income taxes payable		(725)		(7,691)	(300)
Other operating items, net		(7,921)	17,588	(28,288)	833
Net cash provided by operating activities		50,121	182,151	244,806	396,130
Investing activities:
Investment in property, plant and equipment		(10,017)	(22,748)	(72,191)	(68,715)
Acquisitions, net of cash acquired		(8,707)		(29,721)	(56,088)
Proceeds from sale of assets, net of selling costs		35	51	837	35,545
Investment in note receivable		100		(14,900)
Investment in non-marketable equity securities		(75)	(20)	(1,614)	(270)
Net proceeds from sale of investment in ArtiFlex			(300)		35,795
Excess distributions from unconsolidated affiliate				1,085
Net cash used by investing activities		(18,664)	(23,017)	(116,504)	(53,733)
Financing activities:
Dividend from Worthington Steel at Separation		150,000		150,000
Distribution to Worthington Steel at Separation		(218,048)		(218,048)
Net proceeds from (repayments of) short-term borrowings	[1]		(1,330)	172,187	(44,392)
Principal payments on long-term obligations		(150,133)	(5,759)	(393,890)	(5,909)
Proceeds from issuance of common shares, net of tax withholdings		(1,023)	704	(15,360)	(3,411)
Payments to noncontrolling interests				(1,920)	(11,760)
Dividends paid		(15,849)	(15,101)	(48,907)	(44,166)
Net cash used by financing activities		(235,053)	(21,486)	(355,938)	(109,638)
Increase (decrease) in cash and cash equivalents		(203,596)	137,648	(227,636)	232,759
Cash and cash equivalents at beginning of period		430,906	129,596	454,946	34,485
Cash and cash equivalents at end of period		$ 227,310	$ 267,244	$ 227,310	$ 267,244

[1] Net proceeds in the nine months ended February 29, 2024 consisted of borrowings under short-term credit facilities assumed by Worthington Steel in conjunction with the Separation.