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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
May 31, 2024
May 31, 2023
May 31, 2022
Operating activities:      
Net earnings $ 117,821 $ 269,170 $ 399,264
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation and amortization 80,704 112,800 98,827
Impairment of goodwill and long-lived assets 34,377 2,596 3,076
Provision for (benefit from) deferred income taxes 2,762 (15,528) 19,175
Impairment of investment in note receivable 11,170    
Loss on extinguishment of debt 1,534    
Bad debt expense (income) (450) 2,108 959
Equity in net income of unconsolidated affiliates, net of distributions 5,722 79,870 (113,583)
Net (gain) loss on sale of assets 28,980 (4,458) (16,150)
Stock-based compensation 16,688 19,178 16,100
Changes in assets and liabilities, net of impact of acquisitions:      
Receivables 50,078 143,089 (151,328)
Inventories 63,596 160,116 (118,490)
Accounts payable (65,401) (150,400) 12,230
Accrued compensation and employee benefits 468 (23,226) (29,348)
Other operating items, net (58,073) 30,049 (50,620)
Net cash provided by operating activities 289,976 625,364 70,112
Investing activities:      
Investment in property, plant and equipment (83,527) (86,366) (94,600)
Acquisitions, net of cash acquired (42,035) (56,088) (376,713)
Proceeds from sale of assets, net of selling costs 865 35,653 39,936
Investment in note receivable (14,900)    
Investment in non-marketable equity securities (2,296) (770)  
Purchase of noncontrolling interest in Worthington Taylor, LLC     (6,811)
Net proceeds from sale of investment in ArtiFlex   35,795  
Excess distributions from unconsolidated affiliate 1,085    
Net cash used by investing activities (140,808) (71,776) (438,188)
Financing activities:      
Dividend from Worthington Steel at Separation 150,000    
Distribution to Worthington Steel at Separation (218,048)    
Net proceeds from (repayments of) short-term borrowings, net of issuance costs [1] 172,187 (45,183) 41,726
Principal payments on long-term obligations (393,890) (6,685) (565)
Proceeds from issuance of common shares, net of tax withholdings (11,399) (1,780) (6,280)
Payments to noncontrolling interests (1,920) (20,235) (35,160)
Repurchase of common shares     (180,248)
Dividends paid (56,819) (59,244) (57,223)
Net cash used by financing activities (359,889) (133,127) (237,750)
Increase (decrease) in cash and cash equivalents (210,721) 420,461 (605,826)
Cash and cash equivalents at beginning of year 454,946 34,485 640,311
Cash and cash equivalents at end of year $ 244,225 $ 454,946 $ 34,485
[1] Net proceeds in fiscal 2024 consisted of borrowings under short-term credit facilities assumed by Worthington Steel in conjunction with the Separation.