Changes in Equity

3 Months Ended

Aug. 31, 2024

Equity [Abstract]

Changes in Equity

Note I – Changes in Equity

The following tables summarize the changes in equity by component and in total for the periods presented:

	Controlling Interest
	Additional
	Paid-in			AOCI,		Retained						Noncontrolling
	Capital			Net of Tax		Earnings			Subtotal			Interests			Total
Balance at May 31, 2024	$	299,033		$	454	$	589,392		$	888,879		$	2,133		$	891,012
Net earnings (loss)		-			-		24,253			24,253			(245	)		24,008
Other comprehensive income		-			484		-			484			-			484
Common shares issued, net of withholding tax		(3,158	)		-		-			(3,158	)		-			(3,158	)
Common shares in non-qualified plans		32			-		-			32			-			32
Stock-based compensation		6,216			-		-			6,216			-			6,216
Purchases and retirement of common shares		(884	)		-		(5,919	)		(6,803	)		-			(6,803	)
Cash dividends declared		-			-		(8,550	)		(8,550	)		-			(8,550	)
Balance at August 31, 2024	$	301,239		$	938	$	599,176		$	901,353		$	1,888		$	903,241

	Controlling Interest
	Additional
	Paid-in			AOCI,			Retained						Noncontrolling
	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

The following table summarizes the changes in AOCI for the periods presented:

	Foreign			Pension
	Currency			Liability			Cash Flow
	Translation			Adjustment			Hedges			AOCI
Balance at May 31, 2024	$	(669	)	$	(441	)	$	1,564		$	454
OCI before reclassifications		(12	)		(7	)		(398	)		(417	)
Reclassification adjustments to net earnings (a)		-			-			333			333
Income tax effect		553			-			15			568
Balance at August 31, 2024	$	(128	)	$	(448	)	$	1,514		$	938

	Foreign			Pension
	Currency			Liability			Cash Flow
	Translation			Adjustment			Hedges			AOCI
Balance at May 31, 2023	$	(22,123	)	$	(1,730	)	$	674		$	(23,179	)
OCI 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	)

——————————————————

(a)The statement of earnings classification of amounts reclassified to net income for cash flow hedges is disclosed in “Note O – Derivative Financial Instruments and Hedging Activities.”

Common Shares: On March 20, 2019, the Board authorized the repurchase of up to 6,600,000 of the common shares. On March 24, 2021, the Board authorized the repurchase of up to an additional 5,618,464 of the common shares, increasing the total number of common shares then authorized for repurchase to 10,000,000. The total number of common shares available for repurchase under these authorizations at August 31, 2024 was 5,915,000. These common shares may be repurchased from time to time, with consideration given to the market price of the common shares, the nature of other investment opportunities, cash flows from operations, general economic conditions and other relevant considerations. Repurchases may be made on the open market or through privately-negotiated transactions.