Changes in Equity

6 Months Ended

Nov. 30, 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
Net earnings (loss)		-			-			28,260			28,260			(251	)		28,009
Other comprehensive loss		-			(3,320	)		-			(3,320	)		-			(3,320	)
Common shares issued, net of withholding tax		(3,893	)		-			-			(3,893	)		-			(3,893	)
Common shares in non-qualified plans		56			-			-			56			-			56
Stock-based compensation		5,539			-			-			5,539			-			5,539
Purchases and retirement of common shares		(1,212	)		-			(6,867	)		(8,079	)		-			(8,079	)
Cash dividends declared		-			-			(8,595	)		(8,595	)		-			(8,595	)
Balance at November 30, 2024	$	301,729		$	(2,382	)	$	611,974		$	911,321		$	1,637		$	912,958

	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
Net earnings		-			-			24,302			24,302			3,865			28,167
Other comprehensive income		-			14,446			-			14,446			-			14,446
Common shares issued, net of withholding tax		(9,207	)		-			-			(9,207	)		-			(9,207	)
Common shares in non-qualified plans		195			-			-			195			-			195
Stock-based compensation		4,511			-			-			4,511			-			4,511
Cash dividends declared		-			-			(16,061	)		(16,061	)		-			(16,061	)
Balance at November 30, 2023	$	290,293		$	(14,141	)	$	1,516,657		$	1,792,809		$	131,158		$	1,923,967

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		(2,914	)		9			(758	)		(3,663	)
Reclassification adjustments to net earnings (1)		-			-			639			639
Income tax effect		179			(3	)		12			188
Balance at November 30, 2024	$	(3,404	)	$	(435	)	$	1,457		$	(2,382	)

	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		2,170			-			12,947			15,117
Reclassification adjustments to net earnings (1)		-			-			(4,369	)		(4,369	)
Income tax effect		172			(3	)		(1,879	)		(1,710	)
Balance at November 30, 2023	$	(19,781	)	$	(1,733	)	$	7,373		$	(14,141	)

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(1)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.”

On March 20, 2019, the Board authorized the repurchase of up to 6,600,000 common shares. On March 24, 2021, the Board authorized the repurchase of up to an additional 5,618,464 common shares, increasing the total number of common shares then authorized for repurchase to 10,000,000 (net of previously repurchased common shares). During the six months ended November 30, 2024, we repurchased a total of 350,000 of our common shares under these authorizations leaving 5,715,000 common shares available for repurchase at November 30, 2024.

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.