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Consolidated Statements of Cash Flows - USD ($)
3 Months Ended 6 Months Ended 12 Months Ended
Nov. 30, 2024
Aug. 31, 2024
Nov. 30, 2023
Aug. 31, 2023
Nov. 30, 2024
Nov. 30, 2023
May 31, 2024
Operating activities:              
Net earnings $ 28,009,000 $ 24,008,000 $ 28,167,000 $ 99,703,000 $ 52,017,000 $ 127,870,000  
Adjustments to reconcile net earnings to net cash provided by operating activities:              
Depreciation and amortization 11,927,000   28,007,000   23,757,000 56,332,000  
Impairment of long-lived assets           1,401,000  
Provision for (benefit from) deferred income taxes 2,682,000   1,968,000   (2,855,000) (3,485,000)  
Loss on extinguishment of debt           1,534,000  
Bad debt (expense) income 2,069,000   345,000   2,061,000 (454,000)  
Equity in net income of unconsolidated affiliates, net of distributions 4,268,000   (4,129,000)   7,721,000 6,096,000  
Net gain on sale of assets (508,000)   (439,000)   (526,000) (334,000)  
Stock-based compensation 5,937,000   6,175,000   9,862,000 10,691,000  
Changes in assets and liabilities, net of impact of acquisitions:              
Receivables (18,636,000)   76,704,000   9,530,000 67,861,000  
Inventories 7,836,000   103,150,000   1,430,000 38,823,000  
Accounts payable 447,000   (75,373,000)   (12,646,000) (75,095,000)  
Accrued compensation and employee benefits (2,021,000)   2,794,000   (13,466,000) (9,220,000)  
Other operating items, net 7,043,000   (32,379,000)   13,314,000 (27,334,000)  
Net cash provided by operating activities 49,053,000   134,990,000   90,199,000 194,686,000  
Investing activities:              
Investment in property, plant and equipment (15,161,000)   (32,876,000)   (24,790,000) (62,174,000)  
Acquisitions, net of cash acquired 731,000   (21,013,000)   (88,156,000) (21,013,000)  
Proceeds from sale of assets, net of selling costs 1,616,000   751,000   13,385,000 802,000  
Investment in non-marketable equity securities (40,000)   (1,500,000)   (2,040,000) (1,540,000)  
Investment in note receivable           (15,000,000)  
Excess distributions from unconsolidated affiliate 0   1,085,000     1,085,000  
Net cash used by investing activities (12,854,000)   (53,553,000)   (101,601,000) (97,840,000)  
Financing activities:              
Dividends paid (8,969,000)   (17,333,000)   (17,085,000) (33,058,000)  
Repurchase of common shares (8,079,000)       (14,882,000)    
Proceeds from issuance of common shares, net of tax withholdings (3,893,000)   (9,207,000)   (7,051,000) (14,337,000)  
Net proceeds from short-term borrowings [1]     175,000,000     172,187,000  
Principal payments on long-term obligations           (243,757,000)  
Payments to noncontrolling interests           (1,921,000)  
Net cash provided (used) by financing activities (20,941,000)   148,460,000   (39,018,000) (120,886,000)  
Increase (decrease) in cash and cash equivalents 15,258,000   229,897,000   (50,420,000) (24,040,000)  
Cash and cash equivalents at beginning of period 178,547,000 244,225,000 201,009,000 454,946,000 244,225,000 454,946,000 $ 454,946,000
Cash and cash equivalents at end of period $ 193,805,000 [2] $ 178,547,000 $ 430,906,000 [2] $ 201,009,000 $ 193,805,000 [2] $ 430,906,000 [2] $ 244,225,000
[1] Net proceeds in fiscal 2024 consisted of borrowings under Worthington Steel’s short-term credit facilities assumed by Worthington Steel in conjunction with the Separation.
[2] The cash flows related to discontinued operations have not been segregated in our consolidated statements of cash flows. See “Note B – Discontinued Operations” for a summarization of significant non-cash items related to discontinued operations.