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Consolidated Statements of Cash Flows - USD ($)
3 Months Ended 9 Months Ended
Feb. 28, 2025
Nov. 30, 2024
Aug. 31, 2024
Feb. 29, 2024
Nov. 30, 2023
Aug. 31, 2023
Feb. 28, 2025
Feb. 29, 2024
Feb. 28, 2024
Operating activities:                  
Net earnings $ 39,339,000 $ 28,009,000 $ 24,008,000 $ 22,000,000 $ 28,167,000 $ 99,703,000 $ 91,356,000 $ 149,869,000  
Adjustments to reconcile net earnings to net cash provided by operating activities:                  
Depreciation and amortization 11,950,000     11,949,000     35,707,000 68,281,000  
Impairment of long-lived assets               1,401,000  
Provision for (benefit from) deferred income taxes (8,016,000)     4,329,000     (10,871,000) 843,000  
Loss on extinguishment of debt               1,534,000 $ 1,534,000
Bad debt expense (income) 1,128,000     24,000     3,189,000 (430,000)  
Equity in net income of unconsolidated affiliates, net of distributions 3,089,000     (2,926,000)     10,810,000 3,169,000  
Net gain on sale of assets (21,000)     (14,000)     (547,000) (348,000)  
Stock-based compensation 2,924,000     2,602,000     12,787,000 13,294,000  
Changes in assets and liabilities, net of impact of acquisitions:                  
Receivables (18,553,000)     (18,124,000)     (9,023,000) 49,737,000  
Inventories 14,128,000     16,176,000     15,558,000 54,999,000  
Accounts payable 46,000     15,561,000     (12,600,000) (59,534,000)  
Accrued compensation and employee benefits 8,838,000     7,190,000     (4,628,000) (2,030,000)  
Other operating items, net 2,279,000     (8,646,000)     15,592,000 (35,979,000)  
Net cash provided by operating activities 57,131,000     50,121,000     147,330,000 244,806,000  
Investing activities:                  
Investment in property, plant and equipment (12,704,000)     (10,017,000)     (37,494,000) (72,191,000)  
Acquisitions, net of cash acquired       (8,707,000)     (88,156,000) (29,721,000)  
Proceeds from sale of assets, net of selling costs 59,000     35,000     13,444,000 837,000  
Investment in non-marketable equity securities (833,000)     (75,000)     (2,873,000) (1,614,000)  
Investment in note receivable       100,000       (14,900,000)  
Excess distributions from unconsolidated affiliate 0             1,085,000  
Net cash used by investing activities (13,478,000)     (18,664,000)     (115,079,000) (116,504,000)  
Financing activities:                  
Dividends paid (8,422,000)     (15,849,000)     (25,507,000) (48,907,000)  
Repurchase of common shares (6,170,000)           (21,052,000)    
Proceeds from issuance of common shares, net of tax withholdings (22,000)     (1,023,000)     (7,073,000) (15,360,000)  
Net proceeds from short-term borrowings [1]               172,187,000  
Distribution to Worthington Steel at Separation       (218,048,000)       (218,048,000)  
Principal payments on long-term obligations       (150,133,000)       (393,890,000)  
Dividend from Worthington Steel at Separation       150,000,000       150,000,000  
Payments to noncontrolling interests               (1,920,000)  
Net cash used by financing activities (14,614,000)     (235,053,000)     (53,632,000) (355,938,000)  
Increase (decrease) in cash and cash equivalents 29,039,000     (203,596,000)     (21,381,000) (227,636,000)  
Cash and cash equivalents at beginning of period 193,805,000   $ 244,225,000 430,906,000   $ 454,946,000 244,225,000 454,946,000 $ 454,946,000
Cash and cash equivalents at end of period $ 222,844,000 [2] $ 193,805,000   $ 227,310,000 [2] $ 430,906,000   $ 222,844,000 [2] $ 227,310,000 [2]  
[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.