Changes in Equity

3 Months Ended

Aug. 31, 2014

Changes in Equity

NOTE I – Changes in Equity

The following table provides a summary of the changes in total equity, shareholders’ equity attributable to controlling interest, and equity attributable to noncontrolling interest for the three months ended August 31, 2014:

	Controlling Interest
(in thousands)	Additional Paid-in Capital			Cumulative Other Comprehensive Loss, Net of Tax			Retained Earnings			Total			Non- controlling Interest			Total
Balance at May 31, 2014	$	262,610		$	(3,581	)	$	591,783		$	850,812		$	94,070		$	944,882
Net earnings		-			-			44,168			44,168			4,652			48,820
Other comprehensive loss		-			(7,451	)		-			(7,451	)		(1,180	)		(8,631	)
Common shares issued		(1,020	)		-			-			(1,020	)		-			(1,020	)
Stock-based compensation		11,760			-			-			11,760			-			11,760
Purchases and retirement of common shares		(1,922	)		-			(18,149	)		(20,071	)		-			(20,071	)
Cash dividends declared		-			-			(12,329	)		(12,329	)		-			(12,329	)
Dividend to noncontrolling interest		-			-			-			-			(4,677	)		(4,677	)
Balance at August 31, 2014	$	271,428		$	(11,032	)	$	605,473		$	865,869		$	92,865		$	958,734

The components of the changes in other comprehensive income (loss) were as follows:

(in thousands)	Foreign Currency Translation			Pension Liability Adjustment			Cash Flow Hedges			Accumulated Other Comprehensive Loss
Balance as of May 31, 2014	$	11,015		$	(11,265	)	$	(3,331	)	$	(3,581	)
Other comprehensive income (loss) before reclassifications		(8,400	)		-			(413	)		(8,813	)
Reclassification adjustments to income (a)		-			-			1,944			1,944
Income taxes		-			-			(582	)		(582	)
Balance as of August 31, 2014	$	2,615		$	(11,265	)	$	(2,382	)	$	(11,032	)

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