Changes in Equity

9 Months Ended

Feb. 28, 2017

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 interests for the nine months ended February 28, 2017:

	Controlling Interest
(in thousands)	Additional Paid-in Capital			Accumulated Other Comprehensive Loss, Net of Tax			Retained Earnings			Total			Non- controlling Interests			Total
Balance at May 31, 2016	$	298,984		$	(28,565	)	$	522,952		$	793,371		$	126,475		$	919,846
Net earnings		-			-			148,021			148,021			9,333			157,354
Other comprehensive loss		-			(5,821	)		-			(5,821	)		(135	)		(5,956	)
Common shares issued, net of withholding tax		(9,225	)		-			-			(9,225	)		-			(9,225	)
Common shares in NQ plans		1,058			-			-			1,058			-			1,058
Stock-based compensation		10,599			-			-			10,599			-			10,599
Cash dividends declared		-			-			(38,600	)		(38,600	)		-			(38,600	)
Dividends to noncontrolling interest		-			-			-			-			(10,141	)		(10,141	)
Purchase of noncontrolling interest in dHybrid (1)		(935	)		-			-			(935	)		(1,953	)		(2,888	)
Balance at February 28, 2017	$	300,481		$	(34,386	)	$	632,373		$	898,468		$	123,579		$	1,022,047

1) On January 1, 2017, the Company acquired the minority membership interests in dHybrid Systems, LLC (“dHybrid”) from the noncontrolling member in a non-cash transaction.

The components of the changes in accumulated other comprehensive loss were as follows:

(in thousands)	Foreign Currency Translation			Pension Liability Adjustment			Cash Flow Hedges			Accumulated Other Comprehensive Loss
Balance as of May 31, 2016	$	(18,728	)	$	(17,061	)	$	7,224		$	(28,565	)
Other comprehensive income (loss) before reclassifications		(7,142	)		(117	)		10,112			2,853
Reclassification adjustments to income (a)		-			-			(8,276	)		(8,276	)
Income taxes		-			82			(480	)		(398	)
Balance as of February 28, 2017	$	(25,870	)	$	(17,096	)	$	8,580		$	(34,386	)

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