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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
May 31, 2017
May 31, 2016
May 31, 2015
Operating activities:      
Net earnings $ 217,937 $ 157,628 $ 87,256
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation and amortization 86,793 84,699 85,089
Impairment of goodwill and long-lived assets   25,962 100,129
Provision for (benefit from) deferred income taxes 18,443 7,354 (39,960)
Bad debt expense 269 346 259
Equity in net income of unconsolidated affiliates, net of distributions (8,023) (29,473) (12,299)
Net (gain) loss on assets 7,951 (12,996) 3,277
Stock-based compensation 14,349 15,836 17,916
Excess tax benefits - stock-based compensation     (7,178)
Gain on previously held equity interest in WSP   (6,877)  
Changes in assets and liabilities, net of impact of acquisitions :      
Receivables (39,927) 66,117 32,011
Inventories (34,599) 66,351 54,108
Prepaid expenses and other current assets 985 18,327 (15,295)
Other assets 1,905 (4,530) 1,617
Accounts payable and accrued expenses 67,492 20,180 (83,190)
Other liabilities 2,097 4,460 (9,365)
Net cash provided by operating activities 335,672 413,384 214,375
Investing activities:      
Investment in property, plant and equipment (68,386) (97,036) (96,255)
Investment in notes receivable     (7,300)
Acquisitions, net of cash acquired   (34,206) (105,291)
Investments in unconsolidated affiliates   (5,595) (8,230)
Proceeds from sale of assets and insurance 5,422 9,797 14,007
Net cash used by investing activities (62,964) (127,040) (203,069)
Financing activities:      
Net proceeds from (repayments of) short-term borrowings, net issuance costs (2,528) (85,843) 79,047
Proceeds from long-term debt, net of issuance costs   921 30,572
Principal payments on long-term debt (874) (862) (102,852)
Proceeds from issuance of common shares, net of tax withholdings (9,075) 8,707 2,910
Excess tax benefits - stock-based compensation     7,178
Payments to noncontrolling interests (15,622) (9,106) (13,379)
Repurchase of common shares   (99,847) (127,360)
Dividends paid (50,716) (47,193) (46,434)
Net cash used by financing activities (78,815) (233,223) (170,318)
Increase (decrease) in cash and cash equivalents 193,893 53,121 (159,012)
Cash and cash equivalents at beginning of year 84,188 31,067 190,079
Cash and cash equivalents at end of year $ 278,081 $ 84,188 $ 31,067