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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
May 31, 2019
May 31, 2018
May 31, 2017
Operating activities:      
Net earnings $ 163,273 $ 200,850 $ 217,937
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation and amortization 95,602 103,359 86,793
Impairment of goodwill and long-lived assets 7,817 61,208  
Provision for (benefit from) deferred income taxes 17,435 (38,237) 18,443
Bad debt expense 659 11 269
Equity in net income of unconsolidated affiliates, net of distributions 7,347 (13,352) (8,023)
Net (gain) loss on assets (7,059) (10,522) 7,951
Stock-based compensation 11,733 13,758 14,349
Changes in assets and liabilities, net of impact of acquisitions:      
Receivables 73,346 (53,066) (39,927)
Inventories (33,649) (84,654) (34,599)
Prepaid expenses and other current assets (24,284) (12,402) 985
Other assets 3,325 (1,258) 1,905
Accounts payable and accrued expenses (116,875) 105,984 67,492
Other liabilities (811) 9,666 2,097
Net cash provided by operating activities 197,859 281,345 335,672
Investing activities:      
Investment in property, plant and equipment (84,499) (76,088) (68,386)
Acquisitions, net of cash acquired (10,402) (285,028)  
Distributions from unconsolidated affiliate 56,693 2,400  
Proceeds from sale of assets 49,683 21,311 5,422
Net cash provided (used) by investing activities 11,475 (337,405) (62,964)
Financing activities:      
Net repayments of short-term borrowings, net of issuance costs   (948) (2,528)
Proceeds from long-term debt, net of issuance costs   197,685  
Principal payments on long-term debt (1,394) (31,130) (874)
Proceeds from issuance of common shares, net of tax withholdings (6,371) (2,120) (9,075)
Payments to noncontrolling interests (10,726) (7,915) (15,622)
Repurchase of common shares (168,113) (204,267)  
Dividends paid (52,334) (51,359) (50,716)
Net cash used by financing activities (238,938) (100,054) (78,815)
Increase (decrease) in cash and cash equivalents (29,604) (156,114) 193,893
Cash and cash equivalents at beginning of year 121,967 278,081 84,188
Cash and cash equivalents at end of year $ 92,363 $ 121,967 $ 278,081