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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Nov. 30, 2019
Nov. 30, 2018
Nov. 30, 2019
Nov. 30, 2018
Operating activities:        
Net earnings $ 56,922 $ 37,792 $ 54,467 $ 94,750
Adjustments to reconcile net earnings to net cash provided by operating activities:        
Depreciation and amortization 22,596 23,525 46,773 48,018
Impairment of long-lived assets 0 0 40,601 2,381
Provision for deferred income taxes 6,843 3,289 3,345 22,223
Bad debt expense 143 32 311 253
Equity in net income of unconsolidated affiliates, net of distributions (19,879) 14,182 (14,797) 4,163
Net (gain) loss on sale of assets (17) (312) 601 2,403
Stock-based compensation 3,280 3,456 7,275 6,612
Loss on extinguishment of debt 0 0 4,034 0
Changes in assets and liabilities, net of impact of acquisitions:        
Receivables (5,456) 40,838 9,525 54,247
Inventories 43,601 5,866 87,883 (37,471)
Accounts payable (20,743) (72,974) (57,977) (70,160)
Accrued compensation and employee benefits 9,619 3,556 (13,596) (27,378)
Other operating items, net 7,251 (14,546) 84 (24,892)
Net cash provided by operating activities 104,160 44,704 168,529 75,149
Investing activities:        
Investment in property, plant and equipment (28,381) (21,741) (50,555) (41,175)
Acquisitions (29,283)   (29,283)  
Distributions from unconsolidated affiliate   55,201   55,201
Proceeds from sale of assets 23 170 9,199 20,447
Net cash provided (used) by investing activities (57,641) 33,630 (70,639) 34,473
Financing activities:        
Proceeds from long-term debt, net of issuance costs (134)   101,464  
Principal payments on long-term obligations and debt redemption costs (490) (371) (154,467) (801)
Payments for issuance of common shares, net of tax withholdings (3,811) (658) (7,024) (4,749)
Payments to noncontrolling interests (1,453) (4,007) (1,453) (6,327)
Repurchase of common shares   (63,581) (29,599) (100,433)
Dividends paid (13,954) (13,533) (26,914) (26,252)
Net cash used by financing activities (19,842) (82,150) (117,993) (138,562)
Increase (decrease) in cash and cash equivalents 26,677 (3,816) (20,103) (28,940)
Cash and cash equivalents at beginning of period 45,583 96,843 92,363 121,967
Cash and cash equivalents at end of period $ 72,260 $ 93,027 $ 72,260 $ 93,027