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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Feb. 29, 2020
Feb. 28, 2019
Feb. 29, 2020
Feb. 28, 2019
Operating activities:        
Net earnings $ 18,888 $ 29,548 $ 73,355 $ 124,298
Adjustments to reconcile net earnings to net cash provided by operating activities:        
Depreciation and amortization 22,780 23,625 69,553 71,643
Impairment of goodwill and long-lived assets 34,627 0 75,228 2,381
Provision for (benefit from) deferred income taxes (5,006) (730) (1,661) 21,493
Bad debt expense 273 201 584 454
Equity in net income of unconsolidated affiliates, net of distributions (4,474) (865) (19,271) 3,298
Net gain on sale of assets (5,838) (12,606) (5,237) (10,203)
Stock-based compensation 2,725 1,143 10,000 7,755
Loss on extinguishment of debt 0 0 4,034 0
Changes in assets and liabilities, net of impact of acquisitions:        
Receivables 5,992 1,546 15,517 55,793
Inventories 3,024 (1,054) 90,907 (38,525)
Accounts payable 29,630 19,002 (28,347) (51,158)
Accrued compensation and employee benefits (9,144) (11,391) (22,740) (38,769)
Other operating items, net (6,156) 3,619 (6,072) (21,273)
Net cash provided by operating activities 87,321 52,038 255,850 127,187
Investing activities:        
Investment in property, plant and equipment (21,219) (19,379) (71,774) (60,554)
Acquisitions (500) 0 (29,783) 0
Distributions from unconsolidated affiliate 0 1,492 0 56,693
Proceeds from sale of assets 119 27,843 9,318 48,290
Net cash provided (used) by investing activities (21,600) 9,956 (92,239) 44,429
Financing activities:        
Proceeds from long-term debt, net of issuance costs 0 0 101,464 0
Principal payments on long-term obligations and debt redemption costs (344) (303) (154,811) (1,104)
Proceeds from issuance of common shares, net of tax withholdings 429 104 (6,595) (4,645)
Payments to noncontrolling interests 0 0 (1,453) (6,327)
Repurchase of common shares (21,373) (28,587) (50,972) (129,020)
Dividends paid (13,263) (13,119) (40,177) (39,371)
Net cash used by financing activities (34,551) (41,905) (152,544) (180,467)
Increase (decrease) in cash and cash equivalents 31,170 20,089 11,067 (8,851)
Cash and cash equivalents at beginning of period 72,260 93,027 92,363 121,967
Cash and cash equivalents at end of period $ 103,430 $ 113,116 $ 103,430 $ 113,116