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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
May 31, 2020
May 31, 2019
May 31, 2018
Operating activities:      
Net earnings $ 84,444 $ 163,273 $ 200,850
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation and amortization 92,678 95,602 103,359
Impairment of goodwill and long-lived assets 82,690 7,817 61,208
Provision for (benefit from) deferred income taxes (1,309) 17,435 (38,237)
Bad debt expense 580 659 11
Equity in net income of unconsolidated affiliates, net of distributions 8,106 7,347 (13,352)
Net gain on sale of assets (5,057) (7,059) (10,522)
Stock-based compensation 11,883 11,733 13,758
Loss on extinguishment of debt 4,034    
Changes in assets and liabilities, net of impact of acquisitions:      
Receivables 147,225 73,346 (53,066)
Inventories 62,126 (33,649) (84,654)
Accounts payable (142,684) (93,294) 83,053
Accrued compensation and employee benefits (11,878) (19,159) 11,615
Other operating items, net 3,888 (26,192) 7,322
Net cash provided by operating activities 336,726 197,859 281,345
Investing activities:      
Investment in property, plant and equipment (95,503) (84,499) (76,088)
Acquisitions, net of cash acquired (30,748) (10,402) (285,028)
Distributions from unconsolidated affiliate   56,693 2,400
Proceeds from sale of assets 10,036 49,683 21,311
Net cash provided (used) by investing activities (116,215) 11,475 (337,405)
Financing activities:      
Net repayments of short-term borrowings, net of issuance costs     (948)
Proceeds from long-term debt, net of issuance costs 101,464   197,685
Principal payments on long-term debt (154,913) (1,394) (31,130)
Proceeds from issuance of common shares, net of tax withholdings (6,513) (6,371) (2,120)
Payments to noncontrolling interests (1,453) (10,726) (7,915)
Repurchase of common shares (50,972) (168,113) (204,267)
Dividends paid (53,289) (52,334) (51,359)
Net cash used by financing activities (165,676) (238,938) (100,054)
Increase (decrease) in cash and cash equivalents 54,835 (29,604) (156,114)
Cash and cash equivalents at beginning of year 92,363 121,967 278,081
Cash and cash equivalents at end of year $ 147,198 $ 92,363 $ 121,967