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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Nov. 30, 2020
Nov. 30, 2019
Nov. 30, 2020
Nov. 30, 2019
Operating activities:        
Net earnings (loss) $ (68,512) $ 56,922 $ 550,226 $ 54,467
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:        
Depreciation and amortization 21,560 22,596 43,771 46,773
Impairment of long-lived assets 3,815 0 13,739 40,601
Provision for (benefit from) deferred income taxes (31,776) 6,843 39,255 3,345
Bad debt (income) expense (159) 143 (65) 311
Equity in net income of unconsolidated affiliates, net of distributions 4,608 (19,879) (2,149) (14,797)
Net (gain) loss on sale of assets 7,271 (17) 7,673 601
Stock-based compensation 4,854 3,280 9,710 7,275
(Gains) loss on investment in Nikola 143,780 0 (652,362) 0
Charitable contribution of Nikola shares     20,653  
Loss on extinguishment of debt 0 0 0 4,034
Changes in assets and liabilities:        
Receivables 3,580 (5,456) (78,614) 9,525
Inventories 4,623 43,601 90,245 87,883
Accounts payable 48,176 (20,743) 95,330 (57,977)
Accrued compensation and employee benefits 13,960 9,619 37,812 (13,596)
Income taxes payable (44,623) (118) 39,041 (1,132)
Other operating items, net (3,729) 7,369 10,551 1,216
Net cash provided by operating activities 107,428 104,160 224,816 168,529
Investing activities:        
Investment in property, plant and equipment (16,073) (28,381) (48,944) (50,555)
Proceeds from sale of Nikola shares     487,859  
Acquisitions, net of cash acquired (75) (29,283) (75) (29,283)
Proceeds from sale of assets 21,580 23 21,580 9,199
Net cash provided (used) by investing activities 5,432 (57,641) 460,420 (70,639)
Financing activities:        
Proceeds from long-term debt, net of issuance costs   (134)   101,464
Principal payments on long-term obligations and debt redemption costs (96) (490) (193) (154,467)
Proceeds from issuance of common shares, net of tax withholdings 2,294 (3,811) 1,144 (7,024)
Payments to noncontrolling interests   (1,453) (560) (1,453)
Repurchase of common shares (38,563)   (92,883) (29,599)
Dividends paid (13,433) (13,954) (26,812) (26,914)
Net cash used by financing activities (49,798) (19,842) (119,304) (117,993)
Increase (decrease) in cash and cash equivalents 63,062 26,677 565,932 (20,103)
Cash and cash equivalents at beginning of period 650,068 45,583 147,198 92,363
Cash and cash equivalents at end of period $ 713,130 $ 72,260 $ 713,130 $ 72,260