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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Feb. 28, 2021
Feb. 29, 2020
Feb. 28, 2021
Feb. 29, 2020
Operating activities:        
Net earnings $ 72,682 $ 18,888 $ 622,908 $ 73,355
Adjustments to reconcile net earnings to net cash provided by operating activities:        
Depreciation and amortization 21,893 22,780 65,664 69,553
Impairment of goodwill and long-lived assets 0 34,627 13,739 75,228
Provision for (benefit from) deferred income taxes (30,129) (5,006) 9,126 (1,661)
Bad debt (income) expense (95) 273 (160) 584
Equity in net income of unconsolidated affiliates, net of distributions (13,288) (4,474) (15,437) (19,271)
Net (gain) loss on sale of assets 27,641 (5,838) 35,314 (5,237)
Stock-based compensation 4,727 2,725 14,437 10,000
Gains on investment in Nikola (2,740) 0 (655,102) 0
Charitable contribution of Nikola shares 0 0 20,653 0
Loss on extinguishment of debt 0 0 0 4,034
Changes in assets and liabilities, net of impact of acquisitions:        
Receivables (32,105) 5,992 (110,719) 15,517
Inventories (96,836) 3,024 (6,591) 90,907
Accounts payable 62,299 29,630 157,629 (28,347)
Accrued compensation and employee benefits 10,779 (9,144) 48,591 (22,740)
Income taxes payable (2,474) 391 36,567 (741)
Other operating items, net (13,098) (6,547) (2,547) (5,331)
Net cash provided by operating activities 9,256 87,321 234,072 255,850
Investing activities:        
Investment in property, plant and equipment (16,377) (21,219) (65,321) (71,774)
Proceeds from sale of Nikola shares 146,590 0 634,449 0
Acquisitions, net of cash acquired (129,743) (500) (129,818) (29,783)
Proceeds from sale of assets, net (985) 119 20,595 9,318
Net cash provided (used) by investing activities (515) (21,600) 459,905 (92,239)
Financing activities:        
Proceeds from long-term debt, net of issuance costs 0 0 0 101,464
Principal payments on long-term obligations and debt redemption costs (99) (344) (292) (154,811)
Proceeds from issuance of common shares, net of tax withholdings 565 429 1,709 (6,595)
Payments to noncontrolling interests (7,250) 0 (7,810) (1,453)
Repurchase of common shares (52,367) (21,373) (145,250) (50,972)
Dividends paid (13,215) (13,263) (40,027) (40,177)
Net cash used by financing activities (72,366) (34,551) (191,670) (152,544)
Increase (decrease) in cash and cash equivalents (63,625) 31,170 502,307 11,067
Cash and cash equivalents at beginning of period 713,130 72,260 147,198 92,363
Cash and cash equivalents at end of period $ 649,505 $ 103,430 $ 649,505 $ 103,430