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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Nov. 30, 2021
Nov. 30, 2020
Nov. 30, 2021
Nov. 30, 2020
Operating activities:        
Net earnings (loss) $ 113,185 $ (68,512) $ 254,660 $ 550,226
Adjustments to reconcile net earnings (loss) to net cash (used) provided by operating activities:        
Depreciation and amortization 21,090 21,560 43,154 43,771
Impairment of long-lived assets 0 3,815 0 13,739
Provision for (benefit from) deferred income taxes 1,309 (31,776) 2,675 39,255
Bad debt expense (income) 335 (159) 514 (65)
Equity in net income of unconsolidated affiliates, net of distributions (31,274) 4,608 (64,492) (2,149)
Net (gain) loss on sale of assets (496) 7,271 (13,202) 7,673
Stock-based compensation 4,248 4,854 7,551 9,710
(Gains) loss on investment in Nikola 0 143,780 0 (652,362)
Charitable contribution of Nikola shares 0 0 0 20,653
Changes in assets and liabilities, net of impact of acquisitions:        
Receivables (89,817) 3,580 (121,685) (78,614)
Inventories (97,182) 4,623 (260,864) 90,245
Accounts payable (47,594) 48,176 (926) 95,330
Accrued compensation and employee benefits 14,358 13,960 (31,819) 37,812
Income taxes payable (22,922) (44,623) 12,935 39,041
Other operating items, net 15,656 (3,729) 2,583 10,551
Net cash (used) provided by operating activities (119,104) 107,428 (168,916) 224,816
Investing activities:        
Investment in property, plant and equipment (24,234) (16,073) (48,159) (48,944)
Acquisitions, net of cash acquired (3,000) (75) (107,750) (75)
Proceeds from sale of assets, net 5,136 21,580 31,821 21,580
Proceeds from sale of Nikola shares 0 0 0 487,859
Net cash (used) provided by investing activities (22,098) 5,432 (124,088) 460,420
Financing activities:        
Principal payments on long-term obligations and debt redemption costs (10) (96) (402) (193)
Proceeds from issuance of common shares, net of tax withholdings (2,694) 2,294 (6,785) 1,144
Payments to noncontrolling interests (2,879) 0 (12,076) (560)
Repurchase of common shares (12,702) (38,563) (73,587) (92,883)
Dividends paid (14,565) (13,433) (29,263) (26,812)
Net cash used by financing activities (32,850) (49,798) (122,113) (119,304)
(Decrease) increase in cash and cash equivalents (174,052) 63,062 (415,117) 565,932
Cash and cash equivalents at beginning of period 399,246 650,068 640,311 147,198
Cash and cash equivalents at end of period $ 225,194 $ 713,130 $ 225,194 $ 713,130