Changes in Equity

9 Months Ended

Feb. 28, 2022

Equity [Abstract]

Changes in Equity

NOTE L – Changes in Equity

The following tables summarize the changes in equity by component and in total for the periods presented:

	Controlling Interest
				Accumulated
				Other
	Additional			Comprehensive									Non-
	Paid-in			Income (Loss),			Retained						controlling
(in thousands)	Capital			Net of Tax			Earnings			Total			Interests			Total
Balance at May 31, 2021	$	282,790		$	45,387		$	1,070,016		$	1,398,193		$	153,502		$	1,551,695
Net earnings		-			-			132,491			132,491			8,984			141,475
Other comprehensive loss		-			(4,274	)		-			(4,274	)		-			(4,274	)
Common shares issued, net of withholding tax		(4,091	)		-			-			(4,091	)		-			(4,091	)
Common shares in non-qualified plans		89			-			-			89			-			89
Stock-based compensation		6,324			-			-			6,324			-			6,324
Purchases and retirement of common shares		(5,477	)		-			(55,408	)		(60,885	)		-			(60,885	)
Cash dividends declared		-			-			(14,504	)		(14,504	)		-			(14,504	)
Dividends to noncontrolling interests		-			-			-			-			(9,197	)		(9,197	)
Balance at August 31, 2021	$	279,635		$	41,113		$	1,132,595		$	1,453,343		$	153,289		$	1,606,632
Net earnings		-			-			110,301			110,301			2,884			113,185
Other comprehensive loss		-			(57,858	)		-			(57,858	)		-			(57,858	)
Common shares issued, net of withholding tax		(2,694	)		-			-			(2,694	)		-			(2,694	)
Common shares in non-qualified plans		257			-			-			257			-			257
Stock-based compensation		3,304			-			-			3,304			-			3,304
Purchases and retirement of common shares		(1,297	)		-			(11,405	)		(12,702	)		-			(12,702	)
Cash dividends declared		-			-			(14,154	)		(14,154	)		-			(14,154	)
Dividends to noncontrolling interest		-			-			-			-			(2,879	)		(2,879	)
Balance at November 30, 2021	$	279,205		$	(16,745	)	$	1,217,337		$	1,479,797		$	153,294		$	1,633,091
Net earnings		-			-			56,342			56,342			2,305			58,647
Other comprehensive loss		-			(19,348	)		-			(19,348	)		-			(19,348	)
Common shares issued, net of withholding tax		269			-			-			269			-			269
Common shares in non-qualified plans		79			-			-			79			-			79
Stock-based compensation		2,889			-			-			2,889			-			2,889
Purchases and retirement of common shares		(5,559	)		-			(48,696	)		(54,255	)		-			(54,255	)
Cash dividends declared		-			-			(14,407	)		(14,407	)		-			(14,407	)
Dividends to noncontrolling interest		-			-			-			-			(3,360	)		(3,360	)
Balance at February 28, 2022	$	276,883		$	(36,093	)	$	1,210,576		$	1,451,366		$	152,239		$	1,603,605

	Controlling Interest
				Accumulated
				Other
	Additional			Comprehensive									Non-
	Paid-in			Loss,			Retained						controlling
(in thousands)	Capital			Net of Tax			Earnings			Total			Interests			Total
Balance at May 31, 2020	$	283,776		$	(35,217	)	$	572,262		$	820,821		$	145,612		$	966,433
Net earnings		-			-			616,675			616,675			2,063			618,738
Other comprehensive income		-			11,242			-			11,242			-			11,242
Common shares issued, net of withholding tax		(1,150	)		-			-			(1,150	)		-			(1,150	)
Common shares in non-qualified plans		90			-			-			90			-			90
Stock-based compensation		3,022			-			-			3,022			-			3,022
Purchases and retirement of common shares		(7,536	)		-			(46,784	)		(54,320	)		-			(54,320	)
Cash dividends declared		-			-			(13,595	)		(13,595	)		-			(13,595	)
Dividends to noncontrolling interests		-			-			-			-			(560	)		(560	)
Balance at August 31, 2020	$	278,202		$	(23,975	)	$	1,128,558		$	1,382,785		$	147,115		$	1,529,900
Net earnings (loss)		-			-			(74,044	)		(74,044	)		5,532			(68,512	)
Other comprehensive income		-			14,163			-			14,163			-			14,163
Common shares issued, net of withholding tax		2,294			-			-			2,294			-			2,294
Common shares in non-qualified plans		292			-			-			292			-			292
Stock-based compensation		3,499			-			-			3,499			-			3,499
Purchases and retirement of common shares		(4,486	)		-			(34,077	)		(38,563	)		-			(38,563	)
Contribution to Samuel joint venture		-			-			-			-			925			925
Cash dividends declared		-			-			(13,527	)		(13,527	)		-			(13,527	)
Balance at November 30, 2020	$	279,801		$	(9,812	)	$	1,006,910		$	1,276,899		$	153,572		$	1,430,471
Net earnings		-			-			67,609			67,609			5,073			72,682
Other comprehensive income		-			28,846			-			28,846			-			28,846
Common shares issued, net of withholding tax		565			-			-			565			-			565
Common shares in non-qualified plans		68			-			-			68			-			68
Stock-based compensation		3,450			-			-			3,450			-			3,450
Purchases and retirement of common shares		(5,315	)		-			(47,052	)		(52,367	)		-			(52,367	)
Cash dividends declared		-			-			(13,280	)		(13,280	)		-			(13,280	)
Dividends to noncontrolling interest		-			-			-			-			(7,250	)		(7,250	)
Balance at February 28, 2021	$	278,569		$	19,034		$	1,014,187		$	1,311,790		$	151,395		$	1,463,185

The following tables summarize the changes in accumulated other comprehensive income (loss) for the periods presented:

										Accumulated
	Foreign			Pension						Other
	Currency			Liability			Cash Flow			Comprehensive
(in thousands)	Translation			Adjustment			Hedges			Income (Loss)
Balance as of May 31, 2021	$	1,779		$	(15,955	)	$	59,563		$	45,387
Other comprehensive income (loss) before reclassifications		(9,473	)		500			11,747			2,774
Reclassification adjustments to net earnings (a)		-			1,200			(107,152	)		(105,952	)
Income tax effect		(851	)		(336	)		22,885			21,698
Balance as of February 28, 2022	$	(8,545	)	$	(14,591	)	$	(12,957	)	$	(36,093	)

										Accumulated
	Foreign			Pension						Other
	Currency			Liability			Cash Flow			Comprehensive
(in thousands)	Translation			Adjustment			Hedges			Income (Loss)
Balance as of May 31, 2020	$	(9,142	)	$	(21,886	)	$	(4,189	)	$	(35,217	)
Other comprehensive income before reclassifications		7,807			392			54,143			62,342
Reclassification adjustments to net earnings (a)		-			-			4,445			4,445
Income tax effect		809			(127	)		(13,218	)		(12,536	)
Balance as of February 28, 2021	$	(526	)	$	(21,621	)	$	41,181		$	19,034

(a) The statement of earnings classification of amounts reclassified to income include:
(1)Pension liability adjustment – Primarily the result of the settlement of certain participant balances within the Gerstenslager Bargaining Unit Employees’ Pension Plan.
(2)Cash flow hedges – disclosed in “NOTE R – Derivative Instruments and Hedging Activities”.