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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Feb. 28, 2022
Feb. 28, 2021
Feb. 28, 2022
Feb. 28, 2021
Operating activities:        
Net earnings $ 58,647 $ 72,682 $ 313,307 $ 622,908
Adjustments to reconcile net earnings to net cash provided (used) by operating activities:        
Depreciation and amortization 27,425 21,893 70,579 65,664
Impairment of long-lived assets 3,076 0 3,076 13,739
Provision for (benefit from) deferred income taxes 10,661 (30,129) 13,336 9,126
Bad debt expense (income) 382 (95) 896 (160)
Equity in net income of unconsolidated affiliates, net of distributions (18,604) (13,288) (83,096) (15,437)
Net (gain) loss on sale of assets (628) 27,641 (13,830) 35,314
Stock-based compensation 4,408 4,727 11,959 14,437
Gains on investment in Nikola 0 (2,740) 0 (655,102)
Charitable contribution of Nikola shares 0 0 0 20,653
Changes in assets and liabilities, net of impact of acquisitions:        
Receivables (33,766) (32,105) (155,451) (110,719)
Inventories 31,051 (96,836) (229,813) (6,591)
Accounts payable 51,893 62,299 50,967 157,629
Accrued compensation and employee benefits (21,105) 10,779 (52,924) 48,591
Income taxes payable (14,422) (2,474) (1,487) 36,567
Other operating items, net (24,828) (13,098) (22,245) (2,547)
Net cash provided (used) by operating activities 74,190 9,256 (94,726) 234,072
Investing activities:        
Investment in property, plant and equipment (23,645) (16,377) (71,804) (65,321)
Acquisitions, net of cash acquired (269,511) (129,743) (377,261) (129,818)
Proceeds from sale of assets, net 4,083 (985) 35,904 20,595
Proceeds from sale of Nikola shares 0 146,590 0 634,449
Net cash provided (used) by investing activities (289,073) (515) (413,161) 459,905
Financing activities:        
Net proceeds from short-term borrowings, net of issuance costs 105,638 0 105,638 0
Principal payments on long-term obligations and debt redemption costs (152) (99) (554) (292)
Proceeds from issuance of common shares, net of tax withholdings 269 565 (6,516) 1,709
Payments to noncontrolling interests (3,360) (7,250) (15,436) (7,810)
Repurchase of common shares (54,255) (52,367) (127,842) (145,250)
Dividends paid (14,127) (13,215) (43,390) (40,027)
Net cash provided (used) by financing activities 34,013 (72,366) (88,100) (191,670)
Increase (decrease) in cash and cash equivalents (180,870) (63,625) (595,987) 502,307
Cash and cash equivalents at beginning of period 225,194 713,130 640,311 147,198
Cash and cash equivalents at end of period $ 44,324 $ 649,505 $ 44,324 $ 649,505