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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
May 31, 2020
May 31, 2019
May 31, 2018
Cash Flows From Operating Activities:      
Net Income $ 305,082 $ 267,687 $ 339,257
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation & Amortization 156,842 141,742 128,499
Restructuring charges, net of payments 6,831 8,072 17,514
Goodwill, intangible and other asset impairments   4,190  
Fair value adjustments to contingent earnout obligations 680 1,918 3,400
Deferred income taxes (12,150) 5,434 (10,690)
Stock-based compensation expense 19,789 31,154 25,440
Other non-cash interest expense   1,552 6,187
Realized/unrealized losses (gains) on sales of marketable securities (1,132) 7,613 (10,076)
Loss on extinguishment of debt [1]   3,051  
Other (77) (3,288) (1,141)
Changes in assets and liabilities, net of effect from purchases and sales of businesses:      
Decrease (Increase) in receivables 82,060 (131,204) (106,179)
Decrease (Increase) in inventory 21,309 (16,829) (34,102)
Decrease (Increase) in prepaid expenses and other current and long-term assets 17,614 (14,826) 3,348
(Decrease) increase in accounts payable (27,111) (29,628) 51,641
(Decrease) increase in accrued compensation and benefits (6,198) 19,241 (5,010)
(Decrease) increase in accrued losses 487 (1,803) (10,387)
(Decrease) in other accrued liabilities (23,665) (5,232) (6,612)
Other 9,558 4,097 (706)
Cash Provided By Operating Activities 549,919 292,941 390,383
Cash Flows From Investing Activities:      
Capital expenditures (147,756) (136,757) (114,619)
Acquisition of businesses, net of cash acquired (65,102) (168,205) (112,442)
Purchase of marketable securities (28,891) (19,787) (181,953)
Proceeds from sales of marketable securities 31,337 69,743 138,803
Other 799 6,760 9,018
Cash (Used For) Investing Activities (209,613) (248,246) (261,193)
Cash Flows From Financing Activities:      
Additions to long-term and short-term debt 485,306 628,083 351,082
Reductions of long-term and short-term debt (471,035) (273,109) (276,406)
Cash dividends (185,101) (181,409) (167,476)
Repurchase of common stock (125,000) (200,222)  
Shares of common stock returned for taxes (18,075) (21,758) (17,152)
Payments of acquisition-related contingent consideration (606) (4,066) (3,945)
Payments for 524(g) trust     (123,567)
Other (2,359) (1,361) (1,912)
Cash (Used For) Financing Activities (316,870) (53,842) (239,376)
Effect of Exchange Rate Changes on Cash and Cash Equivalents (13,188) (12,107) 4,111
Net Change in Cash and Cash Equivalents 10,248 (21,254) (106,075)
Cash and Cash Equivalents at Beginning of Period 223,168 244,422 350,497
Cash and Cash Equivalents at End of Period 233,416 223,168 244,422
Cash paid during the year for:      
Interest 103,143 101,415 97,295
Income taxes, net of refunds $ 102,892 68,357 $ 83,460
Supplemental Disclosures of Non-Cash Investing and Financing Activities:      
Conversion of Debt to Equity   $ 38,239  
[1] Reflects the loss incurred upon divestiture of a contracting business located in Australia, which had reported through our PCG segment. In connection with the redemption of all of our outstanding 2.25% convertible senior notes in November 2018, we recognized a loss of $3.1 million, due to the fair value remeasurement on the date of conversion