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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Feb. 29, 2016
Feb. 28, 2015
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (155,775) $ (49,496)
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of deferred income (15,792) (8,730)
Amortization of debt issuance costs and deferred charges 6,253 5,440
Amortization of discount on long-term debt 6,433 4,424
Amortization of issuance costs for revolving bank lines of credit 4,242 4,725
Depreciation 5,592 4,693
Provision for loan losses 4,067 (3,475)
Results of operations of foreclosed assets (1,605) 33,059
Derivative forward value 290,952 159,832
Changes in operating assets and liabilities:    
Accrued interest and other receivables 125 3,137
Accrued interest payable 62,061 66,585
Deferred income 5,760 7,091
Other (14,849) (4,524)
Net cash provided by operating activities 197,464 222,761
Cash flows from investing activities:    
Advances on loans (6,765,131) (6,409,934)
Principal collections on loans 5,090,296 5,673,899
Net investment in fixed assets (5,992) (7,181)
Proceeds from foreclosed assets 4,050 13,088
Investments in foreclosed assets (4,349) (7,650)
Proceeds from sale of time deposits 145,000 165,000
Investments in equity securities available for sale 0 (25,000)
Change in restricted cash (3,782) 485
Net cash used in investing activities (1,539,908) (597,293)
Cash flows from financing activities:    
Proceeds from issuances of (repayments of) short-term debt, net 239,235 (879,998)
Proceeds from issuances of short-term debt with original maturity greater than 90 days 455,065 391,974
Repayments of short term-debt with original maturity greater than 90 days (513,034) (397,447)
Payments for issuance costs for revolving bank lines of credit (3,211) (3,249)
Proceeds from issuance of long-term debt 2,678,713 2,245,478
Payments for retirement of long-term debt (1,408,641) (912,614)
Proceeds from issuance of members’ subordinated certificates 4,973 74,657
Payments for retirement of members’ subordinated certificates (21,618) (145,015)
Payments for retirement of patronage capital (38,850) (39,198)
Net cash provided by financing activities 1,392,632 334,588
Net increase (decrease) in cash and cash equivalents 50,188 (39,944)
Beginning cash and cash equivalents 248,836 338,715
Ending cash and cash equivalents 299,024 298,771
Supplemental disclosure of cash flow information:    
Cash paid for interest 425,024 390,503
Cash paid for income taxes 72 130
Non-cash financing and investing activities:    
Subordinated certificates applied against loan balances 711 228
Noncontrolling interest patronage capital applied against loan balances 8  
Net decrease in debt service reserve funds/debt service reserve certificates $ (8,451) $ (13,751)