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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Nov. 30, 2022
Nov. 30, 2021
Operating activities:        
Net earnings $ 19,505 $ 113,185 $ 84,749 $ 254,660
Adjustments to reconcile net earnings to net cash provided (used) by operating activities:        
Depreciation and amortization 28,354 21,090 56,355 43,154
Impairment of long-lived assets     312  
Provision for (benefit from) deferred income taxes (3,617) 1,309 (14,673) 2,675
Bad debt expense 1,098 335 1,440 514
Equity in net income of unconsolidated affiliates, net of distributions 18,352 (31,274) 61,197 (64,492)
Net gain on sale of assets (4,265) (496) (5,034) (13,202)
Stock-based compensation 4,547 4,248 8,783 7,551
Changes in assets and liabilities, net of impact of acquisitions:        
Receivables 119,674 (89,817) 157,093 (121,685)
Inventories 72,293 (97,182) 113,460 (260,864)
Accounts payable (100,535) (47,594) (202,116) (926)
Accrued compensation and employee benefits 3,336 14,358 (30,532) (31,819)
Income taxes payable (7,629) (22,922) (300) 12,935
Other operating items, net (18,172) 15,656 (16,755) 2,583
Net cash provided (used) by operating activities 132,941 (119,104) 213,979 (168,916)
Investing activities:        
Investment in property, plant and equipment (24,490) (24,234) (45,967) (48,159)
Investment in non-marketable equity securities (140)   (250)  
Acquisitions, net of cash acquired   (3,000) (56,088) (107,750)
Proceeds from sale of investment in ArtiFlex     36,095  
Proceeds from sale of assets, net of selling costs 23,739 5,136 35,494 31,821
Net cash used by investing activities (891) (22,098) (30,716) (124,088)
Financing activities:        
Net repayments of short-term borrowings (10,619)   (43,062)  
Principal payments on long-term obligations (13) (10) (150) (402)
Payments for issuance of common shares, net of tax withholdings (649) (2,694) (4,115) (6,785)
Payments to noncontrolling interests (11,760) (2,879) (11,760) (12,076)
Repurchase of common shares   (12,702)   (73,587)
Dividends paid (15,181) (14,565) (29,065) (29,263)
Net cash used by financing activities (38,222) (32,850) (88,152) (122,113)
Increase (decrease) in cash and cash equivalents 93,828 (174,052) 95,111 (415,117)
Cash and cash equivalents at beginning of period 35,768 399,246 34,485 640,311
Cash and cash equivalents at end of period $ 129,596 $ 225,194 $ 129,596 $ 225,194