XML 112 R8.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
12 Months Ended
May 31, 2013
May 31, 2012
May 31, 2011
Operating activities:      
Net earnings $ 136,835 $ 125,353 $ 124,034
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation and amortization 66,469 55,873 61,058
Impairment of long-lived assets 6,488 355 4,386
Restructuring and other expense, non-cash     203
Joint venture transactions, non-cash     (21,652)
Provision for deferred income taxes 1,798 775 7,482
Bad debt expense 783 339 1,236
Equity in net income of unconsolidated affiliates, net of distributions (10,948) (1,019) (19,188)
Net loss (gain) on sale of assets 1,121 (5,918) 652
Stock-based compensation 13,270 11,742 6,173
Excess tax benefits-stock-based compensation (5,183) (578) (674)
Changes in assets and liabilities, net of impact of acquisitions:      
Receivables 18,801 956 (96,056)
Inventories 77,115 17,310 (24,261)
Prepaid expenses and other current assets 871 8,478 (10,465)
Other assets 4,636 4,141 922
Accounts payable and accrued expenses (47,483) (45,847) 31,098
Other liabilities 8,404 1,689 6,947
Net cash provided by operating activities 272,977 173,649 71,895
Investing activities:      
Investment in property, plant and equipment, net (44,588) (31,713) (22,025)
Acquisitions, net of cash acquired (175,225) (239,851) (31,705)
Distributions from (investments in) unconsolidated affiliates, net 863 45,879 (6,161)
Proceeds from sale of assets 16,974 37,089 20,614
Net cash used by investing activities (201,976) (188,596) (39,277)
Financing activities:      
Net proceeds from (payments of) short-term borrowings (168,446) 97,626 132,956
Proceeds from long-term debt 150,000 5,880  
Principal payments on long-term debt (1,480) (342)  
Proceeds from issuance of common shares 37,914 11,116 4,827
Excess tax benefits-stock-based compensation 5,183 578 674
Payments to minority interest (9,254) (9,494) (10,992)
Repurchase of common shares (30,417) (73,418) (132,764)
Dividends paid (44,144) (32,138) (30,168)
Net cash used by financing activities (60,644) (192) (35,467)
Increase (decrease) in cash and cash equivalents 10,357 (15,139) (2,849)
Cash and cash equivalents at beginning of year 41,028 56,167 59,016
Cash and cash equivalents at end of year $ 51,385 $ 41,028 $ 56,167