XML 37 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
Nov. 30, 2013
Nov. 30, 2012
Nov. 30, 2013
Nov. 30, 2012
Operating activities        
Net earnings $ 28,340 $ 32,622 $ 84,693 $ 67,487
Adjustments to reconcile net earnings to net cash provided by operating activities:        
Depreciation and amortization 20,095 16,101 39,555 31,088
Impairment of long-lived assets 30,734 (50) 35,375 1,520
Provision for deferred income taxes (13,110) (1,320) (21,534) 3,359
Bad debt expense (income) 185 492 (296) 499
Equity in net income of unconsolidated affiliates, net of distributions (3,506) (7,057) (9,421) (14,415)
Net gain on sale of assets (7,188) (2,379) (11,850) (69)
Stock-based compensation 4,722 3,740 8,502 6,933
Excess tax benefits - stock-based compensation (1,534)   (5,832)  
Gain on previously held interest in TWB     (11,000)  
Changes in assets and liabilities, net of impact of acquisitions:        
Receivables 7,574 30,634 15,229 68,750
Inventories (21,838) 40,883 (21,323) 57,901
Prepaid expenses and other current assets 4,072 1,746 1,707 1,602
Other assets 139 91 575 2,937
Accounts payable and accrued expenses (23,922) (30,617) 16,700 (70,191)
Other liabilities 4,556 3,495 2,703 1,978
Net cash provided by operating activities 29,319 88,381 123,783 159,379
Investing activities        
Investment in property, plant and equipment (17,060) (7,911) (30,414) (24,616)
Acquisitions, net of cash acquired 276 (62,110) 53,233 (62,110)
Distributions from unconsolidated affiliates 3,668   9,223  
Proceeds from sale of assets 16,086 9,090 23,733 15,675
Net cash provided (used) by investing activities 2,970 (60,931) 55,775 (71,051)
Financing activities        
Net payments of short-term borrowings (18,736) (14,508) (70,277) (238,196)
Proceeds from long-term debt       150,000
Principal payments on long-term debt (285) (363) (569) (805)
Proceeds from issuance of common shares 4,286 4,773 6,487 15,628
Excess tax benefits - stock-based compensation 1,534   5,832  
Payments to noncontrolling interest (875) (5,990) (2,638) (5,990)
Repurchase of common shares (19,800)   (50,316)  
Dividends paid (10,407) (8,954) (10,407) (17,104)
Net cash used by financing activities (44,283) (25,042) (121,888) (96,467)
Increase (decrease) in cash and cash equivalents (11,994) 2,408 57,670 (8,139)
Cash and cash equivalents at beginning of period 121,049 30,481 51,385 41,028
Cash and cash equivalents at end of period $ 109,055 $ 32,889 $ 109,055 $ 32,889