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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
May 31, 2016
May 31, 2015
May 31, 2014
Operating activities:      
Net earnings $ 157,628 $ 87,256 $ 160,152
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation and amortization 84,699 85,089 79,730
Impairment of goodwill and long-lived assets 25,962 100,129 58,246
Provision for (benefit from) deferred income taxes 7,354 (39,960) (25,916)
Bad debt expense 346 259 32
Equity in net income of unconsolidated affiliates, net of distributions (29,473) (12,299) (15,333)
Net (gain) loss on sale of assets (12,996) 3,277 (11,212)
Stock-based compensation 15,836 17,916 22,017
Excess tax benefits - stock-based compensation   (7,178) (8,880)
Gain on previously held equity interests (6,877)   (11,000)
Changes in assets and liabilities, net of impact of acquisitions:      
Receivables 66,117 32,011 (49,206)
Inventories 66,351 54,108 (38,010)
Prepaid expenses and other current assets 18,327 (15,295) (2,921)
Other assets (4,530) 1,617 (5,278)
Accounts payable and accrued expenses 20,180 (83,190) 69,682
Other liabilities 4,460 (9,365) 6,943
Net cash provided by operating activities 413,384 214,375 229,046
Investing activities:      
Investment in property, plant and equipment (97,036) (96,255) (71,338)
Investment in notes receivable   (7,300)  
Acquisitions, net of cash acquired (34,206) (105,291) (11,517)
Distributions from (investments in) unconsolidated affiliates (5,595) (8,230) 9,223
Proceeds from sale of assets and insurance 9,797 14,007 27,438
Net cash used by investing activities (127,040) (203,069) (46,194)
Financing activities:      
Net proceeds from (repayments of) short-term borrowings, net of issuance costs (85,843) 79,047 (103,618)
Proceeds from long-term debt, net of issuance costs 921 30,572 247,566
Principal payments on long-term debt (862) (102,852) (1,219)
Proceeds from issuance of common shares 8,707 2,910 4,618
Excess tax benefits - stock-based compensation   7,178 8,880
Payments to noncontrolling interests (9,106) (13,379) (40,969)
Repurchase of common shares (99,847) (127,360) (128,218)
Dividends paid (47,193) (46,434) (31,198)
Net cash used by financing activities (233,223) (170,318) (44,158)
Increase (decrease) in cash and cash equivalents 53,121 (159,012) 138,694
Cash and cash equivalents at beginning of year 31,067 190,079 51,385
Cash and cash equivalents at end of year $ 84,188 $ 31,067 $ 190,079