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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
May 31, 2018
May 31, 2017
May 31, 2016
Operating activities:      
Net earnings $ 200,850 $ 217,937 $ 157,628
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation and amortization 103,359 86,793 84,699
Impairment of goodwill and long-lived assets 61,208   25,962
Provision for (benefit from) deferred income taxes (38,237) 18,443 7,354
Bad debt expense 11 269 346
Equity in net income of unconsolidated affiliates, net of distributions (13,352) (8,023) (29,473)
Net (gain) loss on assets (10,522) 7,951 (12,996)
Stock-based compensation 13,758 14,349 15,836
Gain on previously held equity interest in Worthington Specialty Processing     (6,877)
Changes in assets and liabilities, net of impact of acquisitions:      
Receivables (53,066) (39,927) 66,117
Inventories (84,654) (34,599) 66,351
Prepaid expenses and other current assets (12,402) 985 18,327
Other assets (1,258) 1,905 (4,530)
Accounts payable and accrued expenses 105,984 67,492 20,180
Other liabilities 9,666 2,097 4,460
Net cash provided by operating activities 281,345 335,672 413,384
Investing activities:      
Investment in property, plant and equipment (76,088) (68,386) (97,036)
Acquisitions, net of cash acquired (285,028)   (34,206)
Distributions from (investments in) unconsolidated affiliates 2,400   (5,595)
Proceeds from sale of assets and insurance 21,311 5,422 9,797
Net cash used by investing activities (337,405) (62,964) (127,040)
Financing activities:      
Net repayments of short-term borrowings, net of issuance costs (948) (2,528) (85,843)
Proceeds from long-term debt, net of issuance costs 197,685   921
Principal payments on long-term debt (31,130) (874) (862)
Proceeds from issuance of common shares, net of tax withholdings (2,120) (9,075) 8,707
Payments to noncontrolling interests (7,915) (15,622) (9,106)
Repurchase of common shares (204,267) 0 (99,847)
Dividends paid (51,359) (50,716) (47,193)
Net cash used by financing activities (100,054) (78,815) (233,223)
Increase (decrease) in cash and cash equivalents (156,114) 193,893 53,121
Cash and cash equivalents at beginning of year 278,081 84,188 31,067
Cash and cash equivalents at end of year $ 121,967 $ 278,081 $ 84,188