XML 81 R8.htm IDEA: XBRL DOCUMENT v3.21.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
May 31, 2021
May 31, 2020
May 31, 2019
Operating activities:      
Net earnings $ 741,450 $ 84,444 $ 163,273
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation and amortization 87,654 92,678 95,602
Impairment of goodwill and long-lived assets 13,739 82,690 7,817
Provision for (benefit from) deferred income taxes 4,822 (1,309) 17,435
Bad debt expense (income) (255) 580 659
Equity in net income of unconsolidated affiliates, net of distributions (32,318) 8,106 7,347
Net (gain) loss on sale of assets 53,607 (5,057) (7,059)
Stock-based compensation 19,129 11,883 11,733
Gains on investment in Nikola (655,102) 0 0
Charitable contribution of Nikola shares 20,653 0 0
Loss on extinguishment of debt 0 4,034 0
Changes in assets and liabilities, net of impact of acquisitions:      
Receivables (223,254) 147,225 73,346
Inventories (169,740) 62,126 (33,649)
Accounts payable 315,222 (142,685) (93,294)
Accrued compensation and employee benefits 75,725 (11,878) (19,159)
Income taxes payable 2,671 (215) (3,429)
Other operating items, net 20,376 4,104 (22,763)
Net cash provided by operating activities 274,379 336,726 197,859
Investing activities:      
Investment in property, plant and equipment (82,178) (95,503) (84,499)
Proceeds from sale of Nikola shares 634,449 0 0
Acquisitions, net of cash acquired (129,615) (30,748) (10,402)
Distributions from unconsolidated affiliate 0 0 56,693
Proceeds from sale of assets, net of selling costs 45,854 10,036 49,683
Net cash provided (used) by investing activities 468,510 (116,215) 11,475
Financing activities:      
Proceeds from long-term debt, net of issuance costs 0 101,464 0
Principal payments on long-term debt (622) (154,913) (1,394)
Proceeds from issuance of common shares, net of tax withholdings 6,581 (6,513) (6,371)
Payments to noncontrolling interests (10,690) (1,453) (10,726)
Repurchase of common shares (192,054) (50,972) (168,113)
Dividends paid (52,991) (53,289) (52,334)
Net cash used by financing activities (249,776) (165,676) (238,938)
Increase (decrease) in cash and cash equivalents 493,113 54,835 (29,604)
Cash and cash equivalents at beginning of year 147,198 92,363 121,967
Cash and cash equivalents at end of year $ 640,311 $ 147,198 $ 92,363