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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
May 31, 2021
May 31, 2020
May 31, 2019
Cash Flows From Operating Activities:      
Net Income $ 503,500 $ 305,082 $ 267,687
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation & Amortization 146,857 156,842 141,742
Restructuring charges, net of payments (2,909) 6,831 8,072
Goodwill, intangible and other asset impairments     4,190
Fair value adjustments to contingent earnout obligations (582) 680 1,918
Deferred income taxes 20,188 (12,150) 5,434
Stock-based compensation expense 40,926 19,789 31,154
Other non-cash interest expense     1,552
Realized/unrealized losses (gains) on sales of marketable securities (38,774) (1,132) 7,613
Loss on extinguishment of debt [1]     3,051
Other (2,340) (77) (3,288)
Changes in assets and liabilities, net of effect from purchases and sales of businesses:      
(Increase) decrease in receivables (88,618) 82,060 (131,204)
(Increase) decrease in inventory (68,802) 21,309 (16,829)
(Increase) decrease in prepaid expenses and other current and long-term assets (11,457) 17,614 (14,826)
Increase (decrease) in accounts payable 151,388 (27,111) (29,628)
Increase (decrease) in accrued compensation and benefits 62,966 (6,198) 19,241
Increase (decrease) in accrued losses 8,510 487 (1,803)
Increase (decrease) in other accrued liabilities 43,010 (23,665) (5,232)
Other 2,293 9,558 4,097
Cash Provided By Operating Activities 766,156 549,919 292,941
Cash Flows From Investing Activities:      
Capital expenditures (157,199) (147,756) (136,757)
Acquisition of businesses, net of cash acquired (165,223) (65,102) (168,205)
Purchase of marketable securities (121,669) (28,891) (19,787)
Proceeds from sales of marketable securities 112,298 31,337 69,743
Other 5,405 799 6,760
Cash (Used For) Investing Activities (326,388) (209,613) (248,246)
Cash Flows From Financing Activities:      
Additions to long-term and short-term debt   485,306 628,083
Reductions of long-term and short-term debt (188,278) (471,035) (273,109)
Cash dividends (194,720) (185,101) (181,409)
Repurchase of common stock (49,956) (125,000) (200,222)
Shares of common stock returned for taxes (22,826) (18,075) (21,758)
Payments of acquisition-related contingent consideration (2,218) (606) (4,066)
Other (1,621) (2,359) (1,361)
Cash (Used For) Financing Activities (459,619) (316,870) (53,842)
Effect of Exchange Rate Changes on Cash and Cash Equivalents 33,139 (13,188) (12,107)
Net Change in Cash and Cash Equivalents 13,288 10,248 (21,254)
Cash and Cash Equivalents at Beginning of Period 233,416 223,168 244,422
Cash and Cash Equivalents at End of Period 246,704 233,416 223,168
Cash paid during the year for:      
Interest 82,440 103,143 101,415
Income taxes, net of refunds $ 147,436 $ 102,892 68,357
Supplemental Disclosures of Non-Cash Investing and Financing Activities:      
Conversion of Debt to Equity     $ 38,239
[1] In connection with the redemption of all of our outstanding 2.25% convertible senior notes in November 2018, we recognized a loss of $3.1 million, due to the fair value remeasurement on the date of conversion