|
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
|
3 Months Ended |
9 Months Ended |
|
Feb. 28, 2014
|
Feb. 28, 2013
|
Feb. 28, 2014
|
Feb. 28, 2013
|
| Operating activities |
|
|
|
|
| Net earnings |
$ 44,211 |
$ 37,331 |
$ 128,904 |
$ 104,818 |
| Adjustments to reconcile net earnings to net cash provided by operating activities: |
|
|
|
|
| Depreciation and amortization |
20,208 |
17,048 |
59,763 |
48,136 |
| Impairment of long-lived assets |
|
|
35,375 |
1,520 |
| Provision for deferred income taxes |
1,278 |
6,491 |
(20,256) |
9,850 |
| Bad debt expense (income) |
(134) |
76 |
(430) |
575 |
| Equity in net income of unconsolidated affiliates, net of distributions |
1,048 |
(4,841) |
(8,373) |
(19,256) |
| Net gain (loss) on sale of assets |
990 |
(153) |
(10,860) |
(222) |
| Stock-based compensation |
4,705 |
3,653 |
13,207 |
10,586 |
| Excess tax benefits - stock-based compensation |
(1,462) |
(3,455) |
(7,294) |
(3,455) |
| Gain on previously held equity interest in TWB |
|
|
(11,000) |
|
| Changes in assets and liabilities, net of impact of acquisitions: |
|
|
|
|
| Receivables |
(30,228) |
(41,672) |
(14,999) |
27,078 |
| Inventories |
(38,260) |
(15,158) |
(59,583) |
42,743 |
| Prepaid expenses and other current assets |
2,429 |
32 |
4,136 |
1,634 |
| Other assets |
(762) |
198 |
(187) |
3,135 |
| Accounts payable and accrued expenses |
91,485 |
35,320 |
108,185 |
(34,871) |
| Other liabilities |
1,316 |
1,434 |
4,019 |
3,412 |
| Net cash provided by operating activities |
96,824 |
36,304 |
220,607 |
195,683 |
| Investing activities |
|
|
|
|
| Investment in property, plant and equipment |
(21,743) |
(9,786) |
(52,157) |
(34,402) |
| Acquisitions, net of cash acquired |
(35,599) |
|
17,634 |
(62,110) |
| Distributions from unconsolidated affiliates |
|
|
9,223 |
|
| Proceeds from sale of assets |
580 |
552 |
24,313 |
16,227 |
| Net cash used by investing activities |
(56,762) |
(9,234) |
(987) |
(80,285) |
| Financing activities |
|
|
|
|
| Net payments of short-term borrowings |
(8,347) |
(13,390) |
(78,624) |
(251,586) |
| Proceeds from long-term debt |
|
|
|
150,000 |
| Principal payments on long-term debt |
(286) |
(365) |
(855) |
(1,170) |
| Proceeds from (payments for) issuance of common shares |
(1,241) |
17,332 |
5,246 |
32,960 |
| Excess tax benefits - stock-based compensation |
1,462 |
3,455 |
7,294 |
3,455 |
| Distributions to noncontrolling interest |
(36,512) |
(2,592) |
(39,150) |
(8,582) |
| Repurchase of common shares |
(40,762) |
|
(91,078) |
|
| Dividends paid |
(10,545) |
(27,040) |
(20,952) |
(44,144) |
| Net cash used by financing activities |
(96,231) |
(22,600) |
(218,119) |
(119,067) |
| Increase (decrease) in cash and cash equivalents |
(56,169) |
4,470 |
1,501 |
(3,669) |
| Cash and cash equivalents at beginning of period |
109,055 |
32,889 |
51,385 |
41,028 |
| Cash and cash equivalents at end of period |
$ 52,886 |
$ 37,359 |
$ 52,886 |
$ 37,359 |