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Changes in Equity | 9 Months Ended
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Feb. 28, 2023
Equity [Abstract] |
Changes in Equity | Note K – Changes in Equity The following tables summarize the changes in equity by component and in total for the periods presented:
|  | Controlling Interest |  |  |  |  |  |  |
|  |  |  |  | Accumulated |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  | Other |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Additional |  |  | Comprehensive |  |  |  |  |  |  |  |  | Non- |  |  |  |
|  | Paid-in |  |  | Income (Loss), |  |  | Retained |  |  |  |  |  | controlling |  |  |  |
(in thousands) |  | Capital |  |  | Net of Tax |  |  | Earnings |  |  | Total |  |  | Interests |  |  | Total |
Balance at May 31, 2022 |  | $ | 273,439 |  |  | $ | (22,850 | ) |  | $ | 1,230,163 |  |  | $ | 1,480,752 |  |  | $ | 133,210 |  |  | $ | 1,613,962 |
Net earnings |  |  | - |  |  |  | - |  |  |  | 64,082 |  |  |  | 64,082 |  |  |  | 1,162 |  |  |  | 65,244 |
Other comprehensive loss |  |  | - |  |  |  | (20,462 | ) |  |  | - |  |  |  | (20,462 | ) |  |  | - |  |  |  | (20,462 | )
Common shares issued, net of withholding tax |  |  | (3,466 | ) |  |  | - |  |  |  | - |  |  |  | (3,466 | ) |  |  | - |  |  |  | (3,466 | )
Common shares in non-qualified plans |  |  | 136 |  |  |  | - |  |  |  | - |  |  |  | 136 |  |  |  | - |  |  |  | 136 |
Stock-based compensation |  |  | 6,976 |  |  |  | - |  |  |  | - |  |  |  | 6,976 |  |  |  | - |  |  |  | 6,976 |
Cash dividends declared |  |  | - |  |  |  | - |  |  |  | (15,418 | ) |  |  | (15,418 | ) |  |  | - |  |  |  | (15,418 | )
Balance at August 31, 2022 |  | $ | 277,085 |  |  | $ | (43,312 | ) |  | $ | 1,278,827 |  |  | $ | 1,512,600 |  |  | $ | 134,372 |  |  | $ | 1,646,972 |
Net earnings |  |  | - |  |  |  | - |  |  |  | 16,218 |  |  |  | 16,218 |  |  |  | 3,287 |  |  |  | 19,505 |
Other comprehensive loss |  |  | - |  |  |  | (3,224 | ) |  |  | - |  |  |  | (3,224 | ) |  |  | - |  |  |  | (3,224 | )
Common shares issued, net of withholding tax |  |  | (649 | ) |  |  | - |  |  |  | - |  |  |  | (649 | ) |  |  | - |  |  |  | (649 | )
Common shares in non-qualified plans |  |  | 298 |  |  |  | - |  |  |  | - |  |  |  | 298 |  |  |  | - |  |  |  | 298 |
Stock-based compensation |  |  | 3,620 |  |  |  | - |  |  |  | - |  |  |  | 3,620 |  |  |  | - |  |  |  | 3,620 |
Cash dividends declared |  |  | - |  |  |  | - |  |  |  | (15,470 | ) |  |  | (15,470 | ) |  |  | - |  |  |  | (15,470 | )
Dividends to noncontrolling interests |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (11,760 | ) |  |  | (11,760 | )
Balance at November 30, 2022 |  | $ | 280,354 |  |  | $ | (46,536 | ) |  | $ | 1,279,575 |  |  | $ | 1,513,393 |  |  | $ | 125,899 |  |  | $ | 1,639,292 |
Net earnings |  |  | - |  |  |  | - |  |  |  | 46,325 |  |  |  | 46,325 |  |  |  | 3,933 |  |  |  | 50,258 |
Other comprehensive income |  |  | - |  |  |  | 36,228 |  |  |  | - |  |  |  | 36,228 |  |  |  | - |  |  |  | 36,228 |
Common shares issued, net of withholding tax |  |  | 704 |  |  |  | - |  |  |  | - |  |  |  | 704 |  |  |  | - |  |  |  | 704 |
Common shares in non-qualified plans |  |  | 107 |  |  |  | - |  |  |  | - |  |  |  | 107 |  |  |  | - |  |  |  | 107 |
Stock-based compensation |  |  | 3,818 |  |  |  | - |  |  |  | - |  |  |  | 3,818 |  |  |  | - |  |  |  | 3,818 |
Cash dividends declared |  |  | - |  |  |  | - |  |  |  | (15,149 | ) |  |  | (15,149 | ) |  |  | - |  |  |  | (15,149 | )
Balance at February 28, 2023 |  | $ | 284,983 |  |  | $ | (10,308 | ) |  | $ | 1,310,751 |  |  | $ | 1,585,426 |  |  | $ | 129,832 |  |  | $ | 1,715,258 |
|  | Controlling Interest |  |  |  |  |  |  |
|  |  |  |  | Accumulated |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  | Other |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Additional |  |  | Comprehensive |  |  |  |  |  |  |  |  | Non- |  |  |  |
|  | Paid-in |  |  | Income (Loss), |  |  | Retained |  |  |  |  |  | controlling |  |  |  |
(in thousands) |  | Capital |  |  | Net of Tax |  |  | Earnings |  |  | Total |  |  | Interests |  |  | Total |
Balance at May 31, 2021 |  | $ | 282,790 |  |  | $ | 45,387 |  |  | $ | 1,070,016 |  |  | $ | 1,398,193 |  |  | $ | 153,502 |  |  | $ | 1,551,695 |
Net earnings |  |  | - |  |  |  | - |  |  |  | 132,491 |  |  |  | 132,491 |  |  |  | 8,984 |  |  |  | 141,475 |
Other comprehensive loss |  |  | - |  |  |  | (4,274 | ) |  |  | - |  |  |  | (4,274 | ) |  |  | - |  |  |  | (4,274 | )
Common shares issued, net of withholding tax |  |  | (4,091 | ) |  |  | - |  |  |  | - |  |  |  | (4,091 | ) |  |  | - |  |  |  | (4,091 | )
Common shares in non-qualified plans |  |  | 89 |  |  |  | - |  |  |  | - |  |  |  | 89 |  |  |  | - |  |  |  | 89 |
Stock-based compensation |  |  | 6,324 |  |  |  | - |  |  |  | - |  |  |  | 6,324 |  |  |  | - |  |  |  | 6,324 |
Purchases and retirement of common shares |  |  | (5,477 | ) |  |  | - |  |  |  | (55,408 | ) |  |  | (60,885 | ) |  |  | - |  |  |  | (60,885 | )
Cash dividends declared |  |  | - |  |  |  | - |  |  |  | (14,504 | ) |  |  | (14,504 | ) |  |  | - |  |  |  | (14,504 | )
Dividends to noncontrolling interests |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (9,197 | ) |  |  | (9,197 | )
Balance at August 31, 2021 |  | $ | 279,635 |  |  | $ | 41,113 |  |  | $ | 1,132,595 |  |  | $ | 1,453,343 |  |  | $ | 153,289 |  |  | $ | 1,606,632 |
Net earnings |  |  | - |  |  |  | - |  |  |  | 110,301 |  |  |  | 110,301 |  |  |  | 2,884 |  |  |  | 113,185 |
Other comprehensive loss |  |  | - |  |  |  | (57,858 | ) |  |  | - |  |  |  | (57,858 | ) |  |  | - |  |  |  | (57,858 | )
Common shares issued, net of withholding tax |  |  | (2,694 | ) |  |  | - |  |  |  | - |  |  |  | (2,694 | ) |  |  | - |  |  |  | (2,694 | )
Common shares in non-qualified plans |  |  | 257 |  |  |  | - |  |  |  | - |  |  |  | 257 |  |  |  | - |  |  |  | 257 |
Stock-based compensation |  |  | 3,304 |  |  |  | - |  |  |  | - |  |  |  | 3,304 |  |  |  | - |  |  |  | 3,304 |
Purchases and retirement of common shares |  |  | (1,297 | ) |  |  | - |  |  |  | (11,405 | ) |  |  | (12,702 | ) |  |  | - |  |  |  | (12,702 | )
Cash dividends declared |  |  | - |  |  |  | - |  |  |  | (14,154 | ) |  |  | (14,154 | ) |  |  | - |  |  |  | (14,154 | )
Dividends to noncontrolling interests |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (2,879 | ) |  |  | (2,879 | )
Balance at November 30, 2021 |  | $ | 279,205 |  |  | $ | (16,745 | ) |  | $ | 1,217,337 |  |  | $ | 1,479,797 |  |  | $ | 153,294 |  |  | $ | 1,633,091 |
Net earnings |  |  | - |  |  |  | - |  |  |  | 56,342 |  |  |  | 56,342 |  |  |  | 2,305 |  |  |  | 58,647 |
Other comprehensive loss |  |  | - |  |  |  | (19,348 | ) |  |  | - |  |  |  | (19,348 | ) |  |  | - |  |  |  | (19,348 | )
Common shares issued, net of withholding tax |  |  | 269 |  |  |  | - |  |  |  | - |  |  |  | 269 |  |  |  | - |  |  |  | 269 |
Common shares in non-qualified plans |  |  | 79 |  |  |  | - |  |  |  | - |  |  |  | 79 |  |  |  | - |  |  |  | 79 |
Stock-based compensation |  |  | 2,889 |  |  |  | - |  |  |  | - |  |  |  | 2,889 |  |  |  | - |  |  |  | 2,889 |
Purchases and retirement of common shares |  |  | (5,559 | ) |  |  | - |  |  |  | (48,696 | ) |  |  | (54,255 | ) |  |  | - |  |  |  | (54,255 | )
Cash dividends declared |  |  | - |  |  |  | - |  |  |  | (14,407 | ) |  |  | (14,407 | ) |  |  | - |  |  |  | (14,407 | )
Dividends to noncontrolling interests |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (3,360 | ) |  |  | (3,360 | )
Balance at February 28, 2022 |  | $ | 276,883 |  |  | $ | (36,093 | ) |  | $ | 1,210,576 |  |  | $ | 1,451,366 |  |  | $ | 152,239 |  |  | $ | 1,603,605 |
The following table summarizes the changes in accumulated OCI for the periods presented:
|  |  |  |  |  |  |  |  |  |  | Accumulated |
|  | Foreign |  |  | Pension |  |  |  |  |  | Other |
|  | Currency |  |  | Liability |  |  | Cash Flow |  |  | Comprehensive |
(in thousands) |  | Translation |  |  | Adjustment |  |  | Hedges |  |  | Loss |
Balance at May 31, 2022 |  | $ | (15,310 | ) |  | $ | (6,244 | ) |  | $ | (1,296 | ) |  | $ | (22,850 | )
Other comprehensive loss before reclassifications |  |  | (7,549 | ) |  |  | (619 | ) |  |  | (2,999 | ) |  |  | (11,167 | )
Reclassification adjustments to net earnings (a) |  |  | - |  |  |  | 4,774 |  |  |  | 24,200 |  |  |  | 28,974 |
Income tax effect |  |  | (131 | ) |  |  | (975 | ) |  |  | (4,159 | ) |  |  | (5,265 | )
Balance at February 28, 2023 |  | $ | (22,990 | ) |  | $ | (3,064 | ) |  | $ | 15,746 |  |  | $ | (10,308 | )
|  |  |  |  |  |  |  |  |  |  | Accumulated |
|  | Foreign |  |  | Pension |  |  |  |  |  | Other |
|  | Currency |  |  | Liability |  |  | Cash Flow |  |  | Comprehensive |
(in thousands) |  | Translation |  |  | Adjustment |  |  | Hedges |  |  | Income (Loss) |
Balance at May 31, 2021 |  | $ | 1,779 |  |  | $ | (15,955 | ) |  | $ | 59,563 |  |  | $ | 45,387 |
Other comprehensive income (loss) before reclassifications |  |  | (9,473 | ) |  |  | 500 |  |  |  | 11,747 |  |  |  | 2,774 |
Reclassification adjustments to net earnings (a) |  |  | - |  |  |  | 1,200 |  |  |  | (107,152 | ) |  |  | (105,952 | )
Income tax effect |  |  | (851 | ) |  |  | (336 | ) |  |  | 22,885 |  |  |  | 21,698 |
Balance at February 28, 2022 |  | $ | (8,545 | ) |  | $ | (14,591 | ) |  | $ | (12,957 | ) |  | $ | (36,093 | )
(a) The consolidated statement of earnings classification of amounts reclassified to net earnings include: 1. Pension liability adjustment – During August 2022, we purchased (using pension plan assets) an annuity contract from a third-party insurance company to transfer approximately 31% of the total projected benefit obligation of The Gerstenslager Company Bargaining Unit Employees’ Pension Plan as of the purchase date. As a result of this transaction: 1) we incurred a non-cash settlement charge of $4,774,000 recorded in miscellaneous income (expense), net in the consolidated statements of earnings; 2) we were relieved of all responsibility for these pension obligations; and 3) the insurance company is now required to pay and administer the retirement benefits owed to 220 benefi ciaries; and 2. Cash flow hedges – See the disclosure in “Note Q – Derivative Financial Instruments and Hedging Activities”.

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