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v3.23.4

Changes in Equity | 6 Months Ended
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Nov. 30, 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 |  |  | Subtotal |  |  | Interests |  |  | Total |
Balance at May 31, 2023 |  | $ | 290,799 |  |  | $ | (23,179 | ) |  | $ | 1,428,391 |  |  | $ | 1,696,011 |  |  | $ | 125,617 |  |  | $ | 1,821,628 |
Net earnings |  |  | - |  |  |  | - |  |  |  | 96,106 |  |  |  | 96,106 |  |  |  | 3,597 |  |  |  | 99,703 |
Other comprehensive loss |  |  | - |  |  |  | (5,408 | ) |  |  | - |  |  |  | (5,408 | ) |  |  | - |  |  |  | (5,408 | )
Common shares issued, net of withholding tax |  |  | (5,130 | ) |  |  | - |  |  |  | - |  |  |  | (5,130 | ) |  |  | - |  |  |  | (5,130 | )
Common shares in non-qualified plans |  |  | 130 |  |  |  | - |  |  |  | - |  |  |  | 130 |  |  |  | - |  |  |  | 130 |
Stock-based compensation |  |  | 8,995 |  |  |  | - |  |  |  | - |  |  |  | 8,995 |  |  |  | - |  |  |  | 8,995 |
Cash dividends declared |  |  | - |  |  |  | - |  |  |  | (16,081 | ) |  |  | (16,081 | ) |  |  | - |  |  |  | (16,081 | )
Dividends to noncontrolling interests |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (1,921 | ) |  |  | (1,921 | )
Balance at August 31, 2023 |  | $ | 294,794 |  |  | $ | (28,587 | ) |  | $ | 1,508,416 |  |  | $ | 1,774,623 |  |  | $ | 127,293 |  |  | $ | 1,901,916 |
Net earnings |  |  | - |  |  |  | - |  |  |  | 24,302 |  |  |  | 24,302 |  |  |  | 3,865 |  |  |  | 28,167 |
Other comprehensive income |  |  | - |  |  |  | 14,446 |  |  |  | - |  |  |  | 14,446 |  |  |  | - |  |  |  | 14,446 |
Common shares issued, net of withholding tax |  |  | (9,207 | ) |  |  | - |  |  |  | - |  |  |  | (9,207 | ) |  |  | - |  |  |  | (9,207 | )
Common shares in non-qualified plans |  |  | 195 |  |  |  | - |  |  |  | - |  |  |  | 195 |  |  |  | - |  |  |  | 195 |
Stock-based compensation |  |  | 4,511 |  |  |  | - |  |  |  | - |  |  |  | 4,511 |  |  |  | - |  |  |  | 4,511 |
Cash dividends declared |  |  | - |  |  |  | - |  |  |  | (16,061 | ) |  |  | (16,061 | ) |  |  | - |  |  |  | (16,061 | )
Balance at November 30, 2023 |  | $ | 290,293 |  |  | $ | (14,141 | ) |  | $ | 1,516,657 |  |  | $ | 1,792,809 |  |  | $ | 131,158 |  |  | $ | 1,923,967 |
|  | Controlling Interest |  |  |  |  |  |  |
|  |  |  |  | Accumulated |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  | Other |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Additional |  |  | Comprehensive |  |  |  |  |  |  |  |  | Non- |  |  |  |
|  | Paid-in |  |  | Income (Loss), |  |  | Retained |  |  |  |  |  | controlling |  |  |  |
(In thousands) |  | Capital |  |  | Net of Tax |  |  | Earnings |  |  | Subtotal |  |  | 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 |
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, 2023 |  | $ | (22,123 | ) |  | $ | (1,730 | ) |  | $ | 674 |  |  | $ | (23,179 | )
Other comprehensive income before reclassifications |  |  | 2,170 |  |  |  | - |  |  |  | 12,947 |  |  |  | 15,117 |
Reclassification adjustments to net earnings (a) |  |  | - |  |  |  | - |  |  |  | (4,369 | ) |  |  | (4,369 | )
Income tax effect |  |  | 172 |  |  |  | (3 | ) |  |  | (1,879 | ) |  |  | (1,710 | )
Balance at November 30, 2023 |  | $ | (19,781 | ) |  | $ | (1,733 | ) |  | $ | 7,373 |  |  | $ | (14,141 | )
|  |  |  |  |  |  |  |  |  |  | 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 |  |  | (8,970 | ) |  |  | (1,034 | ) |  |  | (36,041 | ) |  |  | (46,045 | )
Reclassification adjustments to net earnings (a)(b) |  |  | - |  |  |  | 4,774 |  |  |  | 13,279 |  |  |  | 18,053 |
Income tax effect |  |  | (273 | ) |  |  | (883 | ) |  |  | 5,462 |  |  |  | 4,306 |
Balance at November 30, 2022 |  | $ | (24,553 | ) |  | $ | (3,387 | ) |  | $ | (18,596 | ) |  | $ | (46,536 | )
The consolidated statement of earnings classification of amounts reclassified to net income include: (a) Cash flow hedges – See the disclosure in “Note Q – Derivative Financial Instruments and Hedging Activities;” and (b) Pension liability adjustment – Reflects a non-cash settlement charge of $4,774 recognized in connection with a pension lift-out transaction completed in August 2022 for The Gerstenslager Company Bargaining Unit Employees’ Pension Plan.

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