SEC Document


CONSOLIDATED STATEMENTS OF CASH FLOWS

IN THOUSANDS

 

     Year Ended  
     May 31,
2017
    May 31,
2016
 

Cash Flows From Operating Activities:

    

Net income

   $ 184,671     $ 357,458  

Adjustments to reconcile net income to net cash provided by (used for) operating activities:

    

Depreciation

     71,870       66,732  

Amortization

     44,903       44,307  

Goodwill and other intangible asset impairments

     193,198    

Adjustments to contingent consideration obligations

     3,000       (14,500

Asset impairment charge

       4,471  

Other-than-temporary impairments on marketable securities

     420       3,811  

Deferred income taxes

     24,049       9,399  

Stock-based compensation expense

     32,541       31,287  

Other non-cash interest expense

     9,986       9,750  

Gain on remeasurement of joint venture ownership

       (7,972

Realized (gain) on sales of marketable securities

     (8,174     (6,457

Other

     280       (15

Changes in assets and liabilities, net of effect from purchases and sales of businesses:

    

(Increase) in receivables

     (5,690     (24,582

(Increase) in inventory

     (70,726     (17,733

(Increase) in prepaid expenses and other current and long-term assets

     (38,130     (25,617

Increase (decrease) in accounts payable

     16,247       (5,958

(Decrease) increase in accrued compensation and benefits

     (4,577     17,681  

(Decrease) increase in accrued losses

     (3,422     13,514  

(Decrease) increase in other accrued liabilities

     (64,322     8,011  

Other

     3       11,119  
  

 

 

   

 

 

 

Cash Provided By Operating Activities

     386,127       474,706  
  

 

 

   

 

 

 

Cash Flows From Investing Activities:

    

Capital expenditures

     (126,109     (117,183

Acquisition of businesses, net of cash acquired

     (254,200     (51,992

Purchase of marketable securities

     (38,062     (32,280

Proceeds from sales of marketable securities

     76,588       32,631  

Proceeds from sales of assets or businesses

       866  

Other

     2,118       2,092  
  

 

 

   

 

 

 

Cash (Used For) Investing Activities

     (339,665     (165,866
  

 

 

   

 

 

 

Cash Flows From Financing Activities:

    

Additions to long-term and short-term debt

     597,633       142,130  

Reductions of long-term and short-term debt

     (154,348     (147,155

Cash dividends

     (156,752     (144,350

Shares of common stock repurchased and returned for taxes

     (21,948     (71,346

Payments of acquisition-related contingent consideration

     (4,284     (2,088

Exercise of stock options and awards, including tax benefit

       18,540  

Payments for 524(g) trust

     (221,638  

Other

     (2,692     (1,836
  

 

 

   

 

 

 

Cash Provided By (Used For) Financing Activities

     35,971       (206,105
  

 

 

   

 

 

 

Effect of Exchange Rate Changes on Cash and Cash Equivalents

     2,912       (12,294
  

 

 

   

 

 

 

Net Change in Cash and Cash Equivalents

     85,345       90,441  

Cash and Cash Equivalents at Beginning of Period

     265,152       174,711  
  

 

 

   

 

 

 

Cash and Cash Equivalents at End of Period

   $ 350,497     $ 265,152  
  

 

 

   

 

 

 

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