SEC Document


CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

 

Year Ended May 31,    2017     2016     2015    

Cash Flows From Operating Activities:

      

Net income

   $ 184,671     $ 357,458     $ 228,328    

Adjustments to reconcile net income to net cash provided by operating activities:

      

Depreciation

     71,870       66,732       62,188    

Amortization

     44,903       44,307       36,988    

Goodwill and other intangible asset impairments

     193,198      

Adjustments to contingent consideration obligations

     3,000       (14,500     (29,665)   

Other asset impairment charge

       4,471       818    

Other-than-temporary impairments on marketable securities

     420       3,811       22    

Deferred income taxes

     24,049       9,399       97,502    

Stock-based compensation expense

     32,541       31,287       31,741    

Other non-cash interest expense

     9,986       9,750       5,624    

Gain on remeasurement of joint venture ownership

       (7,972  

Realized (gains) on sales of marketable securities

     (8,174     (6,457     (8,692)   

Other

     280       (15     (1,954)   

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

      

(Increase) in receivables

     (5,690     (24,582     (90,230)   

(Increase) in inventory

     (70,726     (17,733     (31,348)   

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

     (38,130     (25,617     (4,590)   

Increase (decrease) in accounts payable

     16,247       (5,958     (16,249)   

(Decrease) increase in accrued compensation and benefits

     (4,577     17,681       (1,297)   

(Decrease) increase in accrued loss reserves

     (3,422     13,514       (7,218)   

(Decrease) increase in other accrued liabilities

     (64,322     8,011       51,761    

Other

     3       11,119       6,719    

Cash Provided By Operating Activities

     386,127       474,706       330,448    

Cash Flows From Investing Activities:

      

Capital expenditures

     (126,109     (117,183     (85,363)   

Acquisition of businesses, net of cash acquired

     (254,200     (51,992     (467,573)   

Purchase of marketable securities

     (38,062     (32,280     (61,511)   

Proceeds from sales of marketable securities

     76,588       32,631       48,971    

Proceeds from sales of assets and businesses

       866       4,079    

Other

     2,118       2,092       1,944    

Cash (Used For) Investing Activities

     (339,665     (165,866     (559,453)   

Cash Flows From Financing Activities:

      

Additions to long-term and short-term debt

     597,633       142,130       460,560    

Reductions of long-term and short-term debt

     (154,348     (147,155     (162,318)   

Cash dividends

     (156,752     (144,350     (136,179)   

Shares of common stock repurchased and returned for taxes

     (21,948     (71,346     (39,528)   

Payments of acquisition-related contingent consideration

     (4,284     (2,088     (22,179)   

Exercise of stock options and awards, including tax benefit

       18,540       8,560    

Payments for 524(g) trust

     (221,638    

Other

     (2,692)       (1,836     1,277    

Cash Provided By (Used For) Financing Activities

     35,971       (206,105     110,193    

Effect of Exchange Rate Changes on Cash and Cash Equivalents

     2,912       (12,294     (39,345)   

Net Change in Cash and Cash Equivalents

     85,345       90,441       (158,157)   

Cash and Cash Equivalents at Beginning of Period

     265,152       174,711       332,868    

Cash and Cash Equivalents at End of Period

   $ 350,497     $ 265,152     $ 174,711    

Supplemental Disclosures of Cash Flows Information:

      

Cash paid during the year for:

      

Interest

   $ 78,685     $ 73,087     $ 79,371    

Income taxes

   $ 71,236     $ 63,208     $ 27,486    

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

 

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