| May'19 | May'18 | May'17 | May'16 | May'15 | May'14 | May'13 | May'12 | May'11 | May'10 | May'09 |
|---|---|---|---|---|---|---|---|---|---|---|
Operating activities: | ||||||||||
Net earnings | ||||||||||
163,273 | 200,850 | 217,937 | 157,628 | 87,256 | 160,152 | 136,835 | 125,353 | 124,034 | 51,507 | -103,685 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||||||||||
Depreciation and amortization | ||||||||||
95,602 | 103,359 | 86,793 | 84,699 | 85,089 | 79,730 | 66,469 | 55,873 | 61,058 | 64,653 | 64,073 |
Impairment of long-lived assets | ||||||||||
7,817 | 61,208 | - | 25,962 | 100,129 | 58,246 | 6,488 | 355 | 4,386 | 35,409 | 96,943 |
Restructuring and other expense, non-cash | ||||||||||
- | - | - | - | - | - | - | - | 203 | 3,408 | 8,925 |
Joint venture transactions, non-cash | ||||||||||
- | - | - | - | - | - | - | - | -21,652 | - | - |
Provision for (benefit from) deferred income taxes | ||||||||||
17,435 | -38,237 | 18,443 | 7,354 | -39,960 | -25,916 | 1,798 | 775 | 7,482 | -6,110 | -25,479 |
Bad debt expense | ||||||||||
659 | 11 | 269 | 346 | 259 | 32 | 783 | 339 | 1,236 | -900 | 8,307 |
Equity in net income of unconsolidated affiliates, net of distributions | ||||||||||
-7,347 | 13,352 | 8,023 | 29,473 | 12,299 | 15,333 | 10,948 | 1,019 | 19,188 | 12,007 | -8,491 |
Net gain on sale of assets | ||||||||||
7,059 | 10,522 | -7,951 | 12,996 | -3,277 | 11,212 | -1,121 | 5,918 | -652 | 3,908 | -1,317 |
Stock-based compensation | ||||||||||
11,733 | 13,758 | 14,349 | 15,836 | 17,916 | 22,017 | 13,270 | 11,742 | 6,173 | 4,570 | 5,767 |
Excess tax benefits - stock-based compensation | ||||||||||
- | - | - | - | 7,178 | 8,880 | 5,183 | 578 | 674 | 165 | 433 |
Gain on previously held equity interest in Worthington Specialty Processing | ||||||||||
- | - | - | 6,877 | - | 11,000 | - | - | - | - | - |
Gain on acquisitions and sales of subsidiary investments | ||||||||||
- | - | - | - | - | - | - | - | - | 891 | -8,331 |
Changes in assets and liabilities, net of impact of acquisitions: | ||||||||||
Receivables | ||||||||||
-73,346 | 53,066 | 39,927 | -66,117 | -32,011 | 49,206 | -18,801 | -956 | 96,056 | 114,892 | -226,690 |
Inventories | ||||||||||
33,649 | 84,654 | 34,599 | -66,351 | -54,108 | 38,010 | -77,115 | -17,310 | 24,261 | 64,499 | -329,892 |
Prepaid expenses and other current assets | ||||||||||
24,284 | 12,402 | -985 | -18,327 | 15,295 | 2,921 | -871 | -8,478 | 10,465 | -30,425 | 20,805 |
Other assets | ||||||||||
-3,325 | 1,258 | -1,905 | 4,530 | -1,617 | 5,278 | -4,636 | -4,141 | -922 | -205 | 643 |
Accounts payable and accrued expenses | ||||||||||
-116,875 | 105,984 | 67,492 | 20,180 | -83,190 | 69,682 | -47,483 | -45,847 | 31,098 | 125,613 | -321,798 |
Other liabilities | ||||||||||
-811 | 9,666 | 2,097 | 4,460 | -9,365 | 6,943 | 8,404 | 1,689 | 6,947 | -1,999 | -14,905 |
Net cash provided by operating activities | ||||||||||
197,859 | 281,345 | 335,672 | 413,384 | 214,375 | 229,046 | 272,977 | 173,649 | 71,895 | 110,419 | 254,326 |
Investing activities: | ||||||||||
Investment in property, plant and equipment | ||||||||||
84,499 | 76,088 | 68,386 | 97,036 | 96,255 | 71,338 | 44,588 | 31,713 | 22,025 | 34,319 | 64,154 |
Investment in notes receivable | ||||||||||
- | - | - | - | 7,300 | - | - | - | - | - | - |
Acquisitions | ||||||||||
10,402 | 285,028 | - | 34,206 | 105,291 | 11,517 | 175,225 | 239,851 | 31,705 | 63,098 | 42,199 |
Distributions from unconsolidated affiliate | ||||||||||
-56,693 | -2,400 | - | 5,595 | - | -9,223 | 863 | 45,879 | 6,161 | 483 | -20,362 |
Investments in unconsolidated affiliates | ||||||||||
- | - | - | - | 8,230 | - | - | - | - | - | - |
Proceeds from sale of assets | ||||||||||
49,683 | 21,311 | 5,422 | 9,797 | 14,007 | 27,438 | 16,974 | 37,089 | 20,614 | 15,950 | 6,883 |
Proceeds from sale of investments in unconsolidated affiliates | ||||||||||
- | - | - | - | - | - | - | - | - | - | 25,863 |
Net cash provided (used) by investing activities | ||||||||||
11,475 | -337,405 | -62,964 | -127,040 | -203,069 | -46,194 | -201,976 | -188,596 | -39,277 | -81,950 | -53,245 |
Financing activities: | ||||||||||
Net repayments of short-term borrowings, net of issuance costs | ||||||||||
- | -948 | -2,528 | -85,843 | 79,047 | -103,618 | -168,446 | 97,626 | 132,956 | -980 | -142,385 |
Proceeds from long-term debt, net of issuance costs | ||||||||||
- | 197,685 | - | 921 | 30,572 | 247,566 | 150,000 | 5,880 | - | 146,942 | - |
Principal payments on long-term obligations and debt redemption costs | ||||||||||
1,394 | 31,130 | 874 | 862 | 102,852 | 1,219 | 1,480 | 342 | - | 138,013 | 7,241 |
Payments for issuance of common shares, net of tax withholdings | ||||||||||
6,371 | 2,120 | 9,075 | 8,707 | 2,910 | 4,618 | 37,914 | 11,116 | 4,827 | 2,313 | 3,899 |
Excess tax benefits - stock-based compensation | ||||||||||
- | - | - | - | 7,178 | 8,880 | 5,183 | 578 | 674 | 165 | 433 |
Payments to noncontrolling interests | ||||||||||
10,726 | 7,915 | 15,622 | 9,106 | 13,379 | 40,969 | 9,254 | 9,494 | 10,992 | 4,539 | 7,152 |
Repurchase of common shares | ||||||||||
168,113 | 204,267 | - | 99,847 | 127,360 | 128,218 | 30,417 | 73,418 | 132,764 | - | 12,402 |
Dividends paid | ||||||||||
52,334 | 51,359 | 50,716 | 47,193 | 46,434 | 31,198 | 44,144 | 32,138 | 30,168 | 31,660 | 53,686 |
Net cash used by financing activities | ||||||||||
-238,938 | -100,054 | -78,815 | -233,223 | -170,318 | -44,158 | -60,644 | -192 | -35,467 | -25,772 | -218,534 |
Increase (decrease) in cash and cash equivalents | ||||||||||
-29,604 | -156,114 | 193,893 | 53,121 | -159,012 | 138,694 | 10,357 | -15,139 | -2,849 | 2,697 | -17,453 |