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Investments in Unconsolidated Affiliates (Tables)
12 Months Ended
May 31, 2022
Equity Method Investments And Joint Ventures [Abstract]  
Financial Information

The following table presents combined information regarding the financial position of our unconsolidated affiliates accounted for using the equity method as of May 31:

 

(in thousands)

2022

 

 

2021

 

Cash

$

68,563

 

 

$

11,651

 

Other current assets

 

1,148,029

 

 

 

733,834

 

Noncurrent assets

 

369,608

 

 

 

382,585

 

Total assets

$

1,586,200

 

 

$

1,128,070

 

Current liabilities

$

345,097

 

 

$

232,626

 

Short-term borrowings

 

5,943

 

 

 

1,155

 

Current maturities of long-term debt

 

33,054

 

 

 

30,209

 

Long-term debt

 

306,814

 

 

 

311,871

 

Other noncurrent liabilities

 

76,437

 

 

 

92,209

 

Equity

 

818,855

 

 

 

460,000

 

Total liabilities and equity

$

1,586,200

 

 

$

1,128,070

 

 

 

The following tables presents summarized financial information for our unconsolidated affiliates as of, and for the fiscal years ended May 31.

 

(in thousands)

 

2022

 

 

2021

 

 

2020

 

Net sales

 

 

 

 

 

 

 

 

 

WAVE

 

$

452,368

 

 

$

371,814

 

 

$

368,820

 

ClarkDietrich

 

 

1,695,808

 

 

 

893,371

 

 

 

855,994

 

Serviacero Worthington

 

 

620,312

 

 

 

311,543

 

 

 

273,276

 

ArtiFlex

 

 

187,089

 

 

 

144,834

 

 

 

175,428

 

Workhorse

 

 

313,265

 

 

 

196,915

 

 

 

146,478

 

Total net sales

 

$

3,268,842

 

 

$

1,918,477

 

 

$

1,819,996

 

 

(in thousands)

 

2022

 

 

2021

 

 

2020

 

Gross margin

 

 

 

 

 

 

 

 

 

WAVE

 

$

238,523

 

 

$

215,692

 

 

$

208,040

 

ClarkDietrich

 

 

431,070

 

 

 

158,074

 

 

 

131,619

 

Serviacero Worthington

 

 

96,918

 

 

 

51,253

 

 

 

15,739

 

ArtiFlex

 

 

30,633

 

 

 

20,596

 

 

 

14,212

 

Workhorse

 

 

11,455

 

 

 

(7,057

)

 

 

7,320

 

Total gross margin

 

$

808,599

 

 

$

438,558

 

 

$

376,930

 

 

(in thousands)

 

2022

 

 

2021

 

 

2020

 

Operating income (loss)

 

 

 

 

 

 

 

 

 

WAVE

 

$

183,545

 

 

$

165,381

 

 

$

166,404

 

ClarkDietrich

 

 

351,583

 

 

 

94,888

 

 

 

66,952

 

Serviacero Worthington

 

 

87,342

 

 

 

43,075

 

 

 

7,513

 

ArtiFlex

 

 

15,778

 

 

 

9,628

 

 

 

6,248

 

Workhorse

 

 

(2,024

)

 

 

(2,372

)

 

 

(23,596

)

Total operating income

 

$

636,224

 

 

$

310,600

 

 

$

223,521

 

 

(in thousands)

 

2022

 

 

2021

 

 

2020

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

WAVE

 

$

4,554

 

 

$

4,073

 

 

$

4,032

 

ClarkDietrich

 

 

10,946

 

 

 

11,917

 

 

 

11,869

 

Serviacero Worthington

 

 

4,300

 

 

 

4,305

 

 

 

4,324

 

ArtiFlex

 

 

5,708

 

 

 

5,728

 

 

 

5,605

 

Workhorse

 

 

6,586

 

 

 

8,965

 

 

 

4,689

 

Total depreciation and amortization

 

$

32,094

 

 

$

34,988

 

 

$

30,519

 

 

(in thousands)

 

2022

 

 

2021

 

 

2020

 

Interest expense

 

 

 

 

 

 

 

 

 

WAVE

 

$

8,386

 

 

$

8,909

 

 

$

11,061

 

ClarkDietrich

 

 

308

 

 

 

101

 

 

 

378

 

Serviacero Worthington

 

 

180

 

 

 

42

 

 

 

87

 

ArtiFlex

 

 

340

 

 

 

528

 

 

 

801

 

Workhorse

 

 

1,228

 

 

 

2,704

 

 

 

1,665

 

Total interest expense

 

$

10,442

 

 

$

12,284

 

 

$

13,992

 

 

(in thousands)

 

2022

 

 

2021

 

 

2020

 

Income tax expense (benefit)

 

 

 

 

 

 

 

 

 

WAVE

 

$

158

 

 

$

200

 

 

$

216

 

ClarkDietrich

 

 

-

 

 

 

-

 

 

 

-

 

Serviacero Worthington

 

 

25,079

 

 

 

11,341

 

 

 

3,267

 

ArtiFlex

 

 

258

 

 

 

149

 

 

 

(15

)

Workhorse

 

 

1,244

 

 

 

270

 

 

 

(15

)

Total income tax expense

 

$

26,739

 

 

$

11,960

 

 

$

3,453

 

 

 

(in thousands)

 

2022

 

 

2021

 

 

2020

 

Net earnings (loss)

 

 

 

 

 

 

 

 

 

WAVE (1)

 

$

175,154

 

 

$

156,869

 

 

$

202,451

 

ClarkDietrich

 

 

356,288

 

 

 

98,313

 

 

 

68,899

 

Serviacero Worthington

 

 

59,565

 

 

 

31,865

 

 

 

2,573

 

ArtiFlex

 

 

15,180

 

 

 

8,950

 

 

 

5,461

 

Workhorse

 

 

(1,170

)

 

 

(2,811

)

 

 

(19,934

)

Total net earnings

 

$

605,017

 

 

$

293,186

 

 

$

259,450

 

 

(1)
On September 30, 2019, WAVE completed the sale of its international operations to Knauf Ceilings and Holdings GmbH (“Knauf”), as part of the broader transaction between Knauf and Armstrong World Industries, Inc., our partner in the WAVE joint venture. The net earnings in this table include net income attributable to discontinued operations of $49,770,000 in fiscal 2020. All other amounts presented in the table above exclude the activity of the discontinued operations of WAVE.