XML 83 R56.htm IDEA: XBRL DOCUMENT v3.23.2
Investments in Unconsolidated Affiliates - Schedule of Combined Financial Information for Unconsolidated Affiliates (Detail) - USD ($)
$ in Thousands
May 31, 2023
May 31, 2022
Investments in and Advances to Affiliates [Line Items]    
Cash and cash equivalents $ 454,946 $ 34,485
Total assets 3,650,918 3,643,023
Current liabilities 717,558 932,261
Short-term borrowings 2,813 47,997
Current maturities of long-term debt 264 265
Long-term debt 689,718 696,345
Other noncurrent liabilities 113,286 115,991
Equity 1,696,011 1,480,752
Total liabilities and equity 3,650,918 3,643,023
Equity Method Investment, Nonconsolidated Investee, Other    
Investments in and Advances to Affiliates [Line Items]    
Cash and cash equivalents 49,185 68,563
Other current assets 899,913 1,148,029
Noncurrent assets 394,468 369,608
Total assets [1] 1,343,566 1,586,200
Current liabilities 247,796 345,097
Short-term borrowings   5,943
Current maturities of long-term debt 36,936 33,054
Long-term debt 349,215 306,814
Other noncurrent liabilities 144,649 76,437
Equity 564,970 818,855
Total liabilities and equity [1] $ 1,343,566 $ 1,586,200
[1] Effective January 1, 2022, Workhorse adopted Topic 842 using the alternative transition method. As a result of the adoption, Workhorse recognized operating lease ROU assets of $47,082 and lease liabilities of $47,082. The adoption resulted in a cumulative-effect adjustment of $18,000 related to a prior sale lease-back transaction recognized under Accounting Standards Codification Topic 840. Our portion of this cumulative effect adjustment was $3,600 and is recognized in retained earnings on our consolidated balance sheet as of May 31, 2023. The impact of adopting ASC 842 did not have a significant impact on the financial statements of our other unconsolidated affiliates.