Investments in Unconsolidated Affiliates (Tables)

12 Months Ended

May 31, 2024

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:

	2024		2023
Cash and cash equivalents	$	36,163	$	36,988
Other current assets		605,043		661,700
Noncurrent assets		360,261		335,567
Total assets	$	1,001,467	$	1,034,255
Current liabilities	$	264,963	$	176,959
Current maturities of long-term debt		13,450		36,936
Long-term debt		349,431		349,215
Other noncurrent liabilities		146,984		139,228
Equity		226,639		331,917
Total liabilities and equity	$	1,001,467	$	1,034,255

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

	2024		2023		2022
Net sales
WAVE	$	479,153	$	447,369	$	452,368
ClarkDietrich		1,308,517		1,451,665		1,695,808
Workhorse		317,185		364,396		313,265
ArtiFlex		-		52,641		187,089
Total net sales	$	2,104,855	$	2,316,071	$	2,648,530

	2024		2023		2022
Gross profit
WAVE	$	286,228	$	242,257	$	238,523
ClarkDietrich		326,616		403,569		431,070
Workhorse		36,648		17,628		11,455
ArtiFlex		-		8,589		30,633
Total gross profit	$	649,492	$	672,043	$	711,681

	2024		2023		2022
Operating income (loss)
WAVE	$	225,202	$	184,882	$	183,545
ClarkDietrich		236,575		318,914		351,583
Workhorse		26,881		7,507		(2,024	)
ArtiFlex		-		4,911		15,778
Total operating income	$	488,658	$	516,214	$	548,882

	2024		2023		2022
Depreciation and amortization
WAVE	$	4,926	$	4,679	$	4,554
ClarkDietrich		15,075		13,717		10,946
Workhorse		8,974		10,386		6,586
ArtiFlex		-		1,444		5,708
Total depreciation and amortization	$	28,975	$	30,226	$	27,794

	2024		2023		2022
Interest expense
WAVE	$	17,288	$	13,024	$	8,386
ClarkDietrich		171		524		308
Workhorse		2,417		2,507		1,228
ArtiFlex		-		134		340
Total interest expense	$	19,876	$	16,189	$	10,262

	2024		2023		2022
Income tax expense
WAVE	$	267	$	222	$	158
ClarkDietrich		2,250		1,924		-
Workhorse		744		1,802		1,244
ArtiFlex		-		59		258
Total income tax expense	$	3,261	$	4,007	$	1,660

	2024		2023		2022
Net earnings (loss)
WAVE	$	205,976	$	171,687	$	175,154
ClarkDietrich		239,309		321,977		356,288
Workhorse		22,952		2,673		(1,170	)
ArtiFlex		-		4,717		15,180
Total net earnings	$	468,237	$	501,054	$	545,452