Discontinued Operations

3 Months Ended

Aug. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Note B – Discontinued Operations

The following table summarizes the financial results from the discontinued operations of Worthington Steel for the three months ended August 31, 2023.

Net sales	$	881,338
Cost of goods sold		753,479
Gross profit		127,859
Selling, general and administrative expense		37,802
Impairment of long-lived assets		1,401
Separation costs		3,626
Operating income		85,030
Other income (expense):
Miscellaneous income, net		710
Interest expense, net		(2,009	)
Equity in net income of unconsolidated affiliate		8,957
Earnings before income taxes		92,688
Income tax expense		19,816
Net earnings		72,872
Net earnings attributable to noncontrolling interest		3,597
Net earnings attributable to controlling interest	$	69,275

As permitted under GAAP, the cash flows related to discontinued operations have not been segregated in our consolidated statements of cash flows. Accordingly, the consolidated statement of cash flows for the three months ended August 31, 2023 include the results from both continuing and discontinued operations and amounts for certain captions will not agree with respective data in the consolidated balance sheet.

The following table summarizes significant non-cash operating items and capital expenditures of discontinued operations included in the consolidated statement of cash flows for the three months ended August 31, 2023.

Significant non-cash operating items:
Depreciation and amortization	$	16,250
Impairment of long-lived assets		1,401
Equity in income of unconsolidated affiliate		(8,957	)
Stock-based compensation		1,157
Significant investing activities:
Investment in property, plant and equipment		(19,775	)