Discontinued Operations (Tables)

9 Months Ended

Feb. 28, 2025

Discontinued Operations and Disposal Groups [Abstract]

Summary of Financial Results from Discontinued Operations

The following table summarizes the financial results from the discontinued operations of Worthington Steel for the nine months ended February 29, 2024. There were no discontinued operations for the three months ended February 29, 2024.

Net sales	$	1,670,027
Cost of goods sold		1,481,731
Gross profit		188,296
Selling, general and administrative expense		74,908
Impairment of long-lived assets		1,401
Separation costs		18,521
Operating income		93,466
Other income (expense):
Miscellaneous income, net		1,016
Interest expense, net		(3,706	)
Equity in net income of unconsolidated affiliate		12,735
Earnings before income taxes		103,511
Income tax expense		20,405
Net earnings		83,106
Net earnings attributable to noncontrolling interest		7,460
Net earnings attributable to controlling interest	$	75,646

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 nine months ended February 29, 2024. There were no discontinued operations for the three months ended February 29, 2024.

Significant non-cash operating items:
Depreciation and amortization	$	32,043
Impairment of long-lived assets		1,401
Equity in income of unconsolidated affiliate, net of distributions		(12,734	)
Stock-based compensation		3,472
Significant investing activities:
Investment in property, plant and equipment		(33,457	)
Acquisitions, net of cash acquired		(21,013	)
Significant financing activities:
Net proceeds from short-term borrowings		172,187