Investments in Unconsolidated Affiliates (Tables)

9 Months Ended

Feb. 28, 2014

Balance Sheet

Financial Information

Combined financial information for our unconsolidated affiliates is summarized as follows:

(in thousands)	February 28, 2014		May 31, 2013
Cash	$	56,077	$	70,380
Receivable from partner (1)		12,897		69,706
Other current assets		437,179		518,262
Noncurrent assets		296,033		350,681
Total assets	$	802,186	$	1,009,029
Current liabilities	$	136,419	$	181,111
Short-term borrowings		38,204		21,369
Current maturities of long-term debt		4,782		5,442
Long-term debt		269,461		274,750
Other noncurrent liabilities		18,105		18,345
Equity		335,215		508,012
Total liabilities and equity	$	802,186	$	1,009,029

(1) Represents cash owed from a joint venture partner as a result of centralized cash management.

Income Statement

Financial Information

	Three Months  Ended February 28,				Nine Months  Ended February 28,
(in thousands)	2014		2013		2014		2013
Net sales	$	340,645	$	421,645	$	1,121,362	$	1,306,758
Gross margin		73,217		90,570		239,098		254,796
Operating income		48,752		61,387		164,824		169,997
Depreciation and amortization		8,622		9,979		28,063		29,089
Interest expense		2,494		2,212		6,950		6,681
Income tax expense		2,937		1,842		8,829		5,488
Net earnings		44,018		57,421		149,801		158,570