Investments in Unconsolidated Affiliates (Tables)

12 Months Ended

May 31, 2014

Balance Sheet

Financial Information

The following table presents combined information of the financial position for the affiliated companies accounted for using the equity method as of May 31, 2014 and 2013:

(in thousands)	2014		2013
Cash	$	52,997	$	70,380
Receivable from partner (1)		12,717		69,706
Other current assets		454,417		518,262
Noncurrent assets		294,001		350,681
Total assets	$	814,132	$	1,009,029
Current liabilities	$	128,595	$	181,111
Short-term borrowings		40,992		21,369
Current maturities of long-term debt		4,510		5,442
Long-term debt		268,350		274,750
Other noncurrent liabilities		20,217		18,345
Equity		351,468		508,012
Total liabilities and equity	$	814,132	$	1,009,029

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

Income Statement

Financial Information

The following table presents financial results of our three largest affiliated companies for the fiscal years ended May 31, 2014, 2013 and 2012. All other affiliated companies are combined and presented in the Other category.

(in thousands)	2014		2013		2012
Net sales
WAVE	$	382,821	$	370,702	$	364,530
ClarkDietrich		549,267		547,971		564,624
TWB		54,003		344,065		312,943
Other		506,711		490,996		443,646
Total net sales	$	1,492,802	$	1,753,734	$	1,685,743
Gross margin
WAVE	$	177,935	$	167,924	$	155,246
ClarkDietrich		73,803		75,580		61,703
TWB		6,109		41,116		40,098
Other		54,773		48,229		57,346
Total gross margin	$	312,620	$	332,849	$	314,393
Operating income
WAVE	$	144,167	$	137,202	$	127,305
ClarkDietrich		27,918		35,024		27,094
TWB		4,273		28,241		28,141
Other		37,574		30,457		38,473
Total operating income	$	213,932	$	230,924	$	221,013
Depreciation and amortization
WAVE	$	4,916	$	3,919	$	4,142
ClarkDietrich		16,253		18,173		14,271
TWB		880		5,123		3,259
Other		14,909		13,497		12,481
Total depreciation and amortization	$	36,958	$	40,712	$	34,153
Interest expense
WAVE	$	6,464	$	6,280	$	3,427
ClarkDietrich		103		3		3
TWB		-		-		-
Other		2,655		2,611		2,617
Total interest expense	$	9,222	$	8,894	$	6,047
Income tax expense
WAVE	$	3,606	$	2,451	$	2,789
ClarkDietrich		-		-		-
TWB		478		1,218		5,458
Other		5,770		3,187		6,867
Total income tax expense	$	9,854	$	6,856	$	15,114
Net earnings
WAVE	$	134,019	$	128,614	$	121,261
ClarkDietrich		27,837		35,005		27,203
TWB		4,023		27,931		22,952
Other		30,252		24,452		30,317
Total net earnings	$	196,131	$	216,002	$	201,733