Investments in Unconsolidated Affiliates (Tables)

3 Months Ended

Aug. 31, 2014

Balance Sheet

Financial Information

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

(in thousands)	August 31, 2014		May 31, 2014
Cash	$	54,254	$	52,997
Receivable from partner (1)		14,195		12,717
Other current assets		463,909		454,417
Noncurrent assets		291,520		294,001
Total assets	$	823,878	$	814,132
Current liabilities	$	139,973	$	128,595
Short-term borrowings		28,217		40,992
Current maturities of long-term debt		4,435		4,510
Long-term debt		267,232		268,350
Other noncurrent liabilities		18,869		20,217
Equity		365,152		351,468
Total liabilities and equity	$	823,878	$	814,132

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

Income Statement

Financial Information

	Three Months Ended August 31,
(in thousands)	2014		2013
Net sales	$	392,550	$	423,481
Gross margin		88,751		89,814
Operating income		63,479		64,540
Depreciation and amortization		9,122		10,337
Interest expense		2,162		2,223
Income tax expense		2,753		3,030
Net earnings		59,440		59,634