Investments in Unconsolidated Affiliates (Tables)

6 Months Ended

Nov. 30, 2014

Balance Sheet

Financial Information

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

(in thousands)	November 30, 2014		May 31, 2014
Cash	$	53,333	$	52,997
Receivable from member (1)		8,635		12,717
Other current assets		470,266		454,417
Noncurrent assets		290,261		294,001
Total assets	$	822,495	$	814,132
Current liabilities	$	156,959	$	128,595
Short-term borrowings		16,178		40,992
Current maturities of long-term debt		4,460		4,510
Long-term debt		266,107		268,350
Other noncurrent liabilities		18,664		20,217
Equity		360,127		351,468
Total liabilities and equity	$	822,495	$	814,132

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

Income Statement

Financial Information

	Three Months Ended November 30,				Six Months Ended November 30,
(in thousands)	2014		2013		2014		2013
Net sales	$	388,712	$	357,236	$	781,262	$	780,717
Gross margin		76,193		76,068		164,945		165,882
Operating income		49,864		51,532		113,343		116,072
Depreciation and amortization		8,983		9,104		18,105		19,441
Interest expense		2,173		2,233		4,335		4,456
Income tax expense		2,799		2,862		5,552		5,892
Net earnings		44,490		46,149		103,930		105,783