Investments in Unconsolidated Affiliates (Tables) - Unconsolidated Affiliates

9 Months Ended

Feb. 29, 2016


	Three Months Ended						Nine Months Ended
	February 29, February 28,						February 29, February 28,
(in thousands)	2016			2015			2016		2015
Net sales	$	376,448		$	356,604		$	1,170,096	$	1,137,866
Gross margin		83,251			67,636			257,036		232,580
Operating income		54,801			41,335			171,857		154,678
Depreciation and amortization		7,905			8,827			24,070		26,932
Interest expense		2,038			2,157			6,333		6,492
Other income (expense) (2)		(59	)		(79	)		23,505		(208	)
Income tax expense		2,625			2,555			7,348		8,107
Net earnings		51,994			37,859			186,063		141,789

(2)

The increase in other income for the nine months ended February 29, 2016, as compared to the comparable period in the prior year is primarily attributable to the impact of ClarkDietrich’s legal settlement related to successful disparagement litigation brought against several competitors in an industry trade association.

Balance Sheet

Financial Information

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


(in thousands)	February 29, 2016		May 31, 2015
Cash	$	132,893	$	101,011
Receivable from member (1)		6,902		11,092
Other current assets		434,533		491,507
Noncurrent assets		376,416		318,939

Total assets	$	950,744	$	922,549

Current liabilities	$	131,308	$	184,028
Short-term borrowings		16,684		-
Current maturities of long-term debt		3,721		4,489
Long-term debt		269,261		272,861
Other noncurrent liabilities		21,133		20,471
Equity		508,637		440,700

Total liabilities and equity	$	950,744	$	922,549

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