Investments in Unconsolidated Affiliates (Tables)

12 Months Ended

May 31, 2019

Equity Method Investments And Joint Ventures [Abstract]

The following table presents combined information regarding the financial position of our unconsolidated affiliates accounted for using the equity method as of May 31:

(in thousands)	2019		2018
Cash	$	37,471	$	52,812
Other current assets		594,959		590,578
Current assets for discontinued operations		35,793		37,640
Noncurrent assets		360,925		358,927
Total assets	$	1,029,148	$	1,039,957
Current liabilities	$	236,781	$	166,493
Current liabilities for discontinued operations		9,610		7,142
Short-term borrowings		15,162		26,599
Current maturities of long-term debt		33,003		23,243
Long-term debt		321,791		259,588
Other noncurrent liabilities		18,192		17,536
Equity		394,609		539,356
Total liabilities and equity	$	1,029,148	$	1,039,957

The following table presents summarized financial information for our four largest unconsolidated affiliates as of, and for the fiscal years ended May 31. All other unconsolidated affiliates are combined and presented in the Other category.

(in thousands)	2019			2018			2017
Net sales
WAVE	$	379,103		$	360,395		$	334,031
ClarkDietrich		892,758			790,887			711,735
Serviacero Worthington		351,671			315,098			275,315
ArtiFlex		201,526			197,061			208,922
Other		32,753			28,578			17,784
Total net sales	$	1,857,811		$	1,692,019		$	1,547,787

Gross margin (loss)
WAVE	$	205,909		$	201,581		$	190,350
ClarkDietrich		93,947			97,437			128,098
Serviacero Worthington		34,494			32,396			37,080
ArtiFlex		12,928			18,266			22,829
Other		(6,000	)		(6,399	)		(4,313	)
Total gross margin	$	341,278		$	343,281		$	374,044

Operating income (loss)
WAVE	$	166,969		$	158,697		$	158,030
ClarkDietrich		33,384			39,153			68,696
Serviacero Worthington		25,636			24,232			29,975
ArtiFlex		5,524			11,395			15,519
Other		(9,964	)		(10,584	)		(8,407	)
Total operating income	$	221,549		$	222,893		$	263,813

Depreciation and amortization
WAVE	$	3,634		$	3,318		$	2,978
ClarkDietrich		11,600			11,864			12,718
Serviacero Worthington		4,319			3,919			3,862
ArtiFlex		6,055			5,515			5,850
Other		875			749			698
Total depreciation and amortization	$	26,483		$	25,365		$	26,106

Interest expense
WAVE	$	10,547		$	8,365		$	7,182
ClarkDietrich		912			114			20
Serviacero Worthington		493			397			89
ArtiFlex		1,443			1,333			1,429
Other		-			-			-
Total interest expense	$	13,395		$	10,209		$	8,720

Income tax expense (benefit)
WAVE	$	219		$	119		$	2,398
ClarkDietrich		-			-			-
Serviacero Worthington		7,629			5,141			11,740
ArtiFlex		29			208			(2	)
Other		-			-			(2	)
Total income tax expense	$	7,877		$	5,468		$	14,134

Net earnings (loss)
WAVE (1)	$	162,849		$	152,329		$	154,866
ClarkDietrich		34,560			39,138			69,122
Serviacero Worthington		16,155			17,577			18,140
ArtiFlex		4,051			9,854			14,092
Other		(8,383	)		(11,922	)		(5,472	)
Total net earnings	$	209,232		$	206,976		$	250,748

(1)

These net earnings include net income attributable to discontinued operations of $6,830,000, $2,226,000, and $6,775,000 in fiscal 2019, fiscal 2018, and fiscal 2017, respectively, related to the international operations of WAVE being sold. All other amounts presented in the table above exclude the activity of the discontinued operations of WAVE.