Investments in Unconsolidated Affiliates (Tables)

6 Months Ended

Nov. 30, 2020

Equity Method Investments And Joint Ventures [Abstract]

Summary of Consideration Received, Consideration Transferred and Resulting Net Gain on Deconsolidation

Upon closing of the transaction, the contributed net assets were deconsolidated, resulting in a net gain of $258,000 during fiscal 2020, as summarized below:

(in thousands)
Retained investment (at fair value)	$	13,831
Contributed net assets (at carrying value)		13,394
Gain on deconsolidation		437
Less: deal costs		(179	)
Net gain on deconsolidation	$	258

Financial Information

The following tables summarize combined financial information for our unconsolidated affiliates as of the dates, and for the periods presented:  

	November 30,		May 31,
(in thousands)	2020		2020
Cash	$	49,957	$	68,730
Other current assets		564,359		528,631
Noncurrent assets		391,547		399,731
Total assets	$	1,005,863	$	997,092
Current liabilities	$	205,530	$	174,709
Short-term borrowings		-		500
Current maturities of long-term debt		10,700		37,542
Long-term debt		314,730		346,690
Other noncurrent liabilities		87,087		73,656
Equity		387,816		363,995
Total liabilities and equity	$	1,005,863	$	997,092

	Three Months Ended				Six Months Ended
	November 30,				November 30,
(in thousands)	2020		2019		2020		2019
Net sales	$	451,198	$	453,288	$	856,518	$	923,493
Gross margin		96,561		95,995		189,610		193,531
Operating income		64,890		62,414		122,843		128,637
Depreciation and amortization		8,672		7,538		16,402		14,627
Interest expense		2,832		3,139		5,777		6,506
Income tax expense		2,322		1,272		4,052		1,853
Net earnings from continuing operations		60,943		53,483		117,516		114,624
Net earnings from discontinued operations		-		46,958		-		49,770
Net earnings		60,943		100,441		117,516		164,394