XML 21 R10.htm IDEA: XBRL DOCUMENT v3.22.1
Investment in Nikola
9 Months Ended
Feb. 28, 2022
Equity Method Investments And Joint Ventures [Abstract]  
Investment in Nikola

NOTE D – Investment in Nikola

 

On June 3, 2020 (the “Effective Date”), Nikola Corporation (“Nikola”) became a public company through a reverse merger with a subsidiary of VectoIQ Acquisition Corporation, a NASDAQ-listed, publicly-traded company.  Prior to the Effective Date, the Company held an equity interest in the predecessor company, which was converted to 19,048,020 shares of Nikola common stock on the Effective Date.

 

The Company sold or contributed all of these shares during the nine months ended February 28, 2021, and recognized pre-tax gains of $655,102,000, which included $634,449,000 in cash proceeds and $20,653,000 in value from Nikola shares contributed to the Worthington Industries Foundation to establish a charitable endowment focused on the communities in which the Company operates. We also recognized $53,300,000 of incremental expenses in operating income related to the Nikola gains consisting of $32,647,000 for discretionary profit sharing and bonus expenses and $20,653,000 for the charitable contribution of Nikola shares.