Investment in Unconsolidated Affiliate (Tables)

12 Months Ended

May 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

Financial Position, Information and Net Earnings

The following table presents the financial position of Serviacero Worthington accounted for using the equity method as of May 31:

(In millions)	2024		2023
Cash and cash equivalents	$	5.7	$	12.2
Other current assets		274.7		238.2
Noncurrent assets		58.3		58.9
Total assets	$	338.7	$	309.3
Current liabilities	$	64.7	$	70.8
Other noncurrent liabilities		5.2		5.4
Equity		268.8		233.1
Total liabilities and equity	$	338.7	$	309.3

The following table presents summarized financial information for Serviacero Worthington as of, and for the fiscal years ended May 31:

(In millions)	2024		2023			2022
Net sales	$	604.1	$	564.6		$	620.3
Gross margin		70.4		21.5			96.9
Operating income		56.4		10.4			87.3
Depreciation and amortization		4.4		4.0			4.3
Interest expense		-		0.3			0.2
Income tax expense (benefit)		8.4		(3.0	)		25.1
Net earnings		44.8		15.5			59.6

The following table presents the net earnings of Serviacero Worthington attributable to the Company for the fiscal years ended May 31:

(In millions)	2024		2023		2022
Equity in net income of unconsolidated affiliate	$	22.4	$	7.7	$	29.8