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Investment in Unconsolidated Affiliate (Tables)
6 Months Ended
Nov. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Financial Information and Net Earnings

The following tables summarize certain financial information of Serviacero Worthington as of the dates, and for the periods, presented:

 

 

November 30,

 

 

May 31,

 

(In millions)

2024

 

 

2024

 

Cash and cash equivalents

$

20.8

 

 

$

5.7

 

Other current assets

 

249.3

 

 

 

274.7

 

Noncurrent assets

 

58.4

 

 

 

58.3

 

Total assets

$

328.5

 

 

$

338.7

 

 

 

 

 

 

Current liabilities

 

53.7

 

 

 

64.7

 

Other noncurrent liabilities

 

5.1

 

 

 

5.2

 

Equity

 

269.7

 

 

 

268.8

 

Total liabilities and equity

$

328.5

 

 

$

338.7

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

November 30,

 

 

November 30,

 

 

November 30,

 

 

November 30,

 

(In millions)

2024

 

 

2023

 

 

2024

 

 

2023

 

Net sales

$

138.7

 

 

$

163.4

 

 

$

287.2

 

 

$

315.3

 

Gross margin

 

9.6

 

 

 

18.6

 

 

 

25.2

 

 

 

39.9

 

Operating income

 

5.5

 

 

 

15.2

 

 

 

17.2

 

 

 

33.1

 

Depreciation and amortization

 

1.2

 

 

 

1.1

 

 

 

2.3

 

 

 

2.1

 

Interest expense

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Income tax expense

 

5.8

 

 

 

6.3

 

 

 

12.6

 

 

 

7.0

 

Net earnings (loss)

 

(1.7

)

 

 

7.6

 

 

 

0.9

 

 

 

25.5

 

 

 

The following table presents the net earnings of Serviacero Worthington attributable to the Company for the periods presented:

 

 

Three Months Ended

 

 

Six Months Ended

 

 

November 30,

 

 

November 30,

 

 

November 30,

 

 

November 30,

 

(In millions)

2024

 

 

2023

 

 

2024

 

 

2023

 

Equity in net income (loss) of unconsolidated affiliate

$

(0.9

)

 

$

3.8

 

 

$

0.4

 

 

$

12.8