Investments in Unconsolidated Affiliates (Tables)

3 Months Ended

Aug. 31, 2013

Balance Sheet

Financial Information

Combined financial information for our unconsolidated affiliates is summarized as follows:

(in thousands)	August 31, 2013		May 31, 2013
Cash	$	55,310	$	70,380
Receivable from partner (1)		4,069		69,706
Other current assets		426,039		518,262
Noncurrent assets		302,187		350,681
Total assets	$	787,605	$	1,009,029
Current liabilities	$	113,229	$	181,111
Short-term borrowings		14,293		21,369
Current maturities of long-term debt		5,265		5,442
Long-term debt		272,574		274,750
Other noncurrent liabilities		18,613		18,345
Equity		363,631		508,012
Total liabilities and equity	$	787,605	$	1,009,029

Income Statement

Financial Information

	Three Months Ended August  31,
(in thousands)	2013		2012
Net sales	$	423,481	$	446,853
Gross margin		89,814		74,513
Operating income		64,540		51,711
Depreciation and amortization		10,337		8,990
Interest expense		2,223		2,261
Income tax expense		3,030		3,469
Net earnings		59,634		46,284

(1) Represents cash owed from a joint venture partner as a result of centralized cash management.