Investments in Unconsolidated Affiliates (Tables)

9 Months Ended

Feb. 28, 2015

Balance Sheet

Financial Information

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

(in thousands)	February 28, 2015		May 31, 2014
Cash	$	48,422	$	52,997
Receivable from member (1)		10,865		12,717
Other current assets		462,631		454,417
Noncurrent assets		286,170		294,001
Total assets	$	808,088	$	814,132
Current liabilities	$	131,216	$	128,595
Short-term borrowings		38,324		40,992
Current maturities of long-term debt		4,480		4,510
Long-term debt		264,982		268,350
Other noncurrent liabilities		20,407		20,217
Equity		348,679		351,468
Total liabilities and equity	$	808,088	$	814,132

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

Income Statement

Financial Information

	Three Months Ended February 28,				Nine Months Ended February 28,
(in thousands)	2015		2014		2015		2014
Net sales	$	356,604	$	340,645	$	1,137,866	$	1,121,362
Gross margin		67,636		73,217		232,580		239,098
Operating income		41,335		48,752		154,678		164,824
Depreciation and amortization		8,827		8,622		26,932		28,063
Interest expense		2,157		2,494		6,492		6,950
Income tax expense		2,555		2,937		8,107		8,829
Net earnings		37,859		44,018		141,789		149,801