Investments in Unconsolidated Affiliates (Tables)

12 Months Ended

May. 31, 2015

Income Statement

Financial Information

The following table presents financial results of our three largest affiliated companies for fiscal 2015, fiscal 2014 and fiscal 2013. All other affiliated companies are combined and presented in the Other category.

(in thousands)	2015		2014		2013
Net sales
WAVE	$	382,451	$	382,821	$	370,702
ClarkDietrich		576,171		549,267		547,971
TWB		-		54,003		344,065
Other		551,558		506,711		490,996
Total net sales	$	1,510,180	$	1,492,802	$	1,753,734
Gross margin
WAVE	$	181,102	$	177,935	$	167,924
ClarkDietrich		65,530		73,803		75,580
TWB		-		6,109		41,116
Other		55,374		54,773		48,229
Total gross margin	$	302,006	$	312,620	$	332,849
Operating income
WAVE	$	147,603	$	144,167	$	137,202
ClarkDietrich		10,436		27,918		35,024
TWB		-		4,273		28,241
Other		35,492		37,574		30,457
Total operating income	$	193,531	$	213,932	$	230,924
Depreciation and amortization
WAVE	$	4,150	$	4,916	$	3,919
ClarkDietrich		16,638		16,253		18,173
TWB		-		880		5,123
Other		14,874		14,909		13,497
Total depreciation and amortization	$	35,662	$	36,958	$	40,712
Interest expense
WAVE	$	6,412	$	6,464	$	6,280
ClarkDietrich		138		103		3
TWB		-		-		-
Other		2,145		2,655		2,611
Total interest expense	$	8,695	$	9,222	$	8,894
Income tax expense
WAVE	$	2,539	$	3,606	$	2,451
ClarkDietrich		-		-		-
TWB		-		478		1,218
Other		7,949		5,770		3,187
Total income tax expense	$	10,488	$	9,854	$	6,856
Net earnings
WAVE	$	138,670	$	134,019	$	128,614
ClarkDietrich		11,799		27,837		35,005
TWB		-		4,023		27,931
Other		27,633		30,252		24,452
Total net earnings	$	178,102	$	196,131	$	216,002

Balance Sheet

Financial Information

The following table presents combined information of the financial position for the affiliated companies accounted for using the equity method as of May 31, 2015 and 2014:

(in thousands)	2015		2014
Cash	$	101,011	$	52,997
Receivable from partner (1)		11,092		12,717
Other current assets		491,507		454,417
Noncurrent assets		318,939		294,001
Total assets	$	922,549	$	814,132
Current liabilities	$	184,028	$	128,595
Short-term borrowings		-		40,992
Current maturities of long-term debt		4,489		4,510
Long-term debt		272,861		268,350
Other noncurrent liabilities		20,471		20,217
Equity		440,700		351,468
Total liabilities and equity	$	922,549	$	814,132

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