Investments in Unconsolidated Affiliates (Tables)

3 Months Ended

Aug. 31, 2015

Balance Sheet

Financial Information

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

(in thousands)	August 31, 2015		May 31, 2015
Cash	$	96,400	$	101,011
Receivable from member (1)		10,213		11,092
Other current assets		477,072		491,507
Noncurrent assets		331,811		318,939
Total assets	$	915,496	$	922,549
Current liabilities	$	141,720	$	184,028
Short-term borrowings		25,483		-
Current maturities of long-term debt		4,460		4,489
Long-term debt		270,771		272,861
Other noncurrent liabilities		20,205		20,471
Equity		452,857		440,700
Total liabilities and equity	$	915,496	$	922,549

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

Income Statement

Financial Information

	Three Months Ended August 31,
(in thousands)	2015		2014
Net sales	$	404,463	$	392,550
Gross margin		89,018		88,751
Operating income		61,246		63,479
Depreciation and amortization		8,097		9,122
Interest expense		2,159		2,162
Income tax expense		2,560		2,753
Net earnings		62,926		59,440