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Consolidated Statements of Earnings - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
May 31, 2016
May 31, 2015
May 31, 2014
Net sales $ 2,819,714 $ 3,384,234 $ 3,126,426
Cost of goods sold 2,367,121 2,920,701 2,633,907
Gross margin 452,593 463,533 492,519
Selling, general and administrative expense 297,402 295,920 300,396
Impairment of goodwill and long-lived assets 25,962 100,129 58,246
Restructuring and other expense (income) 7,177 6,927 (1,876)
Operating income 122,052 60,557 135,753
Other income (expense):      
Miscellaneous income, net 11,267 795 16,963
Interest expense (31,670) (35,800) (26,671)
Equity in net income of unconsolidated affiliates 114,966 87,476 91,456
Earnings before income taxes 216,615 113,028 217,501
Income tax expense 58,987 25,772 57,349
Net earnings 157,628 87,256 160,152
Net earnings attributable to noncontrolling interests [1] 13,913 10,471 8,852
Net earnings attributable to controlling interest $ 143,715 $ 76,785 $ 151,300
Basic      
Average common shares outstanding 62,469 66,309 68,944
Earnings per share attributable to controlling interest $ 2.30 $ 1.16 $ 2.19
Diluted      
Average common shares outstanding 64,755 68,483 71,664
Earnings per share attributable to controlling interest $ 2.22 $ 1.12 $ 2.11
[1] Net earnings attributable to noncontrolling interests are not taxable to Worthington.