Investments in Unconsolidated Affiliates (Tables)

6 Months Ended

Nov. 30, 2016

Unconsolidated Affiliates

Financial Information

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

(in thousands)	November 30, 2016		May 31, 2016
Cash	$	59,751	$	112,122
Other current assets		523,625		446,796
Noncurrent assets		352,117		352,370
Total assets	$	935,493	$	911,288
Current liabilities	$	141,808	$	112,491
Short-term borrowings		9,210		11,398
Current maturities of long-term debt		2,807		3,297
Long-term debt		263,646		266,942
Other noncurrent liabilities		19,834		21,034
Equity		498,188		496,126
Total liabilities and equity	$	935,493	$	911,288

	Three Months Ended November 30,				Six Months Ended November 30,
(in thousands)	2016		2015		2016		2015
Net sales	$	387,192	$	389,185	$	804,307	$	793,648
Gross margin		96,541		84,767		220,738		173,785
Operating income		67,365		55,810		161,762		117,057
Depreciation and amortization		6,973		8,068		13,793		16,165
Interest expense		2,151		2,136		4,299		4,295
Income tax expense		3,545		2,164		11,063		4,723
Net earnings		63,444		71,144		149,511		134,070