Investments in Unconsolidated Affiliates (Tables)

12 Months Ended

May 31, 2020

Equity Method Investments And Joint Ventures [Abstract]

The following table presents combined information regarding the financial position of our unconsolidated affiliates accounted for using the equity method as of May 31:

(in thousands)	2020		2019
Cash	$	68,730	$	37,471
Other current assets		528,631		594,959
Current assets for discontinued operations		-		35,793
Noncurrent assets		399,731		360,925
Total assets	$	997,092	$	1,029,148
Current liabilities	$	174,709	$	236,781
Current liabilities for discontinued operations		-		9,610
Short-term borrowings		500		15,162
Current maturities of long-term debt		37,542		33,003
Long-term debt		346,690		321,791
Other noncurrent liabilities		73,656		18,192
Equity		363,995		394,609
Total liabilities and equity	$	997,092	$	1,029,148

The following table presents summarized financial information for our four largest unconsolidated affiliates as of, and for the fiscal years ended May 31. All other unconsolidated affiliates are combined and presented in the Other category.

(in thousands)	2020			2019			2018
Net sales
WAVE	$	368,820		$	379,103		$	360,395
ClarkDietrich		855,994			892,758			790,887
Serviacero Worthington		273,276			351,671			315,098
ArtiFlex		175,428			201,526			197,061
Other		146,478			32,753			28,578
Total net sales	$	1,819,996		$	1,857,811		$	1,692,019

Gross margin (loss)
WAVE	$	208,040		$	205,909		$	201,581
ClarkDietrich		131,619			93,947			97,437
Serviacero Worthington		15,739			34,494			32,396
ArtiFlex		14,212			12,928			18,266
Other		7,320			(6,000	)		(6,399	)
Total gross margin	$	376,930		$	341,278		$	343,281

Operating income (loss)
WAVE	$	166,404		$	166,969		$	158,697
ClarkDietrich		66,952			33,384			39,153
Serviacero Worthington		7,513			25,636			24,232
ArtiFlex		6,248			5,524			11,395
Other		(23,596	)		(9,964	)		(10,584	)
Total operating income	$	223,521		$	221,549		$	222,893

Depreciation and amortization
WAVE	$	4,032		$	3,634		$	3,318
ClarkDietrich		11,869			11,600			11,864
Serviacero Worthington		4,324			4,319			3,919
ArtiFlex		5,605			6,055			5,515
Other		4,689			875			749
Total depreciation and amortization	$	30,519		$	26,483		$	25,365

Interest expense
WAVE	$	11,061		$	10,547		$	8,365
ClarkDietrich		378			912			114
Serviacero Worthington		87			493			397
ArtiFlex		801			1,443			1,333
Other		1,665			-			-
Total interest expense	$	13,992		$	13,395		$	10,209

Income tax expense (benefit)
WAVE	$	216		$	219		$	119
ClarkDietrich		-			-			-
Serviacero Worthington		3,267			7,629			5,141
ArtiFlex		(15	)		29			208
Other		(15	)		-			-
Total income tax expense	$	3,453		$	7,877		$	5,468

Net earnings (loss)
WAVE (1)	$	202,451		$	162,849		$	152,329
ClarkDietrich		68,899			34,560			39,138
Serviacero Worthington		2,573			16,155			17,577
ArtiFlex		5,461			4,051			9,854
Other		(19,934	)		(8,383	)		(11,922	)
Total net earnings	$	259,450		$	209,232		$	206,976

(1)

These net earnings include net income attributable to discontinued operations of $49,770,000, $6,830,000, and $2,226,000 in fiscal 2020, fiscal 2019, and fiscal 2018, respectively, related to the international

operations of WAVE being sold. All other amounts presented in the table above exclude the activity of the discontinued operations of WAVE.