Investments in affiliated companies that we do not control, either through majority ownership or otherwise, are accounted for using the equity method. At November 30, 2021, the Company held non-controlling investments in the following affiliated companies: ArtiFlex Manufacturing, LLC (“ArtiFlex”) (50%), Clarkwestern Dietrich Building Systems LLC (“ClarkDietrich”) (25%), Serviacero Planos, S. de R. L. de C.V. (“Serviacero Worthington”) (50%), Taxi Workhorse Holdings, LLC (“Cabs”) (20%), and Worthington Armstrong Venture (“WAVE”) (50%).

We received distributions from unconsolidated affiliates totaling $48,642,000 during the six months ended November 30, 2021. We have received cumulative distributions from WAVE in excess of our investment balance amounting to $94,836,000, which is shown as a separate liability on our consolidated balance sheet at November 30, 2021. In accordance with the applicable accounting guidance, we reclassified the negative investment balance to the liabilities section of our consolidated balance sheet. We will continue to record our equity in the net income of WAVE as a debit to the investment account, and if the investment balance becomes positive, it will again be shown as an asset on our consolidated balance sheet. If it becomes probable that any excess distribution may not be returned (upon joint venture liquidation or otherwise), we will recognize any negative investment balance classified as a liability as income immediately.

We use the “cumulative earnings” approach for determining cash flow presentation of distributions from our unconsolidated joint ventures. Distributions received are included in our consolidated statements of cash flows as operating activities, unless the cumulative distributions received, less distributions received in prior periods that were determined to be returns of investment, exceed our portion of the cumulative equity in the net earnings of the joint venture, in which case the excess distributions are deemed to be returns of the investment and are classified as investing activities in our consolidated statements of cash flows.

The following tables summarize combined financial information for our unconsolidated affiliates as of the dates, and for the periods presented:

	November 30,		May 31,
(in thousands)	2021		2021
Cash	$	34,797	$	11,651
Other current assets		1,140,126		733,834
Noncurrent assets		365,845		382,585
Total assets	$	1,540,768	$	1,128,070

Current liabilities	$	403,512	$	232,626
Short-term borrowings		2,879		1,155
Current maturities of long-term debt		58,753		30,209
Long-term debt		298,945		311,871
Other noncurrent liabilities		104,418		92,209
Equity		672,261		460,000
Total liabilities and equity	$	1,540,768	$	1,128,070

	Three Months Ended					Six Months Ended
	November 30,					November 30,
(in thousands)	2021			2020		2021			2020
Net sales	$	858,165		$	451,198	$	1,603,160		$	856,518
Gross margin		226,502			96,561		416,176			189,610
Operating income		184,779			64,890		330,767			122,843
Depreciation and amortization		7,848			8,672		16,075			16,402
Interest expense (income)		(2,711	)		2,832		(5,172	)		5,777
Income tax expense		8,565			2,322		16,461			4,052
Net earnings		173,915			60,943		312,803			117,516