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Investment in Nikola | 12 Months Ended
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May 31, 2023
Equity Method Investments and Joint Ventures [Abstract] |
Investment in Nikola | Note C – Investment in Nikola On June 3, 2020 (the “Effective Date”), Nikola Corporation (“Nikola”) became a public company through a reverse merger with a subsidiary of VectoIQ Acquisition Corporation, a NASDAQ-listed, publicly-traded company. Prior to the Effective Date, we held an equity interest in the predecessor company, which was converted to 19,048 shares of Nikola common stock on the Effective Date. During fiscal 2021, we sold or contributed all of these shares and recognized pre-tax gains of $655,102, which were comprised of $634,449 in cash proceeds and $20,653 in value from Nikola shares contributed to the Worthington Industries Foundation to establish a charitable endowment focused on the communities in which we operate. We also recognized $50,624 of incremental expenses in operating income related to Nikola gains consisting of $29,971 for discretionary profit sharing and bonus expenses and $20,653 for the charitable contribution of Nikola shares.

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