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v3.23.2

Investments in Unconsolidated Affiliates (Tables) | 12 Months Ended
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May 31, 2023
Equity Method Investments and Joint Ventures [Abstract] |
Financial Information | 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) | 2023 |  |  | 2022 |
Cash and cash equivalents | $ | 49,185 |  |  | $ | 68,563 |
Other current assets |  | 899,913 |  |  |  | 1,148,029 |
Noncurrent assets |  | 394,468 |  |  |  | 369,608 |
Total assets (1) | $ | 1,343,566 |  |  | $ | 1,586,200 |
Current liabilities | $ | 247,796 |  |  | $ | 345,097 |
Short-term borrowings |  | - |  |  |  | 5,943 |
Current maturities of long-term debt |  | 36,936 |  |  |  | 33,054 |
Long-term debt |  | 349,215 |  |  |  | 306,814 |
Other noncurrent liabilities |  | 144,649 |  |  |  | 76,437 |
Equity |  | 564,970 |  |  |  | 818,855 |
Total liabilities and equity (1) | $ | 1,343,566 |  |  | $ | 1,586,200 |
(1) Effective January 1, 2022, Workhorse adopted Topic 842 using the alternative transition method. As a result of the adoption, Workhorse recognized operating lease ROU assets of $47,082 and lease liabilities of $47,082. The adoption resulted in a cumulative-effect adjustment of $18,000 related to a prior sale lease-back transaction recognized under Accounting Standards Codification Topic 840. Our portion of this cumulative effect adjustment was $3,600 and is recognized in retained earnings on our consolidated balance sheet as of May 31, 2023. The impact of adopting ASC 842 did not have a significant impact on the financial statements of our other unconsolidated affiliates. The following tables presents summarized financial information for our unconsolidated affiliates as of, and for the fiscal years ended May 31.
(In thousands) | 2023 |  |  | 2022 |  |  | 2021 |
Net sales |  |  |  |  |  |  |  |
WAVE | $ | 447,369 |  |  | $ | 452,368 |  |  | $ | 371,814 |
ClarkDietrich |  | 1,451,665 |  |  |  | 1,695,808 |  |  |  | 893,371 |
Serviacero Worthington |  | 564,569 |  |  |  | 620,312 |  |  |  | 311,543 |
ArtiFlex (1) |  | 52,641 |  |  |  | 187,089 |  |  |  | 144,834 |
Workhorse |  | 364,396 |  |  |  | 313,265 |  |  |  | 196,915 |
Total net sales | $ | 2,880,640 |  |  | $ | 3,268,842 |  |  | $ | 1,918,477 |
(In thousands) | 2023 |  |  | 2022 |  |  | 2021 |
Gross margin |  |  |  |  |  |  |  |
WAVE | $ | 242,257 |  |  | $ | 238,523 |  |  | $ | 215,692 |
ClarkDietrich |  | 403,569 |  |  |  | 431,070 |  |  |  | 158,074 |
Serviacero Worthington |  | 21,503 |  |  |  | 96,918 |  |  |  | 51,253 |
ArtiFlex (1) |  | 8,589 |  |  |  | 30,633 |  |  |  | 20,596 |
Workhorse |  | 17,628 |  |  |  | 11,455 |  |  |  | (7,057 | )
Total gross margin | $ | 693,546 |  |  | $ | 808,599 |  |  | $ | 438,558 |
(In thousands) | 2023 |  |  | 2022 |  |  | 2021 |
Operating income (loss) |  |  |  |  |  |  |  |
WAVE | $ | 184,882 |  |  | $ | 183,545 |  |  | $ | 165,381 |
ClarkDietrich |  | 318,914 |  |  |  | 351,583 |  |  |  | 94,888 |
Serviacero Worthington |  | 10,387 |  |  |  | 87,342 |  |  |  | 43,075 |
ArtiFlex (1) |  | 4,911 |  |  |  | 15,778 |  |  |  | 9,628 |
Workhorse |  | 7,507 |  |  |  | (2,024 | ) |  |  | (2,372 | )
Total operating income | $ | 526,601 |  |  | $ | 636,224 |  |  | $ | 310,600 |
(In thousands) | 2023 |  |  | 2022 |  |  | 2021 |
Depreciation and amortization |  |  |  |  |  |  |  |
WAVE | $ | 4,679 |  |  | $ | 4,554 |  |  | $ | 4,073 |
ClarkDietrich |  | 13,717 |  |  |  | 10,946 |  |  |  | 11,917 |
Serviacero Worthington |  | 4,030 |  |  |  | 4,300 |  |  |  | 4,305 |
ArtiFlex (1) |  | 1,444 |  |  |  | 5,708 |  |  |  | 5,728 |
Workhorse |  | 10,386 |  |  |  | 6,586 |  |  |  | 8,965 |
Total depreciation and amortization | $ | 34,256 |  |  | $ | 32,094 |  |  | $ | 34,988 |
(In thousands) | 2023 |  |  | 2022 |  |  | 2021 |
Interest expense |  |  |  |  |  |  |  |
WAVE | $ | 13,024 |  |  | $ | 8,386 |  |  | $ | 8,909 |
ClarkDietrich |  | 524 |  |  |  | 308 |  |  |  | 101 |
Serviacero Worthington |  | 329 |  |  |  | 180 |  |  |  | 42 |
ArtiFlex (1) |  | 134 |  |  |  | 340 |  |  |  | 528 |
Workhorse |  | 2,507 |  |  |  | 1,228 |  |  |  | 2,704 |
Total interest expense | $ | 16,518 |  |  | $ | 10,442 |  |  | $ | 12,284 |
(In thousands) | 2023 |  |  | 2022 |  |  | 2021 |
Income tax expense (benefit) |  |  |  |  |  |  |  |
WAVE | $ | 222 |  |  | $ | 158 |  |  | $ | 200 |
ClarkDietrich |  | 1,924 |  |  |  | - |  |  |  | - |
Serviacero Worthington |  | (2,996 | ) |  |  | 25,079 |  |  |  | 11,341 |
ArtiFlex (1) |  | 59 |  |  |  | 258 |  |  |  | 149 |
Workhorse |  | 1,802 |  |  |  | 1,244 |  |  |  | 270 |
Total income tax expense | $ | 1,011 |  |  | $ | 26,739 |  |  | $ | 11,960 |
(In thousands) | 2023 |  |  | 2022 |  |  | 2021 |
Net earnings (loss) |  |  |  |  |  |  |  |
WAVE | $ | 171,687 |  |  | $ | 175,154 |  |  | $ | 156,869 |
ClarkDietrich |  | 321,977 |  |  |  | 356,288 |  |  |  | 98,313 |
Serviacero Worthington |  | 15,451 |  |  |  | 59,565 |  |  |  | 31,865 |
ArtiFlex (1) |  | 4,717 |  |  |  | 15,180 |  |  |  | 8,950 |
Workhorse |  | 2,673 |  |  |  | (1,170 | ) |  |  | (2,811 | )
Total net earnings | $ | 516,505 |  |  | $ | 605,017 |  |  | $ | 293,186 |
(1) On August 3, 2022, we sold our 50% noncontrolling equity interest in ArtiFlex.

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- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571 + Details
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