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Investments in Unconsolidated Affiliates | 3 Months Ended
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Aug. 31, 2025
Equity Method Investments and Joint Ventures [Abstract] |
Investments in Unconsolidated Affiliates | Note B – Investments in Unconsolidated Affiliates Investments in joint ventures that we do not control, either through majority ownership or otherwise, are unconsolidated and accounted for using the equity method. At August 31, 2025, we held investments in the following unconsolidated joint ventures: ClarkDietrich (25%); Sustainable Energy Solutions (49%); WAVE (50%); and Workhorse (20%). We received distributions from unconsolidated affiliates totaling $36,476 during the three months ended August 31, 2025. We have received cumulative distributions from WAVE in excess of our investment balance, which resulted in a negative asset balance of $103,166 and $103,767 at August 31, 2025 and May 31, 2025, respectively. In accordance with the applicable accounting guidance, we have reclassified the negative balances to distributions in excess of investment in unconsolidated affiliate within our consolidated balance sheets. We will continue to record our equity in the net income of WAVE as a debit to the investment account, and if it becomes positive, it will again be shown as an asset on our consolidated balance sheets. If it becomes probable that any excess distribution may not be returned (upon joint venture liquidation or otherwise), we will immediately recognize any balance classified as a liability as income. We use the cumulative earnings approach to determine the 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 exceed our share of the cumulative equity in the net earnings of the joint venture. In such cases, the excess distributions are considered returns of investment and are classified as investing activities in our consolidated statements of cash flows. WAVE and ClarkDietrich are included within the Building Products segment, while the Sustainable Energy Solutions and Workhorse joint ventures are reported within Other. The following tables present summarized financial information for our unconsolidated affiliates for three months ended August 31, 2025 and 2024:
| Three Months Ended |  |
| August 31, |  |
| 2025 |  |  | 2024 |  |
WAVE |  |  |  |  |  |
Net sales | $ | 134,717 |  |  | $ | 125,905 |  |
Operating income |  | 67,683 |  |  |  | 60,065 |  |
Depreciation and amortization |  | 1,638 |  |  |  | 1,470 |  |
Interest expense, net |  | 3,960 |  |  |  | 4,409 |  |
Income tax expense |  | 134 |  |  |  | 64 |  |
Net earnings |  | 63,597 |  |  |  | 56,209 |  |
ClarkDietrich |  |  |  |  |  |
Net sales | $ | 289,991 |  |  | $ | 301,855 |  |
Operating income |  | 22,789 |  |  |  | 34,081 |  |
Depreciation and amortization |  | 4,495 |  |  |  | 3,873 |  |
Interest expense (income), net |  | 80 |  |  |  | (142 | ) |
Income tax expense |  | 13 |  |  |  | 537 |  |
Net earnings |  | 23,735 |  |  |  | 34,976 |  |
Other |  |  |  |  |  |
Net sales | $ | 72,485 |  |  | $ | 87,913 |  |
Operating income (loss) |  | (3,257 | ) |  |  | 200 |  |
Depreciation and amortization |  | 2,214 |  |  |  | 2,663 |  |
Interest expense, net |  | 295 |  |  |  | 491 |  |
Income tax expense |  | 59 |  |  |  | 44 |  |
Net earnings (loss) |  | (3,623 | ) |  |  | (503 | ) |

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478156/740-323-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org/323/tableOfContent + Details
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