Worthington Steel Inc
For the period ended May 31, 2024. Filed Aug 2, 2024.
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FY2024 · Filed Aug 2, 2024
WS$39.37+1.2%Stored close · as of Nov 10, 2026
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Consolidated and Combined Balance Sheets
(In millions, except share amounts)
| May 31, | ||
|---|---|---|
| 2024 | 2023 | |
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $40.2 | $32.7 |
| Receivables, less allowances of $3.2 and $2.6 at May 31, 2024 and May 31, 2023, respectively | 472.6 | 468.0 |
| Inventories: | ||
| Raw materials | 150.2 | 173.9 |
| Work in process | 176.8 | 164.1 |
| Finished products | 78.3 | 76.8 |
| Total inventories | 405.3 | 414.8 |
| Income taxes receivable | 4.2 | 4.3 |
| Assets held for sale | 2.9 | 3.4 |
| Prepaid expenses and other current assets | 76.6 | 57.7 |
| Total current assets | 1,001.8 | 980.9 |
| Investment in unconsolidated affiliate | 135.0 | 114.6 |
| Operating lease - ROU assets | 72.9 | 75.3 |
| Goodwill | 79.6 | 78.6 |
| Other intangible assets, net of accumulated amortization of $45.3 and $38.9 at May 31, 2024 and May 31, 2023, respectively | 77.0 | 83.4 |
| Deferred income taxes | 8.5 | 6.3 |
| Other assets | 16.8 | 10.9 |
| Property, plant and equipment: | ||
| Land | 37.9 | 37.6 |
| Buildings and improvements | 177.1 | 168.6 |
| Machinery and equipment | 893.8 | 847.5 |
| Construction in progress | 83.6 | 20.3 |
| Total property, plant and equipment | 1,192.4 | 1,074.0 |
| Less: accumulated depreciation | 717.6 | 659.6 |
| Total property, plant and equipment, net | 474.8 | 414.4 |
| Total assets | $1,866.4 | $1,764.4 |
CONSOLIDATED AND COMBINED BALANCE SHEETS
(In millions, except share amounts)
| May 31, | ||
|---|---|---|
| 2024 | 2023 | |
| LIABILITIES AND EQUITY | ||
| Current liabilities: | ||
| Accounts payable | $380.4 | $402.2 |
| Short-term borrowings | 148.0 | 2.8 |
| Accrued compensation, contributions to employee benefit plans and related taxes | 52.8 | 31.9 |
| Dividends payable | 8.7 | - |
| Other accrued items | 15.7 | 15.6 |
| Current operating lease liabilities | 7.6 | 5.9 |
| Income taxes payable | 5.2 | - |
| Current maturities of long-term debt due to the Former Parent | - | 20.0 |
| Total current liabilities | 618.4 | 478.4 |
| Other liabilities | 34.3 | 33.6 |
| Noncurrent operating lease liabilities | 68.3 | 71.7 |
| Deferred income taxes, net | 27.9 | 26.1 |
| Total liabilities | 748.9 | 609.8 |
| Preferred shares, without par value; authorized - 1,000,000 shares; issued and outstanding - none | - | - |
| Common shares, without par value; authorized - 150,000,000 shares; issued and outstanding, 2024 - 49,331,514 shares, 2023 - 100 shares | - | - |
| Additional paid-in capital | 905.3 | - |
| Retained earnings | 86.1 | - |
| Net Investment by Former Parent | - | 1,031.1 |
| Accumulated other comprehensive loss, net of taxes of $(1.7) and $(2.6) at May 31, 2024 and May 31, 2023, respectively | (6.1) | (2.1) |
| Total shareholders’ equity - controlling interest | 985.3 | 1,029.0 |
| Noncontrolling interests | 132.2 | 125.6 |
| Total equity | 1,117.5 | 1,154.6 |
| Total liabilities and equity | $1,866.4 | $1,764.4 |
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