Worthington Enterprises Files 2024 10-K

TL;DR

WOR filed its 2024 10-K. Full financial picture inside.

AI Summary

Worthington Enterprises, Inc. filed its 10-K for the fiscal year ending May 31, 2024. The company, formerly known as Worthington Industries Inc., reported its financial performance and business operations. Key financial data and disclosures are provided in this annual report, which is a standard filing for publicly traded companies.

Why It Matters

This filing provides investors and stakeholders with a comprehensive overview of Worthington Enterprises' financial health, strategic direction, and potential risks for the fiscal year 2024.

Risk Assessment

Risk Level: medium — This is a standard annual financial filing with no immediate red flags or significant new risks highlighted in the provided snippet.

Key Numbers

• 2024-05-31 — Fiscal Year End (Reporting period for the 10-K filing.)
• 2023-05-31 — Prior Fiscal Year End (Comparison point for financial performance.)

Key Players & Entities

• WORTHINGTON ENTERPRISES, INC. (company) — Filer
• 20240531 (date) — Fiscal Year End
• 20240730 (date) — Filing Date
• COLUMBUS (location) — Business Address City
• OH (location) — Business Address State

FAQ

Key Financial Figures

• $500,000,000 — n December 2019 Credit Facility Our $500,000,000 unsecured revolving credit facility wit
• $550,000,000 — l Credit Facility Worthington Steel's $550,000,000 senior secured revolving credit facilit
• $150,000,000 — st 10, 2012, in the principal amount of $150,000,000, which bore interest at a rate of 4.60%
• $250,000,000 — il 15, 2014, in the principal amount of $250,000,000, which bore interest at a rate of 4.55%
• $200,000,000 — ly 28, 2017, in the principal amount of $200,000,000, which bear an interest rate of 4.30% a

Filing Documents

• wor-20240531.htm (10-K) — 6110KB
• wor-ex4_14.htm (EX-4.14) — 10KB
• wor-ex10_29.htm (EX-10.29) — 24KB
• wor-ex10_33.htm (EX-10.33) — 53KB
• wor-ex10_34.htm (EX-10.34) — 138KB
• wor-ex10_35.htm (EX-10.35) — 138KB
• wor-ex19.htm (EX-19) — 124KB
• wor-ex21.htm (EX-21) — 48KB
• wor-ex23_1.htm (EX-23.1) — 4KB
• wor-ex23_2.htm (EX-23.2) — 4KB
• wor-ex23_3.htm (EX-23.3) — 3KB
• wor-ex24.htm (EX-24) — 80KB
• wor-ex31_1.htm (EX-31.1) — 15KB
• wor-ex31_2.htm (EX-31.2) — 15KB
• wor-ex32_1.htm (EX-32.1) — 7KB
• wor-ex32_2.htm (EX-32.2) — 7KB
• wor-ex97_1.htm (EX-97.1) — 54KB
• wor-ex99_1.htm (EX-99.1) — 624KB
• wor-ex99_2.htm (EX-99.2) — 990KB
• img9491595_0.jpg (GRAPHIC) — 5KB
• img9491595_1.jpg (GRAPHIC) — 5KB
• img9491595_2.jpg (GRAPHIC) — 17KB
• img10415116_0.jpg (GRAPHIC) — 13KB
• img149215222_0.jpg (GRAPHIC) — 151KB
• img149215222_1.jpg (GRAPHIC) — 188KB
• img149215222_2.jpg (GRAPHIC) — 320KB
• 0000950170-24-087983.txt ( ) — 31464KB
• wor-20240531.xsd (EX-101.SCH) — 3428KB
• wor-20240531_htm.xml (XML) — 6520KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 7 Item 1B. Unresolved Staff Comments 18 Item 1C. Cybersecurity 19 Item 2.

Properties

Properties 20 Item 3.

Legal Proceedings

Legal Proceedings 20 Item 4. Mine Safety Disclosures 20 Supplemental Item. Executive Officers of Worthington Enterprises 21 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 22 Item 6. [Reserved] 24 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 25 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 39 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 41 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 88 Item 9A.

Controls and Procedures

Controls and Procedures 88 Item 9B. Other Information 92 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 92 PART III Item 10. Directors, Executive Officers and Corporate Governance 93 Item 11.

Executive Compensation

Executive Compensation 93 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 93 Item 13. Certain Relationships and Related Transactions, and Director Independence 93 Item 14. Principal Accountant Fees and Services 93 PART IV Item 15. Exhibits and Financial Statement Schedules 94 Item 16. Form 10-K Summary 94

Signatures

Signatures 105 i DEFINED TERMS References in this Form 10-K to "we," "our," "us" or the "Company" are collectively to Worthington Enterprises and its consolidated subsidiaries. In addition, the following terms, when used in this Form 10-K, have the meanings set forth below: Term Definition ABI Architecture Billings Index AICPA American Institute of Certified Public Accountants AOCI Accumulated other comprehensive (income) loss ArtiFlex ArtiFlex Manufacturing, LLC ASU Accounting Standards Update Board Board of Directors of Worthington Enterprises CARES Act Coronavirus Aid, Relief and Economic Security Act ClarkDietrich Clarkwestern Dietrich Building Systems LLC CIO Chief Information Officer CISO Chief Information Security Officer Code Internal Revenue Code of 1986, as amended CODM Chief Operating Decision Maker common shares The common shares, no par value, of Worthington Enterprises Council Our Diversity, Equity and Inclusion Council COVID-19 The novel coronavirus disease first known to originate in December 2019 Credit Facility Our $500,000,000 unsecured revolving credit facility with a group of lenders maturing on September 27, 2028 Distribution The pro-rata distribution of all outstanding shares of Worthington Steel whereby each holder of record of Worthington Enterprises common shares received one common share of Worthington Steel for every one common share of Worthington Enterprises held as of the Record Date. EPS Earnings per common share Equity income Equity in net income of unconsolidated affiliates ERGs Employee Resource Groups Exchange Act Securities Exchange Act of 1934, as amended FASB Financial Accounting Standards Board Form 10-K Our Annual Report on Form 10-K for fiscal 2024 fiscal 2022 Our fiscal year ended May 31, 2022 fiscal 2023 Our fiscal year ended May 31, 2023 fiscal 2024 Our fiscal year ended May 31, 2024 fiscal 2025 Our fisc

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations New Senior Notes Collectively, the New Series A Senior Note and the New Series B Senior Notes New Series A Senior Note The senior unsecured note issued by Worthington Enterprises on August 23, 2019, in the principal amount of 36,700,000 that bears interest at a rate of 2.06% and are scheduled to be repaid on August 23, 2031. New Series B Senior Note The senior unsecured notes issued by Worthington Enterprises on August 23, 2019, in the principal amount of 55,000,000 that bears interest at a rate of 2.40% and are scheduled to be repaid on August 23, 2034. NYSE New York Stock Exchange OCI Other comprehensive income (loss) Original Senior Notes Collectively, the Original Series A Senior Note and the Original Series B Senior Notes Original Series A Senior Note The senior unsecured note issued by one of our European subsidiaries on August 23, 2019, in the principal amount of 36,700,000, which had an interest rate of 1.56% and was set to mature on August 23, 2031. Original Series B Senior Notes The senior unsecured notes issued by one of our European subsidiaries on August 23, 2019, in the principal amount of 55,000,000, which had an interest rate of 1.90% and was set to mature on August 23, 2034. OSHA U.S. Occupational Safety and Health Administration PSLRA Private Securities Litigation Reform Act of 1995, as amended ii Table of Contents Term Definition Record Date Close of business on November 21, 2023 Ragasco Hexagon Ragasco AS ROU Right of use Samuel Worthington Samuel Coil Processing LLC SEC U.S. Securities and Exchange Commission Securities Act Securities Act of 1933, as amended Separation The separation of our steel processing business, effective December 1, 2023 Serviacero Serviacero Planos, S. de R. L. de C.V. SG&A Selling, general and administrative expenses Simple SOFR Simple Secured Overni

View Full Filing

View this 10-K filing on SEC EDGAR