Changes in Equity | Note K – Changes in Equity The following tables summarize the changes in equity by component and in total for the periods presented: Controlling Interest Additional Non- Paid-in AOCI, Retained controlling (In thousands) Capital Net of Tax Earnings Subtotal Interests Total Balance at May 31, 2023 $ 290,799 $ ( 23,179 ) $ 1,428,391 $ 1,696,011 $ 125,617 $ 1,821,628 Net earnings - - 96,106 96,106 3,597 99,703 Other comprehensive loss - ( 5,408 ) - ( 5,408 ) - ( 5,408 ) Common shares issued, net of withholding tax ( 5,130 ) - - ( 5,130 ) - ( 5,130 ) Common shares in non-qualified plans 130 - - 130 - 130 Stock-based compensation 8,995 - - 8,995 - 8,995 Cash dividends declared - - ( 16,081 ) ( 16,081 ) - ( 16,081 ) Dividends to noncontrolling interests - - - - ( 1,921 ) ( 1,921 ) Balance at August 31, 2023 $ 294,794 $ ( 28,587 ) $ 1,508,416 $ 1,774,623 $ 127,293 $ 1,901,916 Net earnings - - 24,302 24,302 3,865 28,167 Other comprehensive income - 14,446 - 14,446 - 14,446 Common shares issued, net of withholding tax ( 9,207 ) - - ( 9,207 ) - ( 9,207 ) Common shares in non-qualified plans 195 - - 195 - 195 Stock-based compensation 4,511 - - 4,511 - 4,511 Cash dividends declared - - ( 16,061 ) ( 16,061 ) - ( 16,061 ) Dividends to noncontrolling interests - - - - - - Balance at November 30, 2023 $ 290,293 $ ( 14,141 ) $ 1,516,657 $ 1,792,809 $ 131,158 $ 1,923,967 Net earnings - - 22,000 22,000 - 22,000 Other comprehensive income - 6,323 - 6,323 - 6,323 Common shares issued, net of withholding tax ( 1,023 ) - - ( 1,023 ) - ( 1,023 ) Common shares in non-qualified plans 53 - - 53 - 53 Stock-based compensation 2,071 - - 2,071 - 2,071 Separation of Worthington Steel - ( 717 ) ( 901,370 ) ( 902,087 ) ( 128,812 ) ( 1,030,899 ) Cash dividends declared - - ( 8,050 ) ( 8,050 ) - ( 8,050 ) Balance at February 29, 2024 $ 291,394 $ ( 8,535 ) $ 629,237 $ 912,096 $ 2,346 $ 914,442 Controlling Interest Additional Non- Paid-in AOCI, Retained controlling (In thousands) Capital Net of Tax Earnings Subtotal Interests Total Balance at May 31, 2022 $ 273,439 $ ( 22,850 ) $ 1,230,163 $ 1,480,752 $ 133,210 $ 1,613,962 Net earnings - - 64,082 64,082 1,162 65,244 Other comprehensive loss - ( 20,462 ) - ( 20,462 ) - ( 20,462 ) Common shares issued, net of withholding tax ( 3,466 ) - - ( 3,466 ) - ( 3,466 ) Common shares in non-qualified plans 136 - - 136 - 136 Stock-based compensation 6,976 - - 6,976 - 6,976 Cash dividends declared - - ( 15,418 ) ( 15,418 ) - ( 15,418 ) Balance at August 31, 2022 $ 277,085 $ ( 43,312 ) $ 1,278,827 $ 1,512,600 $ 134,372 $ 1,646,972 Net earnings - - 16,218 16,218 3,287 19,505 Other comprehensive loss - ( 3,224 ) - ( 3,224 ) - ( 3,224 ) Common shares issued, net of withholding tax ( 649 ) - - ( 649 ) - ( 649 ) Common shares in non-qualified plans 298 - - 298 - 298 Stock-based compensation 3,620 - - 3,620 - 3,620 Cash dividends declared - - ( 15,470 ) ( 15,470 ) - ( 15,470 ) Dividends to noncontrolling interests - - - - ( 11,760 ) ( 11,760 ) Balance at November 30, 2022 $ 280,354 $ ( 46,536 ) $ 1,279,575 $ 1,513,393 $ 125,899 $ 1,639,292 Net earnings - - 46,325 46,325 3,933 50,258 Other comprehensive income - 36,228 - 36,228 - 36,228 Common shares issued, net of withholding tax 704 - - 704 - 704 Common shares in non-qualified plans 107 - - 107 - 107 Stock-based compensation 3,818 - - 3,818 - 3,818 Cash dividends declared - - ( 15,149 ) ( 15,149 ) - ( 15,149 ) Balance at February 28, 2023 $ 284,983 $ ( 10,308 ) $ 1,310,751 $ 1,585,426 $ 129,832 $ 1,715,258 The following table summarizes the changes in AOCI for the periods presented: Foreign Pension Currency Liability Cash Flow (In thousands) Translation Adjustment Hedges AOCI Balance at May 31, 2023 $ ( 22,123 ) $ ( 1,730 ) $ 674 $ ( 23,179 ) Other comprehensive income before reclassifications 1,555 60 14,893 16,508 Reclassification adjustments to net earnings (a)(b) - 8,867 ( 5,753 ) 3,114 Income tax effect 88 ( 2,125 ) ( 2,224 ) ( 4,261 ) Separation of Worthington Steel 10,874 ( 5,984 ) ( 5,607 ) ( 717 ) Balance at February 29, 2024 $ ( 9,606 ) $ ( 912 ) $ 1,983 $ ( 8,535 ) Foreign Pension Currency Liability Cash Flow (In thousands) Translation Adjustment Hedges AOCI Balance at May 31, 2022 $ ( 15,310 ) $ ( 6,244 ) $ ( 1,296 ) $ ( 22,850 ) Other comprehensive loss before reclassifications ( 7,549 ) ( 619 ) ( 2,999 ) ( 11,167 ) Reclassification adjustments to net earnings (a)(b) - 4,774 24,200 28,974 Income tax effect ( 131 ) ( 975 ) ( 4,159 ) ( 5,265 ) Balance at February 28, 2023 $ ( 22,990 ) $ ( 3,064 ) $ 15,746 $ ( 10,308 ) The consolidated statement of earnings classification of amounts reclassified to net income include: (a) Cash flow hedges – Disclosure of reclassification adjustments classified within continuing operations is provided in “Note Q – Derivative Financial Instruments and Hedging Activities.” The residual amount relates to Worthington Steel and has been presented within discontinued operations. (b) Pension liability adjustment – Reflects the acceleration of deferred pension costs in AOCI related to separate pension lift-out transactions completed in February 2024 and August 2022, respectively, to transfer the pension benefit obligation under The Gerstenslager Company Bargaining Unit Employees’ Pension Plan to third-party insurance companies. |