Worthington Industries (WOR) 10-Q 11 Jan 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Nov. 30, 2015	Dec. 31, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Nov. 30, 2015
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Trading Symbol	WOR
Entity Registrant Name	WORTHINGTON INDUSTRIES INC
Entity Central Index Key	108,516
Current Fiscal Year End Date	--05-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		63,228,138

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Nov. 30, 2015	May. 31, 2015
Current assets:
Cash and cash equivalents	$ 27,354	$ 31,067
Receivables, less allowances of $3,163 and $3,085 at November 30, 2015 and May 31, 2015, respectively	407,371	474,292
Inventories:
Raw materials	177,044	181,975
Work in process	89,877	107,069
Finished products	84,232	85,931
Total inventories	351,153	374,975
Income taxes receivable	3,491	12,119
Assets held for sale	12,646	23,412
Deferred income taxes	21,356	22,034
Prepaid expenses and other current assets	48,525	54,294
Total current assets	871,896	992,193
Investments in unconsolidated affiliates	210,116	196,776
Goodwill	237,110	238,999
Other intangible assets, net of accumulated amortization of $42,744 and $47,547 at November 30, 2015 and May 31, 2015, respectively	92,119	119,117
Other assets	25,676	24,867
Property, plant & equipment:
Land	14,367	16,017
Buildings and improvements	224,104	218,182
Machinery and equipment	898,384	872,986
Construction in progress	52,174	40,753
Total property, plant & equipment	1,189,029	1,147,938
Less: accumulated depreciation	664,941	634,748
Property, plant and equipment, net	524,088	513,190
Total assets	1,961,005	2,085,142
Current liabilities:
Accounts payable	265,984	294,129
Short-term borrowings	49,538	90,550
Accrued compensation, contributions to employee benefit plans and related taxes	59,016	66,252
Dividends payable	13,293	12,862
Other accrued items	61,039	56,913
Income taxes payable	2,049	2,845
Current maturities of long-term debt	851	841
Total current liabilities	451,770	524,392
Other liabilities	63,429	58,269
Distributions in excess of investment in unconsolidated affiliate	58,214	61,585
Long-term debt	579,016	579,352
Deferred income taxes	4,802	21,495
Total liabilities	1,157,231	1,245,093
Shareholders' equity - controlling interest	713,006	749,112
Noncontrolling interests	90,768	90,937
Total equity	803,774	840,049
Total liabilities and equity	$ 1,961,005	$ 2,085,142

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Nov. 30, 2015	May. 31, 2015
Receivables, allowances	$ 3,163	$ 3,085
Other intangible assets, accumulated amortization	$ 42,744	$ 47,547

Consolidated Statements of Earn

Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 30, 2015	Nov. 30, 2014	Nov. 30, 2015	Nov. 30, 2014
Net sales	$ 699,816	$ 871,012	$ 1,457,963	$ 1,733,426
Cost of goods sold	590,637	745,789	1,235,768	1,478,696
Gross margin	109,179	125,223	222,195	254,730
Selling, general and administrative expense	72,722	77,308	148,673	152,563
Impairment of long-lived assets	22,962	14,235	25,962	16,185
Restructuring and other expense	1,523	488	4,592	588
Operating income	11,972	33,192	42,968	85,394
Other income (expense):
Miscellaneous income, net	996	1,220	418	1,543
Interest expense	(7,799)	(9,676)	(15,653)	(19,192)
Equity in net income of unconsolidated affiliates	29,247	22,319	55,828	50,243
Earnings before income taxes	34,416	47,055	83,561	117,988
Income tax expense	8,800	15,600	23,508	37,713
Net earnings	25,616	31,455	60,053	80,275
Net earnings attributable to noncontrolling interests	2,375	1,993	5,402	6,645
Net earnings attributable to controlling interest	$ 23,241	$ 29,462	$ 54,651	$ 73,630
Basic
Average common shares outstanding	62,676	67,105	63,338	67,337
Earnings per share attributable to controlling interest	$ 0.37	$ 0.44	$ 0.86	$ 1.09
Diluted
Average common shares outstanding	64,527	69,181	65,015	69,780
Earnings per share attributable to controlling interest	$ 0.36	$ 0.43	$ 0.84	$ 1.06
Common shares outstanding at end of period	62,101	66,912	62,101	66,912
Cash dividends declared per share	$ 0.19	$ 0.18	$ 0.38	$ 0.36

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 30, 2015	Nov. 30, 2014	Nov. 30, 2015	Nov. 30, 2014
Net earnings	$ 25,616	$ 31,455	$ 60,053	$ 80,275
Other comprehensive loss:
Foreign currency translation	(9,214)	(7,270)	(7,391)	(16,862)
Pension liability adjustment, net of tax			(8)
Cash flow hedges, net of tax	(2,523)	(1,881)	(1,893)	(920)
Other comprehensive loss	(11,737)	(9,151)	(9,292)	(17,782)
Comprehensive income	13,879	22,304	50,761	62,493
Comprehensive income attributable to noncontrolling interests	1,760	1,559	4,731	5,031
Comprehensive income attributable to controlling interest	$ 12,119	$ 20,745	$ 46,030	$ 57,462

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 30, 2015	Nov. 30, 2014	Nov. 30, 2015	Nov. 30, 2014
Operating activities
Net earnings	$ 25,616	$ 31,455	$ 60,053	$ 80,275
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	20,547	21,200	41,987	41,567
Impairment of long-lived assets	22,962	14,235	25,962	16,185
Provision for deferred income taxes	(9,851)	(5,492)	(15,391)	(6,027)
Bad debt expense (income)	(2)	143	8	(60)
Equity in net income of unconsolidated affiliates, net of distributions	(10,389)	(813)	(15,902)	(7,803)
Net loss (gain) on sale of assets	(5,854)	2,370	(4,248)	(460)
Stock-based compensation	3,880	4,498	7,657	8,853
Excess tax benefits - stock-based compensation	(434)	(621)	(1,258)	(5,753)
Changes in assets and liabilities, net of impact of acquisitions:
Receivables	23,474	(6,916)	66,103	5,836
Inventories	31,645	16,087	23,821	(35,130)
Prepaid expenses and other current assets	17,467	(5,232)	28,633	(8,104)
Other assets	(3,245)	3,095	(2,803)	3,216
Accounts payable and accrued expenses	(72,711)	(72,095)	(30,527)	(30,205)
Other liabilities	7,487	(505)	4,300	(6,496)
Net cash provided by operating activities	50,592	1,409	188,395	55,894
Investing activities
Investment in property, plant and equipment	(21,995)	(23,273)	(60,492)	(47,146)
Investment in notes receivable		(2,300)		(7,300)
Acquisitions, net of cash acquired	(2,950)	(14,543)	(2,950)	(51,093)
Distributions from (investments in) unconsolidated affiliates	(226)	129	(1,913)	(3,671)
Proceeds from sale of assets and insurance	9,325	921	9,456	1,186
Net cash used by investing activities	(15,846)	(39,066)	(55,899)	(108,024)
Financing activities
Net proceeds from (repayments of) short-term borrowings	27,499	(196)	(41,012)	359
Proceeds from long-term debt		20,480	921	20,480
Principal payments on long-term debt	(220)	(511)	(428)	(813)
Proceeds from (payments for) issuance of common shares	3,666	566	3,064	(454)
Excess tax benefits - stock-based compensation	434	621	1,258	5,753
Payments to noncontrolling interest	(1,564)		(4,900)	(2,867)
Repurchase of common shares	(43,914)	(21,549)	(71,496)	(41,620)
Dividends paid	(12,065)	(12,138)	(23,616)	(22,250)
Net cash used by financing activities	(26,164)	(12,727)	(136,209)	(41,412)
Increase (decrease) in cash and cash equivalents	8,582	(50,384)	(3,713)	(93,542)
Cash and cash equivalents at beginning of period	18,772	146,921	31,067	190,079
Cash and cash equivalents at end of period	$ 27,354	$ 96,537	$ 27,354	$ 96,537

Basis of Presentation

Basis of Presentation	6 Months Ended
	Nov. 30, 2015
Basis of Presentation	NOTE A – Basis of Presentation The consolidated financial statements include the accounts of Worthington Industries, Inc. and consolidated subsidiaries (collectively, “we,” “our,” “Worthington,” or the “Company”). Investments in unconsolidated affiliates are accounted for using the equity method. Significant intercompany accounts and transactions are eliminated. dHybrid Systems, LLC (“dHybrid”), Spartan Steel Coating, LLC (“Spartan”), TWB Company, L.L.C. (“TWB”), Worthington Arıtaş Basınçlı Kaplar Sanayi (“Worthington Aritas”), Worthington Energy Innovations, LLC (“WEI”), and Worthington Nitin Cylinders Limited (“Worthington Nitin Cylinders”) in which we own controlling interests of 79.59%, 52%, 55%, 75%, 75%, and 60%, respectively, are consolidated with the equity owned by the other joint venture members shown as noncontrolling interests in our consolidated balance sheets, and the other joint venture members’ portions of net earnings and other comprehensive income (loss) shown as net earnings or comprehensive income attributable to noncontrolling interests in our consolidated statements of earnings and consolidated statements of comprehensive income, respectively. These unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments, which are of a normal and recurring nature, except those which have been disclosed elsewhere in this Quarterly Report on Form 10-Q, necessary for a fair presentation of the consolidated financial statements for these interim periods, have been included. Operating results for the three and six months ended November 30, 2015 are not necessarily indicative of the results that may be expected for the fiscal year ending May 31, 2016 (“fiscal 2016”). For further information, refer to the consolidated financial statements and notes thereto included in the Annual Report on Form 10-K for the fiscal year ended May 31, 2015 (“fiscal 2015”) of Worthington Industries, Inc. (the “2015 Form 10-K”). The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Recently Issued Accounting Standards In May 2014, amended accounting guidance was issued that replaces most existing revenue recognition guidance under U.S. GAAP. The amended guidance requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The amended guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. We are in the process of evaluating the effect this guidance will have on our consolidated financial position and results of operations. The amended guidance permits the use of either the retrospective or cumulative effect transition method. We have not selected a transition method nor have we determined the effect of the amended guidance on our ongoing financial reporting. In April 2015, amended accounting guidance was issued to simplify the presentation of debt issuance costs by requiring that such costs be presented in the balance sheet as a direct deduction from the carrying amount of the corresponding debt liability itself. For public business entities, the amended guidance is effective for financial statements issued for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. Early application is permitted for financial statements that have not been issued. The revised guidance is to be applied on a retrospective basis, and entities are to comply with the applicable disclosures for a change in an accounting principle accordingly. We are in the process of evaluating the effect this guidance will have on our consolidated financial position and results of operations, and we have not determined the effect of the amended guidance on our ongoing financial reporting. In July 2015, amended accounting guidance was issued regarding the measurement of inventory. The amended guidance requires that inventory accounted for under the first-in, first-out (FIFO) or average cost methods be measured at the lower of cost and net realizable value, where net realizable value represents the estimated selling price of inventory in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The amended guidance has no impact on inventory accounted for under the last-in, first-out (LIFO) or retail inventory methods. For public business entities, the amended guidance is effective prospectively for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early application is permitted as of the beginning of an interim or annual reporting period. We are in the process of evaluating the effect this guidance will have on our consolidated financial position and results of operations, and we have not determined the effect of the amended guidance on our ongoing financial reporting. In September 2015, amended accounting guidance was issued regarding adjustments to provisional amounts reported in conjunction with a business combination. The amended guidance requires that an acquirer in a business combination recognize adjustments to provisional amounts identified during the measurement period in the reporting period in which the adjustment amounts are determined. The amendment also requires that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change, calculated as if the accounting had been completed at the acquisition date. Additionally, the amendment requires the acquirer to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. For public business entities, the amended guidance is effective prospectively for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. Early application is permitted for financial statements that have not been issued. We are in the process of evaluating the effect this guidance will have on our consolidated financial position and results of operations, and we have not determined the effect of the amended guidance on our ongoing financial reporting. In November 2015, amended accounting guidance was issued that simplifies the presentation of deferred income taxes. The amended guidance requires that all deferred income tax assets and liabilities be classified as noncurrent on a classified statement of financial position. For public business entities, the amended guidance is effective for financial statements issued for annual periods beginning after December 15, 2016, including interim periods within those annual periods. Early application is permitted as of the beginning of an interim or annual reporting period, and the change may be applied either prospectively or retrospectively. We are in the process of evaluating the effect this guidance will have on our consolidated financial position and results of operations, and we have not determined the effect of the amended guidance on our ongoing financial reporting.

Investments in Unconsolidated A

Investments in Unconsolidated Affiliates	6 Months Ended
	Nov. 30, 2015
Unconsolidated Affiliates
Investments in Unconsolidated Affiliates	NOTE B – Investments in Unconsolidated Affiliates Our investments in affiliated companies that we do not control, either through majority ownership or otherwise, are accounted for using the equity method. These include ArtiFlex Manufacturing, LLC (“ArtiFlex”) (50%), Clarkwestern Dietrich Building Systems LLC (“ClarkDietrich”) (25%), Samuel Steel Pickling Company (31.25%), Serviacero Planos, S. de R. L. de C.V. (“Serviacero”) (50%), Worthington Armstrong Venture (“WAVE”) (50%), Worthington Specialty Processing (“WSP”) (51%), and Zhejiang Nisshin Worthington Precision Specialty Steel Co., Ltd. (10%). WSP is considered to be jointly controlled and not consolidated due to substantive participating rights of the minority partner. We received distributions from unconsolidated affiliates totaling $39,926,000 during the six months ended November 30, 2015. We have received cumulative distributions from WAVE in excess of our investment balance totaling $58,214,000 at November 30, 2015. In accordance with the applicable accounting guidance, these excess distributions are reclassified to the liabilities section of our consolidated balance sheet. 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 sheet. If it becomes obvious that any excess distribution may not be returned (upon joint venture liquidation or otherwise), we will recognize any balance classified as a liability as income immediately. We use the “cumulative earnings” approach for determining 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 portion of the cumulative equity in the net earnings of the joint venture, in which case the excess distributions are deemed to be returns of the investment and are classified as investing activities in our consolidated statements of cash flows. Combined financial information for our unconsolidated affiliates is summarized as follows: (in thousands) November 30, May 31, Cash $ 95,214 $ 101,011 Receivable from member (1) 8,383 11,092 Other current assets 467,747 491,507 Noncurrent assets 347,783 318,939 Total assets $ 919,127 $ 922,549 Current liabilities $ 130,169 $ 184,028 Short-term borrowings 15,503 - Current maturities of long-term debt 4,156 4,489 Long-term debt 270,451 272,861 Other noncurrent liabilities 19,488 20,471 Equity 479,360 440,700 Total liabilities and equity $ 919,127 $ 922,549 Three Months Ended Six Months Ended (in thousands) 2015 2014 2015 2014 Net sales $ 389,185 $ 388,712 $ 793,648 $ 781,262 Gross margin 84,767 76,193 173,785 164,945 Operating income 55,810 49,864 117,057 113,343 Depreciation and amortization 8,068 8,983 16,165 18,105 Interest expense 2,136 2,173 4,295 4,335 Other income (expense) (2) 18,663 (59 ) 23,564 (129 ) Income tax expense 2,164 2,799 4,723 5,552 Net earnings 71,144 44,490 134,070 103,930 (1) Represents cash owed from a joint venture partner as a result of centralized cash management. (2) The increase in other income as compared to the comparable period in the prior year is primarily attributable to the impact of ClarkDietrich’s legal settlement related to successful disparagement litigation against several competitors in an industry trade association.

Impairment of Long-Lived Assets

Impairment of Long-Lived Assets	6 Months Ended
	Nov. 30, 2015
Impairment of Long-Lived Assets	NOTE C – Impairment of Long-Lived Assets We review the carrying value of our long-lived assets, including intangible assets with finite useful lives, for impairment whenever events or changes in circumstances indicate that the carrying value of an asset or asset group may not be recoverable. Impairment testing of long-lived assets with definite useful lives involves a comparison of the sum of the undiscounted future cash flows of the asset or asset group to its respective carrying amount. If the sum of the undiscounted future cash flows exceeds the carrying amount, then no impairment exists. If the carrying amount exceeds the sum of the undiscounted future cash flows, then a second step is performed to determine the amount of impairment, which would be recorded as an impairment charge in our consolidated statement of earnings. During the first quarter of fiscal 2016, management finalized its plan to close the Engineered Cabs facility in Florence, South Carolina, and transfer the majority of the business to the Engineered Cabs facility in Greeneville, Tennessee. Under the plan, certain machinery and equipment will transfer to the Greeneville facility to support the higher volume requirements and the remaining long-lived assets will be liquidated. As a result of these developments, management reevaluated the recoverability of the asset group and determined that long-lived assets with a carrying value of $4,059,000 were impaired. As a result, these long-lived assets were written down to their estimated fair value of $1,059,000 resulting in an impairment charge of $3,000,000 during the six months ended November 30, 2015. The Company ceased production at the Florence facility on September 30, 2015. As a result of the decline in oil prices and resulting reduced demand for products, management determined that an impairment indicator was present for the long-lived assets of its facilities in the Oil & Gas Equipment business within Pressure Cylinders. The Company had tested the four asset groups in its Oil & Gas Equipment business for impairment during the fourth quarter of fiscal 2015 and again in the first quarter of fiscal 2016. In each of these tests, the Company’s estimate of the undiscounted future cash flows for each asset group indicated that the carrying amounts were expected to be recovered as of those measurement dates. During the second quarter of fiscal 2016, the continued decline of oil prices further reduced the demand for our Oil & Gas Equipment products, causing a significant decrease in the Company’s long-term cash flow projections of the business. Based on these revised cash flow projections, the Company determined that two of the asset groups with a total carrying amount of $59,895,000 were impaired and wrote them down to their estimated fair value of $36,933,000. Fair value was based on expected future cash flows using Level 3 inputs under Accounting Standard Codification (“ASC”) 820. The cash flows are those expected to be generated by market participants, discounted at a 13% discount rate to account for the risks inherent in those cash flow projections. Because of deteriorating market conditions (i.e. rising interest rates and lower marketplace demand), it is reasonably possible that our estimate of discounted cash flows may change resulting in the need to perform additional impairment testing. As a result of the impairment of the Oil & Gas Equipment assets noted above, the Company also performed an impairment review of the goodwill of the Pressure Cylinders reporting unit during the second quarter of fiscal 2016. The Company first reviewed the reporting unit structure and determined that it was no longer appropriate to aggregate the Oil & Gas Equipment component with the rest of the Pressure Cylinders components for purposes of goodwill impairment testing. This determination was driven by changes in the economic characteristics of the Oil & Gas Equipment business as a result of sustained low oil prices, which now indicate that the risk profile and prospects for growth and profitability of the Oil & Gas Equipment component are no longer similar to the other components of our Pressure Cylinders businesses. In accordance with the applicable accounting guidance, the Company allocated a portion of Pressure Cylinders goodwill totaling $25,982,000 to the Oil & Gas Equipment reporting unit using a relative fair value approach. A subsequent comparison of the fair values of the Oil & Gas Equipment and Pressure Cylinders reporting units, determined using discounted cash flows, to their respective carrying values indicated that a step 2 calculation to quantify a potential impairment was not required. The key assumptions that drive the fair value calculations are projected cash flows and the discount rate. Prior to the allocation of goodwill, the Company tested the goodwill of the old Pressure Cylinders reporting unit for impairment and determined that fair value exceeded carrying value by a significant amount.

Restructuring and Other Expense

Restructuring and Other Expense	6 Months Ended
	Nov. 30, 2015
Restructuring and Other Expense	NOTE D – Restructuring and Other Expense We consider restructuring activities to be programs whereby we fundamentally change our operations such as closing and consolidating manufacturing facilities, moving manufacturing of a product to another location, and employee severance (including rationalizing headcount or other significant changes in personnel). A progression of the liabilities associated with our restructuring activities, combined with a reconciliation to the restructuring and other expense financial statement caption in our consolidated statement of earnings for the six months ended November 30, 2015 is summarized as follows: (in thousands) Beginning Expense Payments Adjustments Ending Early retirement and severance $ 2,170 $ 4,247 $ (3,244 ) $ (157 ) $ 3,016 Facility exit and other costs 371 4,767 (4,171 ) (11 ) 956 $ 2,541 9,014 $ (7,415 ) $ (168 ) $ 3,972 Net gain on sale of assets (4,422 ) Restructuring and other expense $ 4,592 During fiscal 2016, the following activities were taken related to the Company’s restructuring activities: • In connection with the closure of the Engineered Cabs facility in Florence, South Carolina, the Company recognized severance expense of $2,343,000 and facility exit costs of $300,000. • The Company recognized severance expense of $643,000 related to workforce reductions in our Oil & Gas Equipment business within Pressure Cylinders announced on September 22, 2015. • In connection with the closure of the Company’s stainless steel business, Precision Specialty Metals, Inc. (“PSM”), the Company recognized $4,296,000 of facility exit costs and severance expense of $1,000,000. • In connection with the pending closure of the steel packaging facility in York, Pennsylvania, the Company recognized severance expense of $416,000. • The Company sold the remaining fixed assets of its legacy Baltimore steel processing facility at a gain of $2,938,000. The Company also recorded a $240,000 credit to severance expense and recognized facility exit costs of $101,000 during fiscal 2016 related to this matter. • The Company sold the remaining land and building of its legacy metal framing business at a gain of $1,484,000. • The Company incurred severance expense and facility costs totaling $85,000 and $70,000, respectively, related to other non-significant restructuring activities. The total liability as of November 30, 2015 is expected to be paid in the next twelve months.

Contingent Liabilities and Comm

Contingent Liabilities and Commitments	6 Months Ended
	Nov. 30, 2015
Contingent Liabilities and Commitments	NOTE E – Contingent Liabilities and Commitments We are defendants in certain legal actions. In the opinion of management, the outcome of these actions, which is not clearly determinable at the present time, would not significantly affect our consolidated financial position or future results of operations. We believe that environmental issues will not have a material effect on our capital expenditures, consolidated financial position or future results of operations.

Guarantees

Guarantees	6 Months Ended
	Nov. 30, 2015
Guarantees	NOTE F – Guarantees We do not have guarantees that we believe are reasonably likely to have a material current or future effect on our consolidated financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources. However, as of November 30, 2015, we were party to an operating lease for an aircraft in which we have guaranteed a residual value at the termination of the lease. The maximum obligation under the terms of this guarantee was approximately $11,128,000 at November 30, 2015. We have also guaranteed the repayment of a term loan entered into by our unconsolidated affiliate, ArtiFlex, which had $833,000 outstanding at November 30, 2015. Based on current facts and circumstances, we have estimated the likelihood of payment pursuant to these guarantees, and determined that the fair value of our obligation under each guarantee based on those likely outcomes is not material and, therefore, no amounts have been recognized in our consolidated financial statements.

Debt and Receivables Securitiza

Debt and Receivables Securitization	6 Months Ended
	Nov. 30, 2015
Debt and Receivables Securitization	NOTE G – Debt and Receivables Securitization We maintain a $500,000,000 multi-year revolving credit facility (the “Credit Facility”) with a group of lenders that matures in April 2020. Borrowings under the Credit Facility have maturities of less than one year. However, we can extend the term of amounts borrowed by renewing these borrowings for the term of the Credit Facility. We have the option to borrow at rates equal to an applicable margin over the LIBOR, Prime or Fed Funds rates. The applicable margin is determined by our credit rating. The applicable interest rate at November 30, 2015 was 1.301%. Borrowings outstanding under the Credit Facility totaled $25,191,000 at November 30, 2015, leaving $474,809,000 available for future use. We also maintain a $100,000,000 revolving trade accounts receivable securitization facility (the “AR Facility”) which expires in January 2018. The AR Facility has been available throughout fiscal 2016 to date, and was available throughout fiscal 2015. Pursuant to the terms of the AR Facility, certain of our subsidiaries sell their accounts receivable without recourse, on a revolving basis, to Worthington Receivables Corporation (“WRC”), a wholly-owned, consolidated, bankruptcy-remote subsidiary. In turn, WRC may sell without recourse, on a revolving basis, up to $100,000,000 of undivided ownership interests in this pool of accounts receivable to a multi-seller, asset-backed commercial paper conduit (the “Conduit”). Purchases by the Conduit are financed with the sale of A1/P1 commercial paper. We retain an undivided interest in this pool and are subject to risk of loss based on the collectability of the receivables from this retained interest. Because the amount eligible to be sold excludes receivables more than 90 days past due, receivables offset by an allowance for doubtful accounts due to bankruptcy or other cause, concentrations over certain limits with specific customers and certain reserve amounts, we believe additional risk of loss is minimal. The book value of the retained portion of the pool of accounts receivable approximates fair value. As of November 30, 2015, the pool of eligible accounts receivable exceeded the $100,000,000 limit, and $20,000,000 of undivided interests in this pool of accounts receivable had been sold. The remaining balance of short-term borrowings at November 30, 2015 consisted of an aggregate of $2,257,000 outstanding under various credit facilities maintained by our consolidated affiliate, Worthington Aritas, and $2,090,000 outstanding under a credit facility maintained by our consolidated affiliate, Worthington Nitin Cylinders. Borrowings outstanding under the Nitin credit facility are currently in default; however, the lender has not called the note and the Company has settled its portion of the obligation. We also have stand-by letters of credit totaling $15,216,000 outstanding as of November 30, 2015. These letters of credit are issued to third-party service providers and had no amounts drawn against them at November 30, 2015.

Comprehensive Income (Loss)

Comprehensive Income (Loss)	6 Months Ended
	Nov. 30, 2015
Comprehensive Income (Loss)	NOTE H – Comprehensive Income (Loss) The following table summarizes the tax effects on each component of other comprehensive loss for the three months ended November 30: 2015 2014 Before-Tax Tax Net-of-Tax Before-Tax Tax Net-of-Tax (in thousands) Foreign currency translation $ (9,214 ) $ - $ (9,214 ) $ (7,270 ) $ - $ (7,270 ) Pension liability adjustment - - - - - - Cash flow hedges (3,805 ) 1,282 (2,523 ) (2,973 ) 1,092 (1,881 ) Other comprehensive income (loss ) $ (13,019 ) $ 1,282 $ (11,737 ) $ (10,243 ) $ 1,092 $ (9,151 ) The following table summarizes the tax effects on each component of other comprehensive loss for the six months ended November 30: 2015 2014 Before-Tax Tax Net-of-Tax Before-Tax Tax Net-of-Tax (in thousands) Foreign currency translation $ (7,391 ) $ - $ (7,391 ) $ (16,862 ) $ - $ (16,862 ) Pension liability adjustment (8 ) - (8 ) - - - Cash flow hedges (2,567 ) 674 (1,893 ) (1,430 ) 510 (920 ) Other comprehensive income (loss) $ (9,966 ) $ 674 $ (9,292 ) $ (18,292 ) $ 510 $ (17,782 )

Changes in Equity

Changes in Equity	6 Months Ended
	Nov. 30, 2015
Changes in Equity	NOTE I – Changes in Equity The following table provides a summary of the changes in total equity, shareholders’ equity attributable to controlling interest, and equity attributable to noncontrolling interests for the six months ended November 30, 2015: Controlling Interest (in thousands) Additional Cumulative Net of Tax Retained Total Non- Total Balance at May 31, 2015 $ 289,078 $ (50,704 ) $ 510,738 $ 749,112 $ 90,937 $ 840,049 Net earnings - - 54,651 54,651 5,402 60,053 Other comprehensive loss - (8,621 ) - (8,621 ) (671 ) (9,292 ) Common shares issued, net of withholding tax 3,064 - - 3,064 - 3,064 Common shares in NQ plans 854 - - 854 - 854 Stock-based compensation 9,636 - - 9,636 - 9,636 Purchases and retirement of common shares (11,580 ) - (59,916 ) (71,496 ) - (71,496 ) Cash dividends declared - - (24,194 ) (24,194 ) - (24,194 ) Payments to noncontrolling interest - - - - (4,900 ) (4,900 ) Balance at November 30, 2015 $ 291,052 $ (59,325 ) $ 481,279 $ 713,006 $ 90,768 $ 803,774 The components of the changes in other comprehensive loss were as follows: Foreign Pension Cash Accumulated (in thousands) Balance as of May 31, 2015 $ (20,717 ) $ (15,003 ) $ (14,984 ) $ (50,704 ) Other comprehensive income (loss) before reclassifications (6,720 ) (8 ) (18,503 ) (25,231 ) Reclassification adjustments to income (a) - - 15,936 15,936 Income taxes - - 674 674 Balance as of November 30, 2015 $ (27,437 ) $ (15,011 ) $ (16,877 ) $ (59,325 ) (a) The statement of earnings classification of amounts reclassified to income for cash flow hedges is disclosed in “NOTE N – Derivative Instruments and Hedging Activities.”

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Nov. 30, 2015
Stock-Based Compensation	NOTE J – Stock-Based Compensation Non-Qualified Stock Options During the six months ended November 30, 2015, we granted non-qualified stock options covering a total of 153,500 common shares under our stock-based compensation plans. The option price of $30.92 per share was equal to the market price of the underlying common shares at the grant date. The fair value of these stock options, based on the Black-Scholes option-pricing model, calculated at the grant date, was $9.55 per share. The calculated pre-tax stock-based compensation expense for these stock options, after an estimate for forfeitures, is $1,305,000 and will be recognized on a straight-line basis over the three-year vesting period. The following assumptions were used to value these stock options: Dividend yield 2.33 % Expected volatility 38.40 % Risk-free interest rate 1.98 % Expected term (years) 6.0 Expected volatility is based on the historical volatility of our common shares and the risk-free interest rate is based on the United States Treasury strip rate for the expected term of the stock options. The expected term was developed using historical exercise experience. Service-Based Restricted Common Shares During the six months ended November 30, 2015, we granted an aggregate of 204,550 service-based restricted common shares under our stock-based compensation plans. The fair value of these restricted common shares was equal to the closing market price of the underlying common shares on the date of grant, or $29.32 per share. The calculated pre-tax stock-based compensation expense for these restricted common shares, after an estimate for forfeitures, is $5,446,000 and will be recognized on a straight-line basis over the three-year service-based vesting period. Performance Share Awards We have awarded performance shares to certain key employees that are earned based on the level of achievement with respect to corporate targets for cumulative corporate economic value added, earnings per share growth and, in the case of business unit executives, business unit operating income targets for the three-year periods ending May 31, 2016, 2017 and 2018. These performance share awards will be paid, to the extent earned, in common shares of the Company in the fiscal quarter following the end of the applicable three-year performance period. The fair values of our performance shares are determined by the closing market prices of the underlying common shares at their respective grant dates and the pre-tax stock-based compensation expense is based on our periodic assessment of the probability of the targets being achieved and our estimate of the number of common shares that will ultimately be issued. During the six months ended November 30, 2015, we granted performance share awards covering an aggregate of 92,096 common shares (at target levels). The calculated pre-tax stock-based compensation expense for these performance shares is $2,774,000 and will be recognized over the three-year performance period.

Income Taxes

Income Taxes	6 Months Ended
	Nov. 30, 2015
Income Taxes	NOTE K – Income Taxes Income tax expense for the six months ended November 30, 2015 and November 30, 2014 reflected estimated annual effective income tax rates of 31.2% and 33.5%, respectively. The annual effective income tax rates exclude any impact from the inclusion of net earnings attributable to noncontrolling interests in our consolidated statements of earnings. Net earnings attributable to noncontrolling interests is primarily a result of our Spartan, Worthington Nitin Cylinders, Worthington Aritas, and TWB consolidated joint ventures. The earnings attributable to the noncontrolling interest in Spartan and TWB’s U.S. operations do not generate tax expense to Worthington since the investors in Spartan and TWB’s U.S. operations are taxed directly based on the earnings attributable to them. The tax expense of Worthington Aritas and Worthington Nitin Cylinders (both foreign corporations), and TWB’s wholly-owned foreign corporations, is reported in our consolidated tax expense. Management is required to estimate the annual effective income tax rate based upon its forecast of annual pre-tax income for domestic and foreign operations. Our actual effective income tax rate for fiscal 2016 could be materially different from the forecasted rate as of November 30, 2015.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Nov. 30, 2015
Earnings Per Share	NOTE L – Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share for the three and six months ended November 30, 2015 and 2014: Three Months Ended Six Months Ended (in thousands, except per share amounts) 2015 2014 2015 2014 Numerator (basic & diluted): Net earnings attributable to controlling interest – income available to common shareholders $ 23,241 $ 29,462 $ 54,651 $ 73,630 Denominator: Denominator for basic earnings per share attributable to controlling interest – weighted average common shares 62,676 67,105 63,338 67,337 Effect of dilutive securities 1,851 2,076 1,677 2,443 Denominator for diluted earnings per share attributable to controlling interest – adjusted weighted average common shares 64,527 69,181 65,015 69,780 Basic earnings per share attributable to controlling interest $ 0.37 $ 0.44 $ 0.86 $ 1.09 Diluted earnings per share attributable to controlling interest $ 0.36 $ 0.43 $ 0.84 $ 1.06 Stock options and restricted common shares covering 367,094 and 147,859 common shares for the three months ended November 30, 2015 and 2014, respectively, and 346,557 and 113,744 common shares for the six months ended November 30, 2015 and 2014, respectively, have been excluded from the computation of diluted earnings per share because the effect would have been anti-dilutive as the exercise price of the stock options was greater than the average market price of the common shares during the period.

Segment Operations

Segment Operations	6 Months Ended
	Nov. 30, 2015
Segment Operations	NOTE M – Segment Operations Summarized financial information for our reportable segments is shown in the following table: Three Months Ended Six Months Ended (in thousands) 2015 2014 2015 2014 Net sales Steel Processing $ 467,812 $ 552,756 $ 958,612 $ 1,105,087 Pressure Cylinders 201,173 252,744 425,567 501,703 Engineered Cabs 28,699 51,540 67,316 101,094 Other 2,132 13,972 6,468 25,542 Total net sales $ 699,816 $ 871,012 $ 1,457,963 $ 1,733,426 Operating income (loss) Steel Processing $ 26,642 $ 33,877 $ 50,280 $ 69,746 Pressure Cylinders (10,309 ) 9,580 6,510 29,186 Engineered Cabs (4,290 ) (5,609 ) (13,581 ) (7,754 ) Other (71 ) (4,656 ) (241 ) (5,784 ) Total operating income $ 11,972 $ 33,192 $ 42,968 $ 85,394 Impairment of long-lived assets Steel Processing $ - $ 1,100 $ - $ 3,050 Pressure Cylinders 22,962 9,567 22,962 9,567 Engineered Cabs - 2,389 3,000 2,389 Other - 1,179 - 1,179 Total impairment of long-lived assets $ 22,962 $ 14,235 $ 25,962 $ 16,185 Restructuring and other expense (income) Steel Processing $ 2,258 $ - $ 2,720 $ (30 ) Pressure Cylinders (16 ) 405 715 428 Engineered Cabs 765 - 2,643 - Other (1,484 ) 83 (1,486 ) 190 Total restructuring and other expense $ 1,523 $ 488 $ 4,592 $ 588 (in thousands) November 30, May 31, Total assets Steel Processing $ 768,791 $ 829,116 Pressure Cylinders 750,809 804,799 Engineered Cabs 80,451 94,506 Other 360,954 356,721 Total assets $ 1,961,005 $ 2,085,142

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	6 Months Ended
	Nov. 30, 2015
Derivative Instruments and Hedging Activities	NOTE N – Derivative Instruments and Hedging Activities We utilize derivative instruments to manage exposure to certain risks related to our ongoing operations. The primary risks managed through the use of derivative instruments include interest rate risk, currency exchange risk and commodity price risk. While certain of our derivative instruments are designated as hedging instruments, we also enter into derivative instruments that are designed to hedge a risk, but are not designated as hedging instruments and therefore do not qualify for hedge accounting. These derivative instruments are adjusted to current fair value through earnings at the end of each period. Interest Rate Risk Management – We are exposed to the impact of interest rate changes. Our objective is to manage the impact of interest rate changes on cash flows and the market value of our borrowings. We utilize a mix of debt maturities along with both fixed-rate and variable-rate debt to manage changes in interest rates. In addition, we enter into interest rate swaps to further manage our exposure to interest rate variations related to our borrowings and to lower our overall borrowing costs. Currency Exchange Risk Management – We conduct business in several major international currencies and are therefore subject to risks associated with changing foreign exchange rates. We enter into various contracts that change in value as foreign exchange rates change to manage this exposure. Such contracts limit exposure to both favorable and unfavorable currency fluctuations. The translation of foreign currencies into United States dollars also subjects us to exposure related to fluctuating exchange rates; however, derivative instruments are not used to manage this risk. Commodity Price Risk Management – We are exposed to changes in the price of certain commodities, including steel, natural gas, zinc and other raw materials, and our utility requirements. Our objective is to reduce earnings and cash flow volatility associated with forecasted purchases and sales of these commodities to allow management to focus its attention on business operations. Accordingly, we enter into derivative contracts to manage the associated price risk. We are exposed to counterparty credit risk on all of our derivative instruments. Accordingly, we have established and maintain strict counterparty credit guidelines and enter into derivative instruments only with major financial institutions. We have credit support agreements in place with certain counterparties to limit our credit exposure. These agreements require either party to post cash collateral if its cumulative market position exceeds a predefined liability threshold. At November 30, 2015, we had posted total cash collateral of $9,670,000 to our margin accounts. Amounts posted to the margin accounts accrue interest at market rates and are required to be refunded in the period in which the cumulative market position falls below the required threshold. We do not have significant exposure to any one counterparty and management believes the risk of loss is remote and, in any event, would not be material. Refer to “Note Q – Fair Value Measurements” for additional information regarding the accounting treatment for our derivative instruments, as well as how fair value is determined. The following table summarizes the fair value of our derivative instruments and the respective financial statement caption in which they were recorded in our consolidated balance sheet at November 30, 2015: Asset Derivatives Liability Derivatives (in thousands) Balance Sheet Fair Balance Sheet Location Fair Derivatives designated as hedging instruments: Commodity contracts Receivables $ - Accounts payable $ 16,349 Other assets - Other liabilities 974 - 17,323 Interest rate contracts Receivables - Accounts payable 124 Other assets - Other liabilities 238 - 362 Totals $ - $ 17,685 Derivatives not designated as hedging instruments: Commodity contracts Receivables $ - Accounts payable $ 6,998 Other assets - Other liabilities 285 - 7,283 Foreign exchange contracts Receivables 5 Accounts payable - 5 - Totals $ 5 $ 7,283 Total Derivative Instruments $ 5 $ 24,968 The amounts in the table above reflect the fair value of the Company’s derivative contracts on a net basis. Had these amounts been recognized on a gross basis, the impact would have been a $57,000 increase in receivables with a corresponding increase in accounts payable. The following table summarizes the fair value of our derivative instruments and the financial statement caption in which they were recorded in the consolidated balance sheet at May 31, 2015: Asset Derivatives Liability Derivatives (in thousands) Balance Sheet Location Fair Balance Sheet Location Fair Derivatives designated as hedging instruments: Commodity contracts Receivables $ - Accounts payable $ 17,241 Other assets - Other liabilities 592 - 17,833 Interest rate contracts Receivables - Accounts payable 81 Other assets - Other liabilities 113 - 194 Foreign exchange contracts Receivables 75 Accounts payable - Totals $ 75 $ 18,027 Derivatives not designated as hedging instruments: Commodity contracts Receivables $ 96 Accounts payable $ 4,104 Other assets - Other liabilities - Totals $ 96 $ 4,104 Total Derivative Instruments $ 171 $ 22,131 The amounts in the table above reflect the fair value of the Company’s derivative contracts on a net basis. Had these amounts been recognized on a gross basis, the impact would have been a $500,000 increase in receivables with a corresponding increase in accounts payable. Cash Flow Hedges We enter into derivative instruments to hedge our exposure to changes in cash flows attributable to interest rates, foreign exchange rates, and commodity price fluctuations associated with certain forecasted transactions. These derivative instruments are designated and qualify as cash flow hedges. Accordingly, the effective portion of the gain or loss on the derivative instrument is reported as a component of other comprehensive income (loss) (“OCI”) and reclassified into earnings in the same financial statement caption associated with the forecasted transaction and in the same period during which the hedged transaction affects earnings. The ineffective portion of the gain or loss on the derivative instrument is recognized in earnings immediately. The following table summarizes our cash flow hedges outstanding at November 30, 2015: (in thousands) Notional Maturity Date Commodity contracts $ 73,757 December 2015 - November 2017 Interest rate contracts 16,163 September 2019 The following table summarizes the gain (loss) recognized in OCI and the gain (loss) reclassified from accumulated OCI into earnings for derivative instruments designated as cash flow hedges during the three months ended November 30, 2015 and 2014: (in thousands) Gain (Loss) Recognized in OCI (Effective Portion) Location of Gain (Loss) Reclassified from Accumulated OCI (Effective Portion) Gain (Loss) Reclassified from Accumulated OCI (Effective Portion) Location of Gain (Loss) (Ineffective Portion) and Excluded from Effectiveness Testing Gain (Loss) (Ineffective Portion) and Excluded from Effectiveness Testing For the three months ended November 30, 2015: Interest rate contracts $ (201 ) Interest expense $ (146 ) Interest expense $ - Commodity contracts (10,210 ) Cost of goods sold (6,460 ) Cost of goods sold - Totals $ (10,411 ) $ (6,606 ) $ - For the three months ended November 30, 2014: Interest rate contracts $ - Interest expense $ (1,137 ) Interest expense $ - Commodity contracts (4,362 ) Cost of goods sold (356 ) Cost of goods sold - Foreign currency contracts (103 ) Miscellaneous income - Miscellaneous income - Totals $ (4,465 ) $ (1,493 ) $ - The following table summarizes the gain (loss) recognized in OCI and the gain (loss) reclassified from accumulated OCI into earnings for derivative instruments designated as cash flow hedges during the six months ended November 30, 2015 and 2014: (in thousands) Gain (Loss) Recognized in OCI (Effective Portion) Location of Gain (Loss) Reclassified from Accumulated OCI (Effective Portion) Gain (Loss) Reclassified from Accumulated OCI (Effective Portion) Location of Gain (Loss) (Ineffective Portion) and Excluded from Effectiveness Testing Gain (Loss) (Ineffective Portion) from Effectiveness Testing For the six months ended November 30, 2015: Interest rate contracts $ (167 ) Interest expense $ (285 ) Interest expense $ - Commodity contracts (18,336 ) Cost of goods sold (15,647 ) Cost of goods sold - Foreign currency contracts - Miscellaneous income (4 ) Miscellaneous income - Totals $ (18,503 ) $ (15,936 ) $ - For the six months ended November 30, 2014: Interest rate contracts $ - Interest expense $ (2,285 ) Interest expense $ - Commodity contracts (4,775 ) Cost of goods sold (1,152 ) Cost of goods sold - Foreign currency contracts (103 ) Miscellaneous income - Miscellaneous income - Totals $ (4,878 ) $ (3,437 ) $ - The estimated net amount of the losses recognized in accumulated OCI at November 30, 2015 expected to be reclassified into net earnings within the succeeding twelve months is $14,346,000 (net of tax of $8,161,000). This amount was computed using the fair value of the cash flow hedges at November 30, 2015, and will change before actual reclassification from OCI to net earnings during the fiscal years ending May 31, 2016 and 2017. Economic (Non-designated) Hedges We enter into foreign currency contracts to manage our foreign exchange exposure related to inter-company and financing transactions that do not meet the requirements for hedge accounting treatment. We also enter into certain commodity contracts that do not qualify for hedge accounting treatment. Accordingly, these derivative instruments are adjusted to current market value at the end of each period through earnings. The following table summarizes our economic (non-designated) derivative instruments outstanding at November 30, 2015: (in thousands) Notional Maturity Date(s) Commodity contracts $ 31,169 December 2015 - May 2017 Foreign currency contracts 1,090 February 2016 The following table summarizes the gain (loss) recognized in earnings for economic (non-designated) derivative financial instruments during the three months ended November 30, 2015 and 2014: Location of Gain (Loss) Gain (Loss) Recognized (in thousands) Recognized in Earnings 2015 2014 Commodity contracts Cost of goods sold $ (5,390 ) $ (2,360 ) Foreign currency contracts Miscellaneous income (expense) 70 (218 ) Total $ (5,320 ) $ (2,578 ) The following table summarizes the gain (loss) recognized in earnings for economic (non-designated) derivative financial instruments during the six months ended November 30, 2015 and 2014: Location of Gain (Loss) Gain (Loss) Recognized (in thousands) Recognized in Earnings 2015 2014 Commodity contracts Cost of goods sold $ (8,145 ) $ (2,417 ) Foreign currency contracts Miscellaneous income (expense) 70 43 Total $ (8,075 ) $ (2,374 ) The gain (loss) on the foreign currency derivatives significantly offsets the gain (loss) on the hedged item.

Fair Value

Fair Value	6 Months Ended
	Nov. 30, 2015
Fair Value	NOTE O – Fair Value Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is an exit price concept that assumes an orderly transaction between willing market participants and is required to be based on assumptions that market participants would use in pricing an asset or a liability. Current accounting guidance establishes a three-tier fair value hierarchy as a basis for considering such assumptions and for classifying the inputs used in the valuation methodologies. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair values are as follows: Level 1 – Observable prices in active markets for identical assets and liabilities. Level 2 – Observable inputs other than quoted prices in active markets for identical or similar assets and liabilities. Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. Recurring Fair Value Measurements At November 30, 2015, our financial assets and liabilities measured at fair value on a recurring basis were as follows: (in thousands) Quoted Prices Significant Significant (Level 3) Totals Assets Derivative contracts (1) $ - $ 5 $ - $ 5 Total assets $ - $ 5 $ - $ 5 Liabilities Derivative contracts (1) $ - $ 24,968 $ - $ 24,968 Total liabilities $ - $ 24,968 $ - $ 24,968 At May 31, 2015, our financial assets and liabilities measured at fair value on a recurring basis were as follows: (in thousands) Quoted Prices Significant Significant (Level 3) Totals Assets Derivative contracts (1) $ - $ 171 $ - $ 171 Total assets $ - $ 171 $ - $ 171 Liabilities Derivative contracts (1) $ - $ 22,131 $ - $ 22,131 Contingent consideration obligations (2) - - 3,979 3,979 Total liabilities $ - $ 22,131 $ 3,979 $ 26,110 (1) The fair value of our derivative contracts is based on the present value of the expected future cash flows considering the risks involved, including non-performance risk, and using discount rates appropriate for the respective maturities. Market observable, Level 2 inputs are used to determine the present value of the expected future cash flows. Refer to “Note N – Derivative Instruments and Hedging Activities” for additional information regarding our use of derivative instruments. (2) The fair value of the contingent consideration obligations is determined using a probability weighted cash flow approach based on management’s projections of future cash flows of the acquired businesses. The fair value measurement was based on Level 3 inputs not observable in the market. Non-Recurring Fair Value Measurements At November 30, 2015, our assets and liabilities measured at fair value on a non-recurring basis were as follows: (in thousands) Quoted Prices Significant Significant (Level 3) Totals Assets Long-lived assets held and used (1) $ - $ - $ 36,933 $ 36,933 Total assets $ - $ - $ 36,933 $ 36,933 (1) During the second quarter of fiscal 2016, management reviewed certain long-lived assets of its Oil & Gas Equipment business in Pressure Cylinders for impairment. In accordance with the applicable accounting guidance, two asset groups within Oil & Gas Equipment with a total carrying value of $59,895,000 were written down to their estimated fair value of $36,933,000 resulting in an impairment charge of $22,962,000 during the three months ended November 30, 2015. Fair value was based on expected future cash flows using Level 3 inputs under ASC 820. The cash flows are those expected to be generated by market participants, discounted at a 13% discount rate to account for the risks inherent in those cash flow projections. Because of deteriorating market conditions (i.e. rising interest rates and lower marketplace demand), it is reasonably possible that our estimate of discounted cash flows may change resulting in the need to perform additional impairment testing. Refer to “NOTE C – Impairment of Long-Lived Assets” for additional information. At May 31, 2015, our assets measured at fair value on a non-recurring basis were categorized as follows: (in thousands) Quoted Prices Significant Significant (Level 3) Totals Assets Long-lived assets held and used (1) $ - $ - $ 12,403 $ 12,403 Total assets $ - $ - $ 12,403 $ 12,403 (1) During the fourth quarter of fiscal 2015, management reviewed certain intangible assets related to our CNG fuel systems joint venture, dHybrid, for impairment. In accordance with the applicable accounting guidance, the intangible assets were written down to their fair value of $600,000, resulting in an impairment charge of $2,344,000. The key assumptions that drove the fair value calculation were projected cash flows and the discount rate. During the third quarter of fiscal 2015, the Company concluded that an interim impairment test of the goodwill of its Engineered Cabs operating segment was necessary. Prior to conducting the goodwill impairment test, the Company first evaluated the other long-lived assets of the Engineered Cabs operating segment for recoverability. Recoverability was tested using future cash flow projections based on management’s long-range estimates of market conditions. The sum of the undiscounted future cash flows for the customer relationship intangible asset and the property, plant and equipment of the Florence, South Carolina facility were less than their respective carrying values. As a result, these assets were written down to their respective fair values of $2,000,000 and $9,803,000. The fair value measurements were based on Level 3 inputs not observable in the market. The key assumptions that drove the fair value calculations were projected cash flows and the discount rate. The fair value of non-derivative financial instruments included in the carrying amounts of cash and cash equivalents, receivables, notes receivable, income taxes receivable, other assets, accounts payable, short-term borrowings, accrued compensation, contributions to employee benefit plans and related taxes, other accrued items, income taxes payable and other liabilities approximate carrying value due to their short-term nature. The fair value of long-term debt, including current maturities, based upon models utilizing market observable (Level 2) inputs and credit risk, was $603,198,000 and $610,028,000 at November 30, 2015 and May 31, 2015, respectively. The carrying amount of long-term debt, including current maturities, was $579,867,000 and $580,193,000 at November 30, 2015 and May 31, 2015, respectively.

Subsequent Events

Subsequent Events	6 Months Ended
	Nov. 30, 2015
Subsequent Events	NOTE P – Subsequent Events On December 7, 2015, the Company completed the acquisition of the global CryoScience business of Taylor Wharton, including a manufacturing facility in Theodore, Alabama, for $31,400,000, after adjusting for estimated working capital. The asset purchase was made pursuant to the Chapter 11 bankruptcy proceedings of Taylor Wharton. The purchase price allocation will be completed in the third quarter of fiscal 2016. The acquired business will be reported within the Pressure Cylinders operating segment.

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Nov. 30, 2015
Recently Issued Accounting Standards	Recently Issued Accounting Standards In May 2014, amended accounting guidance was issued that replaces most existing revenue recognition guidance under U.S. GAAP. The amended guidance requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The amended guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. We are in the process of evaluating the effect this guidance will have on our consolidated financial position and results of operations. The amended guidance permits the use of either the retrospective or cumulative effect transition method. We have not selected a transition method nor have we determined the effect of the amended guidance on our ongoing financial reporting. In April 2015, amended accounting guidance was issued to simplify the presentation of debt issuance costs by requiring that such costs be presented in the balance sheet as a direct deduction from the carrying amount of the corresponding debt liability itself. For public business entities, the amended guidance is effective for financial statements issued for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. Early application is permitted for financial statements that have not been issued. The revised guidance is to be applied on a retrospective basis, and entities are to comply with the applicable disclosures for a change in an accounting principle accordingly. We are in the process of evaluating the effect this guidance will have on our consolidated financial position and results of operations, and we have not determined the effect of the amended guidance on our ongoing financial reporting. In July 2015, amended accounting guidance was issued regarding the measurement of inventory. The amended guidance requires that inventory accounted for under the first-in, first-out (FIFO) or average cost methods be measured at the lower of cost and net realizable value, where net realizable value represents the estimated selling price of inventory in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The amended guidance has no impact on inventory accounted for under the last-in, first-out (LIFO) or retail inventory methods. For public business entities, the amended guidance is effective prospectively for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early application is permitted as of the beginning of an interim or annual reporting period. We are in the process of evaluating the effect this guidance will have on our consolidated financial position and results of operations, and we have not determined the effect of the amended guidance on our ongoing financial reporting. In September 2015, amended accounting guidance was issued regarding adjustments to provisional amounts reported in conjunction with a business combination. The amended guidance requires that an acquirer in a business combination recognize adjustments to provisional amounts identified during the measurement period in the reporting period in which the adjustment amounts are determined. The amendment also requires that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change, calculated as if the accounting had been completed at the acquisition date. Additionally, the amendment requires the acquirer to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. For public business entities, the amended guidance is effective prospectively for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. Early application is permitted for financial statements that have not been issued. We are in the process of evaluating the effect this guidance will have on our consolidated financial position and results of operations, and we have not determined the effect of the amended guidance on our ongoing financial reporting. In November 2015, amended accounting guidance was issued that simplifies the presentation of deferred income taxes. The amended guidance requires that all deferred income tax assets and liabilities be classified as noncurrent on a classified statement of financial position. For public business entities, the amended guidance is effective for financial statements issued for annual periods beginning after December 15, 2016, including interim periods within those annual periods. Early application is permitted as of the beginning of an interim or annual reporting period, and the change may be applied either prospectively or retrospectively. We are in the process of evaluating the effect this guidance will have on our consolidated financial position and results of operations, and we have not determined the effect of the amended guidance on our ongoing financial reporting.
Economic (Non-designated) Hedges	Economic (Non-designated) Hedges We enter into foreign currency contracts to manage our foreign exchange exposure related to inter-company and financing transactions that do not meet the requirements for hedge accounting treatment. We also enter into certain commodity contracts that do not qualify for hedge accounting treatment. Accordingly, these derivative instruments are adjusted to current market value at the end of each period through earnings.
Cash Flow Hedges
Cash Flow Hedges	Cash Flow Hedges We enter into derivative instruments to hedge our exposure to changes in cash flows attributable to interest rates, foreign exchange rates, and commodity price fluctuations associated with certain forecasted transactions. These derivative instruments are designated and qualify as cash flow hedges. Accordingly, the effective portion of the gain or loss on the derivative instrument is reported as a component of other comprehensive income (loss) (“OCI”) and reclassified into earnings in the same financial statement caption associated with the forecasted transaction and in the same period during which the hedged transaction affects earnings. The ineffective portion of the gain or loss on the derivative instrument is recognized in earnings immediately.

Investments in Unconsolidated24

Investments in Unconsolidated Affiliates (Tables) - Unconsolidated Affiliates	6 Months Ended
	Nov. 30, 2015
Balance Sheet
Financial Information	(in thousands) November 30, May 31, Cash $ 95,214 $ 101,011 Receivable from member (1) 8,383 11,092 Other current assets 467,747 491,507 Noncurrent assets 347,783 318,939 Total assets $ 919,127 $ 922,549 Current liabilities $ 130,169 $ 184,028 Short-term borrowings 15,503 - Current maturities of long-term debt 4,156 4,489 Long-term debt 270,451 272,861 Other noncurrent liabilities 19,488 20,471 Equity 479,360 440,700 Total liabilities and equity $ 919,127 $ 922,549 (1) Represents cash owed from a joint venture partner as a result of centralized cash management.
Income Statement
Financial Information	Three Months Ended Six Months Ended (in thousands) 2015 2014 2015 2014 Net sales $ 389,185 $ 388,712 $ 793,648 $ 781,262 Gross margin 84,767 76,193 173,785 164,945 Operating income 55,810 49,864 117,057 113,343 Depreciation and amortization 8,068 8,983 16,165 18,105 Interest expense 2,136 2,173 4,295 4,335 Other income (expense) (2) 18,663 (59 ) 23,564 (129 ) Income tax expense 2,164 2,799 4,723 5,552 Net earnings 71,144 44,490 134,070 103,930 (2) The increase in other income as compared to the comparable period in the prior year is primarily attributable to the impact of ClarkDietrich’s legal settlement related to successful disparagement litigation against several competitors in an industry trade association.

Restructuring and Other Expen25

Restructuring and Other Expense (Tables)	6 Months Ended
	Nov. 30, 2015
Schedule of Progression of Liabilities Associated with Restructuring Activities, Combined with Reconciliation to Restructuring and Other Expense	A progression of the liabilities associated with our restructuring activities, combined with a reconciliation to the restructuring and other expense financial statement caption in our consolidated statement of earnings for the six months ended November 30, 2015 is summarized as follows: (in thousands) Beginning Expense Payments Adjustments Ending Early retirement and severance $ 2,170 $ 4,247 $ (3,244 ) $ (157 ) $ 3,016 Facility exit and other costs 371 4,767 (4,171 ) (11 ) 956 $ 2,541 9,014 $ (7,415 ) $ (168 ) $ 3,972 Net gain on sale of assets (4,422 ) Restructuring and other expense $ 4,592

Comprehensive Income (Loss) (Ta

Comprehensive Income (Loss) (Tables)	6 Months Ended
	Nov. 30, 2015
Summary of Tax Effects of Each Component of Other Comprehensive Loss	The following table summarizes the tax effects on each component of other comprehensive loss for the three months ended November 30: 2015 2014 Before-Tax Tax Net-of-Tax Before-Tax Tax Net-of-Tax (in thousands) Foreign currency translation $ (9,214 ) $ - $ (9,214 ) $ (7,270 ) $ - $ (7,270 ) Pension liability adjustment - - - - - - Cash flow hedges (3,805 ) 1,282 (2,523 ) (2,973 ) 1,092 (1,881 ) Other comprehensive income (loss ) $ (13,019 ) $ 1,282 $ (11,737 ) $ (10,243 ) $ 1,092 $ (9,151 ) The following table summarizes the tax effects on each component of other comprehensive loss for the six months ended November 30: 2015 2014 Before-Tax Tax Net-of-Tax Before-Tax Tax Net-of-Tax (in thousands) Foreign currency translation $ (7,391 ) $ - $ (7,391 ) $ (16,862 ) $ - $ (16,862 ) Pension liability adjustment (8 ) - (8 ) - - - Cash flow hedges (2,567 ) 674 (1,893 ) (1,430 ) 510 (920 ) Other comprehensive income (loss) $ (9,966 ) $ 674 $ (9,292 ) $ (18,292 ) $ 510 $ (17,782 )

Changes in Equity (Tables)

Changes in Equity (Tables)	6 Months Ended
	Nov. 30, 2015
Summary of Changes in Total Equity, Shareholders' Equity Attributable to Controlling Interest, and Equity Attributable to Noncontrolling Interests	The following table provides a summary of the changes in total equity, shareholders’ equity attributable to controlling interest, and equity attributable to noncontrolling interests for the six months ended November 30, 2015: Controlling Interest (in thousands) Additional Cumulative Net of Tax Retained Total Non- Total Balance at May 31, 2015 $ 289,078 $ (50,704 ) $ 510,738 $ 749,112 $ 90,937 $ 840,049 Net earnings - - 54,651 54,651 5,402 60,053 Other comprehensive loss - (8,621 ) - (8,621 ) (671 ) (9,292 ) Common shares issued, net of withholding tax 3,064 - - 3,064 - 3,064 Common shares in NQ plans 854 - - 854 - 854 Stock-based compensation 9,636 - - 9,636 - 9,636 Purchases and retirement of common shares (11,580 ) - (59,916 ) (71,496 ) - (71,496 ) Cash dividends declared - - (24,194 ) (24,194 ) - (24,194 ) Payments to noncontrolling interest - - - - (4,900 ) (4,900 ) Balance at November 30, 2015 $ 291,052 $ (59,325 ) $ 481,279 $ 713,006 $ 90,768 $ 803,774
Components of Changes in Other Comprehensive Loss	The components of the changes in other comprehensive loss were as follows: Foreign Pension Cash Accumulated (in thousands) Balance as of May 31, 2015 $ (20,717 ) $ (15,003 ) $ (14,984 ) $ (50,704 ) Other comprehensive income (loss) before reclassifications (6,720 ) (8 ) (18,503 ) (25,231 ) Reclassification adjustments to income (a) - - 15,936 15,936 Income taxes - - 674 674 Balance as of November 30, 2015 $ (27,437 ) $ (15,011 ) $ (16,877 ) $ (59,325 ) (a) The statement of earnings classification of amounts reclassified to income for cash flow hedges is disclosed in “NOTE N – Derivative Instruments and Hedging Activities.”

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Nov. 30, 2015
Non-Qualified Stock Options
Assumptions to Value Stock Options	The following assumptions were used to value these stock options: Dividend yield 2.33 % Expected volatility 38.40 % Risk-free interest rate 1.98 % Expected term (years) 6.0

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Nov. 30, 2015
Computation of Basic and Diluted Earnings per Share	The following table sets forth the computation of basic and diluted earnings per share for the three and six months ended November 30, 2015 and 2014: Three Months Ended Six Months Ended (in thousands, except per share amounts) 2015 2014 2015 2014 Numerator (basic & diluted): Net earnings attributable to controlling interest – income available to common shareholders $ 23,241 $ 29,462 $ 54,651 $ 73,630 Denominator: Denominator for basic earnings per share attributable to controlling interest – weighted average common shares 62,676 67,105 63,338 67,337 Effect of dilutive securities 1,851 2,076 1,677 2,443 Denominator for diluted earnings per share attributable to controlling interest – adjusted weighted average common shares 64,527 69,181 65,015 69,780 Basic earnings per share attributable to controlling interest $ 0.37 $ 0.44 $ 0.86 $ 1.09 Diluted earnings per share attributable to controlling interest $ 0.36 $ 0.43 $ 0.84 $ 1.06

Segment Operations (Tables)

Segment Operations (Tables)	6 Months Ended
	Nov. 30, 2015
Financial Information for Reportable Segments	Summarized financial information for our reportable segments is shown in the following table: Three Months Ended Six Months Ended (in thousands) 2015 2014 2015 2014 Net sales Steel Processing $ 467,812 $ 552,756 $ 958,612 $ 1,105,087 Pressure Cylinders 201,173 252,744 425,567 501,703 Engineered Cabs 28,699 51,540 67,316 101,094 Other 2,132 13,972 6,468 25,542 Total net sales $ 699,816 $ 871,012 $ 1,457,963 $ 1,733,426 Operating income (loss) Steel Processing $ 26,642 $ 33,877 $ 50,280 $ 69,746 Pressure Cylinders (10,309 ) 9,580 6,510 29,186 Engineered Cabs (4,290 ) (5,609 ) (13,581 ) (7,754 ) Other (71 ) (4,656 ) (241 ) (5,784 ) Total operating income $ 11,972 $ 33,192 $ 42,968 $ 85,394 Impairment of long-lived assets Steel Processing $ - $ 1,100 $ - $ 3,050 Pressure Cylinders 22,962 9,567 22,962 9,567 Engineered Cabs - 2,389 3,000 2,389 Other - 1,179 - 1,179 Total impairment of long-lived assets $ 22,962 $ 14,235 $ 25,962 $ 16,185 Restructuring and other expense (income) Steel Processing $ 2,258 $ - $ 2,720 $ (30 ) Pressure Cylinders (16 ) 405 715 428 Engineered Cabs 765 - 2,643 - Other (1,484 ) 83 (1,486 ) 190 Total restructuring and other expense $ 1,523 $ 488 $ 4,592 $ 588 (in thousands) November 30, May 31, Total assets Steel Processing $ 768,791 $ 829,116 Pressure Cylinders 750,809 804,799 Engineered Cabs 80,451 94,506 Other 360,954 356,721 Total assets $ 1,961,005 $ 2,085,142

Derivative Instruments and He31

Derivative Instruments and Hedging Activities (Tables)	6 Months Ended
	Nov. 30, 2015
Schedule of Fair Value of Derivative Instruments	The following table summarizes the fair value of our derivative instruments and the respective financial statement caption in which they were recorded in our consolidated balance sheet at November 30, 2015: Asset Derivatives Liability Derivatives (in thousands) Balance Sheet Fair Balance Sheet Location Fair Derivatives designated as hedging instruments: Commodity contracts Receivables $ - Accounts payable $ 16,349 Other assets - Other liabilities 974 - 17,323 Interest rate contracts Receivables - Accounts payable 124 Other assets - Other liabilities 238 - 362 Totals $ - $ 17,685 Derivatives not designated as hedging instruments: Commodity contracts Receivables $ - Accounts payable $ 6,998 Other assets - Other liabilities 285 - 7,283 Foreign exchange contracts Receivables 5 Accounts payable - 5 - Totals $ 5 $ 7,283 Total Derivative Instruments $ 5 $ 24,968 The following table summarizes the fair value of our derivative instruments and the financial statement caption in which they were recorded in the consolidated balance sheet at May 31, 2015: Asset Derivatives Liability Derivatives (in thousands) Balance Sheet Location Fair Balance Sheet Location Fair Derivatives designated as hedging instruments: Commodity contracts Receivables $ - Accounts payable $ 17,241 Other assets - Other liabilities 592 - 17,833 Interest rate contracts Receivables - Accounts payable 81 Other assets - Other liabilities 113 - 194 Foreign exchange contracts Receivables 75 Accounts payable - Totals $ 75 $ 18,027 Derivatives not designated as hedging instruments: Commodity contracts Receivables $ 96 Accounts payable $ 4,104 Other assets - Other liabilities - Totals $ 96 $ 4,104 Total Derivative Instruments $ 171 $ 22,131
Schedule of Derivatives Designated as Cash Flow Hedging Instruments	The following table summarizes the gain (loss) recognized in OCI and the gain (loss) reclassified from accumulated OCI into earnings for derivative instruments designated as cash flow hedges during the three months ended November 30, 2015 and 2014: (in thousands) Gain (Loss) Recognized in OCI (Effective Portion) Location of Gain (Loss) Reclassified from Accumulated OCI (Effective Portion) Gain (Loss) Reclassified from Accumulated OCI (Effective Portion) Location of Gain (Loss) (Ineffective Portion) and Excluded from Effectiveness Testing Gain (Loss) (Ineffective Portion) and Excluded from Effectiveness Testing For the three months ended November 30, 2015: Interest rate contracts $ (201 ) Interest expense $ (146 ) Interest expense $ - Commodity contracts (10,210 ) Cost of goods sold (6,460 ) Cost of goods sold - Totals $ (10,411 ) $ (6,606 ) $ - For the three months ended November 30, 2014: Interest rate contracts $ - Interest expense $ (1,137 ) Interest expense $ - Commodity contracts (4,362 ) Cost of goods sold (356 ) Cost of goods sold - Foreign currency contracts (103 ) Miscellaneous income - Miscellaneous income - Totals $ (4,465 ) $ (1,493 ) $ - The following table summarizes the gain (loss) recognized in OCI and the gain (loss) reclassified from accumulated OCI into earnings for derivative instruments designated as cash flow hedges during the six months ended November 30, 2015 and 2014: (in thousands) Gain (Loss) Recognized in OCI (Effective Portion) Location of Gain (Loss) Reclassified from Accumulated OCI (Effective Portion) Gain (Loss) Reclassified from Accumulated OCI (Effective Portion) Location of Gain (Loss) (Ineffective Portion) and Excluded from Effectiveness Testing Gain (Loss) (Ineffective Portion) from Effectiveness Testing For the six months ended November 30, 2015: Interest rate contracts $ (167 ) Interest expense $ (285 ) Interest expense $ - Commodity contracts (18,336 ) Cost of goods sold (15,647 ) Cost of goods sold - Foreign currency contracts - Miscellaneous income (4 ) Miscellaneous income - Totals $ (18,503 ) $ (15,936 ) $ - For the six months ended November 30, 2014: Interest rate contracts $ - Interest expense $ (2,285 ) Interest expense $ - Commodity contracts (4,775 ) Cost of goods sold (1,152 ) Cost of goods sold - Foreign currency contracts (103 ) Miscellaneous income - Miscellaneous income - Totals $ (4,878 ) $ (3,437 ) $ -
Schedule of Gain (Loss) Recognized in Earnings for Economic (Non-Designated) Derivative Financial Instruments	The following table summarizes the gain (loss) recognized in earnings for economic (non-designated) derivative financial instruments during the three months ended November 30, 2015 and 2014: Location of Gain (Loss) Gain (Loss) Recognized (in thousands) Recognized in Earnings 2015 2014 Commodity contracts Cost of goods sold $ (5,390 ) $ (2,360 ) Foreign currency contracts Miscellaneous income (expense) 70 (218 ) Total $ (5,320 ) $ (2,578 ) The following table summarizes the gain (loss) recognized in earnings for economic (non-designated) derivative financial instruments during the six months ended November 30, 2015 and 2014: Location of Gain (Loss) Gain (Loss) Recognized (in thousands) Recognized in Earnings 2015 2014 Commodity contracts Cost of goods sold $ (8,145 ) $ (2,417 ) Foreign currency contracts Miscellaneous income (expense) 70 43 Total $ (8,075 ) $ (2,374 )
Cash Flow Hedges
Schedule of Summary of Derivative Hedges	The following table summarizes our cash flow hedges outstanding at November 30, 2015: (in thousands) Notional Maturity Date Commodity contracts $ 73,757 December 2015 - November 2017 Interest rate contracts 16,163 September 2019
Derivatives Not Designated As Hedging Instruments
Schedule of Summary of Derivative Hedges	The following table summarizes our economic (non-designated) derivative instruments outstanding at November 30, 2015: (in thousands) Notional Maturity Date(s) Commodity contracts $ 31,169 December 2015 - May 2017 Foreign currency contracts 1,090 February 2016

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Nov. 30, 2015
Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis	At November 30, 2015, our financial assets and liabilities measured at fair value on a recurring basis were as follows: (in thousands) Quoted Prices Significant Significant (Level 3) Totals Assets Derivative contracts (1) $ - $ 5 $ - $ 5 Total assets $ - $ 5 $ - $ 5 Liabilities Derivative contracts (1) $ - $ 24,968 $ - $ 24,968 Total liabilities $ - $ 24,968 $ - $ 24,968 At May 31, 2015, our financial assets and liabilities measured at fair value on a recurring basis were as follows: (in thousands) Quoted Prices Significant Significant (Level 3) Totals Assets Derivative contracts (1) $ - $ 171 $ - $ 171 Total assets $ - $ 171 $ - $ 171 Liabilities Derivative contracts (1) $ - $ 22,131 $ - $ 22,131 Contingent consideration obligations (2) - - 3,979 3,979 Total liabilities $ - $ 22,131 $ 3,979 $ 26,110 (1) The fair value of our derivative contracts is based on the present value of the expected future cash flows considering the risks involved, including non-performance risk, and using discount rates appropriate for the respective maturities. Market observable, Level 2 inputs are used to determine the present value of the expected future cash flows. Refer to “Note N – Derivative Instruments and Hedging Activities” for additional information regarding our use of derivative instruments. (2) The fair value of the contingent consideration obligations is determined using a probability weighted cash flow approach based on management’s projections of future cash flows of the acquired businesses. The fair value measurement was based on Level 3 inputs not observable in the market.
Assets Measured at Fair Value on Non-recurring Basis	At November 30, 2015, our assets and liabilities measured at fair value on a non-recurring basis were as follows: (in thousands) Quoted Prices Significant Significant (Level 3) Totals Assets Long-lived assets held and used (1) $ - $ - $ 36,933 $ 36,933 Total assets $ - $ - $ 36,933 $ 36,933 (1) During the second quarter of fiscal 2016, management reviewed certain long-lived assets of its Oil & Gas Equipment business in Pressure Cylinders for impairment. In accordance with the applicable accounting guidance, two asset groups within Oil & Gas Equipment with a total carrying value of $59,895,000 were written down to their estimated fair value of $36,933,000 resulting in an impairment charge of $22,962,000 during the three months ended November 30, 2015. Fair value was based on expected future cash flows using Level 3 inputs under ASC 820. The cash flows are those expected to be generated by market participants, discounted at a 13% discount rate to account for the risks inherent in those cash flow projections. Because of deteriorating market conditions (i.e. rising interest rates and lower marketplace demand), it is reasonably possible that our estimate of discounted cash flows may change resulting in the need to perform additional impairment testing. Refer to “NOTE C – Impairment of Long-Lived Assets” for additional information. At May 31, 2015, our assets measured at fair value on a non-recurring basis were categorized as follows: (in thousands) Quoted Prices Significant Significant (Level 3) Totals Assets Long-lived assets held and used (1) $ - $ - $ 12,403 $ 12,403 Total assets $ - $ - $ 12,403 $ 12,403 (1) During the fourth quarter of fiscal 2015, management reviewed certain intangible assets related to our CNG fuel systems joint venture, dHybrid, for impairment. In accordance with the applicable accounting guidance, the intangible assets were written down to their fair value of $600,000, resulting in an impairment charge of $2,344,000. The key assumptions that drove the fair value calculation were projected cash flows and the discount rate. During the third quarter of fiscal 2015, the Company concluded that an interim impairment test of the goodwill of its Engineered Cabs operating segment was necessary. Prior to conducting the goodwill impairment test, the Company first evaluated the other long-lived assets of the Engineered Cabs operating segment for recoverability. Recoverability was tested using future cash flow projections based on management’s long-range estimates of market conditions. The sum of the undiscounted future cash flows for the customer relationship intangible asset and the property, plant and equipment of the Florence, South Carolina facility were less than their respective carrying values. As a result, these assets were written down to their respective fair values of $2,000,000 and $9,803,000. The fair value measurements were based on Level 3 inputs not observable in the market. The key assumptions that drove the fair value calculations were projected cash flows and the discount rate.

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail) - Joint Venture Transactions	Nov. 30, 2015
DHybrid Systems Llc
Significant Accounting Policies [Line Items]
Percent of controlling interest by the Company	79.59%
Spartan
Significant Accounting Policies [Line Items]
Percent of controlling interest by the Company	52.00%
TWB
Significant Accounting Policies [Line Items]
Percent of controlling interest by the Company	55.00%
Worthington Aritas
Significant Accounting Policies [Line Items]
Percent of controlling interest by the Company	75.00%
WEI
Significant Accounting Policies [Line Items]
Percent of controlling interest by the Company	75.00%
Worthington Nitin Cylinders
Significant Accounting Policies [Line Items]
Percent of controlling interest by the Company	60.00%

Investments in Unconsolidated34

Investments in Unconsolidated Affiliates - Additional Information (Detail)	6 Months Ended
	Nov. 30, 2015USD ($)
WAVE
Investments in and Advances to Affiliates [Line Items]
Cumulative distributions in excess of investment	$ 58,214,000
Unconsolidated Affiliates
Investments in and Advances to Affiliates [Line Items]
Distributions from unconsolidated affiliates	$ 39,926,000
Joint Venture Transactions | ArtiFlex
Investments in and Advances to Affiliates [Line Items]
Percent of interest by unconsolidated affiliates	50.00%
Joint Venture Transactions | ClarkDietrich
Investments in and Advances to Affiliates [Line Items]
Percent of interest by unconsolidated affiliates	25.00%
Joint Venture Transactions | Samuel Steel Pickling Company
Investments in and Advances to Affiliates [Line Items]
Percent of interest by unconsolidated affiliates	31.25%
Joint Venture Transactions | Seviacero
Investments in and Advances to Affiliates [Line Items]
Percent of interest by unconsolidated affiliates	50.00%
Joint Venture Transactions | WAVE
Investments in and Advances to Affiliates [Line Items]
Percent of interest by unconsolidated affiliates	50.00%
Joint Venture Transactions | Worthington Specialty Processing
Investments in and Advances to Affiliates [Line Items]
Percent of interest by unconsolidated affiliates	51.00%
Joint Venture Transactions | Zhejiang Nisshin Worthington Precision Specialty Steel Co
Investments in and Advances to Affiliates [Line Items]
Percent of interest by unconsolidated affiliates	10.00%

Schedule of Combined Financial

Schedule of Combined Financial Information for Unconsolidated Affiliates (Detail) - Unconsolidated Affiliates - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Nov. 30, 2015	Nov. 30, 2014	Nov. 30, 2015	Nov. 30, 2014	May. 31, 2015
Investments in and Advances to Affiliates [Line Items]
Cash		$ 95,214		$ 95,214		$ 101,011
Receivable from member	[1]	8,383		8,383		11,092
Other current assets		467,747		467,747		491,507
Noncurrent assets		347,783		347,783		318,939
Total assets		919,127		919,127		922,549
Current liabilities		130,169		130,169		184,028
Short-term borrowings		15,503		15,503
Current maturities of long-term debt		4,156		4,156		4,489
Long-term debt		270,451		270,451		272,861
Other noncurrent liabilities		19,488		19,488		20,471
Equity		479,360		479,360		440,700
Total liabilities and equity		919,127		919,127		$ 922,549
Net sales		389,185	$ 388,712	793,648	$ 781,262
Gross margin		84,767	76,193	173,785	164,945
Operating income		55,810	49,864	117,057	113,343
Depreciation and amortization		8,068	8,983	16,165	18,105
Interest expense		2,136	2,173	4,295	4,335
Other income (expense)	[2]	18,663	(59)	23,564	(129)
Income tax expense		2,164	2,799	4,723	5,552
Net earnings		$ 71,144	$ 44,490	$ 134,070	$ 103,930
[1]	Represents cash owed from a joint venture partner as a result of centralized cash management.
[2]	The increase in other income as compared to the comparable period in the prior year is primarily attributable to the impact of ClarkDietrich's legal settlement related to successful disparagement litigation against several competitors in an industry trade association.

Impairment of Long-Lived Asse36

Impairment of Long-Lived Assets - Additional Information (Detail)	3 Months Ended			6 Months Ended
	Nov. 30, 2015USD ($)asset_group		Nov. 30, 2014USD ($)	Nov. 30, 2015USD ($)		Nov. 30, 2014USD ($)	Aug. 31, 2015USD ($)	May. 31, 2015USD ($)
Impaired Long-Lived Assets Held and Used [Line Items]
Carrying value long-lived assets	$ 59,895,000			$ 59,895,000
Asset measured at fair value on nonrecurring basis	36,933,000			36,933,000				$ 12,403,000
Impairment of long-lived assets	$ 22,962,000		$ 14,235,000	25,962,000		$ 16,185,000
Number of asset groups | asset_group	2
Cash flow projections, discount rate	13.00%
Goodwill	$ 237,110,000			237,110,000				238,999,000
Long-lived Assets Held and Used
Impaired Long-Lived Assets Held and Used [Line Items]
Asset measured at fair value on nonrecurring basis	36,933,000	[1]		36,933,000	[1]			$ 12,403,000	[2]
Engineered Cabs
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of long-lived assets			2,389,000	3,000,000		2,389,000
Engineered Cabs | Long-lived Assets Held and Used
Impaired Long-Lived Assets Held and Used [Line Items]
Carrying value long-lived assets							$ 4,059,000
Asset measured at fair value on nonrecurring basis							$ 1,059,000
Pressure Cylinders
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of long-lived assets	22,962,000		$ 9,567,000	22,962,000		$ 9,567,000
Goodwill	$ 25,982,000			$ 25,982,000
[1]	During the second quarter of fiscal 2016, management reviewed certain long-lived assets of its Oil & Gas Equipment business in Pressure Cylinders for impairment. In accordance with the applicable accounting guidance, two asset groups within Oil & Gas Equipment with a total carrying value of $59,895,000 were written down to their estimated fair value of $36,933,000 resulting in an impairment charge of $22,962,000 during the three months ended November 30, 2015. Fair value was based on expected future cash flows using Level 3 inputs under ASC 820. The cash flows are those expected to be generated by market participants, discounted at a 13% discount rate to account for the risks inherent in those cash flow projections. Because of deteriorating market conditions (i.e. rising interest rates and lower marketplace demand), it is reasonably possible that our estimate of discounted cash flows may change resulting in the need to perform additional impairment testing. Refer to "NOTE C - Impairment of Long-Lived Assets" for additional information.
[2]	During the fourth quarter of fiscal 2015, management reviewed certain intangible assets related to our CNG fuel systems joint venture, dHybrid, for impairment. In accordance with the applicable accounting guidance, the intangible assets were written down to their fair value of $600,000, resulting in an impairment charge of $2,344,000. The key assumptions that drove the fair value calculation were projected cash flows and the discount rate.

Schedule of Progression of Liab

Schedule of Progression of Liabilities Associated with Restructuring Activities, Combined with Reconciliation to Restructuring and Other Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 30, 2015	Nov. 30, 2014	Nov. 30, 2015	Nov. 30, 2014
Restructuring Cost and Reserve [Line Items]
Beginning Balance			$ 2,541
Expense			9,014
Payments			(7,415)
Adjustments			(168)
Ending Balance	$ 3,972		3,972
Net gain on sale of assets			(4,422)
Restructuring and other expense	1,523	$ 488	4,592	$ 588
Early Retirement And Severance
Restructuring Cost and Reserve [Line Items]
Beginning Balance			2,170
Expense			4,247
Payments			(3,244)
Adjustments			(157)
Ending Balance	3,016		3,016
Facility Exit And Other Costs
Restructuring Cost and Reserve [Line Items]
Beginning Balance			371
Expense			4,767
Payments			(4,171)
Adjustments			(11)
Ending Balance	$ 956		$ 956

Restructuring and Other Expen38

Restructuring and Other Expense - Additional Information (Detail)	6 Months Ended
	Nov. 30, 2015USD ($)
Restructuring Cost and Reserve [Line Items]
Gain on asset disposal	$ 4,422,000
Closure of Precision Specialty Metals, Inc
Restructuring Cost and Reserve [Line Items]
Severance costs	1,000,000
Facility exit costs	4,296,000
Pending Closure, Pennsylvania Steel Packaging Facility
Restructuring Cost and Reserve [Line Items]
Severance costs	416,000
Facility Closing, Baltimore Steel Processing Facility
Restructuring Cost and Reserve [Line Items]
Facility exit costs	101,000
Gain on asset disposal	2,938,000
Severance expense credit	(240,000)
Legacy Metal Framing
Restructuring Cost and Reserve [Line Items]
Gain on asset disposal	1,484,000
Other Non-significant Restructuring Activities
Restructuring Cost and Reserve [Line Items]
Severance costs	85,000
Facility costs	70,000
Engineered Cabs | Facility Closing | Florence, South Carolina
Restructuring Cost and Reserve [Line Items]
Severance costs	2,343,000
Facility exit costs	300,000
Pressure Cylinders
Restructuring Cost and Reserve [Line Items]
Severance costs	$ 643,000

Guarantees - Additional Informa

Guarantees - Additional Information (Detail)	Nov. 30, 2015USD ($)
Operating Lease of Aircraft
Loss Contingencies [Line Items]
Maximum potential obligation	$ 11,128,000
Term Loan
Loss Contingencies [Line Items]
Maximum potential obligation	$ 833,000

Debt and Receivables Securiti40

Debt and Receivables Securitization - Additional Information (Detail) - USD ($)	6 Months Ended
	Nov. 30, 2015	May. 31, 2015
Debt And Receivables Securitization [Line Items]
Short-term borrowings	$ 49,538,000	$ 90,550,000
Letter of credit amount outstanding	15,216,000
Securities Sold under Agreements to Repurchase
Debt And Receivables Securitization [Line Items]
Maximum borrowing capacity	$ 100,000,000
Maturity date	2018-01
Borrowings outstanding	$ 20,000,000
Number of days past due trade accounts receivables are ineligible for securitization	90 days
Worthington Aritas
Debt And Receivables Securitization [Line Items]
Short-term borrowings	$ 2,257,000
Worthington Nitin Cylinders
Debt And Receivables Securitization [Line Items]
Short-term borrowings	2,090,000
Unsecured Revolving Credit Facility
Debt And Receivables Securitization [Line Items]
Maximum borrowing capacity	$ 500,000,000
Maturity date	2020-04
Line of credit, interest rate	1.301%
Borrowings outstanding	$ 25,191,000
Remaining borrowing capacity	$ 474,809,000
Unsecured Revolving Credit Facility | Maximum
Debt And Receivables Securitization [Line Items]
Debt maturity period	1 year

Summary of Tax Effects of Each

Summary of Tax Effects of Each Component of Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 30, 2015	Nov. 30, 2014	Nov. 30, 2015	Nov. 30, 2014
Before-Tax
Foreign currency translation, before tax	$ (9,214)	$ (7,270)	$ (7,391)	$ (16,862)
Pension liability adjustment, before tax			(8)
Cash flow hedges, before tax	(3,805)	(2,973)	(2,567)	(1,430)
Other comprehensive income (loss), before tax	(13,019)	(10,243)	(9,966)	(18,292)
Tax
Foreign currency translation, tax	0	0	0	0
Pension liability adjustment, tax	0	0	0	0
Cash flow hedges, tax	1,282	1,092	674	510
Other comprehensive income (loss), tax	1,282	1,092	674	510
Net-of-tax
Foreign currency translation, net-of-tax	(9,214)	(7,270)	(7,391)	(16,862)
Pension liability adjustment, net-of-tax			(8)
Cash flow hedges, net-of-tax	(2,523)	(1,881)	(1,893)	(920)
Other comprehensive income (loss), net-of-tax	$ (11,737)	$ (9,151)	$ (9,292)	$ (17,782)

Summary of Changes in Total Equ

Summary of Changes in Total Equity, Shareholders' Equity Attributable to Controlling Interest, and Equity Attributable to Noncontrolling Interests (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 30, 2015	Nov. 30, 2014	Nov. 30, 2015	Nov. 30, 2014
Beginning Balance			$ 840,049
Net earnings	$ 25,616	$ 31,455	60,053	$ 80,275
Other comprehensive loss	(11,737)	$ (9,151)	(9,292)	$ (17,782)
Common shares issued, net of withholding tax			3,064
Common shares in NQ plans			854
Stock-based compensation			9,636
Purchases and retirement of common shares			(71,496)
Cash dividends declared			(24,194)
Payments to noncontrolling interest			(4,900)
Ending Balance	803,774		803,774
Additional Paid-in Capital
Beginning Balance			289,078
Common shares issued, net of withholding tax			3,064
Common shares in NQ plans			854
Stock-based compensation			9,636
Purchases and retirement of common shares			(11,580)
Ending Balance	291,052		291,052
Cumulative Other Comprehensive Income (Loss), Net of Tax
Beginning Balance			(50,704)
Other comprehensive loss			(8,621)
Ending Balance	(59,325)		(59,325)
Retained Earnings
Beginning Balance			510,738
Net earnings			54,651
Purchases and retirement of common shares			(59,916)
Cash dividends declared			(24,194)
Ending Balance	481,279		481,279
Parent
Beginning Balance			749,112
Net earnings			54,651
Other comprehensive loss			(8,621)
Common shares issued, net of withholding tax			3,064
Common shares in NQ plans			854
Stock-based compensation			9,636
Purchases and retirement of common shares			(71,496)
Cash dividends declared			(24,194)
Ending Balance	713,006		713,006
Noncontrolling Interest
Beginning Balance			90,937
Net earnings			5,402
Other comprehensive loss			(671)
Payments to noncontrolling interest			(4,900)
Ending Balance	$ 90,768		$ 90,768

Components of Changes in Other

Components of Changes in Other Comprehensive Loss (Detail) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Nov. 30, 2015	Nov. 30, 2014	Nov. 30, 2015	Nov. 30, 2014
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss, beginning balance				$ (50,704)
Other comprehensive income (loss) before reclassifications				(25,231)
Reclassification adjustments to income	[1]			15,936
Income taxes		$ 1,282	$ 1,092	674	$ 510
Accumulated other comprehensive loss, ending balance		(59,325)		(59,325)
Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss, beginning balance				(20,717)
Other comprehensive income (loss) before reclassifications				(6,720)
Accumulated other comprehensive loss, ending balance		(27,437)		(27,437)
Pension Liability Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss, beginning balance				(15,003)
Other comprehensive income (loss) before reclassifications				(8)
Accumulated other comprehensive loss, ending balance		(15,011)		(15,011)
Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss, beginning balance				(14,984)
Other comprehensive income (loss) before reclassifications				(18,503)
Reclassification adjustments to income	[1]			15,936
Income taxes				674
Accumulated other comprehensive loss, ending balance		$ (16,877)		$ (16,877)
[1]	The statement of earnings classification of amounts reclassified to income for cash flow hedges is disclosed in "NOTE N - Derivative Instruments and Hedging Activities."

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail)	6 Months Ended
	Nov. 30, 2015USD ($)$ / sharesshares
Non-Qualified Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-qualified stock options, granted | shares	153,500
Non-qualified stock option, per share price | $ / shares	$ 30.92
Non-qualified stock option, fair value, per share price | $ / shares	$ 9.55
Pre-tax stock-based compensation | $	$ 1,305,000
Pre-tax stock-based compensation, period of recognition	3 years
Service-Based Restricted Common Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pre-tax stock-based compensation, period of recognition	3 years
Performance share awards granted | shares	204,550
Restricted common shares, fair value per share | $ / shares	$ 29.32
Pre-tax stock-based compensation | $	$ 5,446,000
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pre-tax stock-based compensation, period of recognition	3 years
Performance share awards granted | shares	92,096
Pre-tax stock-based compensation | $	$ 2,774,000

Assumptions To Value Stock Opti

Assumptions To Value Stock Options (Detail) - Non-Qualified Stock Options	6 Months Ended
	Nov. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	2.33%
Expected volatility	38.40%
Risk-free interest rate	1.98%
Expected term (years)	6 years

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	6 Months Ended
	Nov. 30, 2015	Nov. 30, 2014
Income Taxes [Line Items]
Estimated annual effective income tax rate	31.20%	33.50%

Computation of Basic and Dilute

Computation of Basic and Diluted Earnings (Loss) per Share Attributable to Controlling Interest (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 30, 2015	Nov. 30, 2014	Nov. 30, 2015	Nov. 30, 2014
Numerator (basic & diluted):
Net earnings attributable to controlling interest - income available to common shareholders	$ 23,241	$ 29,462	$ 54,651	$ 73,630
Denominator:
Denominator for basic earnings per share attributable to controlling interest - weighted average common shares	62,676	67,105	63,338	67,337
Effect of dilutive securities	1,851	2,076	1,677	2,443
Denominator for diluted earnings per share attributable to controlling interest - adjusted weighted average common shares	64,527	69,181	65,015	69,780
Basic earnings per share attributable to controlling interest	$ 0.37	$ 0.44	$ 0.86	$ 1.09
Diluted earnings per share attributable to controlling interest	$ 0.36	$ 0.43	$ 0.84	$ 1.06

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - shares	3 Months Ended		6 Months Ended
	Nov. 30, 2015	Nov. 30, 2014	Nov. 30, 2015	Nov. 30, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options and restricted common shares excluded from computation of diluted earnings per share	367,094	147,859	346,557	113,744

Financial Information for Repor

Financial Information for Reportable Segments (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 30, 2015	Nov. 30, 2014	Nov. 30, 2015	Nov. 30, 2014	May. 31, 2015
Segment Reporting Information [Line Items]
Net sales	$ 699,816	$ 871,012	$ 1,457,963	$ 1,733,426
Operating income (loss)	11,972	33,192	42,968	85,394
Impairment of long-lived assets	22,962	14,235	25,962	16,185
Restructuring and other expense (income)	1,523	488	4,592	588
Total assets	1,961,005		1,961,005		$ 2,085,142
Steel Processing
Segment Reporting Information [Line Items]
Net sales	467,812	552,756	958,612	1,105,087
Operating income (loss)	26,642	33,877	50,280	69,746
Impairment of long-lived assets		1,100		3,050
Restructuring and other expense (income)	2,258		2,720	(30)
Total assets	768,791		768,791		829,116
Pressure Cylinders
Segment Reporting Information [Line Items]
Net sales	201,173	252,744	425,567	501,703
Operating income (loss)	(10,309)	9,580	6,510	29,186
Impairment of long-lived assets	22,962	9,567	22,962	9,567
Restructuring and other expense (income)	(16)	405	715	428
Total assets	750,809		750,809		804,799
Engineered Cabs
Segment Reporting Information [Line Items]
Net sales	28,699	51,540	67,316	101,094
Operating income (loss)	(4,290)	(5,609)	(13,581)	(7,754)
Impairment of long-lived assets		2,389	3,000	2,389
Restructuring and other expense (income)	765		2,643
Total assets	80,451		80,451		94,506
Other
Segment Reporting Information [Line Items]
Net sales	2,132	13,972	6,468	25,542
Operating income (loss)	(71)	(4,656)	(241)	(5,784)
Impairment of long-lived assets		1,179		1,179
Restructuring and other expense (income)	(1,484)	$ 83	(1,486)	$ 190
Total assets	$ 360,954		$ 360,954		$ 356,721

Derivative Instruments and He50

Derivative Instruments and Hedging Activities - Additional Information (Detail) - USD ($)	6 Months Ended	12 Months Ended
	Nov. 30, 2015	May. 31, 2015
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total cash collateral	$ 9,670,000
Impact to fair value of derivative assets and liabilities as a result of recognition on a net basis	57,000	$ 500,000
Losses in accumulated other comprehensive income expected to be reclassified into net earnings	(14,346,000)
Losses in accumulated other comprehensive income expected to be reclassified into net earnings, tax	$ 8,161,000

Schedule of Fair Value of Deriv

Schedule of Fair Value of Derivative Instruments (Detail) - USD ($) $ in Thousands	Nov. 30, 2015	May. 31, 2015
Derivative [Line Items]
Asset Derivatives at Fair Value	$ 5	$ 171
Liability Derivatives at Fair Value	24,968	22,131
Derivatives Designated As Hedging Instruments
Derivative [Line Items]
Asset Derivatives at Fair Value		75
Liability Derivatives at Fair Value	17,685	18,027
Derivatives Designated As Hedging Instruments | Commodity Contracts
Derivative [Line Items]
Liability Derivatives at Fair Value	17,323	17,833
Derivatives Designated As Hedging Instruments | Commodity Contracts | Other Liabilities
Derivative [Line Items]
Liability Derivatives at Fair Value	974	592
Derivatives Designated As Hedging Instruments | Commodity Contracts | Accounts Payable
Derivative [Line Items]
Liability Derivatives at Fair Value	16,349	17,241
Derivatives Designated As Hedging Instruments | Interest Rate Contracts
Derivative [Line Items]
Liability Derivatives at Fair Value	362	194
Derivatives Designated As Hedging Instruments | Interest Rate Contracts | Other Liabilities
Derivative [Line Items]
Liability Derivatives at Fair Value	238	113
Derivatives Designated As Hedging Instruments | Interest Rate Contracts | Accounts Payable
Derivative [Line Items]
Liability Derivatives at Fair Value	124	81
Derivatives Designated As Hedging Instruments | Foreign Exchange Contracts | Receivables
Derivative [Line Items]
Asset Derivatives at Fair Value		75
Derivatives Not Designated As Hedging Instruments
Derivative [Line Items]
Asset Derivatives at Fair Value	5	96
Liability Derivatives at Fair Value	7,283	4,104
Derivatives Not Designated As Hedging Instruments | Commodity Contracts
Derivative [Line Items]
Liability Derivatives at Fair Value	7,283
Derivatives Not Designated As Hedging Instruments | Commodity Contracts | Other Liabilities
Derivative [Line Items]
Liability Derivatives at Fair Value	285
Derivatives Not Designated As Hedging Instruments | Commodity Contracts | Receivables
Derivative [Line Items]
Asset Derivatives at Fair Value		96
Derivatives Not Designated As Hedging Instruments | Commodity Contracts | Accounts Payable
Derivative [Line Items]
Liability Derivatives at Fair Value	6,998	$ 4,104
Derivatives Not Designated As Hedging Instruments | Foreign Exchange Contracts
Derivative [Line Items]
Asset Derivatives at Fair Value	5
Derivatives Not Designated As Hedging Instruments | Foreign Exchange Contracts | Receivables
Derivative [Line Items]
Asset Derivatives at Fair Value	$ 5

Schedule of Summary of Derivati

Schedule of Summary of Derivative Hedges (Detail)	6 Months Ended
	Nov. 30, 2015USD ($)
Commodity Contracts | Derivatives Not Designated As Hedging Instruments
Derivative [Line Items]
Notional Amount	$ 31,169,000
Commodity Contracts | Derivatives Not Designated As Hedging Instruments | Minimum
Derivative [Line Items]
Maturity Date	2015-12
Commodity Contracts | Derivatives Not Designated As Hedging Instruments | Maximum
Derivative [Line Items]
Maturity Date	2017-05
Foreign Currency Contracts | Derivatives Not Designated As Hedging Instruments
Derivative [Line Items]
Notional Amount	$ 1,090,000
Maturity Date	2016-02
Cash Flow Hedges | Commodity Contracts
Derivative [Line Items]
Notional Amount	$ 73,757,000
Cash Flow Hedges | Commodity Contracts | Minimum
Derivative [Line Items]
Maturity Date	2015-12
Cash Flow Hedges | Commodity Contracts | Maximum
Derivative [Line Items]
Maturity Date	2017-11
Cash Flow Hedges | Interest Rate Contracts
Derivative [Line Items]
Notional Amount	$ 16,163,000
Maturity Date	2019-09

Schedule of Derivatives Designa

Schedule of Derivatives Designated as Cash Flow Hedging Instruments (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 30, 2015	Nov. 30, 2014	Nov. 30, 2015	Nov. 30, 2014
Derivative [Line Items]
Gain (Loss) Recognized in OCI (Effective Portion)	$ (10,411)	$ (4,465)	$ (18,503)	$ (4,878)
Gain (Loss) Reclassified from Accumulated OCI (Effective Portion)	(6,606)	(1,493)	(15,936)	(3,437)
Interest Rate Contracts
Derivative [Line Items]
Gain (Loss) Recognized in OCI (Effective Portion)	(201)		(167)
Interest Rate Contracts | Interest Expense
Derivative [Line Items]
Gain (Loss) Reclassified from Accumulated OCI (Effective Portion)	(146)	(1,137)	(285)	(2,285)
Commodity Contracts
Derivative [Line Items]
Gain (Loss) Recognized in OCI (Effective Portion)	(10,210)	(4,362)	(18,336)	(4,775)
Commodity Contracts | Cost of Goods Sold
Derivative [Line Items]
Gain (Loss) Reclassified from Accumulated OCI (Effective Portion)	$ (6,460)	(356)	(15,647)	(1,152)
Foreign Currency Contracts
Derivative [Line Items]
Gain (Loss) Recognized in OCI (Effective Portion)		$ (103)		$ (103)
Foreign Currency Contracts | Miscellaneous Income (Expense)
Derivative [Line Items]
Gain (Loss) Reclassified from Accumulated OCI (Effective Portion)			$ (4)

Schedule of Gain (Loss) Recogni

Schedule of Gain (Loss) Recognized in Earnings for Economic (Non-Designated) Derivative Financial Instruments (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 30, 2015	Nov. 30, 2014	Nov. 30, 2015	Nov. 30, 2014
Derivative [Line Items]
Gain (Loss) Recognized in Earnings	$ (5,320)	$ (2,578)	$ (8,075)	$ (2,374)
Commodity Contracts | Cost of Goods Sold
Derivative [Line Items]
Gain (Loss) Recognized in Earnings	(5,390)	(2,360)	(8,145)	(2,417)
Foreign Exchange Contracts | Miscellaneous Income (Expense)
Derivative [Line Items]
Gain (Loss) Recognized in Earnings	$ 70	$ (218)	$ 70	$ 43

Schedule of Financial Assets An

Schedule of Financial Assets And Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands		Nov. 30, 2015	May. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets		$ 5	$ 171
Liabilities		24,968	26,110
Derivative Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	[1]	5	171
Liabilities	[1]	24,968	22,131
Contingent consideration obligation
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	[2]		3,979
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets		5	171
Liabilities		24,968	22,131
Significant Other Observable Inputs (Level 2) | Derivative Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	[1]	5	171
Liabilities	[1]	$ 24,968	22,131
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities			3,979
Significant Unobservable Inputs (Level 3) | Contingent consideration obligation
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	[2]		$ 3,979
[1]	The fair value of our derivative contracts is based on the present value of the expected future cash flows considering the risks involved, including non-performance risk, and using discount rates appropriate for the respective maturities. Market observable, Level 2 inputs are used to determine the present value of the expected future cash flows. Refer to "Note N - Derivative Instruments and Hedging Activities" for additional information regarding our use of derivative instruments.
[2]	The fair value of the contingent consideration obligation is determined using a probability weighted cash flow approach based on management's projections of future cash flows of the acquired business. The fair value measurement was based on Level 3 inputs not observable in the market.

Assets Measured at Fair Value o

Assets Measured at Fair Value on Non-recurring Basis (Detail) - USD ($) $ in Thousands	Nov. 30, 2015		May. 31, 2015
Fair Value [Line Items]
Asset measured at fair value on nonrecurring basis	$ 36,933		$ 12,403
Long-lived Assets Held and Used
Fair Value [Line Items]
Asset measured at fair value on nonrecurring basis	36,933	[1]	12,403	[2]
Significant Unobservable Inputs (Level 3)
Fair Value [Line Items]
Asset measured at fair value on nonrecurring basis	36,933		12,403
Significant Unobservable Inputs (Level 3) | Long-lived Assets Held and Used
Fair Value [Line Items]
Asset measured at fair value on nonrecurring basis	$ 36,933	[1]	$ 12,403	[2]
[1]	During the second quarter of fiscal 2016, management reviewed certain long-lived assets of its Oil & Gas Equipment business in Pressure Cylinders for impairment. In accordance with the applicable accounting guidance, two asset groups within Oil & Gas Equipment with a total carrying value of $59,895,000 were written down to their estimated fair value of $36,933,000 resulting in an impairment charge of $22,962,000 during the three months ended November 30, 2015. Fair value was based on expected future cash flows using Level 3 inputs under ASC 820. The cash flows are those expected to be generated by market participants, discounted at a 13% discount rate to account for the risks inherent in those cash flow projections. Because of deteriorating market conditions (i.e. rising interest rates and lower marketplace demand), it is reasonably possible that our estimate of discounted cash flows may change resulting in the need to perform additional impairment testing. Refer to "NOTE C - Impairment of Long-Lived Assets" for additional information.
[2]	During the fourth quarter of fiscal 2015, management reviewed certain intangible assets related to our CNG fuel systems joint venture, dHybrid, for impairment. In accordance with the applicable accounting guidance, the intangible assets were written down to their fair value of $600,000, resulting in an impairment charge of $2,344,000. The key assumptions that drove the fair value calculation were projected cash flows and the discount rate.

Assets Measured at Fair Value57

Assets Measured at Fair Value on Non-recurring Basis (Parenthetical) (Detail)	3 Months Ended					6 Months Ended
	Nov. 30, 2015USD ($)asset_group		May. 31, 2015USD ($)		Nov. 30, 2014USD ($)	Nov. 30, 2015USD ($)		Nov. 30, 2014USD ($)	Feb. 28, 2015USD ($)
Fair Value [Line Items]
Number of asset groups | asset_group	2
Carrying value long-lived assets	$ 59,895,000					$ 59,895,000
Asset measured at fair value on nonrecurring basis	36,933,000		$ 12,403,000			36,933,000
Impairment of long-lived assets	$ 22,962,000				$ 14,235,000	25,962,000		$ 16,185,000
Cash flow projections, discount rate	13.00%
DHybrid Systems Llc
Fair Value [Line Items]
Asset measured at fair value on nonrecurring basis			600,000
Impairment of long-lived assets			2,344,000
Long-lived Assets Held and Used
Fair Value [Line Items]
Asset measured at fair value on nonrecurring basis	$ 36,933,000	[1]	$ 12,403,000	[2]		$ 36,933,000	[1]
Engineered Cabs | Customer relationships
Fair Value [Line Items]
Asset measured at fair value on nonrecurring basis									$ 2,000,000
Engineered Cabs | Florence Facility
Fair Value [Line Items]
Asset measured at fair value on nonrecurring basis									$ 9,803,000
[1]	During the second quarter of fiscal 2016, management reviewed certain long-lived assets of its Oil & Gas Equipment business in Pressure Cylinders for impairment. In accordance with the applicable accounting guidance, two asset groups within Oil & Gas Equipment with a total carrying value of $59,895,000 were written down to their estimated fair value of $36,933,000 resulting in an impairment charge of $22,962,000 during the three months ended November 30, 2015. Fair value was based on expected future cash flows using Level 3 inputs under ASC 820. The cash flows are those expected to be generated by market participants, discounted at a 13% discount rate to account for the risks inherent in those cash flow projections. Because of deteriorating market conditions (i.e. rising interest rates and lower marketplace demand), it is reasonably possible that our estimate of discounted cash flows may change resulting in the need to perform additional impairment testing. Refer to "NOTE C - Impairment of Long-Lived Assets" for additional information.
[2]	During the fourth quarter of fiscal 2015, management reviewed certain intangible assets related to our CNG fuel systems joint venture, dHybrid, for impairment. In accordance with the applicable accounting guidance, the intangible assets were written down to their fair value of $600,000, resulting in an impairment charge of $2,344,000. The key assumptions that drove the fair value calculation were projected cash flows and the discount rate.

Fair Value - Additional Informa

Fair Value - Additional Information (Detail) - Long-term Debt - USD ($)	Nov. 30, 2015	May. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt at fair value including current maturities	$ 603,198,000	$ 610,028,000
Long-term debt at carrying amount including current maturities	$ 579,867,000	$ 580,193,000

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail)	Dec. 07, 2015USD ($)
Subsequent Event | CryoScience
Subsequent Event [Line Items]
Business combination, consideration transferred	$ 31,400,000