Worthington Industries (WOR) 10-Q 11 Oct 16 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Aug. 31, 2016	Sep. 30, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Aug. 31, 2016
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
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		63,496,093

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Aug. 31, 2016	May 31, 2016
Current assets:
Cash and cash equivalents	$ 181,525	$ 84,188
Receivables, less allowances of $3,866 and $4,579 at August 31, 2016 and May 31, 2016, respectively	416,529	439,688
Inventories:
Raw materials	192,117	162,427
Work in process	104,418	86,892
Finished products	73,198	70,016
Total inventories	369,733	319,335
Income taxes receivable	2,498	10,535
Assets held for sale	10,052	10,079
Prepaid expenses and other current assets	52,129	51,290
Total current assets	1,032,466	915,115
Investments in unconsolidated affiliates	200,048	191,826
Goodwill	246,204	246,067
Other intangible assets, net of accumulated amortization of $52,998 and $49,532 at August 31, 2016 and May 31, 2016, respectively	92,689	96,164
Other assets	29,775	29,254
Property, plant and equipment:
Land	18,537	18,537
Buildings and improvements	259,682	256,973
Machinery and equipment	974,219	945,951
Construction in progress	30,789	48,156
Total property, plant and equipment	1,283,227	1,269,617
Less: accumulated depreciation	702,456	686,779
Total property, plant and equipment, net	580,771	582,838
Total assets	2,181,953	2,061,264
Current liabilities:
Accounts payable	325,299	290,432
Short-term borrowings	1,534	2,651
Accrued compensation, contributions to employee benefit plans and related taxes	69,204	75,105
Dividends payable	14,212	13,471
Other accrued items	49,453	45,056
Income taxes payable	15,639	2,501
Current maturities of long-term debt	867	862
Total current liabilities	476,208	430,078
Other liabilities	63,229	63,487
Distributions in excess of investment in unconsolidated affiliate	66,192	52,983
Long-term debt	577,408	577,491
Deferred income taxes, net	17,836	17,379
Total liabilities	1,200,873	1,141,418
Shareholders' equity - controlling interest	855,962	793,371
Noncontrolling interests	125,118	126,475
Total equity	981,080	919,846
Total liabilities and equity	$ 2,181,953	$ 2,061,264

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Aug. 31, 2016	May 31, 2016
Receivables, allowances	$ 3,866	$ 4,579
Other intangible assets, accumulated amortization	$ 52,998	$ 49,532

Consolidated Statements of Earn

Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Aug. 31, 2016	Aug. 31, 2015
Net sales	$ 737,549	$ 758,147
Cost of goods sold	590,267	645,131
Gross margin	147,282	113,016
Selling, general and administrative expense	81,056	75,951
Impairment of long-lived assets	0	3,000
Restructuring and other expense	1,328	3,069
Operating income	64,898	30,996
Other income (expense):
Miscellaneous income (expense), net	863	(578)
Interest expense	(7,870)	(7,854)
Equity in net income of unconsolidated affiliates	34,544	26,581
Earnings before income taxes	92,435	49,145
Income tax expense	23,899	14,150
Net earnings	68,536	34,995
Net earnings attributable to noncontrolling interests	2,969	3,027
Net earnings attributable to controlling interest	$ 65,567	$ 31,968
Basic
Average common shares outstanding	61,885	63,993
Earnings per share attributable to controlling interest	$ 1.06	$ 0.50
Diluted
Average common shares outstanding	64,337	66,065
Earnings per share attributable to controlling interest	$ 1.02	$ 0.48
Common shares outstanding at end of period	62,179	63,343
Cash dividends declared per share	$ 0.20	$ 0.19

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Aug. 31, 2016	Aug. 31, 2015
Net earnings	$ 68,536	$ 34,995
Other comprehensive income (loss):
Foreign currency translation	(665)	1,823
Pension liability adjustment, net of tax		(8)
Cash flow hedges, net of tax	625	630
Other comprehensive income (loss)	(40)	2,445
Comprehensive income	68,496	37,440
Comprehensive income attributable to noncontrolling interests	2,973	2,971
Comprehensive income attributable to controlling interest	$ 65,523	$ 34,469

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Aug. 31, 2016	Aug. 31, 2015
Operating activities:
Net earnings	$ 68,536	$ 34,995
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	21,831	21,440
Impairment of long-lived assets	0	3,000
Provision for (benefit from) deferred income taxes	20	(5,540)
Bad debt (income) expense	(81)	10
Equity in net income of unconsolidated affiliates, net of distributions	3,898	(5,513)
Net loss on sale of assets	4,396	1,606
Stock-based compensation	3,136	3,777
Changes in assets and liabilities:
Receivables	16,954	42,629
Inventories	(50,398)	(7,824)
Prepaid expenses and other current assets	7,162	11,166
Other assets	1,246	442
Accounts payable and accrued expenses	43,061	41,626
Other liabilities	1,144	(3,187)
Net cash provided by operating activities	120,905	138,627
Investing activities:
Investment in property, plant and equipment	(16,316)	(38,497)
Investments in unconsolidated affiliates		(1,687)
Proceeds from sale of assets	157	131
Net cash used by investing activities	(16,159)	(40,053)
Financing activities:
Net repayments of short-term borrowings	(1,117)	(68,511)
Proceeds from long-term debt		921
Principal payments on long-term debt	(219)	(208)
Proceeds from (payments for) issuance of common shares	5,821	(602)
Payments to noncontrolling interests		(3,336)
Repurchase of common shares		(27,582)
Dividends paid	(11,894)	(11,551)
Net cash used by financing activities	(7,409)	(110,869)
Increase (decrease) in cash and cash equivalents	97,337	(12,295)
Cash and cash equivalents at beginning of period	84,188	31,067
Cash and cash equivalents at end of period	$ 181,525	$ 18,772

Basis of Presentation

Basis of Presentation	3 Months Ended
	Aug. 31, 2016
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 Specialty Processing (“WSP”) in which we own controlling interests of 79.59%, 52%, 55%, 75%, 75%, and 51%, respectively, are consolidated with the equity owned by the other joint venture members shown as noncontrolling interests in our consolidated balance sheets, and their portions of net earnings and other comprehensive income (loss) (“OCI”) 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 months ended August 31, 2016 are not necessarily indicative of the results that may be expected for the fiscal year ending May 31, 2017 (“fiscal 2017”). 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, 2016 (“fiscal 2016”) of Worthington Industries, Inc. (the “2016 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 Adopted Accounting Standards In February 2015, amended accounting guidance was issued that revised consolidation requirements in order to provide financial statement users with a more useful presentation of an entity’s economic and operational results. The amended guidance revises the consolidation requirements for limited partnerships, the considerations surrounding the primary beneficiary determination and the consolidation of certain investment funds and is effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. The Company adopted this amended guidance on a prospective basis effective June 1, 2016. The adoption of this guidance did not impact our financial position or results of operations. In April 2015, amended accounting guidance was issued that requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of the corresponding debt liability itself. The amended guidance does not apply to line-of-credit arrangements. Accordingly, issuance costs related to line-of-credit arrangements will continue to be presented as an asset and amortized ratably over the term of the arrangement. The amended guidance is effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. The Company adopted this guidance on a retrospective basis effective June 1, 2016. As a result, debt issuance costs totaling $2,405,000 and $2,491,000 as of August 31, 2016 and May 31, 2016, respectively, have been presented as a component of the carrying amount of long-term debt reported in our consolidated balance sheets. These amounts were previously capitalized and reported within other assets. In September 2015, amended accounting guidance was issued regarding adjustments to provisional amounts recorded in conjunction with a business combination. The amended guidance requires the acquirer to recognize adjustments to provisional amounts identified during the measurement period in the reporting period in which such adjustments are identified, rather than retrospectively adjusting previously reported amounts. The amended guidance is effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. The Company adopted this amended guidance on a prospective basis effective June 1, 2016. The adoption of this guidance did not impact our financial position or results of operations. In March 2016, amended accounting guidance was issued that simplifies the accounting for share-based payments. The amended guidance impacts several aspects of the accounting for share-based payment transactions, including the income tax consequences, forfeitures, statutory withholding requirements, and classification in the statement of cash flows. The Company early adopted this guidance during the fourth quarter of fiscal 2016. As required for early adoption in an interim period, all adjustments have been reflected as of the beginning of fiscal 2016. Accordingly, income tax expense for the three months ended August 31, 2015 has been restated to reflect excess tax benefits associated with share-based payments totaling $558,000 in current income tax expense, rather than in paid-in capital. 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. Subsequently, additional guidance was issued on several areas including guidance intended to improve the operability and understandability of the implementation of principal versus agent considerations and clarifications on the identification of performance obligations and implementation of guidance related to licensing. 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 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. The amended guidance is effective prospectively for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted as of the beginning of an interim or annual reporting period. We do not expect the adoption of this amended accounting guidance to have a material impact on our financial position or results of operations. In February 2016, amended accounting guidance was issued that replaces most existing lease accounting guidance under U.S. GAAP. Among other changes, the amended guidance requires that lease assets and liabilities be recognized on the balance sheet by lessees for those leases classified as operating leases under previous guidance. The amended guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted, and the change is to be applied using a modified retrospective approach as of the beginning of the earliest period presented. 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 March 2016, amended accounting guidance was issued regarding derivative instruments designated as hedging instruments. The amended guidance clarifies that a change in the counterparty to such a hedging instrument does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria continue to be met. The amended guidance is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted, and the change may be applied either prospectively or retrospectively. We do not expect the adoption of this amended accounting guidance to have a material impact on our financial position or results of operations. In June 2016, amended accounting guidance was issued related to the measurement of credit losses on financial instruments. The amended guidance changes the impairment model for most financial assets to require measurement and recognition of expected credit losses for financial assets held. The amended guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. 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 August 2016, amended accounting guidance was issued to clarify the proper cash flow presentation of certain specific types of cash payments and cash receipts. The amended guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. We are in the process of evaluating the effect this guidance will have on our consolidated financial position, results of operations and cash flows, and we have not determined the effect of the amended guidance on our ongoing financial reporting.

Investments in Unconsolidated A

Investments in Unconsolidated Affiliates	3 Months Ended
	Aug. 31, 2016
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%), and Zhejiang Nisshin Worthington Precision Specialty Steel Co., Ltd. (10%). We received distributions from unconsolidated affiliates totaling $38,442,000 during the three months ended August 31, 2016. We have received cumulative distributions from WAVE in excess of our investment balance totaling $66,192,000 at August 31, 2016. 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 received, less distributions received in prior periods that were determined to be returns of investment, 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) August 31, 2016 May 31, 2016 Cash $ 51,269 $ 112,122 Other current assets 513,318 446,796 Noncurrent assets 355,777 352,370 Total assets $ 920,364 $ 911,288 Current liabilities $ 125,082 $ 112,491 Short-term borrowings 8,315 11,398 Current maturities of long-term debt 2,913 3,297 Long-term debt 265,301 266,942 Other noncurrent liabilities 22,678 21,034 Equity 496,075 496,126 Total liabilities and equity $ 920,364 $ 911,288 Three Months Ended August 31, (in thousands) 2016 2015 Net sales $ 417,115 $ 404,463 Gross margin 124,197 89,018 Operating income 94,397 61,246 Depreciation and amortization 6,820 8,097 Interest expense 2,148 2,159 Income tax expense 7,518 2,560 Net earnings 86,067 62,926 The financial results of WSP have been included in the amounts presented in the tables above through March 1, 2016. Effective March 1, 2016, the Company obtained effective control over the operations of WSP. As a result, WSP’s results have been consolidated within the financial results of Steel Processing since that date with the minority member’s portion of earnings eliminated within earnings attributable to noncontrolling interests.

Impairment of Long-Lived Assets

Impairment of Long-Lived Assets	3 Months Ended
	Aug. 31, 2016
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 definite 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. No impairment charges were recognized during the first quarter of fiscal 2017. 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 was transferred to the Greeneville facility to support higher volume requirements. Management reevaluated the recoverability of the remaining assets 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 first quarter of fiscal 2016. The Company ceased production at the Florence facility on September 30, 2015.

Restructuring and Other Expense

Restructuring and Other Expense	3 Months Ended
	Aug. 31, 2016
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 rationalizing headcount. 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 three months ended August 31, 2016 is summarized as follows: (in thousands) Beginning Expense Payments Adjustments Ending Early retirement and severance $ 1,831 $ 190 $ (890 ) $ 8 $ 1,139 Facility exit and other costs 653 1,027 (529 ) - 1,151 $ 2,484 1,217 $ (1,419 ) $ 8 $ 2,290 Net loss on sale of assets 111 Restructuring and other expense $ 1,328 Facility exit costs in the current year consisted primarily of costs incurred in connection with the closures of the Company’s stainless steel business, Precision Specialty Metals, Inc. (“PSM”) and the Florence, South Carolina facility in Engineered Cabs. The total liability as of August 31, 2016 is expected to be paid in the next twelve months.

Contingent Liabilities and Comm

Contingent Liabilities and Commitments	3 Months Ended
	Aug. 31, 2016
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	3 Months Ended
	Aug. 31, 2016
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 August 31, 2016, 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 $10,198,000 at August 31, 2016. Based on current facts and circumstances, we have estimated the likelihood of payment pursuant to this guarantee is not probable and, therefore, no amount has been recognized in our consolidated financial statements.

Debt and Receivables Securitiza

Debt and Receivables Securitization	3 Months Ended
	Aug. 31, 2016
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 typically 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 rate or Fed Funds rate. The applicable margin is determined by our credit rating. There were no borrowings outstanding under the Credit Facility at August 31, 2016. We also maintain a $100,000,000 revolving trade accounts receivable securitization facility (the “AR Facility”) which expires in January 2018. 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 third-party bank. 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. As of August 31, 2016, no undivided ownership interests in this pool of accounts receivable had been sold. We also had letters of credit totaling $15,359,000 outstanding as of August 31, 2016. These letters of credit have been issued to third parties and had no amounts drawn against them at August 31, 2016.

Comprehensive Income

Comprehensive Income	3 Months Ended
	Aug. 31, 2016
Comprehensive Income	NOTE H – Comprehensive Income The following table summarizes the tax effects on each component of OCI for the three months ended August 31: 2016 2015 Before-Tax Tax Net-of-Tax Before-Tax Tax Net-of-Tax (in thousands) Foreign currency translation $ (665 ) $ - $ (665 ) $ 1,823 $ - $ 1,823 Pension liability adjustment - - - (8 ) - (8 ) Cash flow hedges 1,088 (463 ) 625 1,238 (608 ) 630 Other comprehensive income (loss) $ 423 $ (463 ) $ (40 ) $ 3,053 $ (608 ) $ 2,445

Changes in Equity

Changes in Equity	3 Months Ended
	Aug. 31, 2016
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 three months ended August 31, 2016: Controlling Interest (in thousands) Additional Accumulated Retained Total Non- Total Balance at May 31, 2016 $ 298,984 $ (28,565 ) $ 522,952 $ 793,371 $ 126,475 $ 919,846 Net earnings - - 65,567 65,567 2,969 68,536 Other comprehensive income (loss) - (45 ) - (45 ) 5 (40 ) Common shares issued, net of withholding tax 5,821 - - 5,821 - 5,821 Common shares in NQ plans 634 - - 634 - 634 Stock-based compensation 3,491 - - 3,491 - 3,491 Cash dividends declared - - (12,877 ) (12,877 ) - (12,877 ) Dividends to noncontrolling interest - - - - (4,331 ) (4,331 ) Balance at August 31, 2016 $ 308,930 $ (28,610 ) $ 575,642 $ 855,962 $ 125,118 $ 981,080 The components of the changes in accumulated other comprehensive loss were as follows: (in thousands) Foreign Pension Cash Accumulated Balance as of May 31, 2016 $ (18,728 ) $ (17,061 ) $ 7,224 $ (28,565 ) Other comprehensive income (loss) before reclassifications (670 ) - 733 63 Reclassification adjustments to income (a) - - 355 355 Income taxes - - (463 ) (463 ) Balance as of August 31, 2016 $ (19,398 ) $ (17,061 ) $ 7,849 $ (28,610 ) (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	3 Months Ended
	Aug. 31, 2016
Stock-Based Compensation	NOTE J – Stock-Based Compensation Non-Qualified Stock Options During the three months ended August 31, 2016, we granted non-qualified stock options covering a total of 111,000 common shares under our stock-based compensation plans. The option price of $42.30 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 $11.60 per share. The calculated pre-tax stock-based compensation expense for these stock options, after an estimate for forfeitures, is $1,146,000 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 2.59 % Expected volatility 36.86 % Risk-free interest rate 1.15 % 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 three months ended August 31, 2016, we granted an aggregate of 115,625 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 $42.30 per share. The calculated pre-tax stock-based compensation expense for these restricted common shares, after an estimate for forfeitures, is $4,353,000 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 under our stock-based compensation plans. These performance shares 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, 2017, 2018 and 2019. 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 three months ended August 31, 2016, we granted performance share awards covering an aggregate of 68,500 common shares (at target levels). The calculated pre-tax stock-based compensation expense for these performance shares is $2,809,000 and will be recognized over the three-year performance period.

Income Taxes

Income Taxes	3 Months Ended
	Aug. 31, 2016
Income Taxes	NOTE K – Income Taxes Income tax expense for the three months ended August 31, 2016 and August 31, 2015 reflected estimated annual effective income tax rates of 31.2% and 31.7%, 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 are primarily a result of our WSP, Spartan, Worthington Aritas, and TWB consolidated joint ventures. The earnings attributable to the noncontrolling interests in WSP, Spartan and TWB’s U.S. operations do not generate tax expense to Worthington since the investors in WSP, Spartan and TWB’s U.S. operations are taxed directly based on the earnings attributable to them. The tax expense of Worthington Aritas (a foreign corporation), 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 2017 could be materially different from the forecasted rate as of August 31, 2016.

Earnings per Share

Earnings per Share	3 Months Ended
	Aug. 31, 2016
Earnings per Share	NOTE L – Earnings per Share The following table sets forth the computation of basic and diluted earnings per share attributable to controlling interest for the three months ended August 31, 2016 and 2015: Three Months Ended August 31, (in thousands, except per share amounts) 2016 2015 Numerator (basic & diluted): Net earnings attributable to controlling interest – income available to common shareholders $ 65,567 $ 31,968 Denominator: Denominator for basic earnings per share attributable to controlling interest – weighted average common shares 61,885 63,993 Effect of dilutive securities 2,452 2,072 Denominator for diluted earnings per share attributable to controlling interest – adjusted weighted average common shares 64,337 66,065 Basic earnings per share attributable to controlling interest $ 1.06 $ 0.50 Diluted earnings per share attributable to controlling interest $ 1.02 $ 0.48 Stock options and restricted common shares covering 161,429 and 318,904 common shares for the three months ended August 31, 2016 and 2015, respectively, have been excluded from the computation of diluted earnings per share because the effect of their inclusion would have been anti-dilutive.

Segment Operations

Segment Operations	3 Months Ended
	Aug. 31, 2016
Segment Operations	NOTE M – Segment Operations Summarized financial information for our reportable segments is shown in the following table: Three Months Ended August 31, (in thousands) 2016 2015 Net sales Steel Processing $ 505,674 $ 490,800 Pressure Cylinders 205,209 224,394 Engineered Cabs 25,581 38,617 Other 1,085 4,336 Total net sales $ 737,549 $ 758,147 Operating income (loss) Steel Processing $ 54,782 $ 23,638 Pressure Cylinders 14,105 16,819 Engineered Cabs (1,843 ) (9,291 ) Other (2,146 ) (170 ) Total operating income $ 64,898 $ 30,996 Impairment of long-lived assets Steel Processing $ - $ - Pressure Cylinders - - Engineered Cabs - 3,000 Other - - Total impairment of long-lived assets $ - $ 3,000 Restructuring and other expense (income) Steel Processing $ 966 $ 462 Pressure Cylinders 146 731 Engineered Cabs 206 1,878 Other 10 (2 ) Total restructuring and other expense $ 1,328 $ 3,069 (in thousands) August 31, May 31, Total assets Steel Processing $ 871,588 $ 819,853 Pressure Cylinders 766,070 787,786 Engineered Cabs 70,471 75,124 Other 473,824 378,501 Total assets $ 2,181,953 $ 2,061,264

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	3 Months Ended
	Aug. 31, 2016
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, foreign currency exchange rate 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 Foreign Currency Rate Risk Management Commodity Price Risk Management We are exposed to counterparty credit risk on all of our derivative instruments. Accordingly, we have established and maintain strict counterparty credit guidelines. 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 August 31, 2016, we had posted total cash collateral of $152,000 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 O – Fair Value” 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 August 31, 2016: Asset Derivatives Liability Derivatives (in thousands) Balance Sheet Location Fair Balance Sheet Location Fair Derivatives designated as hedging instruments: Commodity contracts Receivables $ 10,337 Accounts payable $ 31 Other assets 850 Other liabilities - 11,187 31 Interest rate contracts Receivables - Accounts payable 175 Other assets - Other liabilities 320 - 495 Totals $ 11,187 $ 526 Derivatives not designated as hedging instruments: Commodity contracts Receivables $ 3,737 Accounts payable $ 151 Other assets 75 Other liabilities - 3,812 151 Foreign currency contracts Receivables - Accounts payable 31 Totals $ 3,812 $ 182 Total Derivative Instruments $ 14,999 $ 708 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 aggregate impact would have been a $200,000 decrease in receivables with a corresponding decrease 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, 2016: Asset Derivatives Liability Derivatives (in thousands) Balance Fair Balance Sheet Location Fair Derivatives designated as hedging instruments: Commodity contracts Receivables $ 13,224 Accounts payable $ 696 Other assets 3,589 Other liabilities 80 16,813 776 Interest rate contracts Receivables - Accounts payable 155 Other assets - Other liabilities 306 - 461 Totals $ 16,813 $ 1,237 Derivatives not designated as hedging instruments: Commodity contracts Receivables $ 4,660 Accounts payable $ 761 Other assets 317 Other liabilities - 4,977 761 Foreign currency contracts Receivables - Accounts payable 15 - 15 Totals $ 4,977 $ 776 Total Derivative Instruments $ 21,790 $ 2,013 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 aggregate impact would have been a $300,000 decrease in receivables with a corresponding decrease in accounts payable. Cash Flow Hedges We enter into derivative instruments to hedge our exposure to changes in cash flows attributable to interest 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 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 August 31, 2016: (in thousands) Notional Maturity Date Commodity contracts $ 60,267 September 2016 - December 2017 Interest rate contracts 17,072 September 2019 The following table summarizes the gain (loss) recognized in OCI and the loss reclassified from accumulated OCI into earnings for derivative instruments designated as cash flow hedges during the three months ended August 31, 2016 and 2015: Location of Location of Loss Loss Gain Gain Reclassified Reclassified (Ineffective (Ineffective Gain (Loss) from from Portion) Portion) Recognized Accumulated Accumulated and Excluded and Excluded in OCI OCI OCI from from (Effective (Effective (Effective Effectiveness Effectiveness (in thousands) Portion) Portion) Portion) Testing Testing For the three months ended August 31, 2016: Commodity contracts $ 769 Cost of goods sold $ (252 ) Cost of goods sold $ - Interest rate contracts (36 ) Interest expense (103 ) Interest expense - Totals $ 733 $ (355 ) $ - For the three months ended August 31, 2015: Commodity contracts $ (8,126 ) Cost of goods sold $ (9,187 ) Cost of goods sold $ - Interest rate contracts 34 Interest expense (139 ) Interest expense - Foreign currency contracts - Miscellaneous income, net (4 ) Miscellaneous income, net - Totals $ (8,092 ) $ (9,330 ) $ - The estimated net amount of the losses recognized in accumulated OCI at August 31, 2016 expected to be reclassified into net earnings within the succeeding twelve months is $9,008,000 (net of tax of $5,568,000). This amount was computed using the fair value of the cash flow hedges at August 31, 2016, and will change before actual reclassification from OCI to net earnings during the fiscal years ending May 31, 2017 and 2018. Economic (Non-designated) Hedges We enter into foreign currency contracts to manage our foreign currency exchange rate 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 August 31, 2016: (in thousands) Notional Maturity Date(s) Commodity contracts $ 24,809 September 2016 - August 2018 Foreign currency contracts 18,847 September 2016 - August 2017 The following table summarizes the gain (loss) recognized in earnings for economic (non-designated) derivative financial instruments during the three months ended August 31, 2016 and 2015: Gain (Loss) Recognized in Earnings for the Three Months Ended Location of Gain (Loss) August 31, (in thousands) Recognized in Earnings 2016 2015 Commodity contracts Cost of goods sold $ 2,908 $ (2,755 ) Foreign currency contracts Miscellaneous expense, net (66 ) — Total $ 2,842 $ (2,755 ) The gain (loss) on the foreign currency derivatives significantly offsets the gain (loss) on the hedged item.

Fair Value

Fair Value	3 Months Ended
	Aug. 31, 2016
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 – Inputs other than quoted prices included within Level 1 that are observable for the assets and liabilities, either directly or indirectly. 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 August 31, 2016, our assets and liabilities measured at fair value on a recurring basis were as follows: (in thousands) Quoted Prices Significant Significant Totals Assets Derivative contracts (1) $ - $ 14,999 $ - $ 14,999 Total assets $ - $ 14,999 $ - $ 14,999 Liabilities Derivative contracts (1) $ - $ 708 $ - $ 708 Contingent consideration obligation (2) - - 4,519 4,519 Total liabilities $ - $ 708 $ 4,519 $ 5,227 At May 31, 2016, our assets and liabilities measured at fair value on a recurring basis were as follows: (in thousands) Quoted Prices Significant Significant Totals Assets Derivative contracts (1) $ - $ 21,790 $ - $ 21,790 Total assets $ - $ 21,790 $ - $ 21,790 Liabilities Derivative contracts (1) $ - $ 2,013 $ - $ 2,013 Contingent consideration obligations (2) - - 4,519 4,519 Total liabilities $ - $ 2,013 $ 4,519 $ 6,532 (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. 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 $611,710,000 and $609,245,000 at August 31, 2016 and May 31, 2016, respectively. The carrying amount of long-term debt, including current maturities, was $578,275,000 and $578,353,000 at August 31, 2016 and May 31, 2016, respectively.

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Aug. 31, 2016
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards In February 2015, amended accounting guidance was issued that revised consolidation requirements in order to provide financial statement users with a more useful presentation of an entity’s economic and operational results. The amended guidance revises the consolidation requirements for limited partnerships, the considerations surrounding the primary beneficiary determination and the consolidation of certain investment funds and is effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. The Company adopted this amended guidance on a prospective basis effective June 1, 2016. The adoption of this guidance did not impact our financial position or results of operations. In April 2015, amended accounting guidance was issued that requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of the corresponding debt liability itself. The amended guidance does not apply to line-of-credit arrangements. Accordingly, issuance costs related to line-of-credit arrangements will continue to be presented as an asset and amortized ratably over the term of the arrangement. The amended guidance is effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. The Company adopted this guidance on a retrospective basis effective June 1, 2016. As a result, debt issuance costs totaling $2,405,000 and $2,491,000 as of August 31, 2016 and May 31, 2016, respectively, have been presented as a component of the carrying amount of long-term debt reported in our consolidated balance sheets. These amounts were previously capitalized and reported within other assets. In September 2015, amended accounting guidance was issued regarding adjustments to provisional amounts recorded in conjunction with a business combination. The amended guidance requires the acquirer to recognize adjustments to provisional amounts identified during the measurement period in the reporting period in which such adjustments are identified, rather than retrospectively adjusting previously reported amounts. The amended guidance is effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. The Company adopted this amended guidance on a prospective basis effective June 1, 2016. The adoption of this guidance did not impact our financial position or results of operations. In March 2016, amended accounting guidance was issued that simplifies the accounting for share-based payments. The amended guidance impacts several aspects of the accounting for share-based payment transactions, including the income tax consequences, forfeitures, statutory withholding requirements, and classification in the statement of cash flows. The Company early adopted this guidance during the fourth quarter of fiscal 2016. As required for early adoption in an interim period, all adjustments have been reflected as of the beginning of fiscal 2016. Accordingly, income tax expense for the three months ended August 31, 2015 has been restated to reflect excess tax benefits associated with share-based payments totaling $558,000 in current income tax expense, rather than in paid-in capital.
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. Subsequently, additional guidance was issued on several areas including guidance intended to improve the operability and understandability of the implementation of principal versus agent considerations and clarifications on the identification of performance obligations and implementation of guidance related to licensing. 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 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. The amended guidance is effective prospectively for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted as of the beginning of an interim or annual reporting period. We do not expect the adoption of this amended accounting guidance to have a material impact on our financial position or results of operations. In February 2016, amended accounting guidance was issued that replaces most existing lease accounting guidance under U.S. GAAP. Among other changes, the amended guidance requires that lease assets and liabilities be recognized on the balance sheet by lessees for those leases classified as operating leases under previous guidance. The amended guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted, and the change is to be applied using a modified retrospective approach as of the beginning of the earliest period presented. 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 March 2016, amended accounting guidance was issued regarding derivative instruments designated as hedging instruments. The amended guidance clarifies that a change in the counterparty to such a hedging instrument does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria continue to be met. The amended guidance is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted, and the change may be applied either prospectively or retrospectively. We do not expect the adoption of this amended accounting guidance to have a material impact on our financial position or results of operations. In June 2016, amended accounting guidance was issued related to the measurement of credit losses on financial instruments. The amended guidance changes the impairment model for most financial assets to require measurement and recognition of expected credit losses for financial assets held. The amended guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. 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 August 2016, amended accounting guidance was issued to clarify the proper cash flow presentation of certain specific types of cash payments and cash receipts. The amended guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. We are in the process of evaluating the effect this guidance will have on our consolidated financial position, results of operations and cash flows, 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 currency exchange rate 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 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 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 Unconsolidated23

Investments in Unconsolidated Affiliates (Tables) - Unconsolidated Affiliates	3 Months Ended
	Aug. 31, 2016
Balance Sheet
Financial Information	Combined financial information for our unconsolidated affiliates is summarized as follows: (in thousands) August 31, 2016 May 31, 2016 Cash $ 51,269 $ 112,122 Other current assets 513,318 446,796 Noncurrent assets 355,777 352,370 Total assets $ 920,364 $ 911,288 Current liabilities $ 125,082 $ 112,491 Short-term borrowings 8,315 11,398 Current maturities of long-term debt 2,913 3,297 Long-term debt 265,301 266,942 Other noncurrent liabilities 22,678 21,034 Equity 496,075 496,126 Total liabilities and equity $ 920,364 $ 911,288
Income Statement
Financial Information	Three Months Ended August 31, (in thousands) 2016 2015 Net sales $ 417,115 $ 404,463 Gross margin 124,197 89,018 Operating income 94,397 61,246 Depreciation and amortization 6,820 8,097 Interest expense 2,148 2,159 Income tax expense 7,518 2,560 Net earnings 86,067 62,926

Restructuring and Other Expen24

Restructuring and Other Expense (Tables)	3 Months Ended
	Aug. 31, 2016
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 three months ended August 31, 2016 is summarized as follows: (in thousands) Beginning Expense Payments Adjustments Ending Early retirement and severance $ 1,831 $ 190 $ (890 ) $ 8 $ 1,139 Facility exit and other costs 653 1,027 (529 ) - 1,151 $ 2,484 1,217 $ (1,419 ) $ 8 $ 2,290 Net loss on sale of assets 111 Restructuring and other expense $ 1,328

Comprehensive Income (Tables)

Comprehensive Income (Tables)	3 Months Ended
	Aug. 31, 2016
Summary of Tax Effects on Each Component of OCI	The following table summarizes the tax effects on each component of OCI for the three months ended August 31: 2016 2015 Before-Tax Tax Net-of-Tax Before-Tax Tax Net-of-Tax (in thousands) Foreign currency translation $ (665 ) $ - $ (665 ) $ 1,823 $ - $ 1,823 Pension liability adjustment - - - (8 ) - (8 ) Cash flow hedges 1,088 (463 ) 625 1,238 (608 ) 630 Other comprehensive income (loss) $ 423 $ (463 ) $ (40 ) $ 3,053 $ (608 ) $ 2,445

Changes in Equity (Tables)

Changes in Equity (Tables)	3 Months Ended
	Aug. 31, 2016
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 three months ended August 31, 2016: Controlling Interest (in thousands) Additional Accumulated Retained Total Non- Total Balance at May 31, 2016 $ 298,984 $ (28,565 ) $ 522,952 $ 793,371 $ 126,475 $ 919,846 Net earnings - - 65,567 65,567 2,969 68,536 Other comprehensive income (loss) - (45 ) - (45 ) 5 (40 ) Common shares issued, net of withholding tax 5,821 - - 5,821 - 5,821 Common shares in NQ plans 634 - - 634 - 634 Stock-based compensation 3,491 - - 3,491 - 3,491 Cash dividends declared - - (12,877 ) (12,877 ) - (12,877 ) Dividends to noncontrolling interest - - - - (4,331 ) (4,331 ) Balance at August 31, 2016 $ 308,930 $ (28,610 ) $ 575,642 $ 855,962 $ 125,118 $ 981,080
Components of Changes in Accumulated Other Comprehensive Loss	The components of the changes in accumulated other comprehensive loss were as follows: (in thousands) Foreign Pension Cash Accumulated Balance as of May 31, 2016 $ (18,728 ) $ (17,061 ) $ 7,224 $ (28,565 ) Other comprehensive income (loss) before reclassifications (670 ) - 733 63 Reclassification adjustments to income (a) - - 355 355 Income taxes - - (463 ) (463 ) Balance as of August 31, 2016 $ (19,398 ) $ (17,061 ) $ 7,849 $ (28,610 ) (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)	3 Months Ended
	Aug. 31, 2016
Non-Qualified Stock Options
Assumptions to Value Stock Options	The following assumptions were used to value these stock options: Dividend yield 2.59 % Expected volatility 36.86 % Risk-free interest rate 1.15 % Expected term (years) 6.0

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Aug. 31, 2016
Computation of Basic and Diluted Earnings Per Share Attributable to Controlling Interest	The following table sets forth the computation of basic and diluted earnings per share attributable to controlling interest for the three months ended August 31, 2016 and 2015: Three Months Ended August 31, (in thousands, except per share amounts) 2016 2015 Numerator (basic & diluted): Net earnings attributable to controlling interest – income available to common shareholders $ 65,567 $ 31,968 Denominator: Denominator for basic earnings per share attributable to controlling interest – weighted average common shares 61,885 63,993 Effect of dilutive securities 2,452 2,072 Denominator for diluted earnings per share attributable to controlling interest – adjusted weighted average common shares 64,337 66,065 Basic earnings per share attributable to controlling interest $ 1.06 $ 0.50 Diluted earnings per share attributable to controlling interest $ 1.02 $ 0.48

Segment Operations (Tables)

Segment Operations (Tables)	3 Months Ended
	Aug. 31, 2016
Financial Information for Reportable Segments	Summarized financial information for our reportable segments is shown in the following table: Three Months Ended August 31, (in thousands) 2016 2015 Net sales Steel Processing $ 505,674 $ 490,800 Pressure Cylinders 205,209 224,394 Engineered Cabs 25,581 38,617 Other 1,085 4,336 Total net sales $ 737,549 $ 758,147 Operating income (loss) Steel Processing $ 54,782 $ 23,638 Pressure Cylinders 14,105 16,819 Engineered Cabs (1,843 ) (9,291 ) Other (2,146 ) (170 ) Total operating income $ 64,898 $ 30,996 Impairment of long-lived assets Steel Processing $ - $ - Pressure Cylinders - - Engineered Cabs - 3,000 Other - - Total impairment of long-lived assets $ - $ 3,000 Restructuring and other expense (income) Steel Processing $ 966 $ 462 Pressure Cylinders 146 731 Engineered Cabs 206 1,878 Other 10 (2 ) Total restructuring and other expense $ 1,328 $ 3,069 (in thousands) August 31, May 31, Total assets Steel Processing $ 871,588 $ 819,853 Pressure Cylinders 766,070 787,786 Engineered Cabs 70,471 75,124 Other 473,824 378,501 Total assets $ 2,181,953 $ 2,061,264

Derivative Instruments and He30

Derivative Instruments and Hedging Activities (Tables)	3 Months Ended
	Aug. 31, 2016
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 August 31, 2016: Asset Derivatives Liability Derivatives (in thousands) Balance Sheet Location Fair Balance Sheet Location Fair Derivatives designated as hedging instruments: Commodity contracts Receivables $ 10,337 Accounts payable $ 31 Other assets 850 Other liabilities - 11,187 31 Interest rate contracts Receivables - Accounts payable 175 Other assets - Other liabilities 320 - 495 Totals $ 11,187 $ 526 Derivatives not designated as hedging instruments: Commodity contracts Receivables $ 3,737 Accounts payable $ 151 Other assets 75 Other liabilities - 3,812 151 Foreign currency contracts Receivables - Accounts payable 31 Totals $ 3,812 $ 182 Total Derivative Instruments $ 14,999 $ 708 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, 2016: Asset Derivatives Liability Derivatives (in thousands) Balance Fair Balance Sheet Location Fair Derivatives designated as hedging instruments: Commodity contracts Receivables $ 13,224 Accounts payable $ 696 Other assets 3,589 Other liabilities 80 16,813 776 Interest rate contracts Receivables - Accounts payable 155 Other assets - Other liabilities 306 - 461 Totals $ 16,813 $ 1,237 Derivatives not designated as hedging instruments: Commodity contracts Receivables $ 4,660 Accounts payable $ 761 Other assets 317 Other liabilities - 4,977 761 Foreign currency contracts Receivables - Accounts payable 15 - 15 Totals $ 4,977 $ 776 Total Derivative Instruments $ 21,790 $ 2,013
Schedule of Derivatives Designated as Cash Flow Hedging Instruments	The following table summarizes the gain (loss) recognized in OCI and the loss reclassified from accumulated OCI into earnings for derivative instruments designated as cash flow hedges during the three months ended August 31, 2016 and 2015: Location of Location of Loss Loss Gain Gain Reclassified Reclassified (Ineffective (Ineffective Gain (Loss) from from Portion) Portion) Recognized Accumulated Accumulated and Excluded and Excluded in OCI OCI OCI from from (Effective (Effective (Effective Effectiveness Effectiveness (in thousands) Portion) Portion) Portion) Testing Testing For the three months ended August 31, 2016: Commodity contracts $ 769 Cost of goods sold $ (252 ) Cost of goods sold $ - Interest rate contracts (36 ) Interest expense (103 ) Interest expense - Totals $ 733 $ (355 ) $ - For the three months ended August 31, 2015: Commodity contracts $ (8,126 ) Cost of goods sold $ (9,187 ) Cost of goods sold $ - Interest rate contracts 34 Interest expense (139 ) Interest expense - Foreign currency contracts - Miscellaneous income, net (4 ) Miscellaneous income, net - Totals $ (8,092 ) $ (9,330 ) $ -
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 August 31, 2016 and 2015: Gain (Loss) Recognized in Earnings for the Three Months Ended Location of Gain (Loss) August 31, (in thousands) Recognized in Earnings 2016 2015 Commodity contracts Cost of goods sold $ 2,908 $ (2,755 ) Foreign currency contracts Miscellaneous expense, net (66 ) — Total $ 2,842 $ (2,755 )
Cash Flow Hedges
Schedule of Summary of Derivative Hedges	The following table summarizes our cash flow hedges outstanding at August 31, 2016: (in thousands) Notional Maturity Date Commodity contracts $ 60,267 September 2016 - December 2017 Interest rate contracts 17,072 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 August 31, 2016: (in thousands) Notional Maturity Date(s) Commodity contracts $ 24,809 September 2016 - August 2018 Foreign currency contracts 18,847 September 2016 - August 2017

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Aug. 31, 2016
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis	At August 31, 2016, our assets and liabilities measured at fair value on a recurring basis were as follows: (in thousands) Quoted Prices Significant Significant Totals Assets Derivative contracts (1) $ - $ 14,999 $ - $ 14,999 Total assets $ - $ 14,999 $ - $ 14,999 Liabilities Derivative contracts (1) $ - $ 708 $ - $ 708 Contingent consideration obligation (2) - - 4,519 4,519 Total liabilities $ - $ 708 $ 4,519 $ 5,227 At May 31, 2016, our assets and liabilities measured at fair value on a recurring basis were as follows: (in thousands) Quoted Prices Significant Significant Totals Assets Derivative contracts (1) $ - $ 21,790 $ - $ 21,790 Total assets $ - $ 21,790 $ - $ 21,790 Liabilities Derivative contracts (1) $ - $ 2,013 $ - $ 2,013 Contingent consideration obligations (2) - - 4,519 4,519 Total liabilities $ - $ 2,013 $ 4,519 $ 6,532 (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.

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail) - USD ($)	3 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	May 31, 2016
Significant Accounting Policies [Line Items]
Debt issuance cost	$ 2,405,000		$ 2,491,000
Provision (benefit) for income taxes	$ 23,899,000	$ 14,150,000
Adjustments for New Accounting Pronouncement
Significant Accounting Policies [Line Items]
Provision (benefit) for income taxes		$ (558,000)
Amended accounting guidance, description	In March 2016, amended accounting guidance was issued that simplifies the accounting for share-based payments. The amended guidance impacts several aspects of the accounting for share-based payment transactions, including the income tax consequences, forfeitures, statutory withholding requirements, and classification in the statement of cash flows. The Company early adopted this guidance during the fourth quarter of fiscal 2016. As required for early adoption in an interim period, all adjustments have been reflected as of the beginning of fiscal 2016. Accordingly, income tax expense for the three months ended August 31, 2015 has been restated to reflect excess tax benefits associated with share-based payments totaling $558,000 in current income tax expense, rather than in paid-in capital.
DHybrid Systems LLC | Joint Venture Transactions
Significant Accounting Policies [Line Items]
Percent of controlling interest by the Company	79.59%
Spartan | Joint Venture Transactions
Significant Accounting Policies [Line Items]
Percent of controlling interest by the Company	52.00%
TWB | Joint Venture Transactions
Significant Accounting Policies [Line Items]
Percent of controlling interest by the Company	55.00%
Worthington Aritas | Joint Venture Transactions
Significant Accounting Policies [Line Items]
Percent of controlling interest by the Company	75.00%
WEI | Joint Venture Transactions
Significant Accounting Policies [Line Items]
Percent of controlling interest by the Company	75.00%
Worthington Specialty Processing | Joint Venture Transactions
Significant Accounting Policies [Line Items]
Percent of controlling interest by the Company	51.00%

Investments in Unconsolidated33

Investments in Unconsolidated Affiliates - Additional Information (Detail)	3 Months Ended
	Aug. 31, 2016USD ($)
WAVE
Investments in and Advances to Affiliates [Line Items]
Cumulative distributions in excess of investment	$ 66,192,000
Unconsolidated Affiliates
Investments in and Advances to Affiliates [Line Items]
Distributions from unconsolidated affiliates	$ 38,442,000
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 | 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
	Aug. 31, 2016	Aug. 31, 2015	May 31, 2016
Investments in and Advances to Affiliates [Line Items]
Cash	$ 51,269		$ 112,122
Other current assets	513,318		446,796
Noncurrent assets	355,777		352,370
Total assets	920,364		911,288
Current liabilities	125,082		112,491
Short-term borrowings	8,315		11,398
Current maturities of long-term debt	2,913		3,297
Long-term debt	265,301		266,942
Other noncurrent liabilities	22,678		21,034
Equity	496,075		496,126
Total liabilities and equity	920,364		$ 911,288
Net sales	417,115	$ 404,463
Gross margin	124,197	89,018
Operating income	94,397	61,246
Depreciation and amortization	6,820	8,097
Interest expense	2,148	2,159
Income tax expense	7,518	2,560
Net earnings	$ 86,067	$ 62,926

Impairment of Long-Lived Asse35

Impairment of Long-Lived Assets - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Aug. 31, 2016	Aug. 31, 2015
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of long-lived assets	$ 0	$ 3,000
Engineered Cabs
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of long-lived assets		3,000
Engineered Cabs | Long-lived Assets Held and Used
Impaired Long-Lived Assets Held and Used [Line Items]
Carrying value long-lived assets		4,059
Asset measured at fair value on nonrecurring basis		$ 1,059

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
	Aug. 31, 2016	Aug. 31, 2015
Restructuring Cost and Reserve [Line Items]
Beginning Balance	$ 2,484
Expense	1,217
Payments	(1,419)
Adjustments	8
Ending Balance	2,290
Net (gain) loss on sale of assets	111
Restructuring and other expense	1,328	$ 3,069
Early Retirement And Severance
Restructuring Cost and Reserve [Line Items]
Beginning Balance	1,831
Expense	190
Payments	(890)
Adjustments	8
Ending Balance	1,139
Facility Exit And Other Costs
Restructuring Cost and Reserve [Line Items]
Beginning Balance	653
Expense	1,027
Payments	(529)
Ending Balance	$ 1,151

Guarantees - Additional Informa

Guarantees - Additional Information (Detail)	Aug. 31, 2016USD ($)
Operating Lease of Aircraft
Loss Contingencies [Line Items]
Maximum potential obligation	$ 10,198,000

Debt and Receivables Securiti38

Debt and Receivables Securitization - Additional Information (Detail)	3 Months Ended
	Aug. 31, 2016USD ($)
Debt And Receivables Securitization [Line Items]
Letter of credit amount outstanding	$ 15,359,000
Securities Sold under Agreements to Repurchase
Debt And Receivables Securitization [Line Items]
Maximum borrowing capacity	$ 100,000,000
Maturity date	2018-01
Borrowings outstanding	$ 0
Number of days past due trade accounts receivables are ineligible for securitization	90 days
Unsecured Revolving Credit Facility
Debt And Receivables Securitization [Line Items]
Maximum borrowing capacity	$ 500,000,000
Maturity date	2020-04
Borrowings outstanding	$ 0
Unsecured Revolving Credit Facility | Maximum
Debt And Receivables Securitization [Line Items]
Debt maturity period	1 year

Summary of Tax Effects on Each

Summary of Tax Effects on Each Component of OCI (Detail) - USD ($) $ in Thousands	3 Months Ended
	Aug. 31, 2016	Aug. 31, 2015
Components Of Other Comprehensive Income Loss [Line Items]
Other comprehensive income (loss), before tax	$ 423	$ 3,053
Other comprehensive income (loss), tax	(463)	(608)
Other comprehensive income (loss)	(40)	2,445
Foreign Currency Translation
Components Of Other Comprehensive Income Loss [Line Items]
Other comprehensive income (loss), before tax	(665)	1,823
Other comprehensive income (loss)	(665)	1,823
Pension Liability Adjustment
Components Of Other Comprehensive Income Loss [Line Items]
Other comprehensive income (loss), before tax		(8)
Other comprehensive income (loss)		(8)
Cash Flow Hedges
Components Of Other Comprehensive Income Loss [Line Items]
Other comprehensive income (loss), before tax	1,088	1,238
Other comprehensive income (loss), tax	(463)	(608)
Other comprehensive income (loss)	$ 625	$ 630

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
	Aug. 31, 2016	Aug. 31, 2015
Balance as of May 31, 2016	$ 919,846
Net earnings	68,536	$ 34,995
Other comprehensive income (loss)	(40)	$ 2,445
Common shares issued, net of withholding tax	5,821
Common shares in NQ plans	634
Stock-based compensation	3,491
Cash dividends declared	(12,877)
Dividends to noncontrolling interest	(4,331)
Balance as of August 31, 2016	981,080
Additional Paid-in Capital
Balance as of May 31, 2016	298,984
Common shares issued, net of withholding tax	5,821
Common shares in NQ plans	634
Stock-based compensation	3,491
Balance as of August 31, 2016	308,930
Accumulated Other Comprehensive Loss, Net of Tax
Balance as of May 31, 2016	(28,565)
Other comprehensive income (loss)	(45)
Balance as of August 31, 2016	(28,610)
Retained Earnings
Balance as of May 31, 2016	522,952
Net earnings	65,567
Cash dividends declared	(12,877)
Balance as of August 31, 2016	575,642
Parent
Balance as of May 31, 2016	793,371
Net earnings	65,567
Other comprehensive income (loss)	(45)
Common shares issued, net of withholding tax	5,821
Common shares in NQ plans	634
Stock-based compensation	3,491
Cash dividends declared	(12,877)
Balance as of August 31, 2016	855,962
Noncontrolling Interest
Balance as of May 31, 2016	126,475
Net earnings	2,969
Other comprehensive income (loss)	5
Dividends to noncontrolling interest	(4,331)
Balance as of August 31, 2016	$ 125,118

Components of Changes in Accumu

Components of Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands		3 Months Ended
		Aug. 31, 2016	Aug. 31, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance as of May 31, 2016		$ 919,846
Income taxes		(463)	$ (608)
Balance as of August 31, 2016		981,080
Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance as of May 31, 2016		(18,728)
Other comprehensive income (loss) before reclassifications		(670)
Balance as of August 31, 2016		(19,398)
Pension Liability Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance as of May 31, 2016		(17,061)
Balance as of August 31, 2016		(17,061)
Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance as of May 31, 2016		7,224
Other comprehensive income (loss) before reclassifications		733
Reclassification adjustments to income	[1]	355
Income taxes		(463)
Balance as of August 31, 2016		7,849
Accumulated Other Comprehensive Loss, Net of Tax
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance as of May 31, 2016		(28,565)
Balance as of August 31, 2016		(28,610)
Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance as of May 31, 2016		793,371
Other comprehensive income (loss) before reclassifications		63
Reclassification adjustments to income	[1]	355
Income taxes		(463)
Balance as of August 31, 2016		$ 855,962
[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)	3 Months Ended
	Aug. 31, 2016USD ($)$ / sharesshares
Non-Qualified Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-qualified stock options, granted | shares	111,000
Non-qualified stock option, per share price | $ / shares	$ 42.30
Non-qualified stock option, fair value, per share price | $ / shares	$ 11.60
Pre-tax stock-based compensation | $	$ 1,146,000
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	115,625
Restricted common shares, fair value per share | $ / shares	$ 42.30
Pre-tax stock-based compensation | $	$ 4,353,000
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	68,500
Pre-tax stock-based compensation | $	$ 2,809,000

Assumptions To Value Stock Opti

Assumptions To Value Stock Options (Detail) - Non-Qualified Stock Options	3 Months Ended
	Aug. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	2.59%
Expected volatility	36.86%
Risk-free interest rate	1.15%
Expected term (years)	6 years

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	3 Months Ended
	Aug. 31, 2016	Aug. 31, 2015
Income Taxes [Line Items]
Estimated annual effective income tax rate	31.20%	31.70%

Computation of Basic and Dilute

Computation of Basic and Diluted Earnings Per Share Attributable to Controlling Interest (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Aug. 31, 2016	Aug. 31, 2015
Numerator (basic & diluted):
Net earnings attributable to controlling interest - income available to common shareholders	$ 65,567	$ 31,968
Denominator:
Denominator for basic earnings per share attributable to controlling interest - weighted average common shares	61,885	63,993
Effect of dilutive securities	2,452	2,072
Denominator for diluted earnings per share attributable to controlling interest - adjusted weighted average common shares	64,337	66,065
Basic earnings per share attributable to controlling interest	$ 1.06	$ 0.50
Diluted earnings per share attributable to controlling interest	$ 1.02	$ 0.48

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - shares	3 Months Ended
	Aug. 31, 2016	Aug. 31, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from computation of diluted earnings per share	161,429	318,904

Financial Information for Repor

Financial Information for Reportable Segments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	May 31, 2016
Segment Reporting Information [Line Items]
Net sales	$ 737,549	$ 758,147
Operating income (loss)	64,898	30,996
Impairment of long-lived assets	0	3,000
Restructuring and other expense (income)	1,328	3,069
Total assets	2,181,953		$ 2,061,264
Steel Processing
Segment Reporting Information [Line Items]
Net sales	505,674	490,800
Operating income (loss)	54,782	23,638
Restructuring and other expense (income)	966	462
Total assets	871,588		819,853
Pressure Cylinders
Segment Reporting Information [Line Items]
Net sales	205,209	224,394
Operating income (loss)	14,105	16,819
Restructuring and other expense (income)	146	731
Total assets	766,070		787,786
Engineered Cabs
Segment Reporting Information [Line Items]
Net sales	25,581	38,617
Operating income (loss)	(1,843)	(9,291)
Impairment of long-lived assets		3,000
Restructuring and other expense (income)	206	1,878
Total assets	70,471		75,124
Other
Segment Reporting Information [Line Items]
Net sales	1,085	4,336
Operating income (loss)	(2,146)	(170)
Restructuring and other expense (income)	10	$ (2)
Total assets	$ 473,824		$ 378,501

Derivative Instruments and He48

Derivative Instruments and Hedging Activities - Additional Information (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Aug. 31, 2016	May 31, 2016
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total cash collateral	$ 152,000
Aggregate impact to fair value of derivative assets and liabilities as a result of recognition on a net basis	(200,000)	$ (300,000)
Losses in accumulated other comprehensive income expected to be reclassified into net earnings	(9,008,000)
Losses in accumulated other comprehensive income expected to be reclassified into net earnings, tax	$ (5,568,000)

Schedule of Fair Value of Deriv

Schedule of Fair Value of Derivative Instruments (Detail) - USD ($) $ in Thousands	Aug. 31, 2016	May 31, 2016
Derivative [Line Items]
Asset Derivatives at Fair Value	$ 14,999	$ 21,790
Liability Derivatives at Fair Value	708	2,013
Derivatives Designated As Hedging Instruments
Derivative [Line Items]
Asset Derivatives at Fair Value	11,187	16,813
Liability Derivatives at Fair Value	526	1,237
Derivatives Designated As Hedging Instruments | Commodity Contracts
Derivative [Line Items]
Asset Derivatives at Fair Value	11,187	16,813
Liability Derivatives at Fair Value	31	776
Derivatives Designated As Hedging Instruments | Commodity Contracts | Other Liabilities
Derivative [Line Items]
Liability Derivatives at Fair Value		80
Derivatives Designated As Hedging Instruments | Commodity Contracts | Receivables
Derivative [Line Items]
Asset Derivatives at Fair Value	10,337	13,224
Derivatives Designated As Hedging Instruments | Commodity Contracts | Other Assets
Derivative [Line Items]
Asset Derivatives at Fair Value	850	3,589
Derivatives Designated As Hedging Instruments | Commodity Contracts | Accounts Payable
Derivative [Line Items]
Liability Derivatives at Fair Value	31	696
Derivatives Designated As Hedging Instruments | Interest Rate Contracts
Derivative [Line Items]
Liability Derivatives at Fair Value	495	461
Derivatives Designated As Hedging Instruments | Interest Rate Contracts | Other Liabilities
Derivative [Line Items]
Liability Derivatives at Fair Value	320	306
Derivatives Designated As Hedging Instruments | Interest Rate Contracts | Accounts Payable
Derivative [Line Items]
Liability Derivatives at Fair Value	175	155
Derivatives Not Designated As Hedging Instruments
Derivative [Line Items]
Asset Derivatives at Fair Value	3,812	4,977
Liability Derivatives at Fair Value	182	776
Derivatives Not Designated As Hedging Instruments | Commodity Contracts
Derivative [Line Items]
Asset Derivatives at Fair Value	3,812	4,977
Liability Derivatives at Fair Value	151	761
Derivatives Not Designated As Hedging Instruments | Commodity Contracts | Receivables
Derivative [Line Items]
Asset Derivatives at Fair Value	3,737	4,660
Derivatives Not Designated As Hedging Instruments | Commodity Contracts | Other Assets
Derivative [Line Items]
Asset Derivatives at Fair Value	75	317
Derivatives Not Designated As Hedging Instruments | Commodity Contracts | Accounts Payable
Derivative [Line Items]
Liability Derivatives at Fair Value	151	761
Derivatives Not Designated As Hedging Instruments | Foreign Currency Contracts
Derivative [Line Items]
Liability Derivatives at Fair Value		15
Derivatives Not Designated As Hedging Instruments | Foreign Currency Contracts | Accounts Payable
Derivative [Line Items]
Liability Derivatives at Fair Value	$ 31	$ 15

Schedule of Summary of Derivati

Schedule of Summary of Derivative Hedges (Detail)	3 Months Ended
	Aug. 31, 2016USD ($)
Commodity Contracts | Derivatives Not Designated As Hedging Instruments
Derivative [Line Items]
Notional Amount	$ 24,809,000
Commodity Contracts | Derivatives Not Designated As Hedging Instruments | Minimum
Derivative [Line Items]
Maturity Date	2016-09
Commodity Contracts | Derivatives Not Designated As Hedging Instruments | Maximum
Derivative [Line Items]
Maturity Date	2018-08
Foreign Currency Contracts | Derivatives Not Designated As Hedging Instruments
Derivative [Line Items]
Notional Amount	$ 18,847,000
Foreign Currency Contracts | Derivatives Not Designated As Hedging Instruments | Minimum
Derivative [Line Items]
Maturity Date	2016-09
Foreign Currency Contracts | Derivatives Not Designated As Hedging Instruments | Maximum
Derivative [Line Items]
Maturity Date	2017-08
Cash Flow Hedges | Commodity Contracts
Derivative [Line Items]
Notional Amount	$ 60,267,000
Cash Flow Hedges | Commodity Contracts | Minimum
Derivative [Line Items]
Maturity Date	2016-09
Cash Flow Hedges | Commodity Contracts | Maximum
Derivative [Line Items]
Maturity Date	2017-12
Cash Flow Hedges | Interest Rate Contracts
Derivative [Line Items]
Notional Amount	$ 17,072,000
Maturity Date	2019-09

Schedule of Derivatives Designa

Schedule of Derivatives Designated as Cash Flow Hedging Instruments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Aug. 31, 2016	Aug. 31, 2015
Derivative [Line Items]
Gain (Loss) Recognized in OCI (Effective Portion)	$ 733	$ (8,092)
Gain (Loss) Reclassified from Accumulated OCI (Effective Portion)	(355)	(9,330)
Commodity Contracts
Derivative [Line Items]
Gain (Loss) Recognized in OCI (Effective Portion)	769	(8,126)
Commodity Contracts | Cost of Goods Sold
Derivative [Line Items]
Gain (Loss) Reclassified from Accumulated OCI (Effective Portion)	(252)	(9,187)
Interest Rate Contracts
Derivative [Line Items]
Gain (Loss) Recognized in OCI (Effective Portion)	(36)	34
Interest Rate Contracts | Interest Expense
Derivative [Line Items]
Gain (Loss) Reclassified from Accumulated OCI (Effective Portion)	$ (103)	(139)
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
	Aug. 31, 2016	Aug. 31, 2015
Derivative [Line Items]
Gain (Loss) Recognized in Earnings	$ 2,842	$ (2,755)
Commodity Contracts | Cost of Goods Sold
Derivative [Line Items]
Gain (Loss) Recognized in Earnings	2,908	$ (2,755)
Foreign Currency Contracts | Miscellaneous Income (Expense)
Derivative [Line Items]
Gain (Loss) Recognized in Earnings	$ (66)

Schedule of Assets and Liabilit

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands		Aug. 31, 2016	May 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets		$ 14,999	$ 21,790
Liabilities		5,227	6,532
Derivative Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	[1]	14,999	21,790
Liabilities	[1]	708	2,013
Contingent consideration obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	[2]	4,519	4,519
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets		14,999	21,790
Liabilities		708	2,013
Significant Other Observable Inputs (Level 2) | Derivative Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	[1]	14,999	21,790
Liabilities	[1]	708	2,013
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities		4,519	4,519
Significant Unobservable Inputs (Level 3) | Contingent consideration obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	[2]	$ 4,519	$ 4,519
[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.

Fair Value - Additional Informa

Fair Value - Additional Information (Detail) - Long-term Debt - USD ($)	Aug. 31, 2016	May 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt at fair value including current maturities	$ 611,710,000	$ 609,245,000
Long-term debt at carrying amount including current maturities	$ 578,275,000	$ 578,353,000