Worthington Industries (WOR) 10-Q 10 Apr 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Feb. 28, 2017	Mar. 31, 2017
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Feb. 28, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
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		63,680,574

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Feb. 28, 2017	May 31, 2016
Current assets:
Cash and cash equivalents	$ 227,281	$ 84,188
Receivables, less allowances of $3,134 and $4,579 at February 28, 2017 and May 31, 2016, respectively	466,689	439,688
Inventories:
Raw materials	164,295	162,427
Work in process	98,683	86,892
Finished products	77,226	70,016
Total inventories	340,204	319,335
Income taxes receivable	15,554	10,535
Assets held for sale	13,617	10,079
Prepaid expenses and other current assets	53,596	51,290
Total current assets	1,116,941	915,115
Investments in unconsolidated affiliates	205,008	191,826
Goodwill	244,941	246,067
Other intangible assets, net of accumulated amortization of $59,577 and $49,532 at February 28, 2017 and May 31, 2016, respectively	85,289	96,164
Other assets	24,976	29,254
Property, plant and equipment:
Land	16,543	18,537
Buildings and improvements	257,190	256,973
Machinery and equipment	1,001,232	945,951
Construction in progress	26,403	48,156
Total property, plant and equipment	1,301,368	1,269,617
Less: accumulated depreciation	731,348	686,779
Total property, plant and equipment, net	570,020	582,838
Total assets	2,247,175	2,061,264
Current liabilities:
Accounts payable	351,998	290,432
Short-term borrowings	167	2,651
Accrued compensation, contributions to employee benefit plans and related taxes	75,618	75,105
Dividends payable	13,557	13,471
Other accrued items	45,054	45,056
Income taxes payable	2,508	2,501
Current maturities of long-term debt	878	862
Total current liabilities	489,780	430,078
Other liabilities	64,441	63,487
Distributions in excess of investment in unconsolidated affiliate	67,722	52,983
Long-term debt	576,002	577,491
Deferred income taxes, net	27,183	17,379
Total liabilities	1,225,128	1,141,418
Shareholders' equity-controlling interest	898,468	793,371
Noncontrolling interests	123,579	126,475
Total equity	1,022,047	919,846
Total liabilities and equity	$ 2,247,175	$ 2,061,264

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Feb. 28, 2017	May 31, 2016
Receivables, allowances	$ 3,134	$ 4,579
Other intangible assets, accumulated amortization	$ 59,577	$ 49,532

Consolidated Statements of Earn

Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Feb. 28, 2017	Feb. 29, 2016	Feb. 28, 2017	Feb. 29, 2016
Net sales	$ 703,436	$ 647,080	$ 2,168,765	$ 2,105,043
Cost of goods sold	592,446	551,157	1,787,690	1,786,925
Gross margin	110,990	95,923	381,075	318,118
Selling, general and administrative expense	75,276	70,149	232,819	218,822
Impairment of long-lived assets			0	25,962
Restructuring and other expense	1,394	702	5,994	5,294
Operating income	34,320	25,072	142,262	68,040
Other income (expense):
Miscellaneous income, net	749	3,305	2,484	3,723
Interest expense	(7,674)	(7,886)	(23,202)	(23,539)
Equity in net income of unconsolidated affiliates	22,697	24,994	84,365	80,822
Earnings before income taxes	50,092	45,485	205,909	129,046
Income tax expense	11,141	11,342	48,555	34,157
Net earnings	38,951	34,143	157,354	94,889
Net earnings attributable to noncontrolling interests	3,062	4,296	9,333	9,698
Net earnings attributable to controlling interest	$ 35,889	$ 29,847	$ 148,021	$ 85,191
Basic
Average common shares outstanding	62,750	61,747	62,325	62,810
Earnings per share attributable to controlling interest	$ 0.57	$ 0.48	$ 2.37	$ 1.36
Diluted
Average common shares outstanding	64,977	63,871	64,758	64,923
Earnings per share attributable to controlling interest	$ 0.55	$ 0.47	$ 2.29	$ 1.31
Common shares outstanding at end of period	62,776	61,285	62,776	61,285
Cash dividends declared per share	$ 0.20	$ 0.19	$ 0.60	$ 0.57

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Feb. 28, 2017	Feb. 29, 2016	Feb. 28, 2017	Feb. 29, 2016
Net earnings	$ 38,951	$ 34,143	$ 157,354	$ 94,889
Other comprehensive income (loss):
Foreign currency translation	905	8,646	(7,277)	1,255
Pension liability adjustment, net of tax	(35)	(90)	(35)	(98)
Cash flow hedges, net of tax	(921)	5,430	1,356	3,537
Other comprehensive income (loss)	(51)	13,986	(5,956)	4,694
Comprehensive income	38,900	48,129	151,398	99,583
Comprehensive income attributable to noncontrolling interests	3,071	7,476	9,198	12,207
Comprehensive income attributable to controlling interest	$ 35,829	$ 40,653	$ 142,200	$ 87,376

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Feb. 28, 2017	Feb. 29, 2016	Feb. 28, 2017	Feb. 29, 2016
Operating activities:
Net earnings	$ 38,951	$ 34,143	$ 157,354	$ 94,889
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	21,677	20,761	65,154	62,748
Impairment of long-lived assets			0	25,962
Provision for (benefit from) deferred income taxes	7,609	9,322	9,946	(6,069)
Bad debt (income) expense	(41)	187	110	195
Equity in net income of unconsolidated affiliates, net of distributions	(1,256)	(622)	(182)	(16,524)
Net (gain) loss on sale of assets	1,875	(3,385)	3,358	(7,633)
Stock-based compensation	4,304	3,627	11,264	11,284
Changes in assets and liabilities, net of impact of acquisitions :
Receivables	(44,719)	10,688	(34,920)	76,791
Inventories	(2,346)	37,211	(20,869)	61,032
Prepaid expenses and other current assets	(13,379)	(19,309)	(7,954)	9,324
Other assets	(423)	(1,216)	1,987	(4,019)
Accounts payable and accrued expenses	89,736	13,756	66,849	(17,464)
Other liabilities	718	1,052	2,813	5,352
Net cash provided by operating activities	102,706	106,215	254,910	295,868
Investing activities:
Investment in property, plant and equipment	(21,128)	(14,973)	(52,174)	(75,465)
Acquisitions, net of cash acquired		(31,256)		(34,206)
Investments in unconsolidated affiliates		(3,683)		(5,596)
Proceeds from sale of assets	2	431	958	9,887
Net cash used by investing activities	(21,126)	(49,481)	(51,216)	(105,380)
Financing activities:
Net repayments of short-term borrowings	(330)	(16,716)	(2,484)	(57,728)
Proceeds from long-term debt				921
Principal payments on long-term debt	(218)	(216)	(655)	(644)
Proceeds from issuance of common shares, net of tax withholdings	(12,197)	2,747	(9,225)	5,811
Payments to noncontrolling interests	(3,360)	(4,206)	(10,141)	(9,106)
Repurchase of common shares		(28,352)		(99,848)
Dividends paid	(13,374)	(11,913)	(38,096)	(35,529)
Net cash used by financing activities	(29,479)	(58,656)	(60,601)	(196,123)
Increase (decrease) in cash and cash equivalents	52,101	(1,922)	143,093	(5,635)
Cash and cash equivalents at beginning of period	175,180	27,354	84,188	31,067
Cash and cash equivalents at end of period	$ 227,281	$ 25,432	$ 227,281	$ 25,432

Basis of Presentation

Basis of Presentation	9 Months Ended
	Feb. 28, 2017
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. We own controlling interests in the following five joint ventures: Spartan Steel Coating, LLC (“Spartan”) (52%), TWB Company, L.L.C. (“TWB”) (55%), Worthington Ar 1 taş Bas 1 nçl 1 Kaplar Sanayi (“Worthington Aritas”) (75%), Worthington Energy Innovations, LLC (“WEI”) (75%), and Worthington Specialty Processing (“WSP”) (51%). These joint ventures 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 S-X Form 10-Q, 10-K 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. The Company adopted this amended guidance on a prospective basis effective June 1, 2016. The adoption of this guidance did not impact our consolidated 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 line-of-credit 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 Company adopted this amended guidance on a prospective basis effective June 1, 2016. The adoption of this guidance did not impact our consolidated 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 and nine months ended February 29, 2016 has been restated to reflect excess tax benefits associated with share-based payments totaling $271,000 and $965,000, respectively, in income tax expense, rather than in paid-in 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. The amended guidance permits the use of either the retrospective or cumulative effect transition method. We are in the process of evaluating the effect this guidance will have on the presentation of our consolidated financial statements and related disclosures. While we have not yet identified any material changes in the timing of revenue recognition, our evaluation is ongoing and not complete. We plan to adopt the amended guidance in the first quarter of fiscal 2019 and expect to make a determination as to the method of adoption by the end of fiscal 2017. 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 last-in, first-out 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, results of operations and cash flows, 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 consolidated 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. In October 2016, amended accounting guidance was issued that requires the income tax consequences of an intra-entity transfer of an asset other than inventory to be recognized when the transfer occurs. 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 have not determined the effect of the amended guidance on our ongoing financial reporting. In November 2016, amended accounting guidance was issued that requires amounts generally described as restricted cash and restricted cash equivalents to be included with cash and cash equivalents when reconciling the beginning-of-period end-of-period In January 2017, amended accounting guidance was issued to clarify the definition of a business to provide additional guidance to assist in evaluating whether transactions should be accounted for as an acquisition (or disposal) of either an asset or business. 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 do not expect the adoption of this amended guidance to have a material impact on our consolidated financial position or results of operations. In January 2017, amended accounting guidance was issued to simplify the goodwill impairment calculation, by removing Step 2 of the goodwill impairment test. Goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of the goodwill. The amended guidance is effective for fiscal years beginning after December 15, 2019, 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 and results of operations, and have not determined the effect on our ongoing financial reporting.

Investments in Unconsolidated A

Investments in Unconsolidated Affiliates	9 Months Ended
	Feb. 28, 2017
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 $84,183,000 during the nine months ended February 28, 2017. We have received cumulative distributions from WAVE in excess of our investment balance totaling $67,722,000 at February 28, 2017. 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) February 28, May 31, Cash $ 62,723 $ 112,122 Other current assets 511,798 446,796 Noncurrent assets 365,343 352,370 Total assets $ 939,864 $ 911,288 Current liabilities $ 141,266 $ 112,491 Short-term borrowings 6,285 11,398 Current maturities of long-term debt 4,207 3,297 Long-term debt 268,032 266,942 Other noncurrent liabilities 20,558 21,034 Equity 499,516 496,126 Total liabilities and equity $ 939,864 $ 911,288 Three Months Ended Nine Months Ended (in thousands) February 28, February 29, February 28, February 29, Net sales $ 384,261 $ 376,448 $ 1,188,568 $ 1,170,096 Gross margin 84,645 83,251 305,383 257,036 Operating income 55,140 54,801 216,902 171,857 Depreciation and amortization 6,983 7,905 20,776 24,070 Interest expense 2,089 2,038 6,388 6,333 Income tax expense 5,065 2,625 16,128 7,348 Net earnings 49,098 51,994 198,609 186,063 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 net earnings eliminated within net earnings attributable to noncontrolling interests.

Impairment of Long-Lived Assets

Impairment of Long-Lived Assets	9 Months Ended
	Feb. 28, 2017
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 nine months ended February 28, 2017. Impairment charges during the nine months ended February 29, 2016, consisted of $3,000,000 related to the then remaining long-lived assets of the Company’s Engineered Cabs facility in Florence, South Carolina, which ceased operations on September 30, 2015, and $22,962,000 for the impairment of the long-lived assets of two oil & gas equipment facilities triggered by a significant decrease in the long-term cash flow projections of that business. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s 2016 Form 10-K.

Restructuring and Other Expense

Restructuring and Other Expense	9 Months Ended
	Feb. 28, 2017
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 nine months ended February 28, 2017 is summarized as follows: (in thousands) Beginning Expense Payments Adjustments Ending Early retirement and severance $ 1,831 $ 1,795 $ (3,071 ) $ 58 $ 613 Facility exit and other costs 653 3,190 (3,369 ) 45 519 $ 2,484 4,985 $ (6,440 ) $ 103 $ 1,132 Net loss on sale of assets 1,009 Restructuring and other expense $ 5,994 1) The total liability as of February 28, 2017 is expected to be paid in the next twelve months. During the nine months ended February 28, 2017, the following activities were taken related to the Company’s restructuring activities: • The Company announced certain organizational changes impacting its Pressure Cylinders operating segment, including the consolidation of the Cryogenics business unit into the Industrial Products business unit. In connection with this matter, the Company recognized severance expense of $1,356,000 related to permanent headcount reductions. • In connection with the closure of the Company’s stainless steel business, Precision Specialty Metals, Inc. (“PSM”), the Company recognized $1,666,000 of facility exit costs and a credit to severance expense of $106,000. • In connection with the closure of the Engineered Cabs facility in Florence, South Carolina, the Company recognized facility exit costs of $459,000. The Company also recognized a net loss of $101,000 related to the disposal of assets. • In connection with the consolidation of the Company’s existing cryogenics facility in Istanbul, Turkey, to its Greenfield facility in Bandirma, Turkey, the Company recognized facility exit costs of $1,113,000 and severance expense of $640,000. The consolidation is substantially complete. • The Company sold the remaining real estate of the legacy Advanced Component Technologies, Inc. (“ACT”) business within Engineered Cabs for cash proceeds of $700,000, resulting in a loss of $822,000. • In connection with other non-significant

Contingent Liabilities and Comm

Contingent Liabilities and Commitments	9 Months Ended
	Feb. 28, 2017
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 or cash flows. We believe that environmental issues will not have a material effect on our capital expenditures, consolidated financial position or future results of operations or cash flows.

Guarantees

Guarantees	9 Months Ended
	Feb. 28, 2017
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 February 28, 2017, 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 $9,566,000 at February 28, 2017. 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. We also had in place $15,893,000 of outstanding stand-by

Debt and Receivables Securitiza

Debt and Receivables Securitization	9 Months Ended
	Feb. 28, 2017
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 February 28, 2017. As discussed in “NOTE F – Guarantees,” we provided $15,893,000 in letters of credit for third-party beneficiaries as of February 28, 2017. While not drawn against at February 28, 2017, $13,600,000 of these letters of credit were issued against availability under the Credit Facility, leaving $486,400,000 available under the Credit Facility at February 28, 2017. We also maintain a $100,000,000 revolving trade accounts receivable securitization facility (the “AR Facility”) which matures 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 February 28, 2017, no undivided ownership interests in this pool of accounts receivable had been sold.

Other Comprehensive Income

Other Comprehensive Income	9 Months Ended
	Feb. 28, 2017
Other Comprehensive Income	NOTE H – Other Comprehensive Income The following table summarizes the tax effects on each component of OCI for the three months ended: February 28, 2017 February 29, 2016 Before-Tax Tax Net-of-Tax Before-Tax Tax Net-of-Tax (in thousands) Foreign currency translation $ 905 $ - $ 905 $ 8,646 $ - $ 8,646 Pension liability adjustment (117 ) 82 (35 ) (90 ) - (90 ) Cash flow hedges (1,299 ) 378 (921 ) 8,505 (3,075 ) 5,430 Other comprehensive income (loss) $ (511 ) $ 460 $ (51 ) $ 17,061 $ (3,075 ) $ 13,986 The following table summarizes the tax effects on each component of OCI for the nine months ended: February 28, 2017 February 29, 2016 Before-Tax Tax Net-of-Tax Before-Tax Tax Net-of-Tax (in thousands) Foreign currency translation $ (7,277 ) $ - $ (7,277 ) $ 1,255 $ - $ 1,255 Pension liability adjustment (117 ) 82 (35 ) (98 ) - (98 ) Cash flow hedges 1,836 (480 ) 1,356 5,938 (2,401 ) 3,537 Other comprehensive income (loss) $ (5,558 ) $ (398 ) $ (5,956 ) $ 7,095 $ (2,401 ) $ 4,694

Changes in Equity

Changes in Equity	9 Months Ended
	Feb. 28, 2017
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 nine months ended February 28, 2017: Controlling Interest (in thousands) Additional Paid-in Accumulated Retained Total Non- Total Balance at May 31, 2016 $ 298,984 $ (28,565 ) $ 522,952 $ 793,371 $ 126,475 $ 919,846 Net earnings - - 148,021 148,021 9,333 157,354 Other comprehensive loss - (5,821 ) - (5,821 ) (135 ) (5,956 ) Common shares issued, net of withholding tax (9,225 ) - - (9,225 ) - (9,225 ) Common shares in NQ plans 1,058 - - 1,058 - 1,058 Stock-based compensation 10,599 - - 10,599 - 10,599 Cash dividends declared - - (38,600 ) (38,600 ) - (38,600 ) Dividends to noncontrolling interest - - - - (10,141 ) (10,141 ) Purchase of noncontrolling interest in dHybrid (1) (935 ) - - (935 ) (1,953 ) (2,888 ) Balance at February 28, 2017 $ 300,481 $ (34,386 ) $ 632,373 $ 898,468 $ 123,579 $ 1,022,047 1) On January 1, 2017, the Company acquired the minority membership interests in dHybrid Systems, LLC (“dHybrid”) from the noncontrolling member in a non-cash 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 (7,142 ) (117 ) 10,112 2,853 Reclassification adjustments to income (a) - - (8,276 ) (8,276 ) Income taxes - 82 (480 ) (398 ) Balance as of February 28, 2017 $ (25,870 ) $ (17,096 ) $ 8,580 $ (34,386 ) (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	9 Months Ended
	Feb. 28, 2017
Stock-Based Compensation	NOTE J – Stock-Based Compensation Non-Qualified During the nine months ended February 28, 2017, we granted non-qualified pre-tax 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 nine months ended February 28, 2017, we granted an aggregate of 520,850 service-based restricted common shares under our stock-based compensation plans. The fair value of these restricted common shares was equal to the weighted average closing market price of the underlying common shares on the date of grant, or $42.27 per share. The calculated pre-tax 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 pre-tax

Income Taxes

Income Taxes	9 Months Ended
	Feb. 28, 2017
Income Taxes	NOTE K – Income Taxes Income tax expense for the nine months ended February 28, 2017 and February 29, 2016 reflected estimated annual effective income tax rates of 27.2% and 29.6%, 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

Earnings per Share

Earnings per Share	9 Months Ended
	Feb. 28, 2017
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 and nine months ended February 28, 2017 and February 29, 2016: Three Months Ended Nine Months Ended (in thousands, except per share amounts) February 28, February 29, February 28, February 29, Numerator (basic & diluted): Net earnings attributable to controlling interest-income available to common shareholders $ 35,889 $ 29,847 $ 148,021 $ 85,191 Denominator: Denominator for basic earnings per share attributable to controlling interest—weighted average common shares 62,750 61,747 62,325 62,810 Effect of dilutive securities 2,227 2,124 2,433 2,113 Denominator for diluted earnings per share attributable to controlling interest—adjusted weighted average common shares 64,977 63,871 64,758 64,923 Basic earnings per share attributable to controlling interest $ 0.57 $ 0.48 $ 2.37 $ 1.36 Diluted earnings per share attributable to controlling interest $ 0.55 $ 0.47 $ 2.29 $ 1.31 Stock options covering 107,224 and 352,830 common shares for the three months ended February 28, 2017 and February 29, 2016, respectively, and 97,638 and 343,454 common shares for the nine months ended February 28, 2017 and February 29, 2016, 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	9 Months Ended
	Feb. 28, 2017
Segment Operations	NOTE M – Segment Operations Summarized financial information for our reportable segments is shown in the following table: Three Months Ended Nine Months Ended (in thousands) February 28, February 29, February 28, February 29, Net sales Steel Processing $ 478,174 $ 419,026 $ 1,492,654 $ 1,377,638 Pressure Cylinders 198,433 200,721 598,303 626,288 Engineered Cabs 23,547 25,553 71,591 92,869 Other 3,282 1,780 6,217 8,248 Total net sales $ 703,436 $ 647,080 $ 2,168,765 $ 2,105,043 Operating income (loss) Steel Processing $ 26,026 $ 21,294 $ 116,256 $ 71,574 Pressure Cylinders 10,071 8,969 35,480 15,479 Engineered Cabs (2,001 ) (4,053 ) (7,225 ) (17,634 ) Other 224 (1,138 ) (2,249 ) (1,379 ) Total operating income $ 34,320 $ 25,072 $ 142,262 $ 68,040 Impairment of long-lived assets Steel Processing $ - $ - $ - $ - Pressure Cylinders - - - 22,962 Engineered Cabs - - - 3,000 Other - - - - Total impairment of long-lived assets $ - $ - $ - $ 25,962 Restructuring and other expense (income) Steel Processing $ 212 $ 1,068 $ 1,496 $ 3,788 Pressure Cylinders 1,056 (1,031 ) 3,165 (316 ) Engineered Cabs 169 416 1,379 3,059 Other (43 ) 249 (46 ) (1,237 ) Total restructuring and other expense $ 1,394 $ 702 $ 5,994 $ 5,294 (in thousands) February 28, May 31, Total assets Steel Processing $ 885,244 $ 819,853 Pressure Cylinders 751,131 787,786 Engineered Cabs 65,633 75,124 Other 545,167 378,501 Total assets $ 2,247,175 $ 2,061,264

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	9 Months Ended
	Feb. 28, 2017
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. 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 February 28, 2017: Asset Derivatives Liability Derivatives (in thousands) Balance Fair Balance Sheet Location Fair Derivatives designated as hedging instruments: Commodity contracts Receivables $ 14,053 Accounts payable $ - Other assets 176 Other liabilities - 14,229 - Interest rate contracts Receivables - Accounts payable 83 Other assets - Other liabilities 228 - 311 Totals $ 14,229 $ 311 Derivatives not designated as hedging instruments: Commodity contracts Receivables $ 2,964 Accounts payable $ 233 Other assets - Other liabilities 36 2,964 269 Foreign currency contracts Receivables 511 Accounts payable - Totals $ 3,475 $ 269 Total derivative instruments $ 17,704 $ 580 The amounts in the table above reflect the fair value of the Company’s derivative instruments on a net basis. Had these amounts been recognized on a gross basis, the aggregate impact would have been a $91,000 increase in receivables with a corresponding increase in accounts payable. The following table summarizes the fair value of our derivative instruments and the financial statement caption in which they were recorded in the consolidated balance sheet at May 31, 2016: Asset Derivatives Liability Derivatives (in thousands) Balance Sheet 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 instruments 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 February 28, 2017: (in thousands) Notional Maturity Date Commodity contracts $ 40,570 March 2017 - December 2018 Interest rate contracts 16,183 September 2019 The following table summarizes the gain (loss) recognized in OCI and the gain (loss) reclassified from accumulated OCI into earnings for derivative instruments designated as cash flow hedges during the three months ended February 28, 2017 and February 29, 2016: Location of Location of Gain (Loss) Gain (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 February 28, 2017: Commodity contracts $ 2,037 Cost of goods sold $ 3,397 Cost of goods sold $ - Interest rate contracts 25 Interest expense (36 ) Interest expense - Totals $ 2,062 $ 3,361 $ - For the three months ended February 29, 2016: Commodity contracts $ 707 Cost of goods sold $ (7,775 ) Cost of goods sold $ - Interest rate contracts (107 ) Interest expense (130 ) Interest expense - Totals 600 (7,905 ) - The following table summarizes the gain (loss) recognized in OCI and the gain (loss) reclassified from accumulated OCI into earnings for derivative instruments designated as cash flow hedges during the nine months ended February 28, 2017 and February 29, 2016: Location of Location of Gain (Loss) Gain (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 nine months ended February 28, 2017: Commodity contracts $ 9,963 Cost of goods sold $ 8,882 Interest expense $ - Interest rate contracts 149 Interest expense (606 ) Cost of goods sold - Totals $ 10,112 $ 8,276 $ - For the nine months ended February 29, 2016: Commodity contracts $ (17,629 ) Cost of goods sold $ (23,422 ) Interest expense $ - Interest rate contracts (274 ) Interest expense (415 ) Cost of goods sold - Foreign currency contracts - Miscellaneous income, net (4 ) Miscellaneous income, net - Totals $ (17,903 ) $ (23,841 ) $ - The estimated net amount of the losses recognized in accumulated OCI at February 28, 2017 expected to be reclassified into net earnings within the succeeding twelve months is $10,088,000 (net of tax of $5,725,000). This amount was computed using the fair value of the cash flow hedges at February 28, 2017, and will change before actual reclassification from OCI to net earnings during the fiscal years ending May 31, 2017 and 2018. Economic (Non-designated) 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) (in thousands) Notional Maturity Date(s) Commodity contracts $ 22,971 March 2017 - December 2018 Foreign currency contracts 15,450 March 2017 - August 2017 The following table summarizes the gain recognized in earnings for economic (non-designated) Gain (Loss) Recognized in Earnings for the Three Months Ended (in thousands) Location of Gain (Loss) February 28, February 29, Commodity contracts Cost of goods sold $ 258 $ 173 Foreign currency contracts Miscellaneous income, net (172 ) 47 Total $ 86 $ 220 The following table summarizes the gain (loss) recognized in earnings for economic (non-designated) Gain (Loss) Recognized in Earnings for the Nine Months Ended (in thousands) Location of Gain (Loss) February 28, February 29, Commodity contracts Cost of goods sold $ 5,169 $ (7,972 ) Foreign currency contracts Miscellaneous income, net (837 ) 117 Total $ 4,332 $ (7,855 ) The gain (loss) on the foreign currency derivatives significantly offsets the gain (loss) on the hedged item.

Fair Value

Fair Value	9 Months Ended
	Feb. 28, 2017
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 February 28, 2017, our assets and liabilities measured at fair value on a recurring basis were as follows: (in thousands) Quoted Prices Significant Significant (Level 3) Totals Assets Derivative instruments (1) $ - $ 17,704 $ - $ 17,704 Total assets $ - $ 17,704 $ - $ 17,704 Liabilities Derivative instruments (1) $ - $ 580 $ - $ 580 Contingent consideration obligations (2) - - 4,557 4,557 Total liabilities $ - $ 580 $ 4,557 $ 5,137 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 (Level 3) Totals Assets Derivative instruments (1) $ - $ 21,790 $ - $ 21,790 Total assets $ - $ 21,790 $ - $ 21,790 Liabilities Derivative instruments (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 instruments is based on the present value of the expected future cash flows considering the risks involved, including non-performance (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

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Feb. 28, 2017
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. The Company adopted this amended guidance on a prospective basis effective June 1, 2016. The adoption of this guidance did not impact our consolidated 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 line-of-credit 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 Company adopted this amended guidance on a prospective basis effective June 1, 2016. The adoption of this guidance did not impact our consolidated 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 and nine months ended February 29, 2016 has been restated to reflect excess tax benefits associated with share-based payments totaling $271,000 and $965,000, respectively, in income tax expense, rather than in paid-in
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. The amended guidance permits the use of either the retrospective or cumulative effect transition method. We are in the process of evaluating the effect this guidance will have on the presentation of our consolidated financial statements and related disclosures. While we have not yet identified any material changes in the timing of revenue recognition, our evaluation is ongoing and not complete. We plan to adopt the amended guidance in the first quarter of fiscal 2019 and expect to make a determination as to the method of adoption by the end of fiscal 2017. 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 last-in, first-out 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, results of operations and cash flows, 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 consolidated 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. In October 2016, amended accounting guidance was issued that requires the income tax consequences of an intra-entity transfer of an asset other than inventory to be recognized when the transfer occurs. 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 have not determined the effect of the amended guidance on our ongoing financial reporting. In November 2016, amended accounting guidance was issued that requires amounts generally described as restricted cash and restricted cash equivalents to be included with cash and cash equivalents when reconciling the beginning-of-period end-of-period In January 2017, amended accounting guidance was issued to clarify the definition of a business to provide additional guidance to assist in evaluating whether transactions should be accounted for as an acquisition (or disposal) of either an asset or business. 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 do not expect the adoption of this amended guidance to have a material impact on our consolidated financial position or results of operations. In January 2017, amended accounting guidance was issued to simplify the goodwill impairment calculation, by removing Step 2 of the goodwill impairment test. Goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of the goodwill. The amended guidance is effective for fiscal years beginning after December 15, 2019, 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 and results of operations, and have not determined the effect on our ongoing financial reporting.
Economic (Non-designated) Hedges	Economic (Non-designated) 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)	9 Months Ended
	Feb. 28, 2017
Unconsolidated Affiliates
Financial Information	Combined financial information for our unconsolidated affiliates is summarized as follows: (in thousands) February 28, May 31, Cash $ 62,723 $ 112,122 Other current assets 511,798 446,796 Noncurrent assets 365,343 352,370 Total assets $ 939,864 $ 911,288 Current liabilities $ 141,266 $ 112,491 Short-term borrowings 6,285 11,398 Current maturities of long-term debt 4,207 3,297 Long-term debt 268,032 266,942 Other noncurrent liabilities 20,558 21,034 Equity 499,516 496,126 Total liabilities and equity $ 939,864 $ 911,288 Three Months Ended Nine Months Ended (in thousands) February 28, February 29, February 28, February 29, Net sales $ 384,261 $ 376,448 $ 1,188,568 $ 1,170,096 Gross margin 84,645 83,251 305,383 257,036 Operating income 55,140 54,801 216,902 171,857 Depreciation and amortization 6,983 7,905 20,776 24,070 Interest expense 2,089 2,038 6,388 6,333 Income tax expense 5,065 2,625 16,128 7,348 Net earnings 49,098 51,994 198,609 186,063

Restructuring and Other Expen24

Restructuring and Other Expense (Tables)	9 Months Ended
	Feb. 28, 2017
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 nine months ended February 28, 2017 is summarized as follows: (in thousands) Beginning Expense Payments Adjustments Ending Early retirement and severance $ 1,831 $ 1,795 $ (3,071 ) $ 58 $ 613 Facility exit and other costs 653 3,190 (3,369 ) 45 519 $ 2,484 4,985 $ (6,440 ) $ 103 $ 1,132 Net loss on sale of assets 1,009 Restructuring and other expense $ 5,994 1) The total liability as of February 28, 2017 is expected to be paid in the next twelve months.

Other Comprehensive Income (Tab

Other Comprehensive Income (Tables)	9 Months Ended
	Feb. 28, 2017
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: February 28, 2017 February 29, 2016 Before-Tax Tax Net-of-Tax Before-Tax Tax Net-of-Tax (in thousands) Foreign currency translation $ 905 $ - $ 905 $ 8,646 $ - $ 8,646 Pension liability adjustment (117 ) 82 (35 ) (90 ) - (90 ) Cash flow hedges (1,299 ) 378 (921 ) 8,505 (3,075 ) 5,430 Other comprehensive income (loss) $ (511 ) $ 460 $ (51 ) $ 17,061 $ (3,075 ) $ 13,986 The following table summarizes the tax effects on each component of OCI for the nine months ended: February 28, 2017 February 29, 2016 Before-Tax Tax Net-of-Tax Before-Tax Tax Net-of-Tax (in thousands) Foreign currency translation $ (7,277 ) $ - $ (7,277 ) $ 1,255 $ - $ 1,255 Pension liability adjustment (117 ) 82 (35 ) (98 ) - (98 ) Cash flow hedges 1,836 (480 ) 1,356 5,938 (2,401 ) 3,537 Other comprehensive income (loss) $ (5,558 ) $ (398 ) $ (5,956 ) $ 7,095 $ (2,401 ) $ 4,694

Changes in Equity (Tables)

Changes in Equity (Tables)	9 Months Ended
	Feb. 28, 2017
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 nine months ended February 28, 2017: Controlling Interest (in thousands) Additional Paid-in Accumulated Retained Total Non- Total Balance at May 31, 2016 $ 298,984 $ (28,565 ) $ 522,952 $ 793,371 $ 126,475 $ 919,846 Net earnings - - 148,021 148,021 9,333 157,354 Other comprehensive loss - (5,821 ) - (5,821 ) (135 ) (5,956 ) Common shares issued, net of withholding tax (9,225 ) - - (9,225 ) - (9,225 ) Common shares in NQ plans 1,058 - - 1,058 - 1,058 Stock-based compensation 10,599 - - 10,599 - 10,599 Cash dividends declared - - (38,600 ) (38,600 ) - (38,600 ) Dividends to noncontrolling interest - - - - (10,141 ) (10,141 ) Purchase of noncontrolling interest in dHybrid (1) (935 ) - - (935 ) (1,953 ) (2,888 ) Balance at February 28, 2017 $ 300,481 $ (34,386 ) $ 632,373 $ 898,468 $ 123,579 $ 1,022,047 1) On January 1, 2017, the Company acquired the minority membership interests in dHybrid Systems, LLC (“dHybrid”) from the noncontrolling member in a non-cash
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 (7,142 ) (117 ) 10,112 2,853 Reclassification adjustments to income (a) - - (8,276 ) (8,276 ) Income taxes - 82 (480 ) (398 ) Balance as of February 28, 2017 $ (25,870 ) $ (17,096 ) $ 8,580 $ (34,386 ) (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)	9 Months Ended
	Feb. 28, 2017
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)	9 Months Ended
	Feb. 28, 2017
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 and nine months ended February 28, 2017 and February 29, 2016: Three Months Ended Nine Months Ended (in thousands, except per share amounts) February 28, February 29, February 28, February 29, Numerator (basic & diluted): Net earnings attributable to controlling interest-income available to common shareholders $ 35,889 $ 29,847 $ 148,021 $ 85,191 Denominator: Denominator for basic earnings per share attributable to controlling interest—weighted average common shares 62,750 61,747 62,325 62,810 Effect of dilutive securities 2,227 2,124 2,433 2,113 Denominator for diluted earnings per share attributable to controlling interest—adjusted weighted average common shares 64,977 63,871 64,758 64,923 Basic earnings per share attributable to controlling interest $ 0.57 $ 0.48 $ 2.37 $ 1.36 Diluted earnings per share attributable to controlling interest $ 0.55 $ 0.47 $ 2.29 $ 1.31

Segment Operations (Tables)

Segment Operations (Tables)	9 Months Ended
	Feb. 28, 2017
Financial Information for Reportable Segments	Summarized financial information for our reportable segments is shown in the following table: Three Months Ended Nine Months Ended (in thousands) February 28, February 29, February 28, February 29, Net sales Steel Processing $ 478,174 $ 419,026 $ 1,492,654 $ 1,377,638 Pressure Cylinders 198,433 200,721 598,303 626,288 Engineered Cabs 23,547 25,553 71,591 92,869 Other 3,282 1,780 6,217 8,248 Total net sales $ 703,436 $ 647,080 $ 2,168,765 $ 2,105,043 Operating income (loss) Steel Processing $ 26,026 $ 21,294 $ 116,256 $ 71,574 Pressure Cylinders 10,071 8,969 35,480 15,479 Engineered Cabs (2,001 ) (4,053 ) (7,225 ) (17,634 ) Other 224 (1,138 ) (2,249 ) (1,379 ) Total operating income $ 34,320 $ 25,072 $ 142,262 $ 68,040 Impairment of long-lived assets Steel Processing $ - $ - $ - $ - Pressure Cylinders - - - 22,962 Engineered Cabs - - - 3,000 Other - - - - Total impairment of long-lived assets $ - $ - $ - $ 25,962 Restructuring and other expense (income) Steel Processing $ 212 $ 1,068 $ 1,496 $ 3,788 Pressure Cylinders 1,056 (1,031 ) 3,165 (316 ) Engineered Cabs 169 416 1,379 3,059 Other (43 ) 249 (46 ) (1,237 ) Total restructuring and other expense $ 1,394 $ 702 $ 5,994 $ 5,294 (in thousands) February 28, May 31, Total assets Steel Processing $ 885,244 $ 819,853 Pressure Cylinders 751,131 787,786 Engineered Cabs 65,633 75,124 Other 545,167 378,501 Total assets $ 2,247,175 $ 2,061,264

Derivative Instruments and He30

Derivative Instruments and Hedging Activities (Tables)	9 Months Ended
	Feb. 28, 2017
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 February 28, 2017: Asset Derivatives Liability Derivatives (in thousands) Balance Fair Balance Sheet Location Fair Derivatives designated as hedging instruments: Commodity contracts Receivables $ 14,053 Accounts payable $ - Other assets 176 Other liabilities - 14,229 - Interest rate contracts Receivables - Accounts payable 83 Other assets - Other liabilities 228 - 311 Totals $ 14,229 $ 311 Derivatives not designated as hedging instruments: Commodity contracts Receivables $ 2,964 Accounts payable $ 233 Other assets - Other liabilities 36 2,964 269 Foreign currency contracts Receivables 511 Accounts payable - Totals $ 3,475 $ 269 Total derivative instruments $ 17,704 $ 580 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 Sheet 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 gain (loss) reclassified from accumulated OCI into earnings for derivative instruments designated as cash flow hedges during the three months ended February 28, 2017 and February 29, 2016: Location of Location of Gain (Loss) Gain (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 February 28, 2017: Commodity contracts $ 2,037 Cost of goods sold $ 3,397 Cost of goods sold $ - Interest rate contracts 25 Interest expense (36 ) Interest expense - Totals $ 2,062 $ 3,361 $ - For the three months ended February 29, 2016: Commodity contracts $ 707 Cost of goods sold $ (7,775 ) Cost of goods sold $ - Interest rate contracts (107 ) Interest expense (130 ) Interest expense - Totals 600 (7,905 ) - The following table summarizes the gain (loss) recognized in OCI and the gain (loss) reclassified from accumulated OCI into earnings for derivative instruments designated as cash flow hedges during the nine months ended February 28, 2017 and February 29, 2016: Location of Location of Gain (Loss) Gain (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 nine months ended February 28, 2017: Commodity contracts $ 9,963 Cost of goods sold $ 8,882 Interest expense $ - Interest rate contracts 149 Interest expense (606 ) Cost of goods sold - Totals $ 10,112 $ 8,276 $ - For the nine months ended February 29, 2016: Commodity contracts $ (17,629 ) Cost of goods sold $ (23,422 ) Interest expense $ - Interest rate contracts (274 ) Interest expense (415 ) Cost of goods sold - Foreign currency contracts - Miscellaneous income, net (4 ) Miscellaneous income, net - Totals $ (17,903 ) $ (23,841 ) $ -
Schedule of Gain (Loss) Recognized in Earnings for Economic (Non-Designated) Derivative Financial Instruments	The following table summarizes the gain recognized in earnings for economic (non-designated) Gain (Loss) Recognized in Earnings for the Three Months Ended (in thousands) Location of Gain (Loss) February 28, February 29, Commodity contracts Cost of goods sold $ 258 $ 173 Foreign currency contracts Miscellaneous income, net (172 ) 47 Total $ 86 $ 220 The following table summarizes the gain (loss) recognized in earnings for economic (non-designated) Gain (Loss) Recognized in Earnings for the Nine Months Ended (in thousands) Location of Gain (Loss) February 28, February 29, Commodity contracts Cost of goods sold $ 5,169 $ (7,972 ) Foreign currency contracts Miscellaneous income, net (837 ) 117 Total $ 4,332 $ (7,855 )
Cash Flow Hedges
Schedule of Summary of Derivative Hedges	The following table summarizes our cash flow hedges outstanding at February 28, 2017: (in thousands) Notional Maturity Date Commodity contracts $ 40,570 March 2017 - December 2018 Interest rate contracts 16,183 September 2019
Derivatives Not Designated As Hedging Instruments
Schedule of Summary of Derivative Hedges	The following table summarizes our economic (non-designated) (in thousands) Notional Maturity Date(s) Commodity contracts $ 22,971 March 2017 - December 2018 Foreign currency contracts 15,450 March 2017 - August 2017

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Feb. 28, 2017
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis	At February 28, 2017, our assets and liabilities measured at fair value on a recurring basis were as follows: (in thousands) Quoted Prices Significant Significant (Level 3) Totals Assets Derivative instruments (1) $ - $ 17,704 $ - $ 17,704 Total assets $ - $ 17,704 $ - $ 17,704 Liabilities Derivative instruments (1) $ - $ 580 $ - $ 580 Contingent consideration obligations (2) - - 4,557 4,557 Total liabilities $ - $ 580 $ 4,557 $ 5,137 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 (Level 3) Totals Assets Derivative instruments (1) $ - $ 21,790 $ - $ 21,790 Total assets $ - $ 21,790 $ - $ 21,790 Liabilities Derivative instruments (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 instruments is based on the present value of the expected future cash flows considering the risks involved, including non-performance (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)	3 Months Ended	9 Months Ended
	Feb. 29, 2016USD ($)	Feb. 28, 2017USD ($)Entity	Feb. 29, 2016USD ($)	May 31, 2016USD ($)
Accounting Standards Update 2015-03
Significant Accounting Policies [Line Items]
Debt issuance cost		$ 2,233,000		$ 2,491,000
Accounting Standards Update 2016-09
Significant Accounting Policies [Line Items]
Excess tax benefits associated with share-based payments	$ 271,000		$ 965,000
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 and nine months ended February 29, 2016 has been restated to reflect excess tax benefits associated with share-based payments totaling $271,000 and $965,000, respectively, in income tax expense, rather than in paid-in capital.
Joint Venture Transactions
Significant Accounting Policies [Line Items]
Number of joint ventures | Entity		5
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)	9 Months Ended
	Feb. 28, 2017USD ($)
WAVE
Investments in and Advances to Affiliates [Line Items]
Cumulative distributions in excess of investment	$ 67,722,000
Unconsolidated Affiliates
Investments in and Advances to Affiliates [Line Items]
Distributions from unconsolidated affiliates	$ 84,183,000
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 | Serviacero
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		9 Months Ended
	Feb. 28, 2017	Feb. 29, 2016	Feb. 28, 2017	Feb. 29, 2016	May 31, 2016
Investments in and Advances to Affiliates [Line Items]
Cash	$ 62,723		$ 62,723		$ 112,122
Other current assets	511,798		511,798		446,796
Noncurrent assets	365,343		365,343		352,370
Total assets	939,864		939,864		911,288
Current liabilities	141,266		141,266		112,491
Short-term borrowings	6,285		6,285		11,398
Current maturities of long-term debt	4,207		4,207		3,297
Long-term debt	268,032		268,032		266,942
Other noncurrent liabilities	20,558		20,558		21,034
Equity	499,516		499,516		496,126
Total liabilities and equity	939,864		939,864		$ 911,288
Net sales	384,261	$ 376,448	1,188,568	$ 1,170,096
Gross margin	84,645	83,251	305,383	257,036
Operating income	55,140	54,801	216,902	171,857
Depreciation and amortization	6,983	7,905	20,776	24,070
Interest expense	2,089	2,038	6,388	6,333
Income tax expense	5,065	2,625	16,128	7,348
Net earnings	$ 49,098	$ 51,994	$ 198,609	$ 186,063

Impairment of Long-Lived Asse35

Impairment of Long-Lived Assets - Additional Information (Detail) $ in Thousands	9 Months Ended
	Feb. 28, 2017USD ($)	Feb. 29, 2016USD ($)Facility
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of long-lived assets	$ 0	$ 25,962
Engineered Cabs
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of long-lived assets		3,000
Pressure Cylinders
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of long-lived assets		22,962
Pressure Cylinders | Oil and Gas Equipment Reporting Unit
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of long-lived assets		$ 22,962
Number of equipment facilities | Facility		2

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		9 Months Ended
		Feb. 28, 2017	Feb. 29, 2016	Feb. 28, 2017	Feb. 29, 2016
Restructuring Cost and Reserve [Line Items]
Beginning Balance				$ 2,484
Expense				4,985
Payments				(6,440)
Adjustments				103
Ending Balance	[1]	$ 1,132		1,132
Net (gain) loss on sale of assets				1,009
Restructuring and other expense		1,394	$ 702	5,994	$ 5,294
Early Retirement And Severance
Restructuring Cost and Reserve [Line Items]
Beginning Balance				1,831
Expense				1,795
Payments				(3,071)
Adjustments				58
Ending Balance	[1]	613		613
Facility Exit And Other Costs
Restructuring Cost and Reserve [Line Items]
Beginning Balance				653
Expense				3,190
Payments				(3,369)
Adjustments				45
Ending Balance	[1]	$ 519		$ 519
[1]	The total liability as of February 28, 2017 is expected to be paid in the next twelve months.

Restructuring and Other Expen37

Restructuring and Other Expense - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Feb. 28, 2017	Feb. 29, 2016	Feb. 28, 2017	Feb. 29, 2016
Restructuring Cost and Reserve [Line Items]
Net gain (loss) on sale of assets	$ (1,875)	$ 3,385	$ (3,358)	$ 7,633
Cryogenics Facility in Istanbul, Turkey, to its Greenfield Facility in Bandirma, Turkey
Restructuring Cost and Reserve [Line Items]
Severance expense			640
Facility exit costs			1,113
Closure of Precision Specialty Metals, Inc
Restructuring Cost and Reserve [Line Items]
Facility exit costs			1,666
Severance expense credit			(106)
Other Non-significant Restructuring Activities
Restructuring Cost and Reserve [Line Items]
Severance expense credit			(95)
Net gain (loss) on sale of assets			(86)
Facility exit costs credit			(48)
Pressure Cylinders
Restructuring Cost and Reserve [Line Items]
Severance expense			1,356
Engineered Cabs | Facility Closing | Florence, South Carolina
Restructuring Cost and Reserve [Line Items]
Facility exit costs			459
Net gain (loss) on sale of assets			(101)
Engineered Cabs | Advanced Component Technologies, Inc
Restructuring Cost and Reserve [Line Items]
Cash proceeds from sale of business			700
Loss on sale of business			$ (822)

Guarantees - Additional Informa

Guarantees - Additional Information (Detail)	9 Months Ended
	Feb. 28, 2017USD ($)
Stand-by Letters of Credit
Guarantor Obligations [Line Items]
Letter of credit amount outstanding	$ 15,893,000
Drawn amount of letter of credit outstanding	0
Operating Lease of Aircraft
Guarantor Obligations [Line Items]
Maximum potential obligation	$ 9,566,000

Debt and Receivables Securiti39

Debt and Receivables Securitization - Additional Information (Detail)	9 Months Ended
	Feb. 28, 2017USD ($)
Debt And Receivables Securitization [Line Items]
Remaining borrowing capacity	$ 486,400,000
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
Letter of Credit
Debt And Receivables Securitization [Line Items]
Letter of credit amount outstanding	$ 13,600,000
Stand-by Letters of Credit
Debt And Receivables Securitization [Line Items]
Letter of credit amount outstanding	15,893,000
Drawn amount of letter of credit outstanding	$ 0

Summary of Tax Effects on Each

Summary of Tax Effects on Each Component of OCI (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Feb. 28, 2017	Feb. 29, 2016	Feb. 28, 2017	Feb. 29, 2016
Components Of Other Comprehensive Income Loss [Line Items]
Other comprehensive income (loss), before tax	$ (511)	$ 17,061	$ (5,558)	$ 7,095
Other comprehensive income (loss), tax	460	(3,075)	(398)	(2,401)
Other comprehensive income (loss)	(51)	13,986	(5,956)	4,694
Foreign Currency Translation
Components Of Other Comprehensive Income Loss [Line Items]
Other comprehensive income (loss), before tax	905	8,646	(7,277)	1,255
Other comprehensive income (loss)	905	8,646	(7,277)	1,255
Pension Liability Adjustment
Components Of Other Comprehensive Income Loss [Line Items]
Other comprehensive income (loss), before tax	(117)	(90)	(117)	(98)
Other comprehensive income (loss), tax	82		82
Other comprehensive income (loss)	(35)	(90)	(35)	(98)
Cash Flow Hedges
Components Of Other Comprehensive Income Loss [Line Items]
Other comprehensive income (loss), before tax	(1,299)	8,505	1,836	5,938
Other comprehensive income (loss), tax	378	(3,075)	(480)	(2,401)
Other comprehensive income (loss)	$ (921)	$ 5,430	$ 1,356	$ 3,537

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		9 Months Ended
		Feb. 28, 2017	Feb. 29, 2016	Feb. 28, 2017	Feb. 29, 2016
Balance as of May 31, 2016				$ 919,846
Net earnings		$ 38,951	$ 34,143	157,354	$ 94,889
Other comprehensive loss		(51)	$ 13,986	(5,956)	$ 4,694
Common shares issued, net of withholding tax				(9,225)
Common shares in NQ plans				1,058
Stock-based compensation				10,599
Cash dividends declared				(38,600)
Dividends to noncontrolling interest				(10,141)
Purchase of noncontrolling interest in dHybrid	[1]			(2,888)
Balance as of February 28, 2017		1,022,047		1,022,047
Additional Paid-in Capital
Balance as of May 31, 2016				298,984
Common shares issued, net of withholding tax				(9,225)
Common shares in NQ plans				1,058
Stock-based compensation				10,599
Purchase of noncontrolling interest in dHybrid	[1]			(935)
Balance as of February 28, 2017		300,481		300,481
Accumulated Other Comprehensive Loss, Net of Tax
Balance as of May 31, 2016				(28,565)
Other comprehensive loss				(5,821)
Balance as of February 28, 2017		(34,386)		(34,386)
Retained Earnings
Balance as of May 31, 2016				522,952
Net earnings				148,021
Cash dividends declared				(38,600)
Balance as of February 28, 2017		632,373		632,373
Parent
Balance as of May 31, 2016				793,371
Net earnings				148,021
Other comprehensive loss				(5,821)
Common shares issued, net of withholding tax				(9,225)
Common shares in NQ plans				1,058
Stock-based compensation				10,599
Cash dividends declared				(38,600)
Purchase of noncontrolling interest in dHybrid	[1]			(935)
Balance as of February 28, 2017		898,468		898,468
Noncontrolling Interest
Balance as of May 31, 2016				126,475
Net earnings				9,333
Other comprehensive loss				(135)
Dividends to noncontrolling interest				(10,141)
Purchase of noncontrolling interest in dHybrid	[1]			(1,953)
Balance as of February 28, 2017		$ 123,579		$ 123,579
[1]	On January 1, 2017, the Company acquired the minority membership interests in dHybrid Systems, LLC ("dHybrid") from the noncontrolling member in a non-cash transaction.

Components of Changes in Accumu

Components of Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Feb. 28, 2017	Feb. 29, 2016	Feb. 28, 2017	Feb. 29, 2016
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance as of May 31, 2016				$ 919,846
Income taxes		$ 460	$ (3,075)	(398)	$ (2,401)
Balance as of February 28, 2017		1,022,047		1,022,047
Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance as of May 31, 2016				(18,728)
Other comprehensive income (loss) before reclassifications				(7,142)
Balance as of February 28, 2017		(25,870)		(25,870)
Pension Liability Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance as of May 31, 2016				(17,061)
Other comprehensive income (loss) before reclassifications				(117)
Income taxes				82
Balance as of February 28, 2017		(17,096)		(17,096)
Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance as of May 31, 2016				7,224
Other comprehensive income (loss) before reclassifications				10,112
Reclassification adjustments to income	[1]			(8,276)
Income taxes				(480)
Balance as of February 28, 2017		8,580		8,580
Accumulated Other Comprehensive Loss, Net of Tax
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance as of May 31, 2016				(28,565)
Other comprehensive income (loss) before reclassifications				2,853
Reclassification adjustments to income	[1]			(8,276)
Income taxes				(398)
Balance as of February 28, 2017		$ (34,386)		$ (34,386)
[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)	9 Months Ended
	Feb. 28, 2017USD ($)$ / 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	520,850
Restricted common shares, fair value per share | $ / shares	$ 42.27
Pre-tax stock-based compensation | $	$ 19,695,000
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	66,200
Pre-tax stock-based compensation | $	$ 2,973,000

Assumptions To Value Stock Opti

Assumptions To Value Stock Options (Detail) - Non-Qualified Stock Options	9 Months Ended
	Feb. 28, 2017
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)	9 Months Ended
	Feb. 28, 2017	Feb. 29, 2016
Income Taxes [Line Items]
Estimated annual effective income tax rate	27.20%	29.60%

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		9 Months Ended
	Feb. 28, 2017	Feb. 29, 2016	Feb. 28, 2017	Feb. 29, 2016
Numerator (basic & diluted):
Net earnings attributable to controlling interest-income available to common shareholders	$ 35,889	$ 29,847	$ 148,021	$ 85,191
Denominator:
Denominator for basic earnings per share attributable to controlling interest-weighted average common shares	62,750	61,747	62,325	62,810
Effect of dilutive securities	2,227	2,124	2,433	2,113
Denominator for diluted earnings per share attributable to controlling interest-adjusted weighted average common shares	64,977	63,871	64,758	64,923
Basic earnings per share attributable to controlling interest	$ 0.57	$ 0.48	$ 2.37	$ 1.36
Diluted earnings per share attributable to controlling interest	$ 0.55	$ 0.47	$ 2.29	$ 1.31

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - shares	3 Months Ended		9 Months Ended
	Feb. 28, 2017	Feb. 29, 2016	Feb. 28, 2017	Feb. 29, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from computation of diluted earnings per share	107,224	352,830	97,638	343,454

Financial Information for Repor

Financial Information for Reportable Segments (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Feb. 28, 2017	Feb. 29, 2016	Feb. 28, 2017	Feb. 29, 2016	May 31, 2016
Segment Reporting Information [Line Items]
Net sales	$ 703,436	$ 647,080	$ 2,168,765	$ 2,105,043
Operating income (loss)	34,320	25,072	142,262	68,040
Impairment of long-lived assets			0	25,962
Restructuring and other expense (income)	1,394	702	5,994	5,294
Total assets	2,247,175		2,247,175		$ 2,061,264
Steel Processing
Segment Reporting Information [Line Items]
Net sales	478,174	419,026	1,492,654	1,377,638
Operating income (loss)	26,026	21,294	116,256	71,574
Restructuring and other expense (income)	212	1,068	1,496	3,788
Total assets	885,244		885,244		819,853
Pressure Cylinders
Segment Reporting Information [Line Items]
Net sales	198,433	200,721	598,303	626,288
Operating income (loss)	10,071	8,969	35,480	15,479
Impairment of long-lived assets				22,962
Restructuring and other expense (income)	1,056	(1,031)	3,165	(316)
Total assets	751,131		751,131		787,786
Engineered Cabs
Segment Reporting Information [Line Items]
Net sales	23,547	25,553	71,591	92,869
Operating income (loss)	(2,001)	(4,053)	(7,225)	(17,634)
Impairment of long-lived assets				3,000
Restructuring and other expense (income)	169	416	1,379	3,059
Total assets	65,633		65,633		75,124
Other
Segment Reporting Information [Line Items]
Net sales	3,282	1,780	6,217	8,248
Operating income (loss)	224	(1,138)	(2,249)	(1,379)
Restructuring and other expense (income)	(43)	$ 249	(46)	$ (1,237)
Total assets	$ 545,167		$ 545,167		$ 378,501

Schedule of Fair Value of Deriv

Schedule of Fair Value of Derivative Instruments (Detail) - USD ($) $ in Thousands	Feb. 28, 2017	May 31, 2016
Derivative [Line Items]
Asset Derivatives at Fair Value	$ 17,704	$ 21,790
Liability Derivatives at Fair Value	580	2,013
Derivatives Designated As Hedging Instruments
Derivative [Line Items]
Asset Derivatives at Fair Value	14,229	16,813
Liability Derivatives at Fair Value	311	1,237
Derivatives Designated As Hedging Instruments | Commodity Contracts
Derivative [Line Items]
Asset Derivatives at Fair Value	14,229	16,813
Liability Derivatives at Fair Value		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	14,053	13,224
Derivatives Designated As Hedging Instruments | Commodity Contracts | Other Assets
Derivative [Line Items]
Asset Derivatives at Fair Value	176	3,589
Derivatives Designated As Hedging Instruments | Commodity Contracts | Accounts Payable
Derivative [Line Items]
Liability Derivatives at Fair Value		696
Derivatives Designated As Hedging Instruments | Interest Rate Contracts
Derivative [Line Items]
Liability Derivatives at Fair Value	311	461
Derivatives Designated As Hedging Instruments | Interest Rate Contracts | Other Liabilities
Derivative [Line Items]
Liability Derivatives at Fair Value	228	306
Derivatives Designated As Hedging Instruments | Interest Rate Contracts | Accounts Payable
Derivative [Line Items]
Liability Derivatives at Fair Value	83	155
Derivatives Not Designated As Hedging Instruments
Derivative [Line Items]
Asset Derivatives at Fair Value	3,475	4,977
Liability Derivatives at Fair Value	269	776
Derivatives Not Designated As Hedging Instruments | Commodity Contracts
Derivative [Line Items]
Asset Derivatives at Fair Value	2,964	4,977
Liability Derivatives at Fair Value	269	761
Derivatives Not Designated As Hedging Instruments | Commodity Contracts | Other Liabilities
Derivative [Line Items]
Liability Derivatives at Fair Value	36
Derivatives Not Designated As Hedging Instruments | Commodity Contracts | Receivables
Derivative [Line Items]
Asset Derivatives at Fair Value	2,964	4,660
Derivatives Not Designated As Hedging Instruments | Commodity Contracts | Other Assets
Derivative [Line Items]
Asset Derivatives at Fair Value		317
Derivatives Not Designated As Hedging Instruments | Commodity Contracts | Accounts Payable
Derivative [Line Items]
Liability Derivatives at Fair Value	233	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 | Receivables
Derivative [Line Items]
Asset Derivatives at Fair Value	$ 511
Derivatives Not Designated As Hedging Instruments | Foreign Currency Contracts | Accounts Payable
Derivative [Line Items]
Liability Derivatives at Fair Value		$ 15

Derivative Instruments and He50

Derivative Instruments and Hedging Activities - Additional Information (Detail) - USD ($)	9 Months Ended	12 Months Ended
	Feb. 28, 2017	May 31, 2016
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Aggregate impact to fair value of derivative assets and liabilities as a result of recognition on a net basis	$ 91,000	$ (300,000)
Losses in accumulated other comprehensive income expected to be reclassified into net earnings	(10,088,000)
Losses in accumulated other comprehensive income expected to be reclassified into net earnings, tax	$ (5,725,000)

Schedule of Summary of Derivati

Schedule of Summary of Derivative Hedges (Detail) $ in Thousands	9 Months Ended
	Feb. 28, 2017USD ($)
Commodity Contracts | Derivatives Not Designated As Hedging Instruments
Derivative [Line Items]
Notional Amount	$ 22,971
Commodity Contracts | Derivatives Not Designated As Hedging Instruments | Minimum
Derivative [Line Items]
Maturity Date	2017-03
Commodity Contracts | Derivatives Not Designated As Hedging Instruments | Maximum
Derivative [Line Items]
Maturity Date	2018-12
Foreign Currency Contracts | Derivatives Not Designated As Hedging Instruments
Derivative [Line Items]
Notional Amount	$ 15,450
Foreign Currency Contracts | Derivatives Not Designated As Hedging Instruments | Minimum
Derivative [Line Items]
Maturity Date	2017-03
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	$ 40,570
Cash Flow Hedges | Commodity Contracts | Minimum
Derivative [Line Items]
Maturity Date	2017-03
Cash Flow Hedges | Commodity Contracts | Maximum
Derivative [Line Items]
Maturity Date	2018-12
Cash Flow Hedges | Interest Rate Contracts
Derivative [Line Items]
Notional Amount	$ 16,183
Maturity Date	2019-09

Schedule of Derivatives Designa

Schedule of Derivatives Designated as Cash Flow Hedging Instruments (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Feb. 28, 2017	Feb. 29, 2016	Feb. 28, 2017	Feb. 29, 2016
Derivative [Line Items]
Gain (Loss) Recognized in OCI (Effective Portion)	$ 2,062	$ 600	$ 10,112	$ (17,903)
Gain (Loss) Reclassified from Accumulated OCI (Effective Portion)	3,361	(7,905)	8,276	(23,841)
Commodity Contracts
Derivative [Line Items]
Gain (Loss) Recognized in OCI (Effective Portion)	2,037	707	9,963	(17,629)
Commodity Contracts | Cost of Goods Sold
Derivative [Line Items]
Gain (Loss) Reclassified from Accumulated OCI (Effective Portion)	3,397	(7,775)	8,882	(23,422)
Interest Rate Contracts
Derivative [Line Items]
Gain (Loss) Recognized in OCI (Effective Portion)	25	(107)	149	(274)
Interest Rate Contracts | Interest Expense
Derivative [Line Items]
Gain (Loss) Reclassified from Accumulated OCI (Effective Portion)	$ (36)	$ (130)	$ (606)	(415)
Foreign Currency Contracts | Miscellaneous Income, Net
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		9 Months Ended
	Feb. 28, 2017	Feb. 29, 2016	Feb. 28, 2017	Feb. 29, 2016
Derivative [Line Items]
Gain (Loss) Recognized in Earnings	$ 86	$ 220	$ 4,332	$ (7,855)
Commodity Contracts | Cost of Goods Sold
Derivative [Line Items]
Gain (Loss) Recognized in Earnings	258	173	5,169	(7,972)
Foreign Currency Contracts | Miscellaneous Income, Net
Derivative [Line Items]
Gain (Loss) Recognized in Earnings	$ (172)	$ 47	$ (837)	$ 117

Schedule of Assets and Liabilit

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands		Feb. 28, 2017	May 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets		$ 17,704	$ 21,790
Liabilities		5,137	6,532
Derivative Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	[1]	17,704	21,790
Liabilities	[1]	580	2,013
Contingent consideration obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	[2]	4,557	4,519
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets		17,704	21,790
Liabilities		580	2,013
Significant Other Observable Inputs (Level 2) | Derivative Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	[1]	17,704	21,790
Liabilities	[1]	580	2,013
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities		4,557	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]	$ 4,557	$ 4,519
[1]	The fair value of our derivative instruments 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 ($) $ in Thousands	Feb. 28, 2017	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	$ 602,907	$ 609,245
Long-term debt at carrying amount including current maturities	$ 576,880	$ 578,353