Worthington Industries (WOR) 10-Q 10 Oct 17 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Aug. 31, 2017	Sep. 29, 2017
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Aug. 31, 2017
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Trading Symbol	WOR
Entity Registrant Name	WORTHINGTON INDUSTRIES INC
Entity Central Index Key	108,516
Current Fiscal Year End Date	--05-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		62,970,687

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Aug. 31, 2017	May 31, 2017
Current assets:
Cash and cash equivalents	$ 195,855	$ 278,081
Receivables, less allowances of $3,789 and $3,444 at August 31, 2017 and May 31, 2017, respectively	465,113	486,730
Inventories:
Raw materials	232,571	185,001
Work in process	102,875	95,630
Finished products	90,433	73,303
Total inventories	425,879	353,934
Income taxes receivable	2,105	7,164
Assets held for sale	9,358	9,654
Prepaid expenses and other current assets	62,855	55,406
Total current assets	1,161,165	1,190,969
Investments in unconsolidated affiliates	212,670	208,591
Goodwill	355,455	247,673
Other intangible assets, net of accumulated amortization of $68,245 and $63,134 at August 31, 2017 and May 31, 2017, respectively	247,757	82,781
Other assets	27,917	24,841
Property, plant and equipment:
Land	27,374	22,077
Buildings and improvements	304,705	297,951
Machinery and equipment	1,024,498	961,542
Construction in progress	30,174	27,616
Total property, plant and equipment	1,386,751	1,309,186
Less: accumulated depreciation	761,161	738,697
Total property, plant and equipment, net	625,590	570,489
Total assets	2,630,554	2,325,344
Current liabilities:
Accounts payable	384,486	368,071
Short-term borrowings	421	123
Accrued compensation, contributions to employee benefit plans and related taxes	73,040	86,201
Dividends payable	14,148	13,698
Other accrued items	55,332	41,551
Income taxes payable	7,485	4,448
Current maturities of long-term debt	7,072	6,691
Total current liabilities	541,984	520,783
Other liabilities	66,093	61,498
Distributions in excess of investment in unconsolidated affiliate	58,371	63,038
Long-term debt	773,090	571,796
Deferred income taxes, net	108,289	34,300
Total liabilities	1,547,827	1,251,415
Shareholders' equity-controlling interest	958,174	951,635
Noncontrolling interests	124,553	122,294
Total equity	1,082,727	1,073,929
Total liabilities and equity	$ 2,630,554	$ 2,325,344

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Aug. 31, 2017	May 31, 2017
Receivables, allowances	$ 3,789	$ 3,444
Other intangible assets, accumulated amortization	$ 68,245	$ 63,134

Consolidated Statements of Earn

Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Aug. 31, 2017	Aug. 31, 2016
Net sales	$ 848,237	$ 737,549
Cost of goods sold	715,459	590,267
Gross margin	132,778	147,282
Selling, general and administrative expense	88,249	81,056
Restructuring and other expense	2,304	1,328
Operating income	42,225	64,898
Other income (expense):
Miscellaneous income, net	348	863
Interest expense	(8,807)	(7,870)
Equity in net income of unconsolidated affiliates	27,306	34,544
Earnings before income taxes	61,072	92,435
Income tax expense	12,998	23,899
Net earnings	48,074	68,536
Net earnings attributable to noncontrolling interests	2,540	2,969
Net earnings attributable to controlling interest	$ 45,534	$ 65,567
Basic
Average common shares outstanding	62,444	61,885
Earnings per share attributable to controlling interest	$ 0.73	$ 1.06
Diluted
Average common shares outstanding	64,590	64,337
Earnings per share attributable to controlling interest	$ 0.70	$ 1.02
Common shares outstanding at end of period	62,144	62,179
Cash dividends declared per share	$ 0.21	$ 0.20

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Aug. 31, 2017	Aug. 31, 2016
Net earnings	$ 48,074	$ 68,536
Other comprehensive income (loss):
Foreign currency translation	15,872	(665)
Pension liability adjustment, net of tax	(6)
Cash flow hedges, net of tax	1,887	625
Other comprehensive income (loss)	17,753	(40)
Comprehensive income	65,827	68,496
Comprehensive income attributable to noncontrolling interests	2,979	2,973
Comprehensive income attributable to controlling interest	$ 62,848	$ 65,523

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Aug. 31, 2017	Aug. 31, 2016
Operating activities:
Net earnings	$ 48,074	$ 68,536
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	25,365	21,831
Provision for deferred income taxes	7,934	20
Bad debt income	(62)	(81)
Equity in net income of unconsolidated affiliates, net of distributions	(7,755)	3,898
Net loss on assets	1,425	4,396
Stock-based compensation	3,407	3,136
Changes in assets and liabilities, net of impact of acquisitions :
Receivables	62,678	16,954
Inventories	(34,696)	(50,398)
Prepaid expenses and other current assets	1,143	7,162
Other assets	(350)	1,246
Accounts payable and accrued expenses	(26,791)	43,061
Other liabilities	2,983	1,144
Net cash provided by operating activities	83,355	120,905
Investing activities:
Investment in property, plant and equipment	(18,013)	(16,316)
Acquisitions, net of cash acquired	(284,505)
Proceeds from sale of assets	427	157
Net cash used by investing activities	(302,091)	(16,159)
Financing activities:
Net proceeds from (repayments of) short-term borrowings	298	(1,117)
Proceeds from long-term debt, net of issuance costs	198,279
Principal payments on long-term debt	(219)	(219)
Proceeds from issuance of common shares, net of tax withholdings	(3,274)	5,821
Payments to noncontrolling interests	(720)
Repurchase of common shares	(45,076)
Dividends paid	(12,778)	(11,894)
Net cash provided (used) by financing activities	136,510	(7,409)
Increase (decrease) in cash and cash equivalents	(82,226)	97,337
Cash and cash equivalents at beginning of period	278,081	84,188
Cash and cash equivalents at end of period	$ 195,855	$ 181,525

Basis of Presentation

Basis of Presentation	3 Months Ended
	Aug. 31, 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. The Company owns controlling interests in the following five joint ventures: Spartan Steel Coating, LLC (“Spartan”) (52%), TWB Company, L.L.C. (“TWB”) (55%), Worthington Aritaş Basinçli 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 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 Recently Issued Accounting Standards In May 2014, new accounting guidance was issued that replaces most existing revenue recognition guidance under U.S. GAAP. The new 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 new guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The 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 new guidance in the first quarter of fiscal 2019. The Company will continue to monitor any modifications, clarifications, and interpretations by the FASB that may impact its conclusions. In February 2016, new accounting guidance was issued that replaces most existing lease accounting guidance under U.S. GAAP. Among other changes, the new 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 new 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 new guidance on our ongoing financial reporting. In June 2016, new accounting guidance was issued related to the measurement of credit losses on financial instruments. The new guidance changes the impairment model for most financial assets to require measurement and recognition of expected credit losses for financial assets held. The new 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 new 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. In March 2017, amended accounting guidance was issued that requires an employer to report the service cost component of pension and postretirement benefits in the same line as other current employee compensation costs. Additionally, other components of net benefit cost are to be presented in the income statement separately from the service cost component and outside of income from operations. The amended guidance is effective for fiscal years beginning after December 15, 2017, 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 have not determined the effect on our ongoing financial reporting. In May 2017, amended accounting guidance was issued to provide guidance about which changes to the terms or conditions of a share-based payment award require application of modification accounting. 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 August 2017, amended accounting guidance was issued that modifies hedge accounting by making more hedge strategies eligible for hedge accounting, amending presentation and disclosure requirements, and changing how companies assess effectiveness. The intent is to simplify application of hedge accounting and increase transparency of information about an entity’s risk management activities. The amended guidance is effective for fiscal years beginning after December 15, 2018, 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	3 Months Ended
	Aug. 31, 2017
Unconsolidated Affiliates
Investments in Unconsolidated Affiliates	NOTE B – Investments in Unconsolidated Affiliates 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 $19,551,000 during the three months ended August 31, 2017. We have received cumulative distributions from WAVE in excess of our investment balance, which resulted in an amount recorded within other liabilities on our consolidated balance sheets of $58,371,000 at August 31, 2017. In accordance with the applicable accounting guidance, we reclassified the negative balance 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 probable that any excess distribution may not be returned (upon joint venture liquidation or otherwise), we will recognize any balance classified as a liability as income immediately. We use the “cumulative earnings” approach for determining cash flow presentation of distributions from our unconsolidated joint ventures. Distributions received are included in our consolidated statements of cash flows as operating activities, unless the cumulative distributions received, less distributions received in prior periods that were determined to be returns of investment, exceed our portion of the cumulative equity in the net earnings of the joint venture, in which case the excess distributions are deemed to be returns of the investment and are classified as investing activities in our consolidated statements of cash flows. Combined financial information for our unconsolidated affiliates is summarized as follows: (in thousands) August 31, May 31, Cash $ 40,943 $ 55,541 Other current assets 591,345 559,021 Noncurrent assets 366,877 361,106 Total assets $ 999,165 $ 975,668 Current liabilities $ 157,932 $ 156,947 Short-term borrowings 11,063 8,172 Current maturities of long-term debt 4,367 5,827 Long-term debt 268,867 268,711 Other noncurrent liabilities 24,816 21,380 Equity 532,120 514,631 Total liabilities and equity $ 999,165 $ 975,668 Three Months Ended (in thousands) 2017 2016 Net sales $ 442,624 $ 417,115 Gross margin 86,235 124,197 Operating income 57,163 94,397 Depreciation and amortization 7,193 6,820 Interest expense 2,492 2,148 Income tax expense 1,348 7,518 Net earnings 52,474 86,067

Restructuring and Other Expense

Restructuring and Other Expense	3 Months Ended
	Aug. 31, 2017
Restructuring and Other Expense	NOTE C – Restructuring and Other Expense We consider restructuring activities to be programs whereby we fundamentally change our operations such as closing and consolidating manufacturing facilities or moving manufacturing of a product to another location. Restructuring activities may also involve substantial realignment of the management structure of a business unit in response to changing market conditions. A progression of the liabilities associated with our restructuring activities, combined with a reconciliation to the restructuring and other expense financial statement caption, in our consolidated statement of earnings for the three months ended August 31, 2017 is summarized below: (in thousands) Beginning Expense Payments Adjustments Ending Early retirement and severance $ 253 $ 1,877 $ (182 ) $ 127 $ 2,075 Facility exit and other costs 536 284 (950 ) 131 1 $ 789 2,161 $ (1,132 ) $ 258 $ 2,076 Net loss on sale of assets 143 Restructuring and other expense $ 2,304 During the three months ended August 31, 2017, the following actions were taken related to the Company’s restructuring activities: • In connection with the acquisition of Amtrol on June 2, 2017, the Company recognized severance expense of $1,877,000 related to corporate management positions at Amtrol that were eliminated. • In connection with the closure of the Company’s stainless steel business, Precision Specialty Metals, Inc. (“PSM”), the Company recognized facility exit costs of $279,000. • In connection with other non-significant The total liability associated with our restructuring activities as of August 31, 2017 is expected to be paid in the next twelve months.

Contingent Liabilities and Comm

Contingent Liabilities and Commitments	3 Months Ended
	Aug. 31, 2017
Contingent Liabilities and Commitments	NOTE D – 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 have a material adverse effect on 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	3 Months Ended
	Aug. 31, 2017
Guarantees	NOTE E – Guarantees We do not have guarantees that we believe are reasonably likely to have a material current or future effect on our consolidated financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources. However, as of August 31, 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 $9,049,000 at August 31, 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 $15,662,000 of outstanding stand-by

Debt and Receivables Securitiza

Debt and Receivables Securitization	3 Months Ended
	Aug. 31, 2017
Debt and Receivables Securitization	NOTE F – Debt and Receivables Securitization On July 28, 2017, we issued $200,000,000 aggregate principal amount of senior unsecured notes due August 1, 2032 (the “2032 Notes”). The 2032 Notes bear interest at a rate of 4.30%. The 2032 Notes were sold to the public at 99.901% of the principal amount thereof, to yield 4.309% to maturity. We used a portion of the net proceeds from the offering to repay amounts then outstanding under our multi-year revolving credit facility and amounts then outstanding under our revolving trade accounts receivable securitization facility, both of which are described in more detail below. We entered into an interest rate swap in June 2017, in anticipation of the issuance of the 2032 Notes. The interest rate swap had a notional amount of $150,000,000 to hedge the risk of changes in the semi-annual interest rate payments attributable to changes in the benchmark interest rate during the several days leading up to the issuance of the 2032 Notes. Upon pricing of the 2032 Notes, the derivative instrument was settled resulting in a gain of approximately $3,098,000, which was reflected in accumulated other comprehensive income (“AOCI”). Approximately $2,114,000 and $198,000 were allocated to debt issuance costs and the debt discount. The debt issuance costs and the debt discount were recorded on the consolidated balance sheet within long-term debt as a contra-liability. The unamortized portion of the debt issuance costs and debt discount was $2,103,000 and $197,000, respectively, at August 31, 2017. We maintain a $500,000,000 multi-year revolving credit facility (the “Credit Facility”) with a group of lenders that matures in April 2020. Borrowings under the Credit Facility typically have maturities of less than one year. However, we can extend the term of amounts borrowed by renewing these borrowings for the term of the Credit Facility. We have the option to borrow at rates equal to an applicable margin over the LIBOR, Prime rate or Fed Funds rate. The applicable margin is determined by our credit rating. There were no borrowings outstanding under the Credit Facility at August 31, 2017. As discussed in “NOTE E – Guarantees,” we provided $15,662,000 in letters of credit for third-party beneficiaries as of August 31, 2017. While not drawn against at August 31, 2017, $14,050,000 of these letters of credit were issued against availability under the Credit Facility, leaving $485,950,000 available under the Credit Facility at August 31, 2017. We also maintain a $100,000,000 revolving trade accounts receivable securitization facility (the “AR Facility”) that 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 August 31, 2017, no undivided ownership interests in this pool of accounts receivable had been sold.

Other Comprehensive Income

Other Comprehensive Income	3 Months Ended
	Aug. 31, 2017
Other Comprehensive Income	NOTE G – Other Comprehensive Income The following table summarizes the tax effects on each component of OCI for the three months ended August 31: 2017 2016 Before-Tax Tax Net-of-Tax Before-Tax Tax Net-of-Tax (in thousands) Foreign currency translation $ 15,872 $ - $ 15,872 $ (665 ) $ - $ (665 ) Pension liability adjustment - (6 ) (6 ) - - - Cash flow hedges 2,993 (1,106 ) 1,887 1,088 (463 ) 625 Other comprehensive income (loss) $ 18,865 $ (1,112 ) $ 17,753 $ 423 $ (463 ) $ (40 )

Changes in Equity

Changes in Equity	3 Months Ended
	Aug. 31, 2017
Changes in Equity	NOTE H – Changes in Equity The following table provides a summary of the changes in total equity, shareholders’ equity attributable to controlling interest, and equity attributable to noncontrolling interests for the three months ended August 31, 2017: Controlling Interest (in thousands) Additional Paid-in Accumulated Retained Total Non Total Balance at May 31, 2017 $ 303,391 $ (27,775 ) $ 676,019 $ 951,635 $ 122,294 $ 1,073,929 Net earnings - - 45,534 45,534 2,540 48,074 Other comprehensive income - 17,314 - 17,314 439 17,753 Common shares issued, net of withholding tax (3,274 ) - - (3,274 ) - (3,274 ) Common shares in NQ plans 536 - - 536 - 536 Stock-based compensation 4,822 - - 4,822 - 4,822 Purchases and retirement of common shares (4,235 ) - (40,841 ) (45,076 ) - (45,076 ) Cash dividends declared - - (13,317 ) (13,317 ) - (13,317 ) Dividends to noncontrolling interest - - - - (720 ) (720 ) Balance at August 31, 2017 $ 301,240 $ (10,461 ) $ 667,395 $ 958,174 $ 124,553 $ 1,082,727 The components of the changes in accumulated other comprehensive loss were as follows: (in thousands) Foreign Currency Translation Pension Liability Adjustment Cash Hedges Accumulated Other Comprehensive Loss Balance as of May 31, 2017 $ (17,358 ) $ (14,819 ) $ 4,402 $ (27,775 ) Other comprehensive income before reclassifications 15,433 - 6,798 22,231 Reclassification adjustments to income (a) - - (3,805 ) (3,805 ) Income taxes - (6 ) (1,106 ) (1,112 ) Balance as of August 31, 2017 $ (1,925 ) $ (14,825 ) $ 6,289 $ (10,461 ) (a) The statement of earnings classification of amounts reclassified to income for cash flow hedges is disclosed in “NOTE N – Derivative Instruments and Hedging Activities.”

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Aug. 31, 2017
Stock-Based Compensation	NOTE I – Stock-Based Compensation Non-Qualified During the three months ended August 31, 2017, we granted non-qualified pre-tax Dividend yield 1.81 % Expected volatility 36.65 % Risk-free interest rate 1.98 % Expected term (years) 6.0 Expected volatility is based on the historical volatility of our common shares and the risk-free interest rate is based on the United States Treasury strip rate for the expected term of the stock options. The expected term was developed using historical exercise experience. Service-Based Restricted Common Shares During the three months ended August 31, 2017, we granted an aggregate of 122,400 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 respective dates of grant, or $47.81 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, 2018, 2019 and 2020. 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 the respective grant dates of the performance shares and the pre-tax pre-tax

Income Taxes

Income Taxes	3 Months Ended
	Aug. 31, 2017
Income Taxes	NOTE J – Income Taxes Income tax expense for the three months ended August 31, 2017 and 2016 reflected estimated annual effective income tax rates of 30.5% and 31.2%, 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	3 Months Ended
	Aug. 31, 2017
Earnings per Share	NOTE K – Earnings per Share The following table sets forth the computation of basic and diluted earnings per share attributable to controlling interest for the three months ended August 31, 2017 and 2016: Three Months Ended August 31, (in thousands, except per share amounts) 2017 2016 Numerator (basic & diluted): Net earnings attributable to controlling interest -income available to common shareholders $ 45,534 $ 65,567 Denominator: Denominator for basic earnings per share attributable to controlling interest—weighted average common shares 62,444 61,885 Effect of dilutive securities 2,146 2,452 Denominator for diluted earnings per share attributable to controlling interest—adjusted weighted average common shares 64,590 64,337 Basic earnings per share attributable to controlling interest $ 0.73 $ 1.06 Diluted earnings per share attributable to controlling interest $ 0.70 $ 1.02 Stock options covering 161,429 common shares have been excluded from the computation of diluted earnings per share for the three months ended August 31, 2016 because the effect of their inclusion would have been “anti-dilutive” for that period.

Segment Operations

Segment Operations	3 Months Ended
	Aug. 31, 2017
Segment Operations	NOTE L – Segment Operations Summarized financial information for our reportable segments is shown in the following table: Three Months Ended August 31, (in thousands) 2017 2016 Net sales Steel Processing $ 543,491 $ 505,674 Pressure Cylinders 269,811 205,209 Engineered Cabs 31,946 25,581 Other 2,989 1,085 Total net sales $ 848,237 $ 737,549 Operating income (loss) Steel Processing $ 32,872 $ 54,782 Pressure Cylinders 10,458 14,105 Engineered Cabs (361 ) (1,843 ) Other (744 ) (2,146 ) Total operating income $ 42,225 $ 64,898 Restructuring and other expense Steel Processing $ 279 $ 966 Pressure Cylinders 1,877 146 Engineered Cabs 4 206 Other 144 10 Total restructuring and other expense $ 2,304 $ 1,328 (in thousands) August 31, 2017 May 31, 2017 Total assets Steel Processing $ 882,161 $ 882,863 Pressure Cylinders 1,176,298 766,611 Engineered Cabs 68,738 62,141 Other 503,357 613,729 Total assets $ 2,630,554 $ 2,325,344 Effective June 1, 2017, we made certain organizational changes impacting the internal reporting and management structure of Packaging Solutions. As a result of these organizational changes, management responsibilities and internal reporting were realigned, moving Packaging Solutions from the Steel Processing operating segment to the Engineered Cabs operating segment. Previously reported results have not been restated and are immaterial for all periods presented.

Acquisitions

Acquisitions	3 Months Ended
	Aug. 31, 2017
Acquisitions	NOTE M – Acquisitions On June 2, 2017, the Company acquired Amtrol, a leading manufacturer of pressure cylinders and water system tanks with operations in the U.S. and Europe. The total purchase price was $291,921,000 after adjusting for excess working capital and was funded primarily with cash on hand. The net assets became part of the Pressure Cylinders operating segment at closing, with the well water and expansion tank operations aligning under the consumer products business and the refrigerant, liquid propane and industrial and specialty gas operations aligning under the industrial products business. Total acquisition-related expenses were $3,568,000 of which $1,568,000 was incurred during the three months ended August 31, 2017. The information included herein has been prepared based on the preliminary allocation of the purchase price using estimates of the fair value and useful lives of the assets acquired and liabilities assumed. The purchase price allocation is subject to further adjustment until all pertinent information regarding the assets acquired and liabilities assumed are fully evaluated by the Company, including but not limited to, the fair value accounting, legal and tax matters, obligations, and deferred taxes. The assets acquired and liabilities assumed were recognized at their preliminary acquisition-date fair values, with goodwill representing the excess of the purchase price over the fair value of the net identifiable assets acquired. In connection with the acquisition, we identified and valued the following identifiable intangible assets: (in thousands) Amount Useful Life Category Customer relationships $ 90,800 14-17 Trade names 62,200 Indefinite Technology 13,000 15-16 Total acquired identifiable intangible assets $ 166,000 The purchase price includes the fair values of other assets that were not identifiable, not separately recognizable under accounting rules (e.g., assembled workforce) or of immaterial value. The purchase price also includes a going-concern element that represents our ability to earn a higher rate of return on this group of assets than would be expected on the separate assets as determined during the valuation process. This additional investment value resulted in goodwill, which is not expected to be deductible for income tax purposes. The following table summarizes the consideration transferred for the assets of Amtrol and the preliminary fair value assigned to the assets acquired and liabilities assumed at the acquisition date: (in thousands) Cash $ 6,893 Accounts receivable 40,212 Inventories 37,249 Prepaid expenses 981 Other assets 2,550 Intangible assets 166,000 Property, plant and equipment 52,870 Total assets 306,755 Accounts payable 25,945 Accrued liabilities 21,016 Long-term debt including current maturities 2,287 Other accrued items 3,993 Deferred income taxes, net 64,495 Net identifiable assets 189,019 Goodwill 102,902 Purchase price $ 291,921 Less: excess working capital (523 ) Cash paid at closing $ 291,398 The Company’s results of operations for the three months ended August 31, 2017 included the operating results of Amtrol since the date of acquisition. Net sales and operating loss of Amtrol were $57,346,000 and $2,611,000, respectively, for the three months ended August 31, 2017. The following unaudited pro forma information presents consolidated financial information as if Amtrol had been acquired at the beginning of fiscal 2017. Depreciation and amortization expense included in the pro forma results reflect the preliminary acquisition-date fair values assigned to the definite-lived intangible assets and fixed assets of Amtrol assuming a June 1, 2016 acquisition date. Adjustment has also been made for acquisition-related costs incurred in each period presented. Pro forma results for the three months ended August 31, 2017, have also been adjusted to remove the impact of the acquisition-date fair value adjustments to inventories and accrued severance costs related to headcount reductions at Amtrol initiated during the current period, as discussed in “NOTE C – Restructuring and Other Expense.” The pro forma adjustments noted above have been adjusted for the applicable income tax impact. The pro forma information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place at such time. Three months ended (in thousands, except per share amounts) 2017 2016 Net sales $ 848,237 $ 795,544 Net earnings attributable to controlling interest $ 49,471 $ 70,357 Diluted earnings per share attributable to controlling interest $ 0.77 $ 1.09

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	3 Months Ended
	Aug. 31, 2017
Derivative Instruments and Hedging Activities	NOTE N – Derivative Instruments and Hedging Activities We utilize derivative financial 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 Exchange 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 line in which they were recorded in the consolidated balance sheet at August 31, 2017: Asset Derivatives Liability Derivatives (in thousands) Balance Fair Balance Fair Derivatives designated as hedging instruments: Commodity contracts Receivables $ 6,282 Accounts payable $ - Other assets 257 Other liabilities - 6,539 - Interest rate contracts Receivables - Accounts payable 150 Other assets - Other liabilities 150 - 300 Totals $ 6,539 $ 300 Derivatives not designated as hedging instruments: Commodity contracts Receivables $ 2,508 Accounts payable $ 37 Other assets 32 Other liabilities - 2,540 37 Foreign exchange contracts Receivables - Accounts payable 5 Totals $ 2,540 $ 42 Total derivative instruments $ 9,079 $ 342 The amounts in the table above reflect the fair value of the Company’s derivative contracts on a net basis. Had these amounts been recognized on a gross basis, the impact would have been a $42,000 increase in receivables with a corresponding increase in accounts payable. The following table summarizes the fair value of our derivative instruments and the respective line in which they were recorded in the consolidated balance sheet at May 31, 2017: Asset Derivatives Liability Derivatives (in thousands) Balance Fair Balance Sheet Location Fair Derivatives designated as hedging instruments: Commodity contracts Receivables $ 7,148 Accounts payable $ 111 Other assets 6 Other liabilities 159 7,154 270 Interest rate contracts Receivables - Accounts payable 141 Other assets - Other liabilities 160 - 301 Totals $ 7,154 $ 571 Derivatives not designated as hedging instruments: Commodity contracts Receivables $ 1,110 Accounts payable $ 570 Other assets - Other liabilities 1 1,110 571 Foreign exchange contracts Receivables 62 Accounts payable - Totals $ 1,172 $ 571 Total derivative instruments $ 8,326 $ 1,142 The amounts in the table above reflect the fair value of the Company’s derivative contracts on a net basis. Had these amounts been recognized on a gross basis, the impact would have been a $100,000 increase in receivables with a corresponding increase in accounts payable. Cash Flow Hedges We enter into derivative instruments to hedge our exposure to changes in cash flows attributable to interest rate 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 line associated with the forecasted transaction and in the same period during which the hedged transaction affects earnings. The ineffective portion of the gain or loss on the derivative instrument is recognized in earnings immediately. The following table summarizes our cash flow hedges outstanding at August 31, 2017: (in thousands) Notional Maturity Date Commodity contracts $ 25,372 September 2017 - June 2019 Interest rate contracts 18,221 September 2019 The following table summarizes the gain (loss) recognized in OCI and the gain (loss) reclassified from AOCI into earnings for derivative instruments designated as cash flow hedges during the three months ended August 31, 2017 and 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 August 31, 2017: Commodity contracts $ 3,734 Cost of goods sold $ 4,168 Cost of goods sold $ - Interest rate contracts 3,064 Interest expense (363 ) Interest expense - Totals $ 6,798 $ 3,805 $ - For the three months ended August 31, 2016: Commodity contracts $ 769 Cost of goods sold $ (252 ) Cost of goods sold $ - Interest rate contracts (36 ) Interest expense (103 ) Interest expense - Totals $ 733 $ (355 ) $ - The estimated net amount of the losses recognized in AOCI at August 31, 2017 expected to be reclassified into net earnings within the succeeding twelve months is $5,666,000 (net of tax of $3,425,000). This amount was computed using the fair value of the cash flow hedges at August 31, 2017, and will change before actual reclassification from other comprehensive income to net earnings during the fiscal years ending May 31, 2018 and May 31, 2019. Economic (Non-designated) We enter into foreign currency exchange 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 $ 20,346 September 2017 - February 2019 Foreign exchange contracts 4,921 September 2017 The following table summarizes the gain (loss) recognized in earnings for economic (non-designated) Gain (Loss) Recognized In Earnings for the Three Months Ended Location of Gain (Loss) August 31, (in thousands) Recognized in Earnings 2017 2016 Commodity contracts Cost of goods sold $ 2,334 $ 2,908 Foreign exchange contracts Miscellaneous income, net (208 ) (66 ) Total $ 2,126 $ 2,842 The gain (loss) on the foreign currency exchange contracts derivatives significantly offsets the gain (loss) on the hedged item.

Fair Value

Fair Value	3 Months Ended
	Aug. 31, 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 August 31, 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 contracts (1) $ - $ 9,079 $ - $ 9,079 Total assets $ - $ 9,079 $ - $ 9,079 Liabilities Derivative contracts (1) $ - $ 342 $ - $ 342 Contingent consideration obligation (2) - - 593 593 Total liabilities $ - $ 342 $ 593 $ 935 At May 31, 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 contracts (1) $ - $ 8,326 $ - $ 8,326 Total assets $ - $ 8,326 $ - $ 8,326 Liabilities Derivative contracts (1) $ - $ 1,142 $ - $ 1,142 Contingent consideration obligation (2) - - 585 585 Total liabilities $ - $ 1,142 $ 585 $ 1,727 (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 obligation is determined using a probability weighted cash flow approach based on management’s projections of future cash flows of the acquired business. The fair value measurement was based on Level 3 inputs not observable in the market. The fair value of non-derivative

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Aug. 31, 2017
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards 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
Recently Issued Accounting Standards	Recently Issued Accounting Standards In May 2014, new accounting guidance was issued that replaces most existing revenue recognition guidance under U.S. GAAP. The new 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 new guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The 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 new guidance in the first quarter of fiscal 2019. The Company will continue to monitor any modifications, clarifications, and interpretations by the FASB that may impact its conclusions. In February 2016, new accounting guidance was issued that replaces most existing lease accounting guidance under U.S. GAAP. Among other changes, the new 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 new 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 new guidance on our ongoing financial reporting. In June 2016, new accounting guidance was issued related to the measurement of credit losses on financial instruments. The new guidance changes the impairment model for most financial assets to require measurement and recognition of expected credit losses for financial assets held. The new 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 new 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. In March 2017, amended accounting guidance was issued that requires an employer to report the service cost component of pension and postretirement benefits in the same line as other current employee compensation costs. Additionally, other components of net benefit cost are to be presented in the income statement separately from the service cost component and outside of income from operations. The amended guidance is effective for fiscal years beginning after December 15, 2017, 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 have not determined the effect on our ongoing financial reporting. In May 2017, amended accounting guidance was issued to provide guidance about which changes to the terms or conditions of a share-based payment award require application of modification accounting. 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 August 2017, amended accounting guidance was issued that modifies hedge accounting by making more hedge strategies eligible for hedge accounting, amending presentation and disclosure requirements, and changing how companies assess effectiveness. The intent is to simplify application of hedge accounting and increase transparency of information about an entity’s risk management activities. The amended guidance is effective for fiscal years beginning after December 15, 2018, 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 exchange 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 rate 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 line 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)	3 Months Ended
	Aug. 31, 2017
Unconsolidated Affiliates
Financial Information	Combined financial information for our unconsolidated affiliates is summarized as follows: (in thousands) August 31, May 31, Cash $ 40,943 $ 55,541 Other current assets 591,345 559,021 Noncurrent assets 366,877 361,106 Total assets $ 999,165 $ 975,668 Current liabilities $ 157,932 $ 156,947 Short-term borrowings 11,063 8,172 Current maturities of long-term debt 4,367 5,827 Long-term debt 268,867 268,711 Other noncurrent liabilities 24,816 21,380 Equity 532,120 514,631 Total liabilities and equity $ 999,165 $ 975,668 Three Months Ended (in thousands) 2017 2016 Net sales $ 442,624 $ 417,115 Gross margin 86,235 124,197 Operating income 57,163 94,397 Depreciation and amortization 7,193 6,820 Interest expense 2,492 2,148 Income tax expense 1,348 7,518 Net earnings 52,474 86,067

Restructuring and Other Expen24

Restructuring and Other Expense (Tables)	3 Months Ended
	Aug. 31, 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 three months ended August 31, 2017 is summarized below: (in thousands) Beginning Expense Payments Adjustments Ending Early retirement and severance $ 253 $ 1,877 $ (182 ) $ 127 $ 2,075 Facility exit and other costs 536 284 (950 ) 131 1 $ 789 2,161 $ (1,132 ) $ 258 $ 2,076 Net loss on sale of assets 143 Restructuring and other expense $ 2,304

Other Comprehensive Income (Tab

Other Comprehensive Income (Tables)	3 Months Ended
	Aug. 31, 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 August 31: 2017 2016 Before-Tax Tax Net-of-Tax Before-Tax Tax Net-of-Tax (in thousands) Foreign currency translation $ 15,872 $ - $ 15,872 $ (665 ) $ - $ (665 ) Pension liability adjustment - (6 ) (6 ) - - - Cash flow hedges 2,993 (1,106 ) 1,887 1,088 (463 ) 625 Other comprehensive income (loss) $ 18,865 $ (1,112 ) $ 17,753 $ 423 $ (463 ) $ (40 )

Changes in Equity (Tables)

Changes in Equity (Tables)	3 Months Ended
	Aug. 31, 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 three months ended August 31, 2017: Controlling Interest (in thousands) Additional Paid-in Accumulated Retained Total Non Total Balance at May 31, 2017 $ 303,391 $ (27,775 ) $ 676,019 $ 951,635 $ 122,294 $ 1,073,929 Net earnings - - 45,534 45,534 2,540 48,074 Other comprehensive income - 17,314 - 17,314 439 17,753 Common shares issued, net of withholding tax (3,274 ) - - (3,274 ) - (3,274 ) Common shares in NQ plans 536 - - 536 - 536 Stock-based compensation 4,822 - - 4,822 - 4,822 Purchases and retirement of common shares (4,235 ) - (40,841 ) (45,076 ) - (45,076 ) Cash dividends declared - - (13,317 ) (13,317 ) - (13,317 ) Dividends to noncontrolling interest - - - - (720 ) (720 ) Balance at August 31, 2017 $ 301,240 $ (10,461 ) $ 667,395 $ 958,174 $ 124,553 $ 1,082,727
Components of Changes in Accumulated Other Comprehensive Loss	The components of the changes in accumulated other comprehensive loss were as follows: (in thousands) Foreign Currency Translation Pension Liability Adjustment Cash Hedges Accumulated Other Comprehensive Loss Balance as of May 31, 2017 $ (17,358 ) $ (14,819 ) $ 4,402 $ (27,775 ) Other comprehensive income before reclassifications 15,433 - 6,798 22,231 Reclassification adjustments to income (a) - - (3,805 ) (3,805 ) Income taxes - (6 ) (1,106 ) (1,112 ) Balance as of August 31, 2017 $ (1,925 ) $ (14,825 ) $ 6,289 $ (10,461 ) (a) The statement of earnings classification of amounts reclassified to income for cash flow hedges is disclosed in “NOTE N – Derivative Instruments and Hedging Activities.”

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Aug. 31, 2017
Non-Qualified Stock Options
Assumptions to Value Stock Options	The following assumptions were used to value these stock options: Dividend yield 1.81 % Expected volatility 36.65 % Risk-free interest rate 1.98 % Expected term (years) 6.0

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Aug. 31, 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 months ended August 31, 2017 and 2016: Three Months Ended August 31, (in thousands, except per share amounts) 2017 2016 Numerator (basic & diluted): Net earnings attributable to controlling interest -income available to common shareholders $ 45,534 $ 65,567 Denominator: Denominator for basic earnings per share attributable to controlling interest—weighted average common shares 62,444 61,885 Effect of dilutive securities 2,146 2,452 Denominator for diluted earnings per share attributable to controlling interest—adjusted weighted average common shares 64,590 64,337 Basic earnings per share attributable to controlling interest $ 0.73 $ 1.06 Diluted earnings per share attributable to controlling interest $ 0.70 $ 1.02

Segment Operations (Tables)

Segment Operations (Tables)	3 Months Ended
	Aug. 31, 2017
Financial Information for Reportable Segments	Summarized financial information for our reportable segments is shown in the following table: Three Months Ended August 31, (in thousands) 2017 2016 Net sales Steel Processing $ 543,491 $ 505,674 Pressure Cylinders 269,811 205,209 Engineered Cabs 31,946 25,581 Other 2,989 1,085 Total net sales $ 848,237 $ 737,549 Operating income (loss) Steel Processing $ 32,872 $ 54,782 Pressure Cylinders 10,458 14,105 Engineered Cabs (361 ) (1,843 ) Other (744 ) (2,146 ) Total operating income $ 42,225 $ 64,898 Restructuring and other expense Steel Processing $ 279 $ 966 Pressure Cylinders 1,877 146 Engineered Cabs 4 206 Other 144 10 Total restructuring and other expense $ 2,304 $ 1,328 (in thousands) August 31, 2017 May 31, 2017 Total assets Steel Processing $ 882,161 $ 882,863 Pressure Cylinders 1,176,298 766,611 Engineered Cabs 68,738 62,141 Other 503,357 613,729 Total assets $ 2,630,554 $ 2,325,344

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Aug. 31, 2017
Schedule of Acquisition of Intangible Assets	In connection with the acquisition, we identified and valued the following identifiable intangible assets: (in thousands) Amount Useful Life Category Customer relationships $ 90,800 14-17 Trade names 62,200 Indefinite Technology 13,000 15-16 Total acquired identifiable intangible assets $ 166,000
Schedule of Consideration Transferred for the Assets of Amtrol and the Preliminary Fair Value Assigned to Assets Acquired And Liabilities Assumed	The following table summarizes the consideration transferred for the assets of Amtrol and the preliminary fair value assigned to the assets acquired and liabilities assumed at the acquisition date: (in thousands) Cash $ 6,893 Accounts receivable 40,212 Inventories 37,249 Prepaid expenses 981 Other assets 2,550 Intangible assets 166,000 Property, plant and equipment 52,870 Total assets 306,755 Accounts payable 25,945 Accrued liabilities 21,016 Long-term debt including current maturities 2,287 Other accrued items 3,993 Deferred income taxes, net 64,495 Net identifiable assets 189,019 Goodwill 102,902 Purchase price $ 291,921 Less: excess working capital (523 ) Cash paid at closing $ 291,398
Summary of Unaudited Pro forma Results	The following table presents the unaudited pro forma results for the three months ended August 31, 2017 and 2016 as if the acquisition had occurred June 1, 2016. The pro forma results include adjustments for the step-up of inventories to fair value, amortization and depreciation of the identified intangible assets and property, plant and equipment, and certain acquisition-related costs and the related tax effects. Proforma net earnings for the three months ended August 31, 2017, have also been adjusted for severance costs accrued to restructuring expense for headcount reductions at Amtrol initiated in the current period, as discussed in “NOTE C – Restructuring and Other Expense.” The pro forma information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place at such time. Three months ended (in thousands, except per share amounts) 2017 2016 Net sales $ 848,237 $ 795,544 Net earnings attributable to controlling interest $ 49,471 $ 70,357 Diluted earnings per share attributable to controlling interest $ 0.77 $ 1.09

Derivative Instruments and He31

Derivative Instruments and Hedging Activities (Tables)	3 Months Ended
	Aug. 31, 2017
Schedule of Fair Value of Derivative Instruments	The following table summarizes the fair value of our derivative instruments and the respective line in which they were recorded in the consolidated balance sheet at August 31, 2017: Asset Derivatives Liability Derivatives (in thousands) Balance Fair Balance Fair Derivatives designated as hedging instruments: Commodity contracts Receivables $ 6,282 Accounts payable $ - Other assets 257 Other liabilities - 6,539 - Interest rate contracts Receivables - Accounts payable 150 Other assets - Other liabilities 150 - 300 Totals $ 6,539 $ 300 Derivatives not designated as hedging instruments: Commodity contracts Receivables $ 2,508 Accounts payable $ 37 Other assets 32 Other liabilities - 2,540 37 Foreign exchange contracts Receivables - Accounts payable 5 Totals $ 2,540 $ 42 Total derivative instruments $ 9,079 $ 342 The following table summarizes the fair value of our derivative instruments and the respective line in which they were recorded in the consolidated balance sheet at May 31, 2017: Asset Derivatives Liability Derivatives (in thousands) Balance Fair Balance Sheet Location Fair Derivatives designated as hedging instruments: Commodity contracts Receivables $ 7,148 Accounts payable $ 111 Other assets 6 Other liabilities 159 7,154 270 Interest rate contracts Receivables - Accounts payable 141 Other assets - Other liabilities 160 - 301 Totals $ 7,154 $ 571 Derivatives not designated as hedging instruments: Commodity contracts Receivables $ 1,110 Accounts payable $ 570 Other assets - Other liabilities 1 1,110 571 Foreign exchange contracts Receivables 62 Accounts payable - Totals $ 1,172 $ 571 Total derivative instruments $ 8,326 $ 1,142
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 AOCI into earnings for derivative instruments designated as cash flow hedges during the three months ended August 31, 2017 and 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 August 31, 2017: Commodity contracts $ 3,734 Cost of goods sold $ 4,168 Cost of goods sold $ - Interest rate contracts 3,064 Interest expense (363 ) Interest expense - Totals $ 6,798 $ 3,805 $ - For the three months ended August 31, 2016: Commodity contracts $ 769 Cost of goods sold $ (252 ) Cost of goods sold $ - Interest rate contracts (36 ) Interest expense (103 ) Interest expense - Totals $ 733 $ (355 ) $ -
Schedule of Gain (Loss) Recognized in Earnings for Economic (Non-Designated) Derivative Financial Instruments	The following table summarizes the gain (loss) recognized in earnings for economic (non-designated) Gain (Loss) Recognized In Earnings for the Three Months Ended Location of Gain (Loss) August 31, (in thousands) Recognized in Earnings 2017 2016 Commodity contracts Cost of goods sold $ 2,334 $ 2,908 Foreign exchange contracts Miscellaneous income, net (208 ) (66 ) Total $ 2,126 $ 2,842
Cash Flow Hedges
Schedule of Summary of Derivative Hedges	The following table summarizes our cash flow hedges outstanding at August 31, 2017: (in thousands) Notional Maturity Date Commodity contracts $ 25,372 September 2017 - June 2019 Interest rate contracts 18,221 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 $ 20,346 September 2017 - February 2019 Foreign exchange contracts 4,921 September 2017

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Aug. 31, 2017
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis	At August 31, 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 contracts (1) $ - $ 9,079 $ - $ 9,079 Total assets $ - $ 9,079 $ - $ 9,079 Liabilities Derivative contracts (1) $ - $ 342 $ - $ 342 Contingent consideration obligation (2) - - 593 593 Total liabilities $ - $ 342 $ 593 $ 935 At May 31, 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 contracts (1) $ - $ 8,326 $ - $ 8,326 Total assets $ - $ 8,326 $ - $ 8,326 Liabilities Derivative contracts (1) $ - $ 1,142 $ - $ 1,142 Contingent consideration obligation (2) - - 585 585 Total liabilities $ - $ 1,142 $ 585 $ 1,727 (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 obligation is determined using a probability weighted cash flow approach based on management’s projections of future cash flows of the acquired business. The fair value measurement was based on Level 3 inputs not observable in the market.

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail) - Joint Venture Transactions	Aug. 31, 2017Entity
Significant Accounting Policies [Line Items]
Number of joint ventures	5
Spartan
Significant Accounting Policies [Line Items]
Percent of controlling interest by the Company	52.00%
TWB
Significant Accounting Policies [Line Items]
Percent of controlling interest by the Company	55.00%
Worthington Aritas
Significant Accounting Policies [Line Items]
Percent of controlling interest by the Company	75.00%
WEI
Significant Accounting Policies [Line Items]
Percent of controlling interest by the Company	75.00%
Worthington Specialty Processing
Significant Accounting Policies [Line Items]
Percent of controlling interest by the Company	51.00%

Investments in Unconsolidated34

Investments in Unconsolidated Affiliates - Additional Information (Detail) $ in Thousands	3 Months Ended
	Aug. 31, 2017USD ($)
WAVE
Investments in and Advances to Affiliates [Line Items]
Cumulative distributions in excess of investment	$ 58,371
Unconsolidated Affiliates
Investments in and Advances to Affiliates [Line Items]
Distributions from unconsolidated affiliates	$ 19,551
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
	Aug. 31, 2017	Aug. 31, 2016	May 31, 2017
Investments in and Advances to Affiliates [Line Items]
Cash	$ 40,943		$ 55,541
Other current assets	591,345		559,021
Noncurrent assets	366,877		361,106
Total assets	999,165		975,668
Current liabilities	157,932		156,947
Short-term borrowings	11,063		8,172
Current maturities of long-term debt	4,367		5,827
Long-term debt	268,867		268,711
Other noncurrent liabilities	24,816		21,380
Equity	532,120		514,631
Total liabilities and equity	999,165		$ 975,668
Net sales	442,624	$ 417,115
Gross margin	86,235	124,197
Operating income	57,163	94,397
Depreciation and amortization	7,193	6,820
Interest expense	2,492	2,148
Income tax expense	1,348	7,518
Net earnings	$ 52,474	$ 86,067

Schedule of Progression of Liab

Schedule of Progression of Liabilities Associated with Restructuring Activities, Combined with Reconciliation to Restructuring and Other Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Aug. 31, 2017	Aug. 31, 2016
Restructuring Cost and Reserve [Line Items]
Beginning Balance	$ 789
Expense	2,161
Payments	(1,132)
Adjustments	258
Ending Balance	2,076
Net (gain) loss on sale of assets	143
Restructuring and other expense	2,304	$ 1,328
Early Retirement And Severance
Restructuring Cost and Reserve [Line Items]
Beginning Balance	253
Expense	1,877
Payments	(182)
Adjustments	127
Ending Balance	2,075
Facility Exit And Other Costs
Restructuring Cost and Reserve [Line Items]
Beginning Balance	536
Expense	284
Payments	(950)
Adjustments	131
Ending Balance	$ 1

Restructuring and Other Expen37

Restructuring and Other Expense - Additional Information (Detail) - USD ($)	3 Months Ended
	Aug. 31, 2017	Aug. 31, 2016
Restructuring Cost and Reserve [Line Items]
Net gain (loss) on sale of assets	$ 1,425,000	$ 4,396,000
AMTROL
Restructuring Cost and Reserve [Line Items]
Severance expense	1,877,000
Other Non-significant Restructuring Activities
Restructuring Cost and Reserve [Line Items]
Facility exit costs	5,000
Net gain (loss) on sale of assets	143,000
Closure of Precision Specialty Metals, Inc
Restructuring Cost and Reserve [Line Items]
Facility exit costs	$ 279,000

Guarantees - Additional Informa

Guarantees - Additional Information (Detail)	3 Months Ended
	Aug. 31, 2017USD ($)
Stand-by Letters of Credit
Guarantor Obligations [Line Items]
Letter of credit amount outstanding	$ 15,662,000
Drawn amount of letter of credit outstanding	0
Operating Lease of Aircraft
Guarantor Obligations [Line Items]
Maximum potential obligation	$ 9,049,000

Debt and Receivables Securiti39

Debt and Receivables Securitization - Additional Information (Detail) - USD ($)	Jul. 28, 2017	Jun. 30, 2017	Aug. 31, 2017	Aug. 31, 2016
Debt And Receivables Securitization [Line Items]
Gain (Loss) Reclassified from Accumulated OCI (Effective Portion)			$ 6,798,000	$ 733,000
Remaining borrowing capacity			$ 485,950,000
Senior Unsecured Notes 4.30% due August 1, 2032
Debt And Receivables Securitization [Line Items]
Principal amount	$ 200,000,000
Debt, maturity date			Aug. 1, 2032
Debt, interest rate	4.30%
Percentage of principal amount debt instrument was sold to the public	99.901%
Yield to maturity	4.309%
Debt discount	$ 198,000		$ 197,000
Debt issuance cost	$ 2,114,000
Unamortized portion of debt issuance costs			2,103,000
Senior Unsecured Notes 4.30% due August 1, 2032 | Interest Rate Swap
Debt And Receivables Securitization [Line Items]
Notional Amount		$ 150,000,000
Gain (Loss) Reclassified from Accumulated OCI (Effective Portion)		$ 3,098,000
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
Stand-by Letters of Credit
Debt And Receivables Securitization [Line Items]
Letter of credit amount outstanding			$ 15,662,000
Drawn amount of letter of credit outstanding			0
Letter of Credit
Debt And Receivables Securitization [Line Items]
Letter of credit amount outstanding			$ 14,050,000

Summary of Tax Effects on Each

Summary of Tax Effects on Each Component of OCI (Detail) - USD ($) $ in Thousands	3 Months Ended
	Aug. 31, 2017	Aug. 31, 2016
Components Of Other Comprehensive Income Loss [Line Items]
Other comprehensive income (loss), before tax	$ 18,865	$ 423
Other comprehensive income (loss), tax	(1,112)	(463)
Other comprehensive income (loss)	17,753	(40)
Foreign Currency Translation
Components Of Other Comprehensive Income Loss [Line Items]
Other comprehensive income (loss), before tax	15,872	(665)
Other comprehensive income (loss)	15,872	(665)
Pension Liability Adjustment
Components Of Other Comprehensive Income Loss [Line Items]
Other comprehensive income (loss), tax	(6)
Other comprehensive income (loss)	(6)
Cash Flow Hedges
Components Of Other Comprehensive Income Loss [Line Items]
Other comprehensive income (loss), before tax	2,993	1,088
Other comprehensive income (loss), tax	(1,106)	(463)
Other comprehensive income (loss)	$ 1,887	$ 625

Summary of Changes in Total Equ

Summary of Changes in Total Equity, Shareholders' Equity Attributable to Controlling Interest, and Equity Attributable to Noncontrolling Interests (Detail) - USD ($) $ in Thousands	3 Months Ended
	Aug. 31, 2017	Aug. 31, 2016
Balance as of May 31, 2017	$ 1,073,929
Net earnings	48,074	$ 68,536
Other comprehensive income	17,753	$ (40)
Common shares issued, net of withholding tax	(3,274)
Common shares in NQ plans	536
Stock-based compensation	4,822
Purchases and retirement of common shares	(45,076)
Cash dividends declared	(13,317)
Dividends to noncontrolling interest	(720)
Balance as of August 31, 2017	1,082,727
Additional Paid-in Capital
Balance as of May 31, 2017	303,391
Common shares issued, net of withholding tax	(3,274)
Common shares in NQ plans	536
Stock-based compensation	4,822
Purchases and retirement of common shares	(4,235)
Balance as of August 31, 2017	301,240
Accumulated Other Comprehensive Loss, Net of Tax
Balance as of May 31, 2017	(27,775)
Other comprehensive income	17,314
Balance as of August 31, 2017	(10,461)
Retained Earnings
Balance as of May 31, 2017	676,019
Net earnings	45,534
Purchases and retirement of common shares	(40,841)
Cash dividends declared	(13,317)
Balance as of August 31, 2017	667,395
Parent
Balance as of May 31, 2017	951,635
Net earnings	45,534
Other comprehensive income	17,314
Common shares issued, net of withholding tax	(3,274)
Common shares in NQ plans	536
Stock-based compensation	4,822
Purchases and retirement of common shares	(45,076)
Cash dividends declared	(13,317)
Balance as of August 31, 2017	958,174
Noncontrolling Interest
Balance as of May 31, 2017	122,294
Net earnings	2,540
Other comprehensive income	439
Dividends to noncontrolling interest	(720)
Balance as of August 31, 2017	$ 124,553

Components of Changes in Accumu

Components of Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands		3 Months Ended
		Aug. 31, 2017	Aug. 31, 2016
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance as of May 31, 2017		$ 1,073,929
Income taxes		(1,112)	$ (463)
Balance as of August 31, 2017		1,082,727
Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance as of May 31, 2017		(17,358)
Other comprehensive income before reclassifications		15,433
Balance as of August 31, 2017		(1,925)
Pension Liability Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance as of May 31, 2017		(14,819)
Income taxes		(6)
Balance as of August 31, 2017		(14,825)
Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance as of May 31, 2017		4,402
Other comprehensive income before reclassifications		6,798
Reclassification adjustments to income	[1]	(3,805)
Income taxes		(1,106)
Balance as of August 31, 2017		6,289
Accumulated Other Comprehensive Loss, Net of Tax
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance as of May 31, 2017		(27,775)
Other comprehensive income before reclassifications		22,231
Reclassification adjustments to income	[1]	(3,805)
Income taxes		(1,112)
Balance as of August 31, 2017		$ (10,461)
[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) $ / shares in Units, $ in Thousands	3 Months Ended
	Aug. 31, 2017USD ($)$ / sharesshares
Non-Qualified Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-qualified stock options, granted | shares	90,200
Non-qualified stock option, per share price | $ / shares	$ 47.76
Non-qualified stock option, fair value, per share price | $ / shares	$ 14.99
Pre-tax stock-based compensation | $	$ 1,203
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	122,400
Restricted common shares, fair value per share | $ / shares	$ 47.81
Pre-tax stock-based compensation | $	$ 5,208
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	54,700
Pre-tax stock-based compensation | $	$ 2,768

Assumptions To Value Stock Opti

Assumptions To Value Stock Options (Detail) - Non-Qualified Stock Options	3 Months Ended
	Aug. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	1.81%
Expected volatility	36.65%
Risk-free interest rate	1.98%
Expected term (years)	6 years

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	3 Months Ended
	Aug. 31, 2017	Aug. 31, 2016
Income Taxes [Line Items]
Estimated annual effective income tax rate	30.50%	31.20%

Computation of Basic and Dilute

Computation of Basic and Diluted Earnings Per Share Attributable to Controlling Interest (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Aug. 31, 2017	Aug. 31, 2016
Numerator (basic & diluted):
Net earnings attributable to controlling interest -income available to common shareholders	$ 45,534	$ 65,567
Denominator:
Denominator for basic earnings per share attributable to controlling interest-weighted average common shares	62,444	61,885
Effect of dilutive securities	2,146	2,452
Denominator for diluted earnings per share attributable to controlling interest-adjusted weighted average common shares	64,590	64,337
Basic earnings per share attributable to controlling interest	$ 0.73	$ 1.06
Diluted earnings per share attributable to controlling interest	$ 0.70	$ 1.02

Earnings Per Share - Additional

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

Financial Information for Repor

Financial Information for Reportable Segments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Aug. 31, 2017	Aug. 31, 2016	May 31, 2017
Segment Reporting Information [Line Items]
Net sales	$ 848,237	$ 737,549
Operating income (loss)	42,225	64,898
Restructuring and other expense	2,304	1,328
Total assets	2,630,554		$ 2,325,344
Steel Processing
Segment Reporting Information [Line Items]
Net sales	543,491	505,674
Operating income (loss)	32,872	54,782
Restructuring and other expense	279	966
Total assets	882,161		882,863
Pressure Cylinders
Segment Reporting Information [Line Items]
Net sales	269,811	205,209
Operating income (loss)	10,458	14,105
Restructuring and other expense	1,877	146
Total assets	1,176,298		766,611
Engineered Cabs
Segment Reporting Information [Line Items]
Net sales	31,946	25,581
Operating income (loss)	(361)	(1,843)
Restructuring and other expense	4	206
Total assets	68,738		62,141
Other
Segment Reporting Information [Line Items]
Net sales	2,989	1,085
Operating income (loss)	(744)	(2,146)
Restructuring and other expense	144	$ 10
Total assets	$ 503,357		$ 613,729

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) - AMTROL - USD ($) $ in Thousands	Jun. 02, 2017	Aug. 31, 2017
Business Acquisition [Line Items]
Total consideration for acquired entity		$ 291,921
Acquisition related costs	$ 3,568	1,568
Net sales		57,346
Operating loss		$ 2,611

Schedule of Acquisition of Iden

Schedule of Acquisition of Identifiable Intangible Assets (Detail) - AMTROL $ in Thousands	3 Months Ended
	Aug. 31, 2017USD ($)
Business Acquisition [Line Items]
Total acquired identifiable intangible assets	$ 166,000
Trade Names
Business Acquisition [Line Items]
Acquired indefinite lived intangible assets	62,200
Customer relationships
Business Acquisition [Line Items]
Acquired finite lived intangible assets	90,800
Technology
Business Acquisition [Line Items]
Acquired finite lived intangible assets	$ 13,000
Minimum | Customer relationships
Business Acquisition [Line Items]
Useful Life (Years)	14 years
Minimum | Technology
Business Acquisition [Line Items]
Useful Life (Years)	15 years
Maximum | Customer relationships
Business Acquisition [Line Items]
Useful Life (Years)	17 years
Maximum | Technology
Business Acquisition [Line Items]
Useful Life (Years)	16 years

Schedule of Consideration Trans

Schedule of Consideration Transferred and the Priliminary Fair Value Assigned to Assets Acquired And Liabilities Assumed (Detail) - USD ($) $ in Thousands	3 Months Ended
	Aug. 31, 2017	May 31, 2017
Estimated Fair Value of Assets Acquired and Liabilities Assumed:
Goodwill	$ 355,455	$ 247,673
AMTROL
Estimated Fair Value of Assets Acquired and Liabilities Assumed:
Cash	6,893
Accounts receivable	40,212
Inventories	37,249
Prepaid expenses	981
Other assets	2,550
Intangible assets	166,000
Property, plant and equipment	52,870
Total assets	306,755
Accounts payable	25,945
Accrued liabilities	21,016
Long-term debt including current maturities	2,287
Other accrued items	3,993
Deferred income taxes, net	64,495
Net identifiable assets	189,019
Goodwill	102,902
Purchase price	291,921
Less: excess working capital	(523)
Cash paid at closing	$ 291,398

Summary of Unaudited Pro forma

Summary of Unaudited Pro forma Results (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Aug. 31, 2017	Aug. 31, 2016
Business Acquisition [Line Items]
Net sales	$ 848,237	$ 795,544
Net earnings attributable to controlling interest	$ 49,471	$ 70,357
Diluted earnings per share attributable to controlling interest	$ 0.77	$ 1.09

Schedule of Fair Value of Deriv

Schedule of Fair Value of Derivative Instruments (Detail) - USD ($) $ in Thousands	Aug. 31, 2017	May 31, 2017
Derivative [Line Items]
Asset Derivatives at Fair Value	$ 9,079	$ 8,326
Liability Derivatives at Fair Value	342	1,142
Derivatives Designated As Hedging Instruments
Derivative [Line Items]
Asset Derivatives at Fair Value	6,539	7,154
Liability Derivatives at Fair Value	300	571
Derivatives Designated As Hedging Instruments | Commodity Contracts
Derivative [Line Items]
Asset Derivatives at Fair Value	6,539	7,154
Liability Derivatives at Fair Value		270
Derivatives Designated As Hedging Instruments | Commodity Contracts | Receivables
Derivative [Line Items]
Asset Derivatives at Fair Value	6,282	7,148
Derivatives Designated As Hedging Instruments | Commodity Contracts | Other Assets
Derivative [Line Items]
Asset Derivatives at Fair Value	257	6
Derivatives Designated As Hedging Instruments | Commodity Contracts | Other Liabilities
Derivative [Line Items]
Liability Derivatives at Fair Value		159
Derivatives Designated As Hedging Instruments | Commodity Contracts | Accounts Payable
Derivative [Line Items]
Liability Derivatives at Fair Value		111
Derivatives Designated As Hedging Instruments | Interest Rate Contracts
Derivative [Line Items]
Liability Derivatives at Fair Value	300	301
Derivatives Designated As Hedging Instruments | Interest Rate Contracts | Other Liabilities
Derivative [Line Items]
Liability Derivatives at Fair Value	150	160
Derivatives Designated As Hedging Instruments | Interest Rate Contracts | Accounts Payable
Derivative [Line Items]
Liability Derivatives at Fair Value	150	141
Derivatives Not Designated As Hedging Instruments
Derivative [Line Items]
Asset Derivatives at Fair Value	2,540	1,172
Liability Derivatives at Fair Value	42	571
Derivatives Not Designated As Hedging Instruments | Commodity Contracts
Derivative [Line Items]
Asset Derivatives at Fair Value	2,540	1,110
Liability Derivatives at Fair Value	37	571
Derivatives Not Designated As Hedging Instruments | Commodity Contracts | Receivables
Derivative [Line Items]
Asset Derivatives at Fair Value	2,508	1,110
Derivatives Not Designated As Hedging Instruments | Commodity Contracts | Other Assets
Derivative [Line Items]
Asset Derivatives at Fair Value	32
Derivatives Not Designated As Hedging Instruments | Commodity Contracts | Other Liabilities
Derivative [Line Items]
Liability Derivatives at Fair Value		1
Derivatives Not Designated As Hedging Instruments | Commodity Contracts | Accounts Payable
Derivative [Line Items]
Liability Derivatives at Fair Value	37	570
Derivatives Not Designated As Hedging Instruments | Foreign Currency Contracts | Receivables
Derivative [Line Items]
Asset Derivatives at Fair Value		$ 62
Derivatives Not Designated As Hedging Instruments | Foreign Currency Contracts | Accounts Payable
Derivative [Line Items]
Liability Derivatives at Fair Value	$ 5

Derivative Instruments and He54

Derivative Instruments and Hedging Activities - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Aug. 31, 2017	May 31, 2017
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Impact to fair value of derivative assets and liabilities as a result of recognition on a net basis	$ 42	$ 100
Losses in accumulated other comprehensive income expected to be reclassified into net earnings	5,666
Losses in accumulated other comprehensive income expected to be reclassified into net earnings, tax	$ 3,425

Schedule of Summary of Derivati

Schedule of Summary of Derivative Hedges (Detail) $ in Thousands	3 Months Ended
	Aug. 31, 2017USD ($)
Commodity Contracts | Derivatives Not Designated As Hedging Instruments
Derivative [Line Items]
Notional Amount	$ 20,346
Commodity Contracts | Derivatives Not Designated As Hedging Instruments | Minimum
Derivative [Line Items]
Maturity Date	2017-09
Commodity Contracts | Derivatives Not Designated As Hedging Instruments | Maximum
Derivative [Line Items]
Maturity Date	2019-02
Foreign Currency Contracts | Derivatives Not Designated As Hedging Instruments
Derivative [Line Items]
Notional Amount	$ 4,921
Maturity Date	2017-09
Cash Flow Hedges | Commodity Contracts
Derivative [Line Items]
Notional Amount	$ 25,372
Cash Flow Hedges | Commodity Contracts | Minimum
Derivative [Line Items]
Maturity Date	2017-09
Cash Flow Hedges | Commodity Contracts | Maximum
Derivative [Line Items]
Maturity Date	2019-06
Cash Flow Hedges | Interest Rate Contracts
Derivative [Line Items]
Notional Amount	$ 18,221
Maturity Date	2019-09

Schedule of Derivatives Designa

Schedule of Derivatives Designated as Cash Flow Hedging Instruments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Aug. 31, 2017	Aug. 31, 2016
Derivative [Line Items]
Gain (Loss) Recognized in OCI (Effective Portion)	$ 6,798	$ 733
Gain (Loss) Reclassified from Accumulated OCI (Effective Portion)	3,805	(355)
Commodity Contracts
Derivative [Line Items]
Gain (Loss) Recognized in OCI (Effective Portion)	3,734	769
Commodity Contracts | Cost of Goods Sold
Derivative [Line Items]
Gain (Loss) Reclassified from Accumulated OCI (Effective Portion)	4,168	(252)
Interest Rate Contracts
Derivative [Line Items]
Gain (Loss) Recognized in OCI (Effective Portion)	3,064	(36)
Interest Rate Contracts | Interest Expense
Derivative [Line Items]
Gain (Loss) Reclassified from Accumulated OCI (Effective Portion)	$ (363)	$ (103)

Schedule of Gain (Loss) Recogni

Schedule of Gain (Loss) Recognized in Earnings for Economic (Non-Designated) Derivative Financial Instruments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Aug. 31, 2017	Aug. 31, 2016
Derivative [Line Items]
Gain (Loss) Recognized in Earnings	$ 2,126	$ 2,842
Commodity Contracts | Cost of Goods Sold
Derivative [Line Items]
Gain (Loss) Recognized in Earnings	2,334	2,908
Foreign Currency Contracts | Miscellaneous Income, Net
Derivative [Line Items]
Gain (Loss) Recognized in Earnings	$ (208)	$ (66)

Schedule of Assets and Liabilit

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands		Aug. 31, 2017	May 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets		$ 9,079	$ 8,326
Liabilities		935	1,727
Derivative Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	[1]	9,079	8,326
Liabilities	[1]	342	1,142
Contingent consideration obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	[2]	593	585
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets		9,079	8,326
Liabilities		342	1,142
Significant Other Observable Inputs (Level 2) | Derivative Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	[1]	9,079	8,326
Liabilities	[1]	342	1,142
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities		593	585
Significant Unobservable Inputs (Level 3) | Contingent consideration obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	[2]	$ 593	$ 585
[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 obligation is determined using a probability weighted cash flow approach based on management's projections of future cash flows of the acquired business. The fair value measurement was based on Level 3 inputs not observable in the market.

Fair Value - Additional Informa

Fair Value - Additional Information (Detail) - Long-term Debt - USD ($) $ in Thousands	Aug. 31, 2017	May 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt at fair value including current maturities	$ 835,414	$ 618,059
Long-term debt at carrying amount including current maturities	$ 780,162	$ 578,487