Worthington Industries (WOR) 10-Q 9 Apr 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Feb. 28, 2018	Apr. 02, 2018
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Feb. 28, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Trading Symbol	WOR
Entity Registrant Name	WORTHINGTON INDUSTRIES INC
Entity Central Index Key	108,516
Current Fiscal Year End Date	--05-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		60,640,449

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Feb. 28, 2018	May 31, 2017
Current assets:
Cash and cash equivalents	$ 147,424	$ 278,081
Receivables, less allowances of $3,262 and $3,444 at February 28, 2018 and May 31, 2017, respectively	507,968	486,730
Inventories:
Raw materials	217,016	185,001
Work in process	123,693	95,630
Finished products	90,697	73,303
Total inventories	431,406	353,934
Income taxes receivable	9,711	7,164
Assets held for sale	3,740	9,654
Prepaid expenses and other current assets	58,393	55,406
Total current assets	1,158,642	1,190,969
Investments in unconsolidated affiliates	212,131	208,591
Goodwill	352,596	247,673
Other intangible assets, net of accumulated amortization of $76,602 and $63,134 at February 28, 2018 and May 31, 2017, respectively	236,197	82,781
Other assets	29,971	24,841
Property, plant and equipment:
Land	27,551	22,077
Buildings and improvements	312,267	297,951
Machinery and equipment	1,056,111	961,542
Construction in progress	32,731	27,616
Total property, plant and equipment	1,428,660	1,309,186
Less: accumulated depreciation	803,461	738,697
Total property, plant and equipment, net	625,199	570,489
Total assets	2,614,736	2,325,344
Current liabilities:
Accounts payable	403,990	368,071
Short-term borrowings	403	123
Accrued compensation, contributions to employee benefit plans and related taxes	70,669	86,201
Dividends payable	13,777	13,698
Other accrued items	60,864	41,551
Income taxes payable	801	4,448
Current maturities of long-term debt	13,735	6,691
Total current liabilities	564,239	520,783
Other liabilities	70,807	61,498
Distributions in excess of investment in unconsolidated affiliate	59,563	63,038
Long-term debt	768,128	571,796
Deferred income taxes, net	78,012	34,300
Total liabilities	1,540,749	1,251,415
Shareholders' equity-controlling interest	951,171	951,635
Noncontrolling interests	122,816	122,294
Total equity	1,073,987	1,073,929
Total liabilities and equity	$ 2,614,736	$ 2,325,344

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Feb. 28, 2018	May 31, 2017
Receivables, allowances	$ 3,262	$ 3,444
Other intangible assets, accumulated amortization	$ 76,602	$ 63,134

Consolidated Statements of Earn

Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Feb. 28, 2018	Feb. 28, 2017
Net sales	$ 841,657	$ 703,436	$ 2,561,160	$ 2,168,765
Cost of goods sold	714,603	592,446	2,161,249	1,787,690
Gross margin	127,054	110,990	399,911	381,075
Selling, general and administrative expense	84,294	75,276	261,968	232,819
Impairment of goodwill and long-lived assets			8,289
Restructuring and other expense (income), net	(3)	1,394	(7,393)	5,994
Operating income	42,763	34,320	137,047	142,262
Other income (expense):
Miscellaneous income, net	1,500	749	3,169	2,484
Interest expense	(9,775)	(7,674)	(28,620)	(23,202)
Equity in net income of unconsolidated affiliates	19,770	22,697	63,521	84,365
Earnings before income taxes	54,258	50,092	175,117	205,909
Income tax expense (benefit)	(24,039)	11,141	7,124	48,555
Net earnings	78,297	38,951	167,993	157,354
Net earnings (loss) attributable to noncontrolling interests	(791)	3,062	3,968	9,333
Net earnings attributable to controlling interest	$ 79,088	$ 35,889	$ 164,025	$ 148,021
Basic
Average common shares outstanding	60,383	62,750	61,451	62,325
Earnings per share attributable to controlling interest	$ 1.31	$ 0.57	$ 2.67	$ 2.37
Diluted
Average common shares outstanding	62,345	64,977	63,507	64,758
Earnings per share attributable to controlling interest	$ 1.27	$ 0.55	$ 2.58	$ 2.29
Common shares outstanding at end of period	59,802	62,776	59,802	62,776
Cash dividends declared per share	$ 0.21	$ 0.20	$ 0.63	$ 0.60

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Feb. 28, 2018	Feb. 28, 2017
Net earnings	$ 78,297	$ 38,951	$ 167,993	$ 157,354
Other comprehensive income (loss):
Foreign currency translation	9,542	905	26,925	(7,277)
Pension liability adjustment, net of tax	251	(35)	245	(35)
Cash flow hedges, net of tax	(556)	(921)	(879)	1,356
Other comprehensive income (loss)	9,237	(51)	26,291	(5,956)
Comprehensive income	87,534	38,900	194,284	151,398
Comprehensive income (loss) attributable to noncontrolling interests	(680)	3,071	4,438	9,198
Comprehensive income attributable to controlling interest	$ 88,214	$ 35,829	$ 189,846	$ 142,200

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Feb. 28, 2018	Feb. 28, 2017
Operating activities:
Net earnings	$ 78,297	$ 38,951	$ 167,993	$ 157,354
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	25,338	21,677	76,986	65,154
Impairment of goodwill and long-lived assets			8,289
Provision for (benefit from) deferred income taxes	(27,373)	7,609	(20,022)	9,946
Bad debt (income) expense	17	(41)	(4)	110
Equity in net income of unconsolidated affiliates, net of distributions	2,835	(1,256)	(1,968)	(182)
Net (gain) loss on assets	(1,437)	1,875	(10,692)	3,358
Stock-based compensation	2,882	4,304	10,076	11,264
Changes in assets and liabilities, net of impact of acquisitions :
Receivables	4,071	(44,719)	20,652	(34,920)
Inventories	(15,398)	(2,346)	(40,223)	(20,869)
Prepaid expenses and other current assets	(4,914)	(13,379)	(149)	(7,954)
Other assets	(2,069)	(423)	(3,045)	1,987
Accounts payable and accrued expenses	35,564	89,736	(12,804)	66,849
Other liabilities	2,107	718	7,568	2,813
Net cash provided by operating activities	99,920	102,706	202,657	254,910
Investing activities:
Investment in property, plant and equipment	(13,628)	(21,128)	(55,319)	(52,174)
Acquisitions, net of cash acquired			(285,028)
Proceeds from sale of assets	3	2	16,742	958
Net cash used by investing activities	(13,625)	(21,126)	(323,605)	(51,216)
Financing activities:
Net repayments of short-term borrowings, net of issuance costs	(1,108)	(330)	(508)	(2,484)
Proceeds from long-term debt, net of issuance costs			197,685
Principal payments on long-term debt	(374)	(218)	(813)	(655)
Proceeds from issuance of common shares, net of tax withholdings	581	(12,197)	(3,415)	(9,225)
Payments to noncontrolling interests		(3,360)	(3,916)	(10,141)
Repurchase of common shares	(47,418)		(159,942)
Dividends paid	(12,766)	(13,374)	(38,800)	(38,096)
Net cash used by financing activities	(61,085)	(29,479)	(9,709)	(60,601)
Increase (decrease) in cash and cash equivalents	25,210	52,101	(130,657)	143,093
Cash and cash equivalents at beginning of period	122,214	175,180	278,081	84,188
Cash and cash equivalents at end of period	$ 147,424	$ 227,281	$ 147,424	$ 227,281

Basis of Presentation

Basis of Presentation	9 Months Ended
	Feb. 28, 2018
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 (loss) or comprehensive income (loss) 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 10-Q, 10-K 10-K”). The preparation of consolidated 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 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 Company early adopted this amended guidance on a prospective basis effective June 1, 2017. The adoption of this guidance did not impact our consolidated statements of cash flows or ongoing financial reporting. 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 a business. The Company early adopted this amended guidance on a prospective basis effective September 1, 2017. The adoption of this guidance did not impact 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 Company early adopted this amended guidance on a prospective basis effective September 1, 2017. The adoption of this guidance did not impact our consolidated financial position or results of operations. 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. The scoping and diagnostic phases of the implementation have been completed and reviews of the Company’s contracts are largely complete. We anticipate the timing or pattern of revenue recognition to change for certain revenue streams; however, we do not expect the impact of these changes to be material due to the short-term nature of the manufacturing cycle for these revenue streams. The Company will adopt this guidance on June 1, 2018 using the cumulative effect transition method. The Company will continue to monitor any modifications, clarifications, and interpretations by the FASB that may impact the Company’s 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 leased 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; however, we do not expect the new guidance to have a material impact 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 and is to be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. Early adoption is permitted. We do not expect the adoption of this amended guidance to have a material impact on our consolidated financial position, results of operations and cash flows. 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 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 do not expect the adoption of this amended guidance to have a material impact on our consolidated financial position, results of operations and cash flows. 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 and is to be applied retrospectively for the presentation in the income statement and prospectively on and after the effective date for the capitalization of service cost. 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. It is to be applied using a modified retrospective transition approach for cash flow and net investment hedges existing at the date of adoption. The presentation and disclosure guidance is only required prospectively. 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 February 2018, amended guidance was issued that would allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the TCJA enacted by the U.S. government in December 2017. The amended guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. It is to be applied either in the period of adoption or retrospectively to each period in which the effect of the change in the U.S. federal corporate income tax rate in the TCJA is recognized.

Investments in Unconsolidated A

Investments in Unconsolidated Affiliates	9 Months Ended
	Feb. 28, 2018
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 $61,553,000 during the nine months ended February 28, 2018. 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 $59,563,000 at February 28, 2018. In accordance with the applicable accounting guidance, we reclassified the negative investment 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 negative investment 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. The following tables summarize combined financial information for our unconsolidated affiliates as of, and for the periods presented: (in thousands) February 28, May 31, Cash $ 17,828 $ 24,470 Other current assets 528,520 541,746 Current assets for discontinued operations 72,236 48,346 Noncurrent assets 360,495 342,938 Noncurrent assets for discontinued operations — 18,168 Total assets $ 979,079 $ 975,668 Current liabilities 131,906 148,056 Current liabilities for discontinued operations 9,454 8,891 Short-term borrowings 12,596 8,172 Current maturities of long-term debt 19,676 5,827 Long-term debt 264,317 268,711 Other noncurrent liabilities 19,554 20,890 Noncurrent liabilities for discontinued operations — 490 Equity 521,576 514,631 Total liabilities and equity $ 979,079 $ 975,668 Three Months Ended Nine Months Ended (in thousands) 2018 2017 2018 2017 Net sales $ 403,426 $ 384,261 $ 1,258,667 $ 1,188,568 Gross margin 72,828 84,645 230,185 305,383 Operating income 41,546 55,140 133,313 216,902 Depreciation and amortization 5,406 6,983 18,534 20,776 Interest expense 2,564 2,089 7,517 6,388 Income tax expense (benefit) (1,095 ) 5,065 2,069 16,128 Net earnings from continuing operations 36,058 47,309 118,995 193,228 Net earnings from discontinued operations 1,805 1,789 1,532 5,381 Net earnings 37,863 49,098 120,527 198,609 The amounts presented within the discontinued operations captions in the tables above reflect the international operations of our WAVE joint venture. On November 20, 2017, the Company announced that WAVE had agreed to sell its business and operations in Europe, the Middle East, Africa and Asia, to Knauf Group, a family-owned manufacturer of building materials headquartered in Germany. The Company expects to receive proceeds of approximately $45,000,000 for its 50% share of the WAVE operations being sold. The transaction is subject to regulatory approvals and other customary closing conditions and is anticipated to close in the second half of calendar 2018.

Impairment of Goodwill and Long

Impairment of Goodwill and Long-Lived Assets	9 Months Ended
	Feb. 28, 2018
Impairment of Goodwill and Long-Lived Assets	NOTE C – Impairment of Goodwill and Long-Lived Assets During the second quarter of fiscal 2018, the Company determined that indicators of impairment were present with regard to the goodwill and intangible assets of the WEI reporting unit. As a result, these assets were written down to their estimated fair value resulting in an impairment charge of $7,325,000. During the second quarter of fiscal 2018, the Company also identified the presence of impairment indicators with regard to vacant land at the oil & gas equipment facility in Bremen, Ohio, resulting in an impairment charge of $964,000 to write the vacant land down to its estimated fair market value.

Restructuring and Other Expense

Restructuring and Other Expense	9 Months Ended
	Feb. 28, 2018
Restructuring and Other Expense	NOTE D – Restructuring and Other Expense We consider restructuring activities to be programs whereby we fundamentally change our operations such as closing and consolidating manufacturing facilities 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 (income) financial statement caption, in our consolidated statement of earnings is summarized below for the period presented: (in thousands) Balance, as of Expense (income) Payments Adjustments Balance, as of Early retirement and severance $ 253 $ 2,560 $ (1,188 ) $ (16 ) $ 1,609 Facility exit and other costs 536 499 (1,035 ) - - $ 789 3,059 $ (2,223 ) $ (16 ) $ 1,609 Net gain on sale of assets (10,452 ) Restructuring and other income, net $ (7,393 ) During the nine months ended February 28, 2018, 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 $2,365,000 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 $577,000 and a net gain on disposal of assets of $10,595,000 for the sale of the real estate of this business. Net proceeds were $15,874,000. • In connection with other non-significant The total liability associated with our restructuring activities as of February 28, 2018 is expected to be paid in the next twelve months.

Contingent Liabilities and Comm

Contingent Liabilities and Commitments	9 Months Ended
	Feb. 28, 2018
Contingent Liabilities and Commitments	NOTE E – Contingent Liabilities and Commitments We are defendants in certain legal actions. In the opinion of management, the outcome of these actions is not clearly determinable at the present time. None of the pending litigation, individually or collectively, is expected to have a material adverse effect on our consolidated financial position, results of operations or cash flows.

Guarantees

Guarantees	9 Months Ended
	Feb. 28, 2018
Guarantees	NOTE F – Guarantees We do not have guarantees that we believe are reasonably likely to have a material current or future effect on our consolidated financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources. However, as of February 28, 2018, 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 $8,587,000 at February 28, 2018. 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 $14,606,000 of outstanding stand-by

Debt and Receivables Securitiza

Debt and Receivables Securitization	9 Months Ended
	Feb. 28, 2018
Debt and Receivables Securitization	NOTE G – 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 4.300%. 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 $2,116,000 and $198,000 were allocated to debt issuance costs and the debt discount. The debt issuance costs and the debt discount were each 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 $2,034,000 and $190,000, respectively, at February 28, 2018. We maintain a $500,000,000 multi-year revolving credit facility (the “Credit Facility”) with a group of lenders. On February 16, 2018, the Company amended the terms of the Credit Facility, extending the maturity by three years to February 2023. Debt issuance costs of $805,000 were incurred as a result of the renewal. These costs have been deferred and will be amortized over the life of the Credit Facility to interest expense. 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 Overnight Bank Funding Rate. The applicable margin is determined by our credit rating. There were no borrowings outstanding under the Credit Facility at February 28, 2018. As discussed in “NOTE F – Guarantees,” we provided $14,606,000 in stand-by stand-by We also maintain a $50,000,000 revolving trade accounts receivable securitization facility (the “AR Facility”) which matures in January 2019. On January 16, 2018, the Company amended the terms of the AR Facility, extending the maturity by one year to January 2019 and reducing the borrowing capacity from $100,000,000 to $50,000,000. 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 $50,000,000 of undivided ownership interests in this pool of accounts receivable to a third-party bank. We retain an undivided interest in this pool and are subject to risk of loss based on the collectability of the receivables from this retained interest. Because the amount eligible to be sold excludes receivables more than 90 days past due, receivables offset by an allowance for doubtful accounts due to bankruptcy or other cause, concentrations over certain limits with specific customers and certain reserve amounts, we believe additional risk of loss is minimal. As of February 28, 2018, no undivided ownership interests in this pool of accounts receivable had been sold.

Other Comprehensive Income

Other Comprehensive Income	9 Months Ended
	Feb. 28, 2018
Other Comprehensive Income	NOTE H – Other Comprehensive Income The following table summarizes the tax effects on each component of OCI for the three months ended February 28: 2018 2017 Before-Tax Tax Net-of-Tax Before-Tax Tax Net-of-Tax (in thousands) Foreign currency translation $ 9,542 $ - $ 9,542 $ 905 $ - $ 905 Pension liability adjustment 230 21 251 (117 ) 82 (35 ) Cash flow hedges (711 ) 155 (556 ) (1,299 ) 378 (921 ) Other comprehensive income (loss) $ 9,061 $ 176 $ 9,237 $ (511 ) $ 460 $ (51 ) The following table summarizes the tax effects on each component of OCI for the nine months ended February 28: 2018 2017 Before-Tax Tax Net-of-Tax Before-Tax Tax Net-of-Tax (in thousands) Foreign currency translation $ 26,925 $ - $ 26,925 $ (7,277 ) $ - $ (7,277 ) Pension liability adjustment 230 15 245 (117 ) 82 (35 ) Cash flow hedges (1,213 ) 334 (879 ) 1,836 (480 ) 1,356 Other comprehensive income (loss) $ 25,942 $ 349 $ 26,291 $ (5,558 ) $ (398 ) $ (5,956 )

Changes in Equity

Changes in Equity	9 Months Ended
	Feb. 28, 2018
Changes in Equity	NOTE I – Changes in Equity The following table summarizes the changes in equity by component and in total for the period presented: 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 - - 164,025 164,025 3,968 167,993 Other comprehensive income - 25,821 - 25,821 470 26,291 Common shares issued, net of withholding tax (3,415 ) - - (3,415 ) - (3,415 ) Common shares in NQ plans 1,003 - - 1,003 - 1,003 Stock-based compensation 11,203 - - 11,203 - 11,203 Purchases and retirement of common shares (16,311 ) - (143,631 ) (159,942 ) - (159,942 ) Cash dividends declared - - (39,159 ) (39,159 ) - (39,159 ) Dividends to noncontrolling interest - - - - (3,916 ) (3,916 ) Balance at February 28, 2018 $ 295,871 $ (1,954 ) $ 657,254 $ 951,171 $ 122,816 $ 1,073,987 The following table summarizes the changes in accumulated other comprehensive loss for the period presented: (in thousands) Foreign Pension Cash Accumulated Balance as of May 31, 2017 $ (17,358 ) $ (14,819 ) $ 4,402 $ (27,775 ) Other comprehensive income before reclassifications 26,455 230 11,362 38,047 Reclassification adjustments to income (a) - - (12,575 ) (12,575 ) Income taxes - 15 334 349 Balance as of February 28, 2018 $ 9,097 $ (14,574 ) $ 3,523 $ (1,954 ) (a) The statement of earnings classification of amounts reclassified to income for cash flow hedges is disclosed in “NOTE O – Derivative Instruments and Hedging Activities.”

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Feb. 28, 2018
Stock-Based Compensation	NOTE J – Stock-Based Compensation Non-Qualified During the nine months ended February 28, 2018, 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 nine months ended February 28, 2018, we granted an aggregate of 170,750 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 $47.89 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	9 Months Ended
	Feb. 28, 2018
Income Taxes	NOTE K – Income Taxes Income tax expense for the nine months ended February 28, 2018 and 2017 reflected estimated annual effective income tax rates of 10.3% and 27.2%, 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 On December 22, 2017, the Tax Cuts and Jobs Act (the “TCJA”) was enacted into federal law. The TCJA significantly revised the U.S. corporate income tax system by lowering the U.S. corporate tax rate from 35% to 21% effective January 1, 2018. In addition, the TCJA adds several new provisions including changes to bonus depreciation, the deduction for executive compensation, a tax on global intangible low-taxed one-time U.S. GAAP requires that the impact of tax legislation be recognized in the period in which the law was enacted. For the three and nine months ended February 28, 2018, the Company has not finalized the accounting for the tax effects of the enactment of the TCJA. However, consistent with applicable Securities and Exchange Commission guidance in Staff Accounting Bulletin 118 (“SAB118”), the Company has made a reasonable estimate of the effects on the Company’s existing deferred tax balances and the one-time re-measurement year-end

Earnings per Share

Earnings per Share	9 Months Ended
	Feb. 28, 2018
Earnings per Share	NOTE L – Earnings per Share The following table sets forth the computation of basic and diluted earnings per share attributable to controlling interest for the periods presented: Three Months Ended Nine Months Ended (in thousands, except per share amounts) 2018 2017 2018 2017 Numerator (basic & diluted): Net earnings attributable to controlling interest -income available to common shareholders $ 79,088 $ 35,889 $ 164,025 $ 148,021 Denominator: Denominator for basic earnings per share attributable to controlling interest—weighted average common shares 60,383 62,750 61,451 62,325 Effect of dilutive securities 1,962 2,227 2,056 2,433 Denominator for diluted earnings per share attributable to controlling interest—adjusted weighted average common shares 62,345 64,977 63,507 64,758 Basic earnings per share attributable to controlling interest $ 1.31 $ 0.57 $ 2.67 $ 2.37 Diluted earnings per share attributable to controlling interest $ 1.27 $ 0.55 $ 2.58 $ 2.29 Stock options covering 91,933 and 107,224 common shares for the three months ended February 28, 2018 and 2017, respectively, and 81,087 and 97,638 common shares for the nine months ended February 28, 2018 and 2017, respectively, have been excluded from the computation of diluted earnings per share because the effect of their inclusion would have been “anti-dilutive” for those periods.

Segment Operations

Segment Operations	9 Months Ended
	Feb. 28, 2018
Segment Operations	NOTE M – Segment Operations The following table presents summarized financial information for our reportable segments as of, and for the periods presented: Three Months Nine Months Ended (in thousands) 2018 2017 2018 2017 Net sales Steel Processing $ 518,113 $ 478,174 $ 1,599,994 $ 1,492,654 Pressure Cylinders 295,506 198,433 866,179 598,303 Engineered Cabs 27,055 23,547 89,405 71,591 Other 983 3,282 5,582 6,217 Total net sales $ 841,657 $ 703,436 $ 2,561,160 $ 2,168,765 Operating income (loss) Steel Processing $ 31,125 $ 26,026 $ 105,127 $ 116,256 Pressure Cylinders 17,530 10,071 52,663 35,480 Engineered Cabs (4,083 ) (2,001 ) (6,031 ) (7,225 ) Other (1,809 ) 224 (14,712 ) (2,249 ) Total operating income $ 42,763 $ 34,320 $ 137,047 $ 142,262 Impairment of goodwill and long-lived assets Steel Processing $ - $ - $ - $ - Pressure Cylinders - - 964 - Engineered Cabs - - - - Other - - 7,325 - Total impairment of goodwill and long-lived assets $ - $ - $ 8,289 $ - Restructuring and other expense (income), net Steel Processing $ (3 ) $ 212 $ (10,059 ) $ 1,496 Pressure Cylinders - 1,056 2,365 3,165 Engineered Cabs - 169 (78 ) 1,379 Other - (43 ) 379 (46 ) Total restructuring and other expense (income), net $ (3 ) $ 1,394 $ (7,393 ) $ 5,994 (in thousands) February 28, May 31, Total assets Steel Processing $ 907,578 $ 882,863 Pressure Cylinders 1,191,736 766,611 Engineered Cabs 65,101 62,141 Other 450,321 613,729 Total assets $ 2,614,736 $ 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	9 Months Ended
	Feb. 28, 2018
Acquisitions	NOTE N – 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 were incurred during fiscal 2018. 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 (Years) 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) Preliminary Measurement Revised Cash $ 6,893 $ - $ 6,893 Accounts receivable 40,212 - 40,212 Inventories 37,249 - 37,249 Prepaid expenses 981 - 981 Other assets 2,550 - 2,550 Intangible assets 166,000 - 166,000 Property, plant and equipment 52,870 - 52,870 Total assets 306,755 - 306,755 Accounts payable 25,945 - 25,945 Accrued liabilities 21,016 - 21,016 Long-term debt including current maturities 2,287 - 2,287 Other accrued items 3,993 - 3,993 Deferred income taxes, net 64,495 (413 ) 64,082 Net identifiable assets 189,019 413 189,432 Goodwill 102,902 (413 ) 102,489 Purchase price $ 291,921 $ - $ 291,921 Operating results of Amtrol have been included in the Company’s consolidated statements of earnings since the date of the acquisition. During the three and nine months ended February 28, 2018, Amtrol contributed net sales of $65,766,000 and $191,047,000, and operating income of $7,323,000 and $11,151,000, respectively. 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 and nine months ended February 28, 2018 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 fiscal 2018, as discussed in “NOTE D – 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 as of June 1, 2016. Three months ended Nine months ended (in thousands, except per share amounts) 2018 2017 2018 2017 Net sales $ 841,657 $ 762,956 $ 2,561,160 $ 2,350,152 Net earnings attributable to controlling interest $ 79,087 $ 39,090 $ 168,269 $ 156,916 Diluted earnings per share attributable to controlling interest $ 1.27 $ 0.60 $ 2.65 $ 2.42

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	9 Months Ended
	Feb. 28, 2018
Cash Flow Hedges
Derivative Instruments and Hedging Activities	NOTE O – 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 P – 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 February 28, 2018: Asset Derivatives Liability Derivatives (in thousands) Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as hedging instruments: Commodity contracts Receivables $ 4,880 Accounts payable $ - Other assets 28 Other liabilities - 4,908 - Interest rate contracts Receivables - Accounts payable 240 Other assets - Other liabilities 4 - 244 Totals $ 4,908 $ 244 Derivatives not designated as hedging instruments: Commodity contracts Receivables $ 3,410 Accounts payable $ 837 Other assets 173 Other liabilities 103 3,583 940 Foreign exchange contracts Receivables - Accounts payable 31 Totals $ 3,583 $ 971 Total derivative instruments $ 8,491 $ 1,215 The amounts in the table above reflect the fair value of the Company’s derivative instruments on a net basis. Had these amounts been recognized on a gross basis, the impact would have been a $858,000 decrease 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 Sheet Location Fair Value 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 instruments 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 accumulated 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 February 28, 2018: (in thousands) Notional Maturity Date Commodity contracts $ 22,473 March 2018 - June 2019 Interest rate contracts 18,656 September 2019 The following table summarizes the gain recognized in OCI and the gain (loss) reclassified from AOCI into earnings for derivative instruments designated as cash flow hedges for the periods presented: Location of Location of Gain (Loss) Gain (Loss) Gain Gain Reclassified Reclassified (Ineffective (Ineffective Gain from from Portion) Portion) Recognized Accumulated Accumulated and Excluded and Excluded in OCI OCI OCI from from (Effective (Effective (Effective Effectiveness Effectiveness (in thousands) Portion) Portion) Portion) Testing Testing For the three months ended February 28, 2018: Commodity contracts $ 2,429 Cost of goods sold $ 3,195 Cost of goods sold $ - Interest rate contracts 21 Interest expense (34 ) Interest expense - Totals $ 2,450 $ 3,161 $ - For the three months ended February 28, 2017: Commodity contracts $ 2,037 Cost of goods sold $ 3,397 Cost of goods sold $ - Interest rate contracts 25 Interest expense (36 ) Interest expense - Totals $ 2,062 $ 3,361 $ - For the nine months ended February 28, 2018: Commodity contracts $ 8,243 Cost of goods sold $ 13,000 Cost of goods sold $ - Interest rate contracts 3,119 Interest expense (425 ) Interest expense - Totals $ 11,362 $ 12,575 $ - For the nine months ended February 28, 2017: Commodity contracts $ 9,963 Cost of goods sold $ 8,882 Cost of goods sold $ - Interest rate contracts 149 Interest expense (606 ) Interest expense - Totals $ 10,112 $ 8,276 $ - The estimated net amount of the losses recognized in AOCI at February 28, 2018 expected to be reclassified into net earnings within the succeeding twelve months is $3,530,000 (net of tax of $1,513,000). This amount was computed using the fair value of the cash flow hedges at February 28, 2018, 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 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 $ 23,920 March 2018 - December 2019 Foreign exchange contracts 4,687 March 2018 - June The following tables summarize the gain (loss) recognized in earnings for economic (non-designated) Gain (Loss) Recognized In Earnings for the Three Months Ended Location of Gain (Loss) February 28, (in thousands) Recognized in Earnings 2018 2017 Commodity contracts Cost of goods sold $ 1,787 $ 258 Foreign exchange contracts Miscellaneous expense (income), net 32 (172 ) Total $ 1,819 $ 86 Gain (Loss) Recognized in Earnings for the Nine Months Ended Location of Gain (Loss) February 28, (in thousands) Recognized in Earnings 2018 2017 Commodity contracts Cost of goods sold $ 4,035 $ 5,169 Foreign exchange contracts Miscellaneous income, net (157 ) (837 ) Total $ 3,878 $ 4,332 The gain (loss) on the foreign exchange contract derivatives significantly offsets the gain (loss) on the hedged item.

Fair Value

Fair Value	9 Months Ended
	Feb. 28, 2018
Fair Value	NOTE P – Fair Value Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is an exit price concept that assumes an orderly transaction between willing market participants and is required to be based on assumptions that market participants would use in pricing an asset or a liability. Current accounting guidance establishes a three-tier fair value hierarchy as a basis for considering such assumptions and for classifying the inputs used in the valuation methodologies. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair values are as follows: Level 1 – Observable prices in active markets for identical assets and liabilities. Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the assets and liabilities, either directly or indirectly. Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. Recurring Fair Value Measurements At February 28, 2018, our assets and liabilities measured at fair value on a recurring basis were as follows: (in thousands) Quoted Prices Significant Significant (Level 3) Totals Assets Derivative instruments (1) $ - $ 849 $ - $ 849 Total assets $ - $ 849 $ - $ 849 Liabilities Derivative instruments (1) $ - $ 1,215 $ - $ 1,215 Contingent consideration obligation (2) - - 610 610 Total liabilities $ - $ 1,215 $ 610 $ 1,825 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 instruments (1) $ - $ 8,326 $ - $ 8,326 Total assets $ - $ 8,326 $ - $ 8,326 Liabilities Derivative instruments (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. Non-Recurring During the second quarter of fiscal 2018, the Company determined that indicators of impairment were present with regard to the goodwill and intangible assets of the WEI reporting unit. As a result, these assets were written down to their estimated fair value of $0 resulting in an impairment charge of $7,325,000. The key assumptions that drove the fair value calculation were projected cash flows and the discount rate. During the second quarter of fiscal 2018, the Company also identified impairment indicators to be present with regard to vacant land at the oil & gas equipment facility in Bremen, Ohio, resulting in an impairment charge of $964,000 to write the land down to its estimated fair market value of $100,000. Fair value was determined based on market prices for similar assets. At May 31, 2017 and February 28, 2018, there were no assets or liabilities measured at fair value on a non-recurring The fair value of non-derivative

Subsequent Events

Subsequent Events	9 Months Ended
	Feb. 28, 2018
Subsequent Events	NOTE Q – Subsequent Events On March 31, 2018, the Company closed on the sale of a majority of its ownership in WEI and Worthington retained a 10% interest in WEI. The impact of the transaction was immaterial.

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Feb. 28, 2018
Recently Adopted and Issued 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 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 Company early adopted this amended guidance on a prospective basis effective June 1, 2017. The adoption of this guidance did not impact our consolidated statements of cash flows or ongoing financial reporting. 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 a business. The Company early adopted this amended guidance on a prospective basis effective September 1, 2017. The adoption of this guidance did not impact 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 Company early adopted this amended guidance on a prospective basis effective September 1, 2017. The adoption of this guidance did not impact our consolidated financial position or results of operations. 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. The scoping and diagnostic phases of the implementation have been completed and reviews of the Company’s contracts are largely complete. We anticipate the timing or pattern of revenue recognition to change for certain revenue streams; however, we do not expect the impact of these changes to be material due to the short-term nature of the manufacturing cycle for these revenue streams. The Company will adopt this guidance on June 1, 2018 using the cumulative effect transition method. The Company will continue to monitor any modifications, clarifications, and interpretations by the FASB that may impact the Company’s 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 leased 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; however, we do not expect the new guidance to have a material impact 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 and is to be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. Early adoption is permitted. We do not expect the adoption of this amended guidance to have a material impact on our consolidated financial position, results of operations and cash flows. 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 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 and is to be applied retrospectively for the presentation in the income statement and prospectively on and after the effective date for the capitalization of service cost. We do not expect the adoption of this amended guidance to have a material impact on our consolidated financial position, results of operations and cash flows. 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. It is to be applied using a modified retrospective transition approach for cash flow and net investment hedges existing at the date of adoption. The presentation and disclosure guidance is only required prospectively. 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 February 2018, amended guidance was issued that would allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the TCJA enacted by the U.S. government in December 2017. The amended guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. It is to be applied either in the period of adoption or retrospectively to each period in which the effect of the change in the U.S. federal corporate income tax rate in the TCJA is recognized.
Economic (Non-designated) Hedges	Economic (Non-designated) We enter into foreign 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 accumulated 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 Unconsolidated25

Investments in Unconsolidated Affiliates (Tables)	9 Months Ended
	Feb. 28, 2018
Unconsolidated Affiliates
Financial Information	The following tables summarize combined financial information for our unconsolidated affiliates as of, and for the periods presented: (in thousands) February 28, May 31, Cash $ 17,828 $ 24,470 Other current assets 528,520 541,746 Current assets for discontinued operations 72,236 48,346 Noncurrent assets 360,495 342,938 Noncurrent assets for discontinued operations — 18,168 Total assets $ 979,079 $ 975,668 Current liabilities 131,906 148,056 Current liabilities for discontinued operations 9,454 8,891 Short-term borrowings 12,596 8,172 Current maturities of long-term debt 19,676 5,827 Long-term debt 264,317 268,711 Other noncurrent liabilities 19,554 20,890 Noncurrent liabilities for discontinued operations — 490 Equity 521,576 514,631 Total liabilities and equity $ 979,079 $ 975,668 Three Months Ended Nine Months Ended (in thousands) 2018 2017 2018 2017 Net sales $ 403,426 $ 384,261 $ 1,258,667 $ 1,188,568 Gross margin 72,828 84,645 230,185 305,383 Operating income 41,546 55,140 133,313 216,902 Depreciation and amortization 5,406 6,983 18,534 20,776 Interest expense 2,564 2,089 7,517 6,388 Income tax expense (benefit) (1,095 ) 5,065 2,069 16,128 Net earnings from continuing operations 36,058 47,309 118,995 193,228 Net earnings from discontinued operations 1,805 1,789 1,532 5,381 Net earnings 37,863 49,098 120,527 198,609

Restructuring and Other Expen26

Restructuring and Other Expense (Tables)	9 Months Ended
	Feb. 28, 2018
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 (income) financial statement caption, in our consolidated statement of earnings is summarized below for the period presented: (in thousands) Balance, as of Expense (income) Payments Adjustments Balance, as of Early retirement and severance $ 253 $ 2,560 $ (1,188 ) $ (16 ) $ 1,609 Facility exit and other costs 536 499 (1,035 ) - - $ 789 3,059 $ (2,223 ) $ (16 ) $ 1,609 Net gain on sale of assets (10,452 ) Restructuring and other income, net $ (7,393 )

Other Comprehensive Income (Tab

Other Comprehensive Income (Tables)	9 Months Ended
	Feb. 28, 2018
Summary of Tax Effects on Each Component of OCI	The following table summarizes the tax effects on each component of OCI for the three months ended February 28: 2018 2017 Before-Tax Tax Net-of-Tax Before-Tax Tax Net-of-Tax (in thousands) Foreign currency translation $ 9,542 $ - $ 9,542 $ 905 $ - $ 905 Pension liability adjustment 230 21 251 (117 ) 82 (35 ) Cash flow hedges (711 ) 155 (556 ) (1,299 ) 378 (921 ) Other comprehensive income (loss) $ 9,061 $ 176 $ 9,237 $ (511 ) $ 460 $ (51 ) The following table summarizes the tax effects on each component of OCI for the nine months ended February 28: 2018 2017 Before-Tax Tax Net-of-Tax Before-Tax Tax Net-of-Tax (in thousands) Foreign currency translation $ 26,925 $ - $ 26,925 $ (7,277 ) $ - $ (7,277 ) Pension liability adjustment 230 15 245 (117 ) 82 (35 ) Cash flow hedges (1,213 ) 334 (879 ) 1,836 (480 ) 1,356 Other comprehensive income (loss) $ 25,942 $ 349 $ 26,291 $ (5,558 ) $ (398 ) $ (5,956 )

Changes in Equity (Tables)

Changes in Equity (Tables)	9 Months Ended
	Feb. 28, 2018
Summary of Changes in Equity by Component and in Total	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 - - 164,025 164,025 3,968 167,993 Other comprehensive income - 25,821 - 25,821 470 26,291 Common shares issued, net of withholding tax (3,415 ) - - (3,415 ) - (3,415 ) Common shares in NQ plans 1,003 - - 1,003 - 1,003 Stock-based compensation 11,203 - - 11,203 - 11,203 Purchases and retirement of common shares (16,311 ) - (143,631 ) (159,942 ) - (159,942 ) Cash dividends declared - - (39,159 ) (39,159 ) - (39,159 ) Dividends to noncontrolling interest - - - - (3,916 ) (3,916 ) Balance at February 28, 2018 $ 295,871 $ (1,954 ) $ 657,254 $ 951,171 $ 122,816 $ 1,073,987
Summary of Changes in Accumulated Other Comprehensive Loss	The following table summarizes the changes in accumulated other comprehensive loss for the period presented: (in thousands) Foreign Pension Cash Accumulated Balance as of May 31, 2017 $ (17,358 ) $ (14,819 ) $ 4,402 $ (27,775 ) Other comprehensive income before reclassifications 26,455 230 11,362 38,047 Reclassification adjustments to income (a) - - (12,575 ) (12,575 ) Income taxes - 15 334 349 Balance as of February 28, 2018 $ 9,097 $ (14,574 ) $ 3,523 $ (1,954 ) (a) The statement of earnings classification of amounts reclassified to income for cash flow hedges is disclosed in “NOTE O – Derivative Instruments and Hedging Activities.”

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Feb. 28, 2018
Non-Qualified Stock Options
Assumptions to Value Stock Options	three-year vesting period. 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)	9 Months Ended
	Feb. 28, 2018
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 periods presented: Three Months Ended Nine Months Ended (in thousands, except per share amounts) 2018 2017 2018 2017 Numerator (basic & diluted): Net earnings attributable to controlling interest -income available to common shareholders $ 79,088 $ 35,889 $ 164,025 $ 148,021 Denominator: Denominator for basic earnings per share attributable to controlling interest—weighted average common shares 60,383 62,750 61,451 62,325 Effect of dilutive securities 1,962 2,227 2,056 2,433 Denominator for diluted earnings per share attributable to controlling interest—adjusted weighted average common shares 62,345 64,977 63,507 64,758 Basic earnings per share attributable to controlling interest $ 1.31 $ 0.57 $ 2.67 $ 2.37 Diluted earnings per share attributable to controlling interest $ 1.27 $ 0.55 $ 2.58 $ 2.29

Segment Operations (Tables)

Segment Operations (Tables)	9 Months Ended
	Feb. 28, 2018
Financial Information for Reportable Segments	The following table presents summarized financial information for our reportable segments as of, and for the periods presented: Three Months Nine Months Ended (in thousands) 2018 2017 2018 2017 Net sales Steel Processing $ 518,113 $ 478,174 $ 1,599,994 $ 1,492,654 Pressure Cylinders 295,506 198,433 866,179 598,303 Engineered Cabs 27,055 23,547 89,405 71,591 Other 983 3,282 5,582 6,217 Total net sales $ 841,657 $ 703,436 $ 2,561,160 $ 2,168,765 Operating income (loss) Steel Processing $ 31,125 $ 26,026 $ 105,127 $ 116,256 Pressure Cylinders 17,530 10,071 52,663 35,480 Engineered Cabs (4,083 ) (2,001 ) (6,031 ) (7,225 ) Other (1,809 ) 224 (14,712 ) (2,249 ) Total operating income $ 42,763 $ 34,320 $ 137,047 $ 142,262 Impairment of goodwill and long-lived assets Steel Processing $ - $ - $ - $ - Pressure Cylinders - - 964 - Engineered Cabs - - - - Other - - 7,325 - Total impairment of goodwill and long-lived assets $ - $ - $ 8,289 $ - Restructuring and other expense (income), net Steel Processing $ (3 ) $ 212 $ (10,059 ) $ 1,496 Pressure Cylinders - 1,056 2,365 3,165 Engineered Cabs - 169 (78 ) 1,379 Other - (43 ) 379 (46 ) Total restructuring and other expense (income), net $ (3 ) $ 1,394 $ (7,393 ) $ 5,994 (in thousands) February 28, May 31, Total assets Steel Processing $ 907,578 $ 882,863 Pressure Cylinders 1,191,736 766,611 Engineered Cabs 65,101 62,141 Other 450,321 613,729 Total assets $ 2,614,736 $ 2,325,344

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Feb. 28, 2018
Schedule of Acquisition of Intangible Assets	(in thousands) Amount Useful Life (Years) 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) Preliminary Measurement Revised Cash $ 6,893 $ - $ 6,893 Accounts receivable 40,212 - 40,212 Inventories 37,249 - 37,249 Prepaid expenses 981 - 981 Other assets 2,550 - 2,550 Intangible assets 166,000 - 166,000 Property, plant and equipment 52,870 - 52,870 Total assets 306,755 - 306,755 Accounts payable 25,945 - 25,945 Accrued liabilities 21,016 - 21,016 Long-term debt including current maturities 2,287 - 2,287 Other accrued items 3,993 - 3,993 Deferred income taxes, net 64,495 (413 ) 64,082 Net identifiable assets 189,019 413 189,432 Goodwill 102,902 (413 ) 102,489 Purchase price $ 291,921 $ - $ 291,921
Summary of Unaudited Pro forma Results	Three months ended Nine months ended (in thousands, except per share amounts) 2018 2017 2018 2017 Net sales $ 841,657 $ 762,956 $ 2,561,160 $ 2,350,152 Net earnings attributable to controlling interest $ 79,087 $ 39,090 $ 168,269 $ 156,916 Diluted earnings per share attributable to controlling interest $ 1.27 $ 0.60 $ 2.65 $ 2.42

Derivative Instruments and He33

Derivative Instruments and Hedging Activities (Tables)	9 Months Ended
	Feb. 28, 2018
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 February 28, 2018: Asset Derivatives Liability Derivatives (in thousands) Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as hedging instruments: Commodity contracts Receivables $ 4,880 Accounts payable $ - Other assets 28 Other liabilities - 4,908 - Interest rate contracts Receivables - Accounts payable 240 Other assets - Other liabilities 4 - 244 Totals $ 4,908 $ 244 Derivatives not designated as hedging instruments: Commodity contracts Receivables $ 3,410 Accounts payable $ 837 Other assets 173 Other liabilities 103 3,583 940 Foreign exchange contracts Receivables - Accounts payable 31 Totals $ 3,583 $ 971 Total derivative instruments $ 8,491 $ 1,215 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 Sheet Location Fair Value 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 recognized in OCI and the gain (loss) reclassified from AOCI into earnings for derivative instruments designated as cash flow hedges for the periods presented: Location of Location of Gain (Loss) Gain (Loss) Gain Gain Reclassified Reclassified (Ineffective (Ineffective Gain from from Portion) Portion) Recognized Accumulated Accumulated and Excluded and Excluded in OCI OCI OCI from from (Effective (Effective (Effective Effectiveness Effectiveness (in thousands) Portion) Portion) Portion) Testing Testing For the three months ended February 28, 2018: Commodity contracts $ 2,429 Cost of goods sold $ 3,195 Cost of goods sold $ - Interest rate contracts 21 Interest expense (34 ) Interest expense - Totals $ 2,450 $ 3,161 $ - For the three months ended February 28, 2017: Commodity contracts $ 2,037 Cost of goods sold $ 3,397 Cost of goods sold $ - Interest rate contracts 25 Interest expense (36 ) Interest expense - Totals $ 2,062 $ 3,361 $ - For the nine months ended February 28, 2018: Commodity contracts $ 8,243 Cost of goods sold $ 13,000 Cost of goods sold $ - Interest rate contracts 3,119 Interest expense (425 ) Interest expense - Totals $ 11,362 $ 12,575 $ - For the nine months ended February 28, 2017: Commodity contracts $ 9,963 Cost of goods sold $ 8,882 Cost of goods sold $ - Interest rate contracts 149 Interest expense (606 ) Interest expense - Totals $ 10,112 $ 8,276 $ -
Schedule of Gain (Loss) Recognized in Earnings for Economic (Non-Designated) Derivative Financial Instruments	The following tables summarize the gain (loss) recognized in earnings for economic (non-designated) Gain (Loss) Recognized In Earnings for the Three Months Ended Location of Gain (Loss) February 28, (in thousands) Recognized in Earnings 2018 2017 Commodity contracts Cost of goods sold $ 1,787 $ 258 Foreign exchange contracts Miscellaneous expense (income), net 32 (172 ) Total $ 1,819 $ 86 Gain (Loss) Recognized in Earnings for the Nine Months Ended Location of Gain (Loss) February 28, (in thousands) Recognized in Earnings 2018 2017 Commodity contracts Cost of goods sold $ 4,035 $ 5,169 Foreign exchange contracts Miscellaneous income, net (157 ) (837 ) Total $ 3,878 $ 4,332
Cash Flow Hedges
Schedule of Summary of Derivative Hedges	The following table summarizes our cash flow hedges outstanding at February 28, 2018: (in thousands) Notional Maturity Date Commodity contracts $ 22,473 March 2018 - June 2019 Interest rate contracts 18,656 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 $ 23,920 March 2018 - December 2019 Foreign exchange contracts 4,687 March 2018 - June

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Feb. 28, 2018
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis	At February 28, 2018, our assets and liabilities measured at fair value on a recurring basis were as follows: (in thousands) Quoted Prices Significant Significant (Level 3) Totals Assets Derivative instruments (1) $ - $ 849 $ - $ 849 Total assets $ - $ 849 $ - $ 849 Liabilities Derivative instruments (1) $ - $ 1,215 $ - $ 1,215 Contingent consideration obligation (2) - - 610 610 Total liabilities $ - $ 1,215 $ 610 $ 1,825 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 instruments (1) $ - $ 8,326 $ - $ 8,326 Total assets $ - $ 8,326 $ - $ 8,326 Liabilities Derivative instruments (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	Feb. 28, 2018Entity
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 Unconsolidated36

Investments in Unconsolidated Affiliates - Additional Information (Detail) $ in Thousands	9 Months Ended
	Feb. 28, 2018USD ($)
WAVE
Investments in and Advances to Affiliates [Line Items]
Percent of interest by unconsolidated affiliates	50.00%
Cumulative distributions in excess of investment	$ 59,563
Proceeds from sale of equity method investments	45,000
Unconsolidated Affiliates
Investments in and Advances to Affiliates [Line Items]
Distributions from unconsolidated affiliates	$ 61,553
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%

Investments in Unconsolidated37

Investments in Unconsolidated Affiliates - Schedule of Combined Financial Information for Unconsolidated Affiliates (Detail) - Unconsolidated Affiliates - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Feb. 28, 2018	Feb. 28, 2017	May 31, 2017
Investments in and Advances to Affiliates [Line Items]
Cash	$ 17,828		$ 17,828		$ 24,470
Other current assets	528,520		528,520		541,746
Current assets for discontinued operations	72,236		72,236		48,346
Noncurrent assets	360,495		360,495		342,938
Noncurrent assets for discontinued operations					18,168
Total assets	979,079		979,079		975,668
Current liabilities	131,906		131,906		148,056
Current liabilities for discontinued operations	9,454		9,454		8,891
Short-term borrowings	12,596		12,596		8,172
Current maturities of long-term debt	19,676		19,676		5,827
Long-term debt	264,317		264,317		268,711
Other noncurrent liabilities	19,554		19,554		20,890
Noncurrent liabilities for discontinued operations					490
Equity	521,576		521,576		514,631
Total liabilities and equity	979,079		979,079		$ 975,668
Net sales	403,426	$ 384,261	1,258,667	$ 1,188,568
Gross margin	72,828	84,645	230,185	305,383
Operating income	41,546	55,140	133,313	216,902
Depreciation and amortization	5,406	6,983	18,534	20,776
Interest expense	2,564	2,089	7,517	6,388
Income tax expense (benefit)	(1,095)	5,065	2,069	16,128
Net earnings from continuing operations	36,058	47,309	118,995	193,228
Net earnings from discontinued operations	1,805	1,789	1,532	5,381
Net earnings	$ 37,863	$ 49,098	$ 120,527	$ 198,609

Impairment of Goodwill and Lo38

Impairment of Goodwill and Long-Lived Assets - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Nov. 30, 2017	Feb. 28, 2018
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of long-lived assets		$ 8,289
WEI Reporting Unit
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of long-lived assets	$ 7,325
Bremen, Ohio
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of long-lived assets	$ 964

Restructuring and Other Expen39

Restructuring and Other Expense - Schedule of Progression of Liabilities Associated with Restructuring Activities, Combined with Reconciliation to Restructuring and Other Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Feb. 28, 2018	Feb. 28, 2017
Restructuring Cost and Reserve [Line Items]
Beginning Balance			$ 789
Expense			3,059
Payments			(2,223)
Adjustments			(16)
Ending Balance	$ 1,609		1,609
Net gain on sale of assets			(10,452)
Restructuring and other income, net	(3)	$ 1,394	(7,393)	$ 5,994
Early Retirement And Severance
Restructuring Cost and Reserve [Line Items]
Beginning Balance			253
Expense			2,560
Payments			(1,188)
Adjustments			(16)
Ending Balance	$ 1,609		1,609
Facility Exit And Other Costs
Restructuring Cost and Reserve [Line Items]
Beginning Balance			536
Expense			499
Payments			$ (1,035)

Restructuring and Other Expen40

Restructuring and Other Expense - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Feb. 28, 2018	Feb. 28, 2017
Restructuring Cost and Reserve [Line Items]
Net gain (loss) on sale of assets	$ 1,437	$ (1,875)	$ 10,692	$ (3,358)
AMTROL
Restructuring Cost and Reserve [Line Items]
Severance expense			2,365
Other Non-significant Restructuring Activities
Restructuring Cost and Reserve [Line Items]
Severance expense			195
Net gain (loss) on sale of assets			(143)
Facility exit costs credit			(78)
Closure of Precision Specialty Metals, Inc
Restructuring Cost and Reserve [Line Items]
Facility exit costs			577
Net gain (loss) on sale of assets			10,595
Cash proceeds from sale of business			$ 15,874

Guarantees - Additional Informa

Guarantees - Additional Information (Detail)	9 Months Ended
	Feb. 28, 2018USD ($)
Stand-by Letters of Credit
Guarantor Obligations [Line Items]
Letter of credit amount outstanding	$ 14,606,000
Drawn amount of letter of credit outstanding	0
Operating Lease of Aircraft
Guarantor Obligations [Line Items]
Maximum potential obligation	$ 8,587,000

Debt and Receivables Securiti42

Debt and Receivables Securitization - Additional Information (Detail) - USD ($)	Feb. 16, 2018	Jan. 16, 2018	Jul. 28, 2017	Jun. 30, 2017	Feb. 28, 2018	Feb. 28, 2017	Feb. 28, 2018	Feb. 28, 2017	Jan. 15, 2018
Debt And Receivables Securitization [Line Items]
Gain (Loss) Reclassified from Accumulated OCI (Effective Portion)					$ 2,450,000	$ 2,062,000	$ 11,362,000	$ 10,112,000
Remaining borrowing capacity					486,755,000		$ 486,755,000
Senior Unsecured Notes 4.300% 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		190,000		$ 190,000
Debt issuance cost			$ 2,116,000
Unamortized portion of debt issuance costs					2,034,000		$ 2,034,000
Senior Unsecured Notes 4.300% 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		$ 50,000,000							$ 100,000,000
Debt maturity period		1 year
Maturity date		2019-01					2019-01
Number of days past due trade accounts receivables are ineligible for securitization							90 days
Borrowings outstanding					0		$ 0
Unsecured Revolving Credit Facility
Debt And Receivables Securitization [Line Items]
Debt issuance cost							805,000
Maximum borrowing capacity					500,000,000		$ 500,000,000
Debt maturity period	3 years
Maturity date	2023-02
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					14,606,000		$ 14,606,000
Letter of Credit
Debt And Receivables Securitization [Line Items]
Letter of credit amount outstanding					$ 13,245,000		$ 13,245,000

Other Comprehensive Income - Su

Other Comprehensive Income - Summary of Tax Effects on Each Component of OCI (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Feb. 28, 2018	Feb. 28, 2017
Components Of Other Comprehensive Income Loss [Line Items]
Other comprehensive income (loss), before tax	$ 9,061	$ (511)	$ 25,942	$ (5,558)
Other comprehensive income (loss), tax	176	460	349	(398)
Other comprehensive income (loss)	9,237	(51)	26,291	(5,956)
Foreign Currency Translation
Components Of Other Comprehensive Income Loss [Line Items]
Other comprehensive income (loss), before tax	9,542	905	26,925	(7,277)
Other comprehensive income (loss)	9,542	905	26,925	(7,277)
Pension Liability Adjustment
Components Of Other Comprehensive Income Loss [Line Items]
Other comprehensive income (loss), before tax	230	(117)	230	(117)
Other comprehensive income (loss), tax	21	82	15	82
Other comprehensive income (loss)	251	(35)	245	(35)
Cash Flow Hedges
Components Of Other Comprehensive Income Loss [Line Items]
Other comprehensive income (loss), before tax	(711)	(1,299)	(1,213)	1,836
Other comprehensive income (loss), tax	155	378	334	(480)
Other comprehensive income (loss)	$ (556)	$ (921)	$ (879)	$ 1,356

Changes in Equity - Summary of

Changes in Equity - Summary of Changes in Equity by Component and in Total (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Feb. 28, 2018	Feb. 28, 2017
Balance as of May 31, 2017			$ 1,073,929
Net earnings	$ 78,297	$ 38,951	167,993	$ 157,354
Other comprehensive income	9,237	$ (51)	26,291	$ (5,956)
Common shares issued, net of withholding tax			(3,415)
Common shares in NQ plans			1,003
Stock-based compensation			11,203
Purchases and retirement of common shares			(159,942)
Cash dividends declared			(39,159)
Dividends to noncontrolling interest			(3,916)
Balance as of February 28, 2018	1,073,987		1,073,987
Additional Paid-in Capital
Balance as of May 31, 2017			303,391
Common shares issued, net of withholding tax			(3,415)
Common shares in NQ plans			1,003
Stock-based compensation			11,203
Purchases and retirement of common shares			(16,311)
Balance as of February 28, 2018	295,871		295,871
Accumulated Other Comprehensive Loss, Net of Tax
Balance as of May 31, 2017			(27,775)
Other comprehensive income			25,821
Balance as of February 28, 2018	(1,954)		(1,954)
Retained Earnings
Balance as of May 31, 2017			676,019
Net earnings			164,025
Purchases and retirement of common shares			(143,631)
Cash dividends declared			(39,159)
Balance as of February 28, 2018	657,254		657,254
Parent
Balance as of May 31, 2017			951,635
Net earnings			164,025
Other comprehensive income			25,821
Common shares issued, net of withholding tax			(3,415)
Common shares in NQ plans			1,003
Stock-based compensation			11,203
Purchases and retirement of common shares			(159,942)
Cash dividends declared			(39,159)
Balance as of February 28, 2018	951,171		951,171
Noncontrolling Interest
Balance as of May 31, 2017			122,294
Net earnings			3,968
Other comprehensive income			470
Dividends to noncontrolling interest			(3,916)
Balance as of February 28, 2018	$ 122,816		$ 122,816

Changes in Equity - Summary o45

Changes in Equity - Summary of Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Feb. 28, 2018	Feb. 28, 2017	Feb. 28, 2018	Feb. 28, 2017
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance as of May 31, 2017				$ 1,073,929
Income taxes		$ 176	$ 460	349	$ (398)
Balance as of February 28, 2018		1,073,987		1,073,987
Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance as of May 31, 2017				(17,358)
Other comprehensive income before reclassifications				26,455
Balance as of February 28, 2018		9,097		9,097
Pension Liability Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance as of May 31, 2017				(14,819)
Other comprehensive income before reclassifications				230
Income taxes				15
Balance as of February 28, 2018		(14,574)		(14,574)
Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance as of May 31, 2017				4,402
Other comprehensive income before reclassifications				11,362
Reclassification adjustments to income	[1]			(12,575)
Income taxes				334
Balance as of February 28, 2018		3,523		3,523
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				38,047
Reclassification adjustments to income	[1]			(12,575)
Income taxes				349
Balance as of February 28, 2018		$ (1,954)		$ (1,954)
[1]	The statement of earnings classification of amounts reclassified to income for cash flow hedges is disclosed in "NOTE O - Derivative Instruments and Hedging Activities."

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) $ / shares in Units, $ in Thousands	9 Months Ended
	Feb. 28, 2018USD ($)$ / 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	170,750
Restricted common shares, fair value per share | $ / shares	$ 47.89
Pre-tax stock-based compensation | $	$ 7,399
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	54,300
Pre-tax stock-based compensation | $	$ 2,748

Stock-Based Compensation - Assu

Stock-Based Compensation - Assumptions To Value Stock Options (Detail) - Non-Qualified Stock Options	9 Months Ended
	Feb. 28, 2018
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) - USD ($) $ in Millions	3 Months Ended	9 Months Ended		12 Months Ended
	May 31, 2018	Feb. 28, 2018	Feb. 28, 2017	May 31, 2018
Income Taxes [Line Items]
Estimated annual effective income tax rate		10.30%	27.20%
U.S. corporate tax rate		35.00%
Provisional income tax benefit related to re-measurement of deferred tax assets and liabilities		$ 41.1
Provisional income tax benefit		$ 6.8
Scenario, Plan [Member]
Income Taxes [Line Items]
Estimated annual effective income tax rate				24.00%
U.S. corporate tax rate	29.20%			21.00%

Earnings Per Share - Computatio

Earnings Per Share - Computation of Basic and Diluted Earnings Per Share Attributable to Controlling Interest (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Feb. 28, 2018	Feb. 28, 2017
Numerator (basic & diluted):
Net earnings attributable to controlling interest -income available to common shareholders	$ 79,088	$ 35,889	$ 164,025	$ 148,021
Denominator:
Denominator for basic earnings per share attributable to controlling interest-weighted average common shares	60,383	62,750	61,451	62,325
Effect of dilutive securities	1,962	2,227	2,056	2,433
Denominator for diluted earnings per share attributable to controlling interest-adjusted weighted average common shares	62,345	64,977	63,507	64,758
Basic earnings per share attributable to controlling interest	$ 1.31	$ 0.57	$ 2.67	$ 2.37
Diluted earnings per share attributable to controlling interest	$ 1.27	$ 0.55	$ 2.58	$ 2.29

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - shares	3 Months Ended		9 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Feb. 28, 2018	Feb. 28, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from computation of diluted earnings per share	91,933	107,224	81,087	97,638

Segment Operations - Financial

Segment Operations - Financial Information for Reportable Segments (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Feb. 28, 2018	Feb. 28, 2017	May 31, 2017
Segment Reporting Information [Line Items]
Net sales	$ 841,657	$ 703,436	$ 2,561,160	$ 2,168,765
Operating income (loss)	42,763	34,320	137,047	142,262
Impairment of goodwill and long-lived assets			8,289
Restructuring and other expense (income), net	(3)	1,394	(7,393)	5,994
Total assets	2,614,736		2,614,736		$ 2,325,344
Steel Processing
Segment Reporting Information [Line Items]
Net sales	518,113	478,174	1,599,994	1,492,654
Operating income (loss)	31,125	26,026	105,127	116,256
Restructuring and other expense (income), net	(3)	212	(10,059)	1,496
Total assets	907,578		907,578		882,863
Pressure Cylinders
Segment Reporting Information [Line Items]
Net sales	295,506	198,433	866,179	598,303
Operating income (loss)	17,530	10,071	52,663	35,480
Impairment of goodwill and long-lived assets			964
Restructuring and other expense (income), net		1,056	2,365	3,165
Total assets	1,191,736		1,191,736		766,611
Engineered Cabs
Segment Reporting Information [Line Items]
Net sales	27,055	23,547	89,405	71,591
Operating income (loss)	(4,083)	(2,001)	(6,031)	(7,225)
Restructuring and other expense (income), net		169	(78)	1,379
Total assets	65,101		65,101		62,141
Other
Segment Reporting Information [Line Items]
Net sales	983	3,282	5,582	6,217
Operating income (loss)	(1,809)	224	(14,712)	(2,249)
Impairment of goodwill and long-lived assets			7,325
Restructuring and other expense (income), net		$ (43)	379	$ (46)
Total assets	$ 450,321		$ 450,321		$ 613,729

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) - AMTROL - USD ($) $ in Thousands	Jun. 02, 2017	Feb. 28, 2018	Feb. 28, 2018
Business Acquisition [Line Items]
Total consideration for acquired entity		$ 291,921	$ 291,921
Acquisition related costs	$ 3,568		1,568
Net sales		65,766	191,047
Operating income		$ 7,323	$ 11,151

Acquisitions - Schedule of Acqu

Acquisitions - Schedule of Acquisition of Identifiable Intangible Assets (Detail) - AMTROL $ in Thousands	9 Months Ended
	Feb. 28, 2018USD ($)
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

Acquisitions - Schedule of Cons

Acquisitions - Schedule of Consideration Transferred and the Priliminary Fair Value Assigned to Assets Acquired And Liabilities Assumed (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Feb. 28, 2018	Feb. 28, 2018	May 31, 2017
Estimated Fair Value of Assets Acquired and Liabilities Assumed:
Goodwill	$ 352,596	$ 352,596	$ 247,673
AMTROL
Estimated Fair Value of Assets Acquired and Liabilities Assumed:
Cash	6,893	6,893
Accounts receivable	40,212	40,212
Inventories	37,249	37,249
Prepaid expenses	981	981
Other assets	2,550	2,550
Intangible assets	166,000	166,000
Property, plant and equipment	52,870	52,870
Total assets	306,755	306,755
Accounts payable	25,945	25,945
Accrued liabilities	21,016	21,016
Long-term debt including current maturities	2,287	2,287
Other accrued items	3,993	3,993
Deferred income taxes, net	64,082	64,082
Net identifiable assets	189,432	189,432
Goodwill	102,489	102,489
Purchase price	291,921	291,921
AMTROL | Preliminary
Estimated Fair Value of Assets Acquired and Liabilities Assumed:
Cash	6,893	6,893
Accounts receivable	40,212	40,212
Inventories	37,249	37,249
Prepaid expenses	981	981
Other assets	2,550	2,550
Intangible assets	166,000	166,000
Property, plant and equipment	52,870	52,870
Total assets	306,755	306,755
Accounts payable	25,945	25,945
Accrued liabilities	21,016	21,016
Long-term debt including current maturities	2,287	2,287
Other accrued items	3,993	3,993
Deferred income taxes, net	64,495	64,495
Net identifiable assets	189,019	189,019
Goodwill	102,902	102,902
Purchase price		291,921
AMTROL | Measurement Period Adjustments
Estimated Fair Value of Assets Acquired and Liabilities Assumed:
Deferred income taxes, net	(413)	(413)
Net identifiable assets	413	413
Goodwill	$ (413)	$ (413)

Acquisitions - Summary of Unaud

Acquisitions - Summary of Unaudited Pro forma Results (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Feb. 28, 2018	Feb. 28, 2017
Business Acquisition [Line Items]
Net sales	$ 841,657	$ 762,956	$ 2,561,160	$ 2,350,152
Net earnings attributable to controlling interest	$ 79,087	$ 39,090	$ 168,269	$ 156,916
Diluted earnings per share attributable to controlling interest	$ 1.27	$ 0.60	$ 2.65	$ 2.42

Derivative Instruments and He56

Derivative Instruments and Hedging Activities - Schedule of Fair Value of Derivative Instruments (Detail) - USD ($) $ in Thousands	Feb. 28, 2018	May 31, 2017
Derivative [Line Items]
Asset Derivatives at Fair Value	$ 8,491	$ 8,326
Liability Derivatives at Fair Value	1,215	1,142
Derivatives Designated As Hedging Instruments
Derivative [Line Items]
Asset Derivatives at Fair Value	4,908	7,154
Liability Derivatives at Fair Value	244	571
Derivatives Designated As Hedging Instruments | Commodity Contracts
Derivative [Line Items]
Asset Derivatives at Fair Value	4,908	7,154
Liability Derivatives at Fair Value		270
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 | Receivables
Derivative [Line Items]
Asset Derivatives at Fair Value	4,880	7,148
Derivatives Designated As Hedging Instruments | Commodity Contracts | Other Assets
Derivative [Line Items]
Asset Derivatives at Fair Value	28	6
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	244	301
Derivatives Designated As Hedging Instruments | Interest Rate Contracts | Other Liabilities
Derivative [Line Items]
Liability Derivatives at Fair Value	4	160
Derivatives Designated As Hedging Instruments | Interest Rate Contracts | Accounts Payable
Derivative [Line Items]
Liability Derivatives at Fair Value	240	141
Derivatives Not Designated As Hedging Instruments
Derivative [Line Items]
Asset Derivatives at Fair Value	3,583	1,172
Liability Derivatives at Fair Value	971	571
Derivatives Not Designated As Hedging Instruments | Commodity Contracts
Derivative [Line Items]
Asset Derivatives at Fair Value	3,583	1,110
Liability Derivatives at Fair Value	940	571
Derivatives Not Designated As Hedging Instruments | Commodity Contracts | Other Liabilities
Derivative [Line Items]
Liability Derivatives at Fair Value	103	1
Derivatives Not Designated As Hedging Instruments | Commodity Contracts | Receivables
Derivative [Line Items]
Asset Derivatives at Fair Value	3,410	1,110
Derivatives Not Designated As Hedging Instruments | Commodity Contracts | Other Assets
Derivative [Line Items]
Asset Derivatives at Fair Value	173
Derivatives Not Designated As Hedging Instruments | Commodity Contracts | Accounts Payable
Derivative [Line Items]
Liability Derivatives at Fair Value	837	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	$ 31

Derivative Instruments and He57

Derivative Instruments and Hedging Activities - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Feb. 28, 2018	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	$ 858	$ 100
Losses in accumulated other comprehensive income expected to be reclassified into net earnings	3,530
Losses in accumulated other comprehensive income expected to be reclassified into net earnings, tax	$ 1,513

Derivative Instruments and He58

Derivative Instruments and Hedging Activities - Schedule of Summary of Derivative Hedges (Detail) $ in Thousands	9 Months Ended
	Feb. 28, 2018USD ($)
Commodity Contracts | Derivatives Not Designated As Hedging Instruments
Derivative [Line Items]
Notional Amount	$ 23,920
Commodity Contracts | Derivatives Not Designated As Hedging Instruments | Minimum
Derivative [Line Items]
Maturity Date	2018-03
Commodity Contracts | Derivatives Not Designated As Hedging Instruments | Maximum
Derivative [Line Items]
Maturity Date	2019-12
Foreign Currency Contracts | Derivatives Not Designated As Hedging Instruments
Derivative [Line Items]
Notional Amount	$ 4,687
Foreign Currency Contracts | Derivatives Not Designated As Hedging Instruments | Minimum
Derivative [Line Items]
Maturity Date	2018-03
Foreign Currency Contracts | Derivatives Not Designated As Hedging Instruments | Maximum
Derivative [Line Items]
Maturity Date	2018-06
Cash Flow Hedges | Commodity Contracts
Derivative [Line Items]
Notional Amount	$ 22,473
Cash Flow Hedges | Commodity Contracts | Minimum
Derivative [Line Items]
Maturity Date	2018-03
Cash Flow Hedges | Commodity Contracts | Maximum
Derivative [Line Items]
Maturity Date	2019-06
Cash Flow Hedges | Interest Rate Contracts
Derivative [Line Items]
Notional Amount	$ 18,656
Maturity Date	2019-09

Derivative Instruments and He59

Derivative Instruments and Hedging Activities - Schedule of Derivatives Designated as Cash Flow Hedging Instruments (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Feb. 28, 2018	Feb. 28, 2017
Derivative [Line Items]
Gain Recognized in OCI (Effective Portion)	$ 2,450	$ 2,062	$ 11,362	$ 10,112
Gain (Loss) Reclassified from Accumulated OCI (Effective Portion)	3,161	3,361	12,575	8,276
Commodity Contracts
Derivative [Line Items]
Gain Recognized in OCI (Effective Portion)	2,429	2,037	8,243	9,963
Commodity Contracts | Cost of Goods Sold
Derivative [Line Items]
Gain (Loss) Reclassified from Accumulated OCI (Effective Portion)	3,195	3,397	13,000	8,882
Interest Rate Contracts
Derivative [Line Items]
Gain Recognized in OCI (Effective Portion)	21	25	3,119	149
Interest Rate Contracts | Interest Expense
Derivative [Line Items]
Gain (Loss) Reclassified from Accumulated OCI (Effective Portion)	$ (34)	$ (36)	$ (425)	$ (606)

Derivative Instruments and He60

Derivative Instruments and Hedging Activities - Schedule of Gain (Loss) Recognized in Earnings for Economic (Non-Designated) Derivative Financial Instruments (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Feb. 28, 2018	Feb. 28, 2017
Derivative [Line Items]
Gain (Loss) Recognized in Earnings	$ 1,819	$ 86	$ 3,878	$ 4,332
Commodity Contracts | Cost of Goods Sold
Derivative [Line Items]
Gain (Loss) Recognized in Earnings	1,787	258	4,035	5,169
Foreign Currency Contracts | Miscellaneous Income, Net
Derivative [Line Items]
Gain (Loss) Recognized in Earnings	$ 32	$ (172)	$ (157)	$ (837)

Fair Value - Schedule of Assets

Fair Value - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands		Feb. 28, 2018	May 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets		$ 849	$ 8,326
Liabilities		1,825	1,727
Derivative Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	[1]	849	8,326
Liabilities	[1]	1,215	1,142
Contingent consideration obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	[2]	610	585
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets		849	8,326
Liabilities		1,215	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]	849	8,326
Liabilities	[1]	1,215	1,142
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities		610	585
Significant Unobservable Inputs (Level 3) | Contingent consideration obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	[2]	$ 610	$ 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 O - 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) - USD ($)	3 Months Ended	9 Months Ended
	Nov. 30, 2017	Feb. 28, 2018	May 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of long-lived assets		$ 8,289,000
Asset measured at fair value on non-recurring basis		0	$ 0
Liabilities measured at fair value on non-recurring basis		0	0
WEI Reporting Unit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of long-lived assets	$ 7,325,000
Asset measured at fair value on non-recurring basis	0
Bremen, Ohio
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of long-lived assets	964,000
Asset measured at fair value on non-recurring basis	$ 100,000
Long-term Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt at fair value including current maturities		799,636,000	618,059,000
Long-term debt at carrying amount including current maturities		$ 781,863,000	$ 578,487,000

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail)	Mar. 31, 2018
WEI | Joint Venture Transactions
Subsequent Event [Line Items]
Ownership percentage	10.00%