Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Aug. 31, 2018 | Sep. 30, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Aug. 31, 2018 | |
Document Fiscal Year Focus | 2,019 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | WOR | |
Entity Registrant Name | WORTHINGTON INDUSTRIES INC | |
Entity Central Index Key | 108,516 | |
Current Fiscal Year End Date | --05-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 59,165,664 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Aug. 31, 2018 | May 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 96,843 | $ 121,967 |
Receivables, less allowances of $622 and $632 at August 31, 2018 and May 31, 2018, respectively | 564,612 | 572,689 |
Inventories: | ||
Raw materials | 270,126 | 237,471 |
Work in process | 120,722 | 122,977 |
Finished products | 103,268 | 93,579 |
Total inventories | 494,116 | 454,027 |
Income taxes receivable | 6,349 | 1,650 |
Assets held for sale | 7,655 | 30,655 |
Prepaid expenses and other current assets | 60,846 | 60,134 |
Total current assets | 1,230,421 | 1,241,122 |
Investments in unconsolidated affiliates | 221,144 | 216,010 |
Goodwill | 344,467 | 345,183 |
Other intangible assets, net of accumulated amortization of $79,077 and $74,922 at August 31, 2018 and May 31, 2018, respectively | 209,602 | 214,026 |
Other assets | 20,478 | 20,476 |
Property, plant and equipment: | ||
Land | 24,193 | 24,229 |
Buildings and improvements | 302,153 | 300,542 |
Machinery and equipment | 1,040,410 | 1,030,720 |
Construction in progress | 39,463 | 32,282 |
Total property, plant and equipment | 1,406,219 | 1,387,773 |
Less: accumulated depreciation | 822,156 | 802,803 |
Total property, plant and equipment, net | 584,063 | 584,970 |
Total assets | 2,610,175 | 2,621,787 |
Current liabilities: | ||
Accounts payable | 478,205 | 473,485 |
Accrued compensation, contributions to employee benefit plans and related taxes | 66,055 | 96,487 |
Dividends payable | 14,584 | 13,731 |
Other accrued items | 59,383 | 57,125 |
Income taxes payable | 2,042 | 4,593 |
Current maturities of long-term debt | 1,327 | 1,474 |
Total current liabilities | 621,596 | 646,895 |
Other liabilities | 71,225 | 74,237 |
Distributions in excess of investment in unconsolidated affiliate | 52,133 | 55,198 |
Long-term debt | 748,731 | 748,894 |
Deferred income taxes, net | 79,116 | 60,188 |
Total liabilities | 1,572,801 | 1,585,412 |
Shareholders' equity - controlling interest | 919,519 | 918,769 |
Noncontrolling interests | 117,855 | 117,606 |
Total equity | 1,037,374 | 1,036,375 |
Total liabilities and equity | $ 2,610,175 | $ 2,621,787 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Aug. 31, 2018 | May 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Receivables, allowances | $ 622 | $ 632 |
Other intangible assets, accumulated amortization | $ 79,077 | $ 74,922 |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Aug. 31, 2018 | Aug. 31, 2017 | |
Income Statement [Abstract] | ||
Net sales | $ 988,107 | $ 848,237 |
Cost of goods sold | 845,110 | 715,459 |
Gross margin | 142,997 | 132,778 |
Selling, general and administrative expense | 90,641 | 88,249 |
Impairment of long-lived assets | 2,381 | |
Restructuring and other expense (income), net | (936) | 2,304 |
Operating income | 50,911 | 42,225 |
Other income (expense): | ||
Miscellaneous income, net | 265 | 348 |
Interest expense | (9,728) | (8,807) |
Equity in net income of unconsolidated affiliates | 30,008 | 27,306 |
Earnings before income taxes | 71,456 | 61,072 |
Income tax expense | 14,498 | 12,998 |
Net earnings | 56,958 | 48,074 |
Net earnings attributable to noncontrolling interests | 2,016 | 2,540 |
Net earnings attributable to controlling interest | $ 54,942 | $ 45,534 |
Basic | ||
Average common shares outstanding | 58,731 | 62,444 |
Earnings per share attributable to controlling interest | $ 0.94 | $ 0.73 |
Diluted | ||
Average common shares outstanding | 60,621 | 64,590 |
Earnings per share attributable to controlling interest | $ 0.91 | $ 0.70 |
Common shares outstanding at end of period | 58,389 | 62,144 |
Cash dividends declared per share | $ 0.23 | $ 0.21 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Aug. 31, 2018 | Aug. 31, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net earnings | $ 56,958 | $ 48,074 |
Other comprehensive income (loss): | ||
Foreign currency translation | (3,695) | 15,872 |
Pension liability adjustment, net of tax | (97) | (6) |
Cash flow hedges, net of tax | (1,970) | 1,887 |
Other comprehensive income (loss) | (5,762) | 17,753 |
Comprehensive income | 51,196 | 65,827 |
Comprehensive income attributable to noncontrolling interests | 1,999 | 2,979 |
Comprehensive income attributable to controlling interest | $ 49,197 | $ 62,848 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Aug. 31, 2018 | Aug. 31, 2017 | |
Operating activities: | ||
Net earnings | $ 56,958 | $ 48,074 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 24,493 | 25,365 |
Impairment of long-lived assets | 2,381 | |
Provision for deferred income taxes | 18,934 | 7,934 |
Bad debt (income) expense | 221 | (62) |
Equity in net income of unconsolidated affiliates, net of distributions | (10,019) | (7,755) |
Net loss on assets | 2,715 | 1,425 |
Stock-based compensation | 3,156 | 3,407 |
Changes in assets and liabilities, net of impact of acquisitions: | ||
Receivables | 13,409 | 62,678 |
Inventories | (43,337) | (34,696) |
Prepaid expenses and other current assets | (8,419) | 1,143 |
Other assets | (66) | (350) |
Accounts payable and accrued expenses | (28,785) | (26,791) |
Other liabilities | (1,196) | 2,983 |
Net cash provided by operating activities | 30,445 | 83,355 |
Investing activities: | ||
Investment in property, plant and equipment | (19,434) | (18,013) |
Acquisitions, net of cash acquired | (284,505) | |
Proceeds from sale of assets | 20,277 | 427 |
Net cash provided (used) by investing activities | 843 | (302,091) |
Financing activities: | ||
Net proceeds from short-term borrowings, net of issuance costs | 298 | |
Proceeds from long-term debt, net of issuance costs | 198,279 | |
Principal payments on long-term debt | (430) | (219) |
Payments for issuance of common shares, net of tax withholdings | (4,091) | (3,274) |
Payments to noncontrolling interests | (2,320) | (720) |
Repurchase of common shares | (36,852) | (45,076) |
Dividends paid | (12,719) | (12,778) |
Net cash provided (used) by financing activities | (56,412) | 136,510 |
Decrease in cash and cash equivalents | (25,124) | (82,226) |
Cash and cash equivalents at beginning of period | 121,967 | 278,081 |
Cash and cash equivalents at end of period | $ 96,843 | $ 195,855 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Aug. 31, 2018 | |
Accounting Policies [Abstract] | |
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 three joint ventures: Spartan Steel Coating, LLC (“Spartan”) (52%), TWB Company, L.L.C. (“TWB”) (55%), 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 (“OCI”) shown as net earnings or comprehensive income attributable to noncontrolling interests in our consolidated statements of earnings and consolidated statements of comprehensive income, respectively. These unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the United States Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments, which are of a normal and recurring nature except those which have been disclosed elsewhere in this Quarterly Report on Form 10-Q, necessary for a fair presentation of the consolidated financial statements for these interim periods, have been included August 31, 2018 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 On June 1, 2018, the Company adopted new accounting guidance that replaces most existing revenue recognition guidance under U.S. GAAP. See “NOTE B – Revenue Recognition” for further explanation related to this adoption, including newly required disclosures. Recently Issued Accounting Standards 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. In July 2018, the FASB issued additional accounting standard updates clarifying certain provisions, as well as providing for a second transition method allowing entities to initially apply the standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance sheet of retained earnings. We are in the process of evaluating the effect this guidance will have on our consolidated In June 2016, amended accounting guidance was issued related to the measurement of credit losses on financial instruments. The amended guidance changes the impairment model for most financial assets to require measurement and recognition of expected credit losses for financial assets held. The amended guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. We are in the process of evaluating the effect this guidance will have on our consolidated 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. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Aug. 31, 2018 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | NOTE B – Revenue Recognition Through the fiscal year ended May 31, 2018, in accordance with the Company’s historical accounting policies for revenue recognition, the Company recognized revenue upon transfer of title and risk of loss, or in the case of toll processing revenue, upon delivery of the goods, provided persuasive evidence of an arrangement existed, pricing was fixed or determinable and collectability was reasonably assured. We provided, through charges to net sales, for returns and allowances based on experience and current customer activities. We also provided, through charges to net sales, for customer rebates and sales discounts based on specific agreements and recent and anticipated levels of customer activity. On June 1, 2018, the Company adopted new accounting guidance that replaces most existing revenue recognition guidance under U.S. GAAP, Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606) The following table outlines the cumulative effect of adopting the new revenue guidance: (in thousands) May 31, 2018 (As Reported) Cumulative Effect of Topic 606 Adoption June 1, 2018 (As Adjusted) Consolidated Balance Sheet caption Receivables $ 572,689 $ 4,706 $ 577,395 Total inventories 454,027 (3,452 ) 450,575 Prepaid expenses and other current assets 60,134 944 61,078 Deferred income taxes, net 60,188 454 60,642 Retained earnings 637,757 1,174 638,931 Noncontrolling interests 117,606 570 118,176 Under the new guidance, the Company recognizes revenue upon transfer of control of promised goods or services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those goods or services, including any variable consideration. Under the new revenue guidance, the Company applies the following five step approach: (1) identify the contract with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract and (5) recognize revenue when a performance obligation is satisfied. Shipping and handling costs charged to customers are treated as fulfillment activities and are recorded in both net sales and cost of goods sold at the time control is transferred to the customer. Due to the short term nature of our contracts with customers, we have elected to apply the practical expedients under Topic 606 to: (1) expense as incurred, incremental costs of obtaining a contract and (2) not adjust the consideration for the effects of a significant financing component for contracts with an original expected duration of one year or less. When the Company satisfies (or partially satisfies) a performance obligation, prior to being able to invoice the customer, we recognize an unbilled receivable when the right to consideration is unconditional and a contract asset when the right to consideration is conditional. Unbilled receivables and contract assets are included in receivables and prepaid and other current assets, respectively, on the consolidated balance sheets. Additionally, we do not maintain contract liability balances, as performance obligations are satisfied prior to customer payment for product. Payments from customers are generally due within 30 to 60 days of invoicing, which generally occurs upon shipment or delivery of the goods. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Company from a customer, are excluded from revenue. The Company includes a warranty in connection with certain contracts with customers, which are not considered to be separate performance obligations. The Company provides its customers with a manufacturer’s warranty and records, at the time of the sale, a corresponding estimated liability for potential warranty costs. With the exception of the toll processing and oil & gas equipment revenue streams, the Company recognizes revenue at the point in time the performance obligation is satisfied and control of the product is transferred to the customer upon shipment or delivery. Generally, the Company receives and acknowledges purchase orders from its customers, which define the quantity, pricing, payment and other applicable terms and conditions. In some cases, the Company receives a blanket purchase order from its customers, which includes pricing, payment and other terms and conditions, with quantities defined at the time each customer subsequently issues periodic releases against the blanket purchase order. For the toll processing and oil & gas equipment revenue streams, the Company recognizes revenue over time. Revenue is primarily measured using the cost-to-cost method, which the Company believes best depicts the transfer of control to the customer. Under the cost-to-cost method, the extent of progress towards completion is measured based on the ratio of actual costs incurred to the total estimated costs expected upon satisfying the identified performance obligation. Revenues are recorded proportionally as costs are incurred. Under Topic 606, the Company has elected to not disclose the value of unsatisfied performance obligations for contracts with an original expected duration of one year or less. Certain contracts contain variable consideration, which is not constrained, and primarily include estimated sales returns, customer rebates, and sales discounts which are recorded on an expected value basis. These estimates are based on historical returns, analysis of credit memo data and other known factors. The Company accounts for rebates by recording reductions to revenue for rebates in the same period the related revenue is recorded. The amount of these reductions is based upon the terms agreed to with the customer. The Company does not exercise significant judgments in determining the timing of satisfaction of performance obligations or the transaction price. The following table summarizes net sales disaggregated by product class and timing of revenue recognition for the period presented: (in thousands) Reportable Segments Three months ended August 31, 2018 Steel Processing Pressure Cylinders Engineered Cabs Other Total Product class: Steel Processing Direct $ 626,862 $ - $ - $ - $ 626,862 Toll 33,625 - - - 33,625 Pressure Cylinders Industrial products - 152,847 - - 152,847 Consumer products - 116,823 - - 116,823 Oil & gas equipment - 30,683 - - 30,683 Engineered Cabs - - 27,252 - 27,252 Other - - - 15 15 Total $ 660,487 $ 300,353 $ 27,252 $ 15 $ 988,107 Timing of revenue recognition: Goods transferred at a point in time $ 626,862 $ 289,034 $ 27,252 $ 15 $ 943,163 Goods and services transferred over time 33,625 11,319 - - 44,944 Total $ 660,487 $ 300,353 $ 27,252 $ 15 $ 988,107 The following tables summarize the impacts of adopting Topic 606 on the Company’s consolidated financial statements as of and for the period ended August 31, 2018 as if the Company continued to follow its accounting policies under the previous revenue recognition guidance. August 31, 2018 (in thousands) As Currently Reported Topic 606 Adjustments Balances Without Adoption of Topic 606 Consolidated Balance Sheet Assets Receivables $ 564,612 $ (4,690 ) $ 559,922 Total inventories 494,116 4,056 498,172 Prepaid expenses and other current assets 60,846 (1,823 ) 59,023 Liabilities and Equity Deferred income taxes, net 79,116 (450 ) 78,666 Shareholders' equity - controlling interest 919,519 (1,413 ) 918,106 Noncontrolling interests 117,855 (594 ) 117,261 Three months ended August 31, 2018 (in thousands) As Currently Reported Topic 606 Adjustments Balances Without Adoption of Topic 606 Consolidated Statement of Earnings Net sales $ 988,107 $ (863 ) $ 987,244 Cost of goods sold 845,110 604 845,714 Income tax expense 14,498 (4 ) 14,494 Net earnings 56,958 (263 ) 56,695 Net earnings attributable to noncontrolling interests 2,016 (24 ) 1,992 Net earnings attributable to controlling interest 54,942 (239 ) 54,703 |
Investments in Unconsolidated A
Investments in Unconsolidated Affiliates | 3 Months Ended |
Aug. 31, 2018 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Investments in Unconsolidated Affiliates | NOTE C – 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 Worthington”) (50%), Worthington Armstrong Venture (“WAVE”) (50%), and Zhejiang Nisshin Worthington Precision Specialty Steel Co., Ltd. (10%). We received distributions from unconsolidated affiliates totaling $19,989,000 during the three months ended August 31, 2018 August 31, 2018 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: August 31, May 31, (in thousands) 2018 2018 Cash $ 43,004 $ 52,812 Other current assets 717,270 590,578 Current assets for discontinued operations 37,474 37,640 Noncurrent assets 365,396 358,927 Total assets $ 1,163,144 $ 1,039,957 Current liabilities 244,831 166,493 Current liabilities for discontinued operations 8,243 7,142 Short-term borrowings 36,215 26,599 Current maturities of long-term debt 43,131 23,243 Long-term debt 261,348 259,588 Other noncurrent liabilities 17,541 17,536 Equity 551,835 539,356 Total liabilities and equity $ 1,163,144 $ 1,039,957 Three Months Ended August 31, (in thousands) 2018 2017 Net sales $ 498,545 $ 442,624 Gross margin 103,812 86,235 Operating income 72,376 57,163 Depreciation and amortization 6,477 7,193 Interest expense 2,925 2,492 Income tax expense 4,525 1,348 Net earnings from continuing operations 64,894 51,061 Net earnings from discontinued operations 1,684 1,413 Net earnings 66,578 52,474 The amounts presented within the discontinued operations captions in the tables above reflect the international operations of our WAVE joint venture, which are being sold as part of a broader transaction between the joint venture partner, Armstrong World Industries, Inc. (“AWI”), and Knauf Group, a family-owned manufacturer of building materials headquartered in Germany. WAVE’s portion of the total sales proceeds is expected to be approximately $90,000,000. The transaction is subject to regulatory approvals and other customary closing conditions. During the current quarter, the parties agreed to extend the date by which certain competition clearance conditions were to be satisfied per the original purchase agreement. In exchange, Knauf Group irrevocably agreed to fund the purchase price which was received by AWI in two distributions, the first on August 1, 2018, and the balance on September 15, 2018. Despite the realization of the sales proceeds, there has been no change in the parent-subsidiary relationship and therefore, no change in control. As a result, WAVE’s balance sheet at August 31, 2018, includes a $70,000,000 receivable within current assets for its portion of the proceeds received by AWI prior to quarter end, with an offsetting current liability for deferred proceeds. This $70,000,000 was received by WAVE in September 2018 and subsequently distributed to the joint venture partners in equal amounts. |
Impairment of Long-Lived Assets
Impairment of Long-Lived Assets | 3 Months Ended |
Aug. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Impairment of Long-Lived Assets | NOTE D – Impairment of Long-Lived Assets As a result of changes in the facts and circumstances related to the planned sale of the Company’s cryogenics business in Turkey, Worthington Aritas, the Company lowered its estimate of fair value less cost to sell to $7,000,000 resulting in an impairment charge of $2,381,000 during the three months ended August 31, 2018. Fair value was determined using observable (Level 2) inputs. |
Restructuring and Other Expense
Restructuring and Other Expense (Income), net | 3 Months Ended |
Aug. 31, 2018 | |
Restructuring And Related Activities [Abstract] | |
Restructuring and Other Expense (Income), Net | NOTE E – Restructuring and Other Expense (Income), net 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 income, net financial statement caption, in our consolidated statement of earnings is summarized below for the period presented: Balance, as of Expense Balance, as of (in thousands) May 31, 2018 (income) Payments Adjustments August 31, 2018 Early retirement and severance $ 1,116 $ 904 $ (658 ) $ 2 $ 1,364 Facility exit and other costs - 122 - 10 132 $ 1,116 1,026 $ (658 ) $ 12 $ 1,496 Net gain on sale of assets (1,962 ) Restructuring and other income, net $ (936 ) Severance and facility exit costs in the table above resulted primarily from activities related to the ongoing consolidation of the Company’s industrial gas operations in Portugal following the acquisition of AMTROL in the prior year. During the three |
Contingent Liabilities and Comm
Contingent Liabilities and Commitments | 3 Months Ended |
Aug. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Contingent Liabilities and Commitments | NOTE F – Contingent Liabilities and Commitments We are defendants in certain legal actions. In the opinion of management, the outcome of these actions, which is not clearly determinable at the present time, would not significantly affect our consolidated financial position or future results of operations. We also believe that environmental issues will not have a material effect on our capital expenditures, consolidated financial position or future results of operations. |
Guarantees
Guarantees | 3 Months Ended |
Aug. 31, 2018 | |
Guarantees And Product Warranties [Abstract] | |
Guarantees | NOTE G – Guarantees We do not have guarantees that we believe are reasonably likely to have a material current or future effect on our consolidated financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources. However, as of August 31, 2018 August 31, 2018 We also had in place $13,912,000 of outstanding stand-by letters of credit issued to third-party service providers at August 31, 2018. No amounts were drawn against them at August 31, 2018. |
Debt and Receivables Securitiza
Debt and Receivables Securitization | 3 Months Ended |
Aug. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt and Receivables Securitization | NOTE H – Debt and Receivables Securitization 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 have maturities of up to one year. 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 . As discussed in “ we provided $13,912,000 in letters of credit for third-party beneficiaries as of . While not drawn against at , $12,800,000 of these letters of credit were issued against availability under the Credit Facility, leaving $487,200,000 available at . We also maintain a $50,000,000 revolving trade accounts receivable securitization facility (the “AR Facility”) which matures in January 2019. 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 August 31, 2018, no undivided ownership interests in this pool of accounts receivable had been sold. |
Other Comprehensive Income
Other Comprehensive Income | 3 Months Ended |
Aug. 31, 2018 | |
Equity [Abstract] | |
Other Comprehensive Income | NOTE I – Other Comprehensive Income The following table summarizes the tax effects on each component of OCI for the three months ended August 31: Three months ended August 31, 2018 2017 Before-Tax Tax Net-of-Tax Before-Tax Tax Net-of-Tax (in thousands) Foreign currency translation $ (3,695 ) $ - $ (3,695 ) $ 15,872 $ - $ 15,872 Pension liability adjustment - (97 ) (97 ) - (6 ) (6 ) Cash flow hedges (2,527 ) 557 (1,970 ) 2,993 (1,106 ) 1,887 Other comprehensive income (loss) $ (6,222 ) $ 460 $ (5,762 ) $ 18,865 $ (1,112 ) $ 17,753 |
Changes in Equity
Changes in Equity | 3 Months Ended |
Aug. 31, 2018 | |
Equity [Abstract] | |
Changes in Equity | NOTE J – Changes in Equity The following table summarizes the changes in equity by component and in total for the period presented: Controlling Interest Accumulated Other Additional Comprehensive Non- Paid-in Loss, Retained controlling (in thousands) Capital Net of Tax Earnings Total Interests Total Balance at May 31, 2018 $ 295,592 $ (14,580 ) $ 637,757 $ 918,769 $ 117,606 $ 1,036,375 Net earnings - - 54,942 54,942 2,016 56,958 Other comprehensive loss - (5,745 ) - (5,745 ) (17 ) (5,762 ) Common shares issued, net of withholding tax (4,091 ) - - (4,091 ) - (4,091 ) Common shares in NQ plans 152 - - 152 - 152 Stock-based compensation 4,838 - - 4,838 - 4,838 ASC 606 transition adjustment - - 1,174 1,174 570 1,744 Purchases and retirement of common shares (4,003 ) - (32,849 ) (36,852 ) - (36,852 ) Cash dividends declared - - (13,668 ) (13,668 ) - (13,668 ) Dividends to noncontrolling interest - - - - (2,320 ) (2,320 ) Balance at August 31, 2018 $ 292,488 $ (20,325 ) $ 647,356 $ 919,519 $ 117,855 $ 1,037,374 On September 27, 2017, the Board of Directors of Worthington Industries, Inc. authorized the repurchase of up to 6,828,855 of the outstanding common shares of Worthington Industries, Inc. The total number of common shares available for repurchase at August 31, 2018 was 5,700,000. The following table summarizes the changes in accumulated other comprehensive loss for the period presented: Accumulated Foreign Pension Other Currency Liability Cash Flow Comprehensive Translation Adjustment Hedges Loss (in thousands) Balance as of May 31, 2018 $ (4,987 ) $ (16,071 ) $ 6,478 $ (14,580 ) Other comprehensive loss before reclassifications (3,678 ) - (31 ) (3,709 ) Reclassification adjustments to income (a) - - (2,496 ) (2,496 ) Income taxes - (97 ) 557 460 Balance as of August 31, 2018 $ (8,665 ) $ (16,168 ) $ 4,508 $ (20,325 ) (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 | 3 Months Ended |
Aug. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | NOTE K – Stock-Based Compensation Non-Qualified Stock Options During the three Dividend yield 2.01 % Expected volatility 33.04 % Risk-free interest rate 2.77 % 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 U.S. Treasury strip rate for the expected term of the stock options. The expected term was developed using historical exercise experience. Service-Based Restricted Common Shares During the three months ended August 31, 2018 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, 2019, 2020 and 2021. 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 stock-based compensation expense is based on our periodic assessment of the probability of the targets being achieved and our estimate of the number of common shares that will ultimately be issued. During the three |
Income Taxes
Income Taxes | 3 Months Ended |
Aug. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE L – Income Taxes Income tax expense for the three |
Earnings per Share
Earnings per Share | 3 Months Ended |
Aug. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings per Share | NOTE M – 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 August 31, (in thousands, except per share amounts) 2018 2017 Numerator (basic & diluted): Net earnings attributable to controlling interest - income available to common shareholders $ 54,942 $ 45,534 Denominator: Denominator for basic earnings per share attributable to controlling interest - weighted average common shares 58,731 62,444 Effect of dilutive securities 1,890 2,146 Denominator for diluted earnings per share attributable to controlling interest - adjusted weighted average common shares 60,621 64,590 Basic earnings per share attributable to controlling interest $ 0.94 $ 0.73 Diluted earnings per share attributable to controlling interest $ 0.91 $ 0.70 Stock options covering 148,004 common shares have been excluded from the computation of diluted earnings per share for the three months ended August 31, 2018 because the effect of their inclusion would have been “anti-dilutive” for the period. |
Segment Operations
Segment Operations | 3 Months Ended |
Aug. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Operations | NOTE N – Segment Operations The following table presents summarized financial information for our reportable segments as of, and for the periods presented: Three Months Ended August 31, (in thousands) 2018 2017 Net sales Steel Processing $ 660,487 $ 543,491 Pressure Cylinders 300,353 269,811 Engineered Cabs 27,252 31,946 Other 15 2,989 Total net sales $ 988,107 $ 848,237 Operating income (loss) Steel Processing $ 39,660 $ 32,872 Pressure Cylinders 14,733 10,458 Engineered Cabs (4,311 ) (361 ) Other 829 (744 ) Total operating income $ 50,911 $ 42,225 Impairment of long-lived assets Steel Processing $ - $ - Pressure Cylinders 2,381 - Engineered Cabs - - Other - - Total impairment of long-lived assets $ 2,381 $ - Restructuring and other expense (income), net Steel Processing $ (9 ) $ 279 Pressure Cylinders (927 ) 1,877 Engineered Cabs - 4 Other - 144 Total restructuring and other expense (income), net $ (936 ) $ 2,304 August 31, May 31, (in thousands) 2018 2018 Total assets Steel Processing $ 1,029,852 $ 999,238 Pressure Cylinders 1,131,120 1,147,268 Engineered Cabs 64,333 66,456 Other 384,870 408,825 Total assets $ 2,610,175 $ 2,621,787 |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 3 Months Ended |
Aug. 31, 2018 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
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 lines in which they were recorded in the consolidated balance sheet at August 31, 2018 Asset Derivatives Liability Derivatives Balance Balance Sheet Fair Sheet Fair (in thousands) Location Value Location Value Derivatives designated as hedging instruments: Commodity contracts Receivables $ 3,133 Accounts payable $ 179 Other assets - Other liabilities 36 Totals $ 3,133 $ 215 Derivatives not designated as hedging instruments: Commodity contracts Receivables $ 1,789 Accounts payable $ 916 Other assets 217 Other liabilities 438 2,006 1,354 Foreign exchange contracts Receivables 5 Accounts payable - Totals $ 2,011 $ 1,354 Total derivative instruments $ 5,144 $ 1,569 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 $1,392,000 increase in receivables with a corresponding increase in accounts payable. The following table summarizes the fair value of our derivative instruments and the respective lines in which they were recorded in the consolidated balance sheet at May 31, 2018 Asset Derivatives Liability Derivatives Balance Balance Sheet Fair Sheet Fair (in thousands) Location Value Location Value Derivatives designated as hedging instruments: Commodity contracts Receivables $ 6,385 Accounts payable $ - Other assets 68 Other liabilities - Totals $ 6,453 $ - Derivatives not designated as hedging instruments: Commodity contracts Receivables $ 4,749 Accounts payable $ 613 Other assets 221 Other liabilities 158 4,970 771 Foreign exchange contracts Receivables - Accounts payable 75 Totals $ 4,970 $ 846 Total derivative instruments $ 11,423 $ 846 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 $351,000 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 AOCI and reclassified into earnings in the same line associated with the forecasted transaction and in the same period during which the hedged transaction affects earnings. The ineffective portion of the gain or loss on the derivative instrument is recognized in earnings immediately. The following table summarizes our cash flow hedges outstanding at August 31, 2018 Notional (in thousands) Amount Maturity Date Commodity contracts $ 12,181 September 2018 - September 2019 The following table summarizes the gain (loss) recognized in OCI and the gain (loss) reclassified from AOCI into earnings for derivative instruments designated as cash flow hedges for the periods presented: Location of Location of Gain Gain Gain (Loss) Gain (Loss) (Ineffective (Ineffective Gain (Loss) Reclassified Reclassified Portion) Portion) Recognized from from and Excluded and Excluded in OCI AOCI AOCI from from (Effective (Effective (Effective Effectiveness Effectiveness (in thousands) Portion) Portion) Portion) Testing Testing For the three months ended August 31, 2018: Commodity contracts $ (31 ) Cost of goods sold $ 2,543 Cost of goods sold $ - Interest rate contracts - Interest expense (47 ) Interest expense - Totals $ (31 ) $ 2,496 $ - For the three months ended August 31, 2017: Commodity contracts $ 3,734 Cost of goods sold $ 4,168 Cost of goods sold $ - Interest rate contracts 3,064 Interest expense (363 ) Interest expense - Totals $ 6,798 $ 3,805 $ - The estimated net amount of the losses recognized in AOCI at August 31, 2018 August 31, 2018 May 31, 2019 Economic (Non-designated) Hedges 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) derivative instruments outstanding at August 31, 2018 Notional (in thousands) Amount Maturity Date(s) Commodity contracts $ 27,961 September 2018 - February 2020 Foreign exchange contracts 6,647 September 2018 - May 2019 The following table summarizes the gain (loss) recognized in earnings for economic (non-designated) derivative financial instruments for the periods presented: Gain (Loss) Recognized In Earnings for the Location of Gain (Loss) Three Months Ended August 31, (in thousands) Recognized in Earnings 2018 2017 Commodity contracts Cost of goods sold $ (2,197 ) $ 2,334 Foreign exchange contracts Miscellaneous income, net (1,506 ) (208 ) Total $ (3,703 ) $ 2,126 The gain (loss) on the foreign exchange contract derivatives significantly offsets the gain (loss) on the hedged item. |
Fair Value
Fair Value | 3 Months Ended |
Aug. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
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 August 31, 2018 Significant Quoted Prices Other Significant in Active Observable Unobservable Markets Inputs Inputs (in thousands) (Level 1) (Level 2) (Level 3) Totals Assets Derivative instruments (1) $ - $ 5,144 $ - $ 5,144 Total assets $ - $ 5,144 $ - $ 5,144 Liabilities Derivative instruments (1) $ - $ 1,569 $ - $ 1,569 Total liabilities $ - $ 1,569 $ - $ 1,569 At May 31, 2018 Significant Quoted Prices Other Significant in Active Observable Unobservable Markets Inputs Inputs (in thousands) (Level 1) (Level 2) (Level 3) Totals Assets Derivative instruments (1) $ - $ 11,423 $ - $ 11,423 Total assets $ - $ 11,423 $ - $ 11,423 Liabilities Derivative instruments (1) $ - $ 846 $ - $ 846 Total liabilities $ - $ 846 $ - $ 846 (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 Non-Recurring Fair Value Measurements At August 31, 2018 Significant Quoted Prices Other Significant in Active Observable Unobservable Markets Inputs Inputs (in thousands) (Level 1) (Level 2) (Level 3) Totals Assets Long-lived assets held for sale (1) $ - $ 7,000 $ - $ 7,000 Total assets $ - $ 7,000 $ - $ 7,000 At May 31, 2018 Significant Quoted Prices Other Significant in Active Observable Unobservable Markets Inputs Inputs (in thousands) (Level 1) (Level 2) (Level 3) Totals Assets Long-lived assets held for sale (1) $ - $ 30,000 $ - $ 30,000 Total assets $ - $ 30,000 $ - $ 30,000 1) During the fourth quarter of fiscal 2018, management committed to a plan to sell the Company’s cryogenics business in Turkey, Worthington Aritas, and certain underperforming oil & gas equipment assets within Pressure Cylinders. In accordance with the applicable accounting guidance, the net assets in each asset group were recorded at the lower of net book value or fair value less costs to sell. The book value of Worthington Aritas exceeded its fair market value of $9,000,000, resulting in an impairment charge of $42,422,000. The book value of the oil & gas equipment asset group also exceeded its estimated fair market value of $21,000,000, resulting in an impairment charge of $10,497,000. During the first quarter of fiscal 2019, the Company completed the sale of the oil & gas equipment assets described above. In addition, the Company lowered its estimate of the fair value of Worthington Aritas to $7,000,000, resulting in an impairment charge of $2,381,000. The fair value of non-derivative financial instruments included in the carrying amounts of cash and cash equivalents, receivables, notes receivable, income taxes receivable, other assets, accounts payable, accrued compensation, contributions to employee benefit plans and related taxes, other accrued items, income taxes payable and other liabilities approximate carrying value due to their short-term nature. The fair value of long-term debt, including current maturities, based upon models utilizing market observable (Level 2) inputs and credit risk, was $748,878,000 and $757,069,000 at August 31, 2018 May 31, 2018 August 31, 2018 May 31, 2018 |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Aug. 31, 2018 | |
Accounting Policies [Abstract] | |
Recently Adopted and Issued Accounting Standards | Recently Adopted Accounting Standards On June 1, 2018, the Company adopted new accounting guidance that replaces most existing revenue recognition guidance under U.S. GAAP. See “NOTE B – Revenue Recognition” for further explanation related to this adoption, including newly required disclosures. Recently Issued Accounting Standards 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. In July 2018, the FASB issued additional accounting standard updates clarifying certain provisions, as well as providing for a second transition method allowing entities to initially apply the standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance sheet of retained earnings. We are in the process of evaluating the effect this guidance will have on our consolidated In June 2016, amended accounting guidance was issued related to the measurement of credit losses on financial instruments. The amended guidance changes the impairment model for most financial assets to require measurement and recognition of expected credit losses for financial assets held. The amended guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. We are in the process of evaluating the effect this guidance will have on our consolidated 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. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Aug. 31, 2018 | |
Disaggregation Of Revenue [Line Items] | |
Cumulative Effect of Adopting New Revenue Guidance on Consolidated Balance Sheet | The following table outlines the cumulative effect of adopting the new revenue guidance: (in thousands) May 31, 2018 (As Reported) Cumulative Effect of Topic 606 Adoption June 1, 2018 (As Adjusted) Consolidated Balance Sheet caption Receivables $ 572,689 $ 4,706 $ 577,395 Total inventories 454,027 (3,452 ) 450,575 Prepaid expenses and other current assets 60,134 944 61,078 Deferred income taxes, net 60,188 454 60,642 Retained earnings 637,757 1,174 638,931 Noncontrolling interests 117,606 570 118,176 |
Disaggregation of Revenue by Product Class and Timing | The following table summarizes net sales disaggregated by product class and timing of revenue recognition for the period presented: (in thousands) Reportable Segments Three months ended August 31, 2018 Steel Processing Pressure Cylinders Engineered Cabs Other Total Product class: Steel Processing Direct $ 626,862 $ - $ - $ - $ 626,862 Toll 33,625 - - - 33,625 Pressure Cylinders Industrial products - 152,847 - - 152,847 Consumer products - 116,823 - - 116,823 Oil & gas equipment - 30,683 - - 30,683 Engineered Cabs - - 27,252 - 27,252 Other - - - 15 15 Total $ 660,487 $ 300,353 $ 27,252 $ 15 $ 988,107 Timing of revenue recognition: Goods transferred at a point in time $ 626,862 $ 289,034 $ 27,252 $ 15 $ 943,163 Goods and services transferred over time 33,625 11,319 - - 44,944 Total $ 660,487 $ 300,353 $ 27,252 $ 15 $ 988,107 |
Accounting Standards Update 2014-09 | |
Disaggregation Of Revenue [Line Items] | |
Schedule of Impact of Adopting Topic 606 on Company's Consolidated Financial Statements | The following tables summarize the impacts of adopting Topic 606 on the Company’s consolidated financial statements as of and for the period ended August 31, 2018 as if the Company continued to follow its accounting policies under the previous revenue recognition guidance. August 31, 2018 (in thousands) As Currently Reported Topic 606 Adjustments Balances Without Adoption of Topic 606 Consolidated Balance Sheet Assets Receivables $ 564,612 $ (4,690 ) $ 559,922 Total inventories 494,116 4,056 498,172 Prepaid expenses and other current assets 60,846 (1,823 ) 59,023 Liabilities and Equity Deferred income taxes, net 79,116 (450 ) 78,666 Shareholders' equity - controlling interest 919,519 (1,413 ) 918,106 Noncontrolling interests 117,855 (594 ) 117,261 Three months ended August 31, 2018 (in thousands) As Currently Reported Topic 606 Adjustments Balances Without Adoption of Topic 606 Consolidated Statement of Earnings Net sales $ 988,107 $ (863 ) $ 987,244 Cost of goods sold 845,110 604 845,714 Income tax expense 14,498 (4 ) 14,494 Net earnings 56,958 (263 ) 56,695 Net earnings attributable to noncontrolling interests 2,016 (24 ) 1,992 Net earnings attributable to controlling interest 54,942 (239 ) 54,703 |
Investments in Unconsolidated_2
Investments in Unconsolidated Affiliates (Tables) | 3 Months Ended |
Aug. 31, 2018 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Financial Information | The following tables summarize combined financial information for our unconsolidated affiliates as of, and for the periods presented: August 31, May 31, (in thousands) 2018 2018 Cash $ 43,004 $ 52,812 Other current assets 717,270 590,578 Current assets for discontinued operations 37,474 37,640 Noncurrent assets 365,396 358,927 Total assets $ 1,163,144 $ 1,039,957 Current liabilities 244,831 166,493 Current liabilities for discontinued operations 8,243 7,142 Short-term borrowings 36,215 26,599 Current maturities of long-term debt 43,131 23,243 Long-term debt 261,348 259,588 Other noncurrent liabilities 17,541 17,536 Equity 551,835 539,356 Total liabilities and equity $ 1,163,144 $ 1,039,957 Three Months Ended August 31, (in thousands) 2018 2017 Net sales $ 498,545 $ 442,624 Gross margin 103,812 86,235 Operating income 72,376 57,163 Depreciation and amortization 6,477 7,193 Interest expense 2,925 2,492 Income tax expense 4,525 1,348 Net earnings from continuing operations 64,894 51,061 Net earnings from discontinued operations 1,684 1,413 Net earnings 66,578 52,474 |
Restructuring and Other Expen_2
Restructuring and Other Expense (Income), net (Tables) | 3 Months Ended |
Aug. 31, 2018 | |
Restructuring And Related Activities [Abstract] | |
Schedule of Progression of Liabilities Associated with Restructuring Activities, Combined with Reconciliation to Restructuring and Other Income, Net | A progression of the liabilities associated with our restructuring activities, combined with a reconciliation to the restructuring and other income, net financial statement caption, in our consolidated statement of earnings is summarized below for the period presented: Balance, as of Expense Balance, as of (in thousands) May 31, 2018 (income) Payments Adjustments August 31, 2018 Early retirement and severance $ 1,116 $ 904 $ (658 ) $ 2 $ 1,364 Facility exit and other costs - 122 - 10 132 $ 1,116 1,026 $ (658 ) $ 12 $ 1,496 Net gain on sale of assets (1,962 ) Restructuring and other income, net $ (936 ) |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 3 Months Ended |
Aug. 31, 2018 | |
Equity [Abstract] | |
Summary of Tax Effects on Each Component of OCI | The following table summarizes the tax effects on each component of OCI for the three months ended August 31: Three months ended August 31, 2018 2017 Before-Tax Tax Net-of-Tax Before-Tax Tax Net-of-Tax (in thousands) Foreign currency translation $ (3,695 ) $ - $ (3,695 ) $ 15,872 $ - $ 15,872 Pension liability adjustment - (97 ) (97 ) - (6 ) (6 ) Cash flow hedges (2,527 ) 557 (1,970 ) 2,993 (1,106 ) 1,887 Other comprehensive income (loss) $ (6,222 ) $ 460 $ (5,762 ) $ 18,865 $ (1,112 ) $ 17,753 |
Changes in Equity (Tables)
Changes in Equity (Tables) | 3 Months Ended |
Aug. 31, 2018 | |
Equity [Abstract] | |
Summary of Changes in Equity by Component and in Total | The following table summarizes the changes in equity by component and in total for the period presented: Controlling Interest Accumulated Other Additional Comprehensive Non- Paid-in Loss, Retained controlling (in thousands) Capital Net of Tax Earnings Total Interests Total Balance at May 31, 2018 $ 295,592 $ (14,580 ) $ 637,757 $ 918,769 $ 117,606 $ 1,036,375 Net earnings - - 54,942 54,942 2,016 56,958 Other comprehensive loss - (5,745 ) - (5,745 ) (17 ) (5,762 ) Common shares issued, net of withholding tax (4,091 ) - - (4,091 ) - (4,091 ) Common shares in NQ plans 152 - - 152 - 152 Stock-based compensation 4,838 - - 4,838 - 4,838 ASC 606 transition adjustment - - 1,174 1,174 570 1,744 Purchases and retirement of common shares (4,003 ) - (32,849 ) (36,852 ) - (36,852 ) Cash dividends declared - - (13,668 ) (13,668 ) - (13,668 ) Dividends to noncontrolling interest - - - - (2,320 ) (2,320 ) Balance at August 31, 2018 $ 292,488 $ (20,325 ) $ 647,356 $ 919,519 $ 117,855 $ 1,037,374 |
Summary of Changes in Accumulated Other Comprehensive Loss | On September 27, 2017, the Board of Directors of Worthington Industries, Inc. authorized the repurchase of up to 6,828,855 of the outstanding common shares of Worthington Industries, Inc. The total number of common shares available for repurchase at August 31, 2018 was 5,700,000. The following table summarizes the changes in accumulated other comprehensive loss for the period presented: Accumulated Foreign Pension Other Currency Liability Cash Flow Comprehensive Translation Adjustment Hedges Loss (in thousands) Balance as of May 31, 2018 $ (4,987 ) $ (16,071 ) $ 6,478 $ (14,580 ) Other comprehensive loss before reclassifications (3,678 ) - (31 ) (3,709 ) Reclassification adjustments to income (a) - - (2,496 ) (2,496 ) Income taxes - (97 ) 557 460 Balance as of August 31, 2018 $ (8,665 ) $ (16,168 ) $ 4,508 $ (20,325 ) (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) | 3 Months Ended |
Aug. 31, 2018 | |
Non-Qualified Stock Options | |
Schedule of Assumptions Used to Determine Fair Value of Stock Options | The following assumptions were used to value these stock options: Dividend yield 2.01 % Expected volatility 33.04 % Risk-free interest rate 2.77 % Expected term (years) 6.0 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Aug. 31, 2018 | |
Earnings Per Share [Abstract] | |
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 August 31, (in thousands, except per share amounts) 2018 2017 Numerator (basic & diluted): Net earnings attributable to controlling interest - income available to common shareholders $ 54,942 $ 45,534 Denominator: Denominator for basic earnings per share attributable to controlling interest - weighted average common shares 58,731 62,444 Effect of dilutive securities 1,890 2,146 Denominator for diluted earnings per share attributable to controlling interest - adjusted weighted average common shares 60,621 64,590 Basic earnings per share attributable to controlling interest $ 0.94 $ 0.73 Diluted earnings per share attributable to controlling interest $ 0.91 $ 0.70 |
Segment Segment Operations (Tab
Segment Segment Operations (Tables) | 3 Months Ended |
Aug. 31, 2018 | |
Segment Reporting [Abstract] | |
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 Ended August 31, (in thousands) 2018 2017 Net sales Steel Processing $ 660,487 $ 543,491 Pressure Cylinders 300,353 269,811 Engineered Cabs 27,252 31,946 Other 15 2,989 Total net sales $ 988,107 $ 848,237 Operating income (loss) Steel Processing $ 39,660 $ 32,872 Pressure Cylinders 14,733 10,458 Engineered Cabs (4,311 ) (361 ) Other 829 (744 ) Total operating income $ 50,911 $ 42,225 Impairment of long-lived assets Steel Processing $ - $ - Pressure Cylinders 2,381 - Engineered Cabs - - Other - - Total impairment of long-lived assets $ 2,381 $ - Restructuring and other expense (income), net Steel Processing $ (9 ) $ 279 Pressure Cylinders (927 ) 1,877 Engineered Cabs - 4 Other - 144 Total restructuring and other expense (income), net $ (936 ) $ 2,304 August 31, May 31, (in thousands) 2018 2018 Total assets Steel Processing $ 1,029,852 $ 999,238 Pressure Cylinders 1,131,120 1,147,268 Engineered Cabs 64,333 66,456 Other 384,870 408,825 Total assets $ 2,610,175 $ 2,621,787 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended |
Aug. 31, 2018 | |
Schedule of Fair Value of Derivative Instruments | The following table summarizes the fair value of our derivative instruments and the respective lines in which they were recorded in the consolidated balance sheet at August 31, 2018 Asset Derivatives Liability Derivatives Balance Balance Sheet Fair Sheet Fair (in thousands) Location Value Location Value Derivatives designated as hedging instruments: Commodity contracts Receivables $ 3,133 Accounts payable $ 179 Other assets - Other liabilities 36 Totals $ 3,133 $ 215 Derivatives not designated as hedging instruments: Commodity contracts Receivables $ 1,789 Accounts payable $ 916 Other assets 217 Other liabilities 438 2,006 1,354 Foreign exchange contracts Receivables 5 Accounts payable - Totals $ 2,011 $ 1,354 Total derivative instruments $ 5,144 $ 1,569 The following table summarizes the fair value of our derivative instruments and the respective lines in which they were recorded in the consolidated balance sheet at May 31, 2018 Asset Derivatives Liability Derivatives Balance Balance Sheet Fair Sheet Fair (in thousands) Location Value Location Value Derivatives designated as hedging instruments: Commodity contracts Receivables $ 6,385 Accounts payable $ - Other assets 68 Other liabilities - Totals $ 6,453 $ - Derivatives not designated as hedging instruments: Commodity contracts Receivables $ 4,749 Accounts payable $ 613 Other assets 221 Other liabilities 158 4,970 771 Foreign exchange contracts Receivables - Accounts payable 75 Totals $ 4,970 $ 846 Total derivative instruments $ 11,423 $ 846 |
Schedule of Derivatives Designated as Cash Flow Hedging Instruments | The following table summarizes the gain (loss) recognized in OCI and the gain (loss) reclassified from AOCI into earnings for derivative instruments designated as cash flow hedges for the periods presented: Location of Location of Gain Gain Gain (Loss) Gain (Loss) (Ineffective (Ineffective Gain (Loss) Reclassified Reclassified Portion) Portion) Recognized from from and Excluded and Excluded in OCI AOCI AOCI from from (Effective (Effective (Effective Effectiveness Effectiveness (in thousands) Portion) Portion) Portion) Testing Testing For the three months ended August 31, 2018: Commodity contracts $ (31 ) Cost of goods sold $ 2,543 Cost of goods sold $ - Interest rate contracts - Interest expense (47 ) Interest expense - Totals $ (31 ) $ 2,496 $ - For the three months ended August 31, 2017: Commodity contracts $ 3,734 Cost of goods sold $ 4,168 Cost of goods sold $ - Interest rate contracts 3,064 Interest expense (363 ) Interest expense - Totals $ 6,798 $ 3,805 $ - |
Schedule of Gain (Loss) Recognized in Earnings for Economic (Non-Designated) Derivative Financial Instruments | The following table summarizes the gain (loss) recognized in earnings for economic (non-designated) derivative financial instruments for the periods presented: Gain (Loss) Recognized In Earnings for the Location of Gain (Loss) Three Months Ended August 31, (in thousands) Recognized in Earnings 2018 2017 Commodity contracts Cost of goods sold $ (2,197 ) $ 2,334 Foreign exchange contracts Miscellaneous income, net (1,506 ) (208 ) Total $ (3,703 ) $ 2,126 |
Derivatives Not Designated As Hedging Instruments | |
Schedule of Summary of Derivative Hedges | The following table summarizes our economic (non-designated) derivative instruments outstanding at August 31, 2018 Notional (in thousands) Amount Maturity Date(s) Commodity contracts $ 27,961 September 2018 - February 2020 Foreign exchange contracts 6,647 September 2018 - May 2019 |
Cash Flow Hedges | |
Schedule of Summary of Derivative Hedges | The following table summarizes our cash flow hedges outstanding at August 31, 2018 Notional (in thousands) Amount Maturity Date Commodity contracts $ 12,181 September 2018 - September 2019 |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Aug. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | At August 31, 2018 Significant Quoted Prices Other Significant in Active Observable Unobservable Markets Inputs Inputs (in thousands) (Level 1) (Level 2) (Level 3) Totals Assets Derivative instruments (1) $ - $ 5,144 $ - $ 5,144 Total assets $ - $ 5,144 $ - $ 5,144 Liabilities Derivative instruments (1) $ - $ 1,569 $ - $ 1,569 Total liabilities $ - $ 1,569 $ - $ 1,569 At May 31, 2018 Significant Quoted Prices Other Significant in Active Observable Unobservable Markets Inputs Inputs (in thousands) (Level 1) (Level 2) (Level 3) Totals Assets Derivative instruments (1) $ - $ 11,423 $ - $ 11,423 Total assets $ - $ 11,423 $ - $ 11,423 Liabilities Derivative instruments (1) $ - $ 846 $ - $ 846 Total liabilities $ - $ 846 $ - $ 846 (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 |
Assets Measured at Fair Value on Non-Recurring Basis | At August 31, 2018 Significant Quoted Prices Other Significant in Active Observable Unobservable Markets Inputs Inputs (in thousands) (Level 1) (Level 2) (Level 3) Totals Assets Long-lived assets held for sale (1) $ - $ 7,000 $ - $ 7,000 Total assets $ - $ 7,000 $ - $ 7,000 At May 31, 2018 Significant Quoted Prices Other Significant in Active Observable Unobservable Markets Inputs Inputs (in thousands) (Level 1) (Level 2) (Level 3) Totals Assets Long-lived assets held for sale (1) $ - $ 30,000 $ - $ 30,000 Total assets $ - $ 30,000 $ - $ 30,000 1) During the fourth quarter of fiscal 2018, management committed to a plan to sell the Company’s cryogenics business in Turkey, Worthington Aritas, and certain underperforming oil & gas equipment assets within Pressure Cylinders. In accordance with the applicable accounting guidance, the net assets in each asset group were recorded at the lower of net book value or fair value less costs to sell. The book value of Worthington Aritas exceeded its fair market value of $9,000,000, resulting in an impairment charge of $42,422,000. The book value of the oil & gas equipment asset group also exceeded its estimated fair market value of $21,000,000, resulting in an impairment charge of $10,497,000. |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) - Joint Venture Transactions | Aug. 31, 2018Entity |
Significant Accounting Policies [Line Items] | |
Number of joint ventures | 3 |
Spartan | |
Significant Accounting Policies [Line Items] | |
Percent of controlling interest by the Company | 52.00% |
TWB | |
Significant Accounting Policies [Line Items] | |
Percent of controlling interest by the Company | 55.00% |
Worthington Specialty Processing | |
Significant Accounting Policies [Line Items] | |
Percent of controlling interest by the Company | 51.00% |
Revenue Recognition - Cumulativ
Revenue Recognition - Cumulative Effect of Adopting New Revenue Guidance on Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Aug. 31, 2018 | Jun. 01, 2018 | May 31, 2018 |
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |||
Receivables | $ 564,612 | $ 572,689 | |
Total inventories | 494,116 | 454,027 | |
Prepaid expenses and other current assets | 60,846 | 60,134 | |
Deferred income taxes, net | 79,116 | 60,188 | |
Retained earnings | 637,757 | ||
Noncontrolling interests | 117,855 | $ 117,606 | |
Accounting Standards Update 2014-09 | |||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |||
Receivables | $ 577,395 | ||
Total inventories | 450,575 | ||
Prepaid expenses and other current assets | 61,078 | ||
Deferred income taxes, net | 60,642 | ||
Retained earnings | 638,931 | ||
Noncontrolling interests | 118,176 | ||
Accounting Standards Update 2014-09 | Cumulative Effect of Topic 606 Adoption | |||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |||
Receivables | (4,690) | 4,706 | |
Total inventories | 4,056 | (3,452) | |
Prepaid expenses and other current assets | (1,823) | 944 | |
Deferred income taxes, net | (450) | 454 | |
Retained earnings | 1,174 | ||
Noncontrolling interests | $ (594) | $ 570 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) | 3 Months Ended |
Aug. 31, 2018 | |
Minimum | |
Revenue Recognition [Line Items] | |
Period allowed for payment of dues to customers | 30 days |
Maximum | |
Revenue Recognition [Line Items] | |
Period allowed for payment of dues to customers | 60 days |
Maximum | Accounting Standards Update 2014-09 | |
Revenue Recognition [Line Items] | |
Duraton to satisfy performance obligation for contracts | 1 year |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue by Product Class and Timing (Detail) $ in Thousands | 3 Months Ended |
Aug. 31, 2018USD ($) | |
Disaggregation Of Revenue [Line Items] | |
Net sales | $ 988,107 |
Goods transferred at a point in time | |
Disaggregation Of Revenue [Line Items] | |
Net sales | 943,163 |
Goods and services transferred over time | |
Disaggregation Of Revenue [Line Items] | |
Net sales | 44,944 |
Steel Processing | |
Disaggregation Of Revenue [Line Items] | |
Net sales | 660,487 |
Steel Processing | Goods transferred at a point in time | |
Disaggregation Of Revenue [Line Items] | |
Net sales | 626,862 |
Steel Processing | Goods and services transferred over time | |
Disaggregation Of Revenue [Line Items] | |
Net sales | 33,625 |
Pressure Cylinders | |
Disaggregation Of Revenue [Line Items] | |
Net sales | 300,353 |
Pressure Cylinders | Goods transferred at a point in time | |
Disaggregation Of Revenue [Line Items] | |
Net sales | 289,034 |
Pressure Cylinders | Goods and services transferred over time | |
Disaggregation Of Revenue [Line Items] | |
Net sales | 11,319 |
Engineered Cabs | |
Disaggregation Of Revenue [Line Items] | |
Net sales | 27,252 |
Engineered Cabs | Goods transferred at a point in time | |
Disaggregation Of Revenue [Line Items] | |
Net sales | 27,252 |
Other | |
Disaggregation Of Revenue [Line Items] | |
Net sales | 15 |
Other | Goods transferred at a point in time | |
Disaggregation Of Revenue [Line Items] | |
Net sales | 15 |
Direct | |
Disaggregation Of Revenue [Line Items] | |
Net sales | 626,862 |
Direct | Steel Processing | |
Disaggregation Of Revenue [Line Items] | |
Net sales | 626,862 |
Toll | |
Disaggregation Of Revenue [Line Items] | |
Net sales | 33,625 |
Toll | Steel Processing | |
Disaggregation Of Revenue [Line Items] | |
Net sales | 33,625 |
Industrial products | |
Disaggregation Of Revenue [Line Items] | |
Net sales | 152,847 |
Industrial products | Pressure Cylinders | |
Disaggregation Of Revenue [Line Items] | |
Net sales | 152,847 |
Consumer products | |
Disaggregation Of Revenue [Line Items] | |
Net sales | 116,823 |
Consumer products | Pressure Cylinders | |
Disaggregation Of Revenue [Line Items] | |
Net sales | 116,823 |
Oil & gas equipment | |
Disaggregation Of Revenue [Line Items] | |
Net sales | 30,683 |
Oil & gas equipment | Pressure Cylinders | |
Disaggregation Of Revenue [Line Items] | |
Net sales | $ 30,683 |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of Impact of Adopting Topic 606 on Company's Consolidated Financial Statements (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Aug. 31, 2018 | Aug. 31, 2017 | Jun. 01, 2018 | May 31, 2018 | |
Assets | ||||
Receivables | $ 564,612 | $ 572,689 | ||
Total inventories | 494,116 | 454,027 | ||
Prepaid expenses and other current assets | 60,846 | 60,134 | ||
Liabilities and equity | ||||
Deferred income taxes, net | 79,116 | 60,188 | ||
Shareholders' equity - controlling interest | 919,519 | 918,769 | ||
Noncontrolling interests | 117,855 | $ 117,606 | ||
Consolidated Statement of Earnings | ||||
Net sales | 988,107 | $ 848,237 | ||
Cost of goods sold | 845,110 | 715,459 | ||
Income tax expense | 14,498 | 12,998 | ||
Net earnings | 56,958 | 48,074 | ||
Net earnings attributable to noncontrolling interests | 2,016 | 2,540 | ||
Net earnings attributable to controlling interest | 54,942 | $ 45,534 | ||
Accounting Standards Update 2014-09 | ||||
Assets | ||||
Receivables | $ 577,395 | |||
Total inventories | 450,575 | |||
Prepaid expenses and other current assets | 61,078 | |||
Liabilities and equity | ||||
Deferred income taxes, net | 60,642 | |||
Noncontrolling interests | 118,176 | |||
Accounting Standards Update 2014-09 | Topic 606 Adjustments | ||||
Assets | ||||
Receivables | (4,690) | 4,706 | ||
Total inventories | 4,056 | (3,452) | ||
Prepaid expenses and other current assets | (1,823) | 944 | ||
Liabilities and equity | ||||
Deferred income taxes, net | (450) | 454 | ||
Shareholders' equity - controlling interest | (1,413) | |||
Noncontrolling interests | (594) | $ 570 | ||
Consolidated Statement of Earnings | ||||
Net sales | (863) | |||
Cost of goods sold | 604 | |||
Income tax expense | (4) | |||
Net earnings | (263) | |||
Net earnings attributable to noncontrolling interests | (24) | |||
Net earnings attributable to controlling interest | (239) | |||
Accounting Standards Update 2014-09 | Balances Without Adoption of Topic 606 | ||||
Assets | ||||
Receivables | 559,922 | |||
Total inventories | 498,172 | |||
Prepaid expenses and other current assets | 59,023 | |||
Liabilities and equity | ||||
Deferred income taxes, net | 78,666 | |||
Shareholders' equity - controlling interest | 918,106 | |||
Noncontrolling interests | 117,261 | |||
Consolidated Statement of Earnings | ||||
Net sales | 987,244 | |||
Cost of goods sold | 845,714 | |||
Income tax expense | 14,494 | |||
Net earnings | 56,695 | |||
Net earnings attributable to noncontrolling interests | 1,992 | |||
Net earnings attributable to controlling interest | $ 54,703 |
Investments in Unconsolidated_3
Investments in Unconsolidated Affiliates - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | |
Sep. 30, 2018 | Aug. 31, 2018 | May 31, 2018 | |
Investments in and Advances to Affiliates [Line Items] | |||
Distributions from unconsolidated affiliates | $ 19,989,000 | ||
Distributions in excess of investment in unconsolidated affiliate | $ 52,133,000 | $ 55,198,000 | |
ArtiFlex | |||
Investments in and Advances to Affiliates [Line Items] | |||
Percent of ownership interest held in unconsolidated affiliates | 50.00% | ||
ClarkDietrich | |||
Investments in and Advances to Affiliates [Line Items] | |||
Percent of ownership interest held in unconsolidated affiliates | 25.00% | ||
Samuel Steel Pickling Company | |||
Investments in and Advances to Affiliates [Line Items] | |||
Percent of ownership interest held in unconsolidated affiliates | 31.25% | ||
Serviacero Worthington | |||
Investments in and Advances to Affiliates [Line Items] | |||
Percent of ownership interest held in unconsolidated affiliates | 50.00% | ||
WAVE | |||
Investments in and Advances to Affiliates [Line Items] | |||
Percent of ownership interest held in unconsolidated affiliates | 50.00% | ||
Distributions in excess of investment in unconsolidated affiliate | $ 52,133,000 | ||
Proceeds from sale of equity method investments | 90,000,000 | ||
Receivables within current assets | $ 70,000,000 | ||
WAVE | Subsequent Event | |||
Investments in and Advances to Affiliates [Line Items] | |||
Proceeds from sale of equity method investments | $ 70,000,000 | ||
Zhejiang Nisshin Worthington Precision Specialty Steel Co | |||
Investments in and Advances to Affiliates [Line Items] | |||
Percent of ownership interest held in unconsolidated affiliates | 10.00% |
Investments in Unconsolidated_4
Investments in Unconsolidated Affiliates - Schedule of Combined Financial Information for Unconsolidated Affiliates (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Aug. 31, 2018 | Aug. 31, 2017 | May 31, 2018 | |
Equity Method Investments And Joint Ventures [Abstract] | |||
Cash | $ 43,004 | $ 52,812 | |
Other current assets | 717,270 | 590,578 | |
Current assets for discontinued operations | 37,474 | 37,640 | |
Noncurrent assets | 365,396 | 358,927 | |
Total assets | 1,163,144 | 1,039,957 | |
Current liabilities | 244,831 | 166,493 | |
Current liabilities for discontinued operations | 8,243 | 7,142 | |
Short-term borrowings | 36,215 | 26,599 | |
Current maturities of long-term debt | 43,131 | 23,243 | |
Long-term debt | 261,348 | 259,588 | |
Other noncurrent liabilities | 17,541 | 17,536 | |
Equity | 551,835 | 539,356 | |
Total liabilities and equity | 1,163,144 | $ 1,039,957 | |
Net sales | 498,545 | $ 442,624 | |
Gross margin | 103,812 | 86,235 | |
Operating income | 72,376 | 57,163 | |
Depreciation and amortization | 6,477 | 7,193 | |
Interest expense | 2,925 | 2,492 | |
Income tax expense | 4,525 | 1,348 | |
Net earnings from continuing operations | 64,894 | 51,061 | |
Net earnings from discontinued operations | 1,684 | 1,413 | |
Net earnings | $ 66,578 | $ 52,474 |
Impairment of Long-Lived Asse_2
Impairment of Long-Lived Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Aug. 31, 2018 | May 31, 2018 | |
Impaired Long Lived Assets Held And Used [Line Items] | ||
Impairment of long-lived assets | $ 2,381 | |
Worthington Aritas | ||
Impaired Long Lived Assets Held And Used [Line Items] | ||
Impairment of long-lived assets | 2,381 | $ 42,422 |
Fair Value, Measurements, Nonrecurring | ||
Impaired Long Lived Assets Held And Used [Line Items] | ||
Fair market value of assets | 7,000 | 30,000 |
Fair Value, Measurements, Nonrecurring | Significant Other Observable Inputs (Level 2) | ||
Impaired Long Lived Assets Held And Used [Line Items] | ||
Fair market value of assets | 7,000 | 30,000 |
Fair Value, Measurements, Nonrecurring | Worthington Aritas | ||
Impaired Long Lived Assets Held And Used [Line Items] | ||
Fair market value of assets | 7,000 | $ 9,000 |
Fair Value, Measurements, Nonrecurring | Worthington Aritas | Significant Other Observable Inputs (Level 2) | ||
Impaired Long Lived Assets Held And Used [Line Items] | ||
Fair market value of assets | $ 7,000 |
Restructuring and Other Expen_3
Restructuring and Other Expense (Income), Net - Schedule of Progression of Liabilities Associated with Restructuring Activities, Combined with Reconciliation to Restructuring and Other Income, Net (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Aug. 31, 2018 | Aug. 31, 2017 | |
Restructuring Cost and Reserve [Line Items] | ||
Beginning Balance | $ 1,116 | |
Expense (income) | 1,026 | |
Payments | (658) | |
Adjustments | 12 | |
Ending Balance | 1,496 | |
Net gain on sale of assets | (1,962) | |
Restructuring and other income, net | (936) | $ 2,304 |
Early Retirement And Severance | ||
Restructuring Cost and Reserve [Line Items] | ||
Beginning Balance | 1,116 | |
Expense (income) | 904 | |
Payments | (658) | |
Adjustments | 2 | |
Ending Balance | 1,364 | |
Facility Exit And Other Costs | ||
Restructuring Cost and Reserve [Line Items] | ||
Beginning Balance | 0 | |
Expense (income) | 122 | |
Payments | 0 | |
Adjustments | 10 | |
Ending Balance | $ 132 |
Restructuring and Other Expen_4
Restructuring and Other Expense (Income), Net - Additional Information (Detail) $ in Thousands | 3 Months Ended |
Aug. 31, 2018USD ($)Facility | |
Restructuring And Related Activities [Abstract] | |
Net gain on sale of assets | $ | $ 1,962 |
Number of facilities sold | Facility | 2 |
Guarantees - Additional Informa
Guarantees - Additional Information (Detail) | Aug. 31, 2018USD ($) |
Stand-by Letters of Credit | |
Guarantor Obligations [Line Items] | |
Letter of credit amount outstanding | $ 13,912,000 |
Drawn amount of letter of credit outstanding | 0 |
Operating Lease of Aircraft | |
Guarantor Obligations [Line Items] | |
Maximum potential obligation | $ 8,118,000 |
Debt and Receivables Securiti_2
Debt and Receivables Securitization - Additional Information (Detail) - USD ($) | Feb. 16, 2018 | Aug. 31, 2018 | May 31, 2018 |
Debt And Receivables Securitization [Line Items] | |||
Remaining borrowing capacity | $ 487,200,000 | ||
Securities Sold under Agreements to Repurchase | |||
Debt And Receivables Securitization [Line Items] | |||
Borrowings outstanding | $ 0 | ||
Number of days past due trade accounts receivables are ineligible for securitization | 90 days | ||
Unsecured Revolving Credit Facility | |||
Debt And Receivables Securitization [Line Items] | |||
Maximum borrowing capacity | $ 500,000,000 | ||
Debt maturity period | 3 years | ||
Maturity date | 2023-02 | ||
Debt issuance costs | 805,000 | ||
Borrowings outstanding | $ 0 | ||
Unsecured Revolving Credit Facility | Maximum | |||
Debt And Receivables Securitization [Line Items] | |||
Debt maturity period | 1 year | ||
Stand-by Letters of Credit | |||
Debt And Receivables Securitization [Line Items] | |||
Letter of credit amount outstanding | $ 13,912,000 | ||
Drawn amount of letter of credit outstanding | 0 | ||
Letter of Credit | |||
Debt And Receivables Securitization [Line Items] | |||
Letter of credit amount outstanding | $ 12,800,000 |
Other Comprehensive Income - Su
Other Comprehensive Income - Summary of Tax Effects on Each Component of OCI (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Aug. 31, 2018 | Aug. 31, 2017 | |
Components Of Other Comprehensive Income Loss [Abstract] | ||
Foreign currency translation, before tax | $ (3,695) | $ 15,872 |
Foreign currency translation, net of tax tax | (3,695) | 15,872 |
Pension liability adjustment, tax | (97) | (6) |
Pension liability adjustment, net of tax | (97) | (6) |
Cash flow hedges, before tax | (2,527) | 2,993 |
Cash flow hedges, tax | 557 | (1,106) |
Cash flow hedges, net of tax | (1,970) | 1,887 |
Other comprehensive income (loss), before tax | (6,222) | 18,865 |
Other comprehensive income (loss), tax | 460 | (1,112) |
Other comprehensive income (loss) | $ (5,762) | $ 17,753 |
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 | |
Aug. 31, 2018 | Aug. 31, 2017 | |
Balance at May 31, 2018 | $ 1,036,375 | |
Net earnings | 56,958 | $ 48,074 |
Other comprehensive loss | (5,762) | $ 17,753 |
Common shares issued, net of withholding tax | (4,091) | |
Common shares in NQ plans | 152 | |
Stock-based compensation | 4,838 | |
Purchases and retirement of common shares | (36,852) | |
Cash dividends declared | (13,668) | |
Dividends to noncontrolling interest | (2,320) | |
Balance at August 31, 2018 | 1,037,374 | |
Accounting Standards Update 2014-09 | ||
ASC 606 transition adjustment | 1,744 | |
Additional Paid-in Capital | ||
Balance at May 31, 2018 | 295,592 | |
Common shares issued, net of withholding tax | (4,091) | |
Common shares in NQ plans | 152 | |
Stock-based compensation | 4,838 | |
Purchases and retirement of common shares | (4,003) | |
Balance at August 31, 2018 | 292,488 | |
AOCI Attributable to Parent | ||
Balance at May 31, 2018 | (14,580) | |
Other comprehensive loss | (5,745) | |
Balance at August 31, 2018 | (20,325) | |
Retained Earnings | ||
Balance at May 31, 2018 | 637,757 | |
Net earnings | 54,942 | |
Purchases and retirement of common shares | (32,849) | |
Cash dividends declared | (13,668) | |
Balance at August 31, 2018 | 647,356 | |
Retained Earnings | Accounting Standards Update 2014-09 | ||
ASC 606 transition adjustment | 1,174 | |
Parent | ||
Balance at May 31, 2018 | 918,769 | |
Net earnings | 54,942 | |
Other comprehensive loss | (5,745) | |
Common shares issued, net of withholding tax | (4,091) | |
Common shares in NQ plans | 152 | |
Stock-based compensation | 4,838 | |
Purchases and retirement of common shares | (36,852) | |
Cash dividends declared | (13,668) | |
Balance at August 31, 2018 | 919,519 | |
Parent | Accounting Standards Update 2014-09 | ||
ASC 606 transition adjustment | 1,174 | |
Noncontrolling Interest | ||
Balance at May 31, 2018 | 117,606 | |
Net earnings | 2,016 | |
Other comprehensive loss | (17) | |
Dividends to noncontrolling interest | (2,320) | |
Balance at August 31, 2018 | 117,855 | |
Noncontrolling Interest | Accounting Standards Update 2014-09 | ||
ASC 606 transition adjustment | $ 570 |
Changes in Equity - Additional
Changes in Equity - Additional Information (Detail) - Stock Repurchase - shares | Aug. 31, 2018 | Sep. 27, 2017 |
Class Of Stock [Line Items] | ||
Common Stock remaining shares authorized for repurchase | 5,700,000 | |
Maximum | ||
Class Of Stock [Line Items] | ||
Common Stock shares authorized for repurchase | 6,828,855 |
Changes in Equity - Summary o_2
Changes in Equity - Summary of Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Aug. 31, 2018 | Aug. 31, 2017 | ||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Balance at May 31, 2018 | $ 1,036,375 | ||
Income taxes | (460) | $ 1,112 | |
Balance at August 31, 2018 | 1,037,374 | ||
Accumulated Foreign Currency Adjustment Attributable to Parent | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Balance at May 31, 2018 | (4,987) | ||
Other comprehensive loss before reclassifications | (3,678) | ||
Balance at August 31, 2018 | (8,665) | ||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Balance at May 31, 2018 | (16,071) | ||
Income taxes | (97) | ||
Balance at August 31, 2018 | (16,168) | ||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Balance at May 31, 2018 | 6,478 | ||
Other comprehensive loss before reclassifications | (31) | ||
Reclassification adjustments to income | [1] | (2,496) | |
Income taxes | 557 | ||
Balance at August 31, 2018 | 4,508 | ||
AOCI Attributable to Parent | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Balance at May 31, 2018 | (14,580) | ||
Other comprehensive loss before reclassifications | (3,709) | ||
Reclassification adjustments to income | [1] | (2,496) | |
Income taxes | 460 | ||
Balance at August 31, 2018 | $ (20,325) | ||
[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) - USD ($) | 3 Months Ended | |
Aug. 31, 2018 | Aug. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Pre-tax stock-based compensation, net of forfeitures | $ 3,156,000 | $ 3,407,000 |
Non-Qualified Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Non-qualified stock options, granted | 87,300 | |
Non-qualified stock option, per share price | $ 42.91 | |
Non-qualified stock option, fair value, per share price | $ 12.55 | |
Pre-tax stock-based compensation, period of recognition | 3 years | |
Pre-tax stock-based compensation, net of forfeitures | $ 975,000 | |
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 | |
Pre-tax stock-based compensation, net of forfeitures | $ 4,027,000 | |
Performance share awards granted | 105,025 | |
Restricted common shares, fair value per share | $ 43.09 | |
Performance Shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Pre-tax stock-based compensation, net of forfeitures | $ 2,274,000 | |
Performance share awards granted | 53,000 | |
Pre-tax stock-based compensation, period of recognition | 3 years |
Stock-Based Compensation - Assu
Stock-Based Compensation - Assumptions To Value Stock Options (Detail) - Non-Qualified Stock Options | 3 Months Ended |
Aug. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Dividend yield | 2.01% |
Expected volatility | 33.04% |
Risk-free interest rate | 2.77% |
Expected term (years) | 6 years |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 3 Months Ended | |
Aug. 31, 2018 | Aug. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||
Estimated annual effective income tax rate | 23.20% | 30.50% |
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 | |
Aug. 31, 2018 | Aug. 31, 2017 | |
Numerator (basic & diluted): | ||
Net earnings attributable to controlling interest - income available to common shareholders | $ 54,942 | $ 45,534 |
Denominator: | ||
Denominator for basic earnings per share attributable to controlling interest-weighted average common shares | 58,731 | 62,444 |
Effect of dilutive securities | 1,890 | 2,146 |
Denominator for diluted earnings per share attributable to controlling interest-adjusted weighted average common shares | 60,621 | 64,590 |
Basic earnings per share attributable to controlling interest | $ 0.94 | $ 0.73 |
Diluted earnings per share attributable to controlling interest | $ 0.91 | $ 0.70 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) | 3 Months Ended |
Aug. 31, 2018shares | |
Earnings Per Share [Abstract] | |
Shares excluded from computation of diluted earnings per share | 148,004 |
Segment Operations - Financial
Segment Operations - Financial Information for Reportable Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Aug. 31, 2018 | Aug. 31, 2017 | May 31, 2018 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 988,107 | $ 848,237 | |
Operating income (loss) | 50,911 | 42,225 | |
Impairment of long-lived assets | 2,381 | ||
Restructuring and other expense (income), net | (936) | 2,304 | |
Total assets | 2,610,175 | $ 2,621,787 | |
Steel Processing | |||
Segment Reporting Information [Line Items] | |||
Net sales | 660,487 | 543,491 | |
Operating income (loss) | 39,660 | 32,872 | |
Restructuring and other expense (income), net | (9) | 279 | |
Total assets | 1,029,852 | 999,238 | |
Pressure Cylinders | |||
Segment Reporting Information [Line Items] | |||
Net sales | 300,353 | 269,811 | |
Operating income (loss) | 14,733 | 10,458 | |
Impairment of long-lived assets | 2,381 | ||
Restructuring and other expense (income), net | (927) | 1,877 | |
Total assets | 1,131,120 | 1,147,268 | |
Engineered Cabs | |||
Segment Reporting Information [Line Items] | |||
Net sales | 27,252 | 31,946 | |
Operating income (loss) | (4,311) | (361) | |
Restructuring and other expense (income), net | 4 | ||
Total assets | 64,333 | 66,456 | |
Other | |||
Segment Reporting Information [Line Items] | |||
Net sales | 15 | 2,989 | |
Operating income (loss) | 829 | (744) | |
Restructuring and other expense (income), net | $ 144 | ||
Total assets | $ 384,870 | $ 408,825 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Schedule of Fair Value of Derivative Instruments (Detail) - USD ($) $ in Thousands | Aug. 31, 2018 | May 31, 2018 |
Derivative [Line Items] | ||
Asset Derivatives at Fair Value | $ 5,144 | $ 11,423 |
Liability Derivatives at Fair Value | 1,569 | 846 |
Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Asset Derivatives at Fair Value | 3,133 | 6,453 |
Liability Derivatives at Fair Value | 215 | |
Designated as Hedging Instrument | Commodity Contracts | Other Liabilities | ||
Derivative [Line Items] | ||
Liability Derivatives at Fair Value | 36 | |
Designated as Hedging Instrument | Commodity Contracts | Receivables | ||
Derivative [Line Items] | ||
Asset Derivatives at Fair Value | 3,133 | 6,385 |
Designated as Hedging Instrument | Commodity Contracts | Other Assets | ||
Derivative [Line Items] | ||
Asset Derivatives at Fair Value | 68 | |
Designated as Hedging Instrument | Commodity Contracts | Accounts Payable | ||
Derivative [Line Items] | ||
Liability Derivatives at Fair Value | 179 | |
Derivatives Not Designated As Hedging Instruments | ||
Derivative [Line Items] | ||
Asset Derivatives at Fair Value | 2,011 | 4,970 |
Liability Derivatives at Fair Value | 1,354 | 846 |
Derivatives Not Designated As Hedging Instruments | Commodity Contracts | ||
Derivative [Line Items] | ||
Asset Derivatives at Fair Value | 2,006 | 4,970 |
Liability Derivatives at Fair Value | 1,354 | 771 |
Derivatives Not Designated As Hedging Instruments | Commodity Contracts | Other Liabilities | ||
Derivative [Line Items] | ||
Liability Derivatives at Fair Value | 438 | 158 |
Derivatives Not Designated As Hedging Instruments | Commodity Contracts | Receivables | ||
Derivative [Line Items] | ||
Asset Derivatives at Fair Value | 1,789 | 4,749 |
Derivatives Not Designated As Hedging Instruments | Commodity Contracts | Other Assets | ||
Derivative [Line Items] | ||
Asset Derivatives at Fair Value | 217 | 221 |
Derivatives Not Designated As Hedging Instruments | Commodity Contracts | Accounts Payable | ||
Derivative [Line Items] | ||
Liability Derivatives at Fair Value | 916 | 613 |
Derivatives Not Designated As Hedging Instruments | Foreign Currency Contracts | Receivables | ||
Derivative [Line Items] | ||
Asset Derivatives at Fair Value | $ 5 | |
Derivatives Not Designated As Hedging Instruments | Foreign Currency Contracts | Accounts Payable | ||
Derivative [Line Items] | ||
Liability Derivatives at Fair Value | $ 75 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended |
Aug. 31, 2018 | May 31, 2018 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ||
Impact to fair value of derivative assets and liabilities as a result of recognition on a net basis | $ 1,392,000 | $ 351,000 |
Losses in accumulated other comprehensive income expected to be reclassified into net earnings | 3,847,000 | |
Losses in accumulated other comprehensive income expected to be reclassified into net earnings, tax | $ 1,205,000 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Schedule of Summary of Derivative Hedges (Detail) $ in Thousands | 3 Months Ended |
Aug. 31, 2018USD ($) | |
Commodity Contracts | Minimum | Derivatives Not Designated As Hedging Instruments | |
Derivative [Line Items] | |
Notional Amount | $ 27,961 |
Maturity Date | 2018-09 |
Commodity Contracts | Maximum | Derivatives Not Designated As Hedging Instruments | |
Derivative [Line Items] | |
Maturity Date | 2020-02 |
Foreign Currency Contracts | Minimum | Derivatives Not Designated As Hedging Instruments | |
Derivative [Line Items] | |
Notional Amount | $ 6,647 |
Maturity Date | 2018-09 |
Foreign Currency Contracts | Maximum | Derivatives Not Designated As Hedging Instruments | |
Derivative [Line Items] | |
Maturity Date | 2019-05 |
Cash Flow Hedges | Commodity Contracts | Minimum | |
Derivative [Line Items] | |
Notional Amount | $ 12,181 |
Maturity Date | 2018-09 |
Cash Flow Hedges | Commodity Contracts | Maximum | |
Derivative [Line Items] | |
Maturity Date | 2019-09 |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities - Schedule of Derivatives Designated as Cash Flow Hedging Instruments (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Aug. 31, 2018 | Aug. 31, 2017 | |
Derivative [Line Items] | ||
Gain (Loss) Recognized in OCI (Effective Portion) | $ (31) | $ 6,798 |
Gain (Loss) Reclassified from AOCI (Effective Portion) | 2,496 | 3,805 |
Commodity Contracts | ||
Derivative [Line Items] | ||
Gain (Loss) Recognized in OCI (Effective Portion) | (31) | 3,734 |
Commodity Contracts | Cost of Sales | ||
Derivative [Line Items] | ||
Gain (Loss) Reclassified from AOCI (Effective Portion) | 2,543 | 4,168 |
Interest Rate Contracts | ||
Derivative [Line Items] | ||
Gain (Loss) Recognized in OCI (Effective Portion) | 3,064 | |
Interest Rate Contracts | Interest Expense | ||
Derivative [Line Items] | ||
Gain (Loss) Reclassified from AOCI (Effective Portion) | $ (47) | $ (363) |
Derivative Instruments and He_7
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 | |
Aug. 31, 2018 | Aug. 31, 2017 | |
Derivative [Line Items] | ||
Gain (Loss) Recognized in Earnings | $ (3,703) | $ 2,126 |
Commodity Contracts | Cost of Sales | ||
Derivative [Line Items] | ||
Gain (Loss) Recognized in Earnings | (2,197) | 2,334 |
Foreign Exchange Contracts | Miscellaneous Income, Net | ||
Derivative [Line Items] | ||
Gain (Loss) Recognized in Earnings | $ (1,506) | $ (208) |
Fair Value - Schedule of Assets
Fair Value - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Aug. 31, 2018 | May 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | $ 5,144 | $ 11,423 | |
Liabilities | 1,569 | 846 | |
Derivative Instruments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | [1] | 5,144 | 11,423 |
Liabilities | [1] | 1,569 | 846 |
Significant Other Observable Inputs (Level 2) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 5,144 | 11,423 | |
Liabilities | 1,569 | 846 | |
Significant Other Observable Inputs (Level 2) | Derivative Instruments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | [1] | 5,144 | 11,423 |
Liabilities | [1] | $ 1,569 | $ 846 |
[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. |
Fair Value - Assets Measured at
Fair Value - Assets Measured at Fair Value on Non-Recurring Basis (Detail) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | Aug. 31, 2018 | May 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset measured at fair value on non-recurring basis | $ 7,000 | $ 30,000 |
Long-lived Assets Held and Used | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset measured at fair value on non-recurring basis | 7,000 | 30,000 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset measured at fair value on non-recurring basis | 7,000 | 30,000 |
Significant Other Observable Inputs (Level 2) | Long-lived Assets Held and Used | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset measured at fair value on non-recurring basis | $ 7,000 | $ 30,000 |
Fair Value - Assets Measured _2
Fair Value - Assets Measured at Fair Value on Non-Recurring Basis (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Aug. 31, 2018 | May 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impairment of long-lived assets | $ 2,381 | |
Oil And Gas Equipment | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impairment of long-lived assets | $ 10,497 | |
Worthington Aritas | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impairment of long-lived assets | 2,381 | 42,422 |
Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset measured at fair value on non-recurring basis | 7,000 | 30,000 |
Fair Value, Measurements, Nonrecurring | Oil And Gas Equipment | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset measured at fair value on non-recurring basis | 21,000 | |
Fair Value, Measurements, Nonrecurring | Worthington Aritas | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset measured at fair value on non-recurring basis | $ 7,000 | $ 9,000 |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) - Long-term Debt - USD ($) $ in Thousands | Aug. 31, 2018 | May 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt at fair value including current maturities | $ 748,878 | $ 757,069 |
Long-term debt at carrying amount including current maturities | $ 750,058 | $ 750,368 |