Worthington Industries (WOR) 10-Q 11 Jan 21 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Nov. 30, 2020	Dec. 31, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Nov. 30, 2020
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Document Quarterly Report	true
Document Transition Report	false
Trading Symbol	WOR
Entity Registrant Name	WORTHINGTON INDUSTRIES, INC
Entity Central Index Key	0000108516
Current Fiscal Year End Date	--05-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Incorporation, State or Country Code	OH
Entity Shell Company	false
Entity File Number	001-08399
Entity Tax Identification Number	31-1189815
Entity Address, Address Line One	200 Old Wilson Bridge Road
Entity Address, City or Town	Columbus
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	43085
City Area Code	614
Local Phone Number	438-3210
Entity Common Stock, Shares Outstanding		52,201,138
Title of 12(b) Security	Common Shares, Without Par Value
Security Exchange Name	NYSE

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Nov. 30, 2020	May 31, 2020
Current assets:
Cash and cash equivalents	$ 713,130	$ 147,198
Receivables, less allowances of $1,291 and $1,521 at November 30, 2020 and May 31, 2020, respectively	441,936	341,038
Inventories:
Raw materials	152,824	234,629
Work in process	82,747	76,497
Finished products	68,872	93,975
Total inventories	304,443	405,101
Income taxes receivable	3,247	8,376
Assets held for sale	12,893	12,928
Investment in Nikola	143,850
Prepaid expenses and other current assets	68,371	68,538
Total current assets	1,687,870	983,179
Investments in unconsolidated affiliates	209,952	203,329
Operating lease assets	30,007	31,557
Goodwill	320,014	321,434
Other intangible assets, net of accumulated amortization of $86,489 and $92,774 at November 30, 2020 and May 31, 2020, respectively	174,376	184,416
Other assets	32,842	34,956
Property, plant and equipment:
Land	23,592	24,197
Buildings and improvements	292,544	302,796
Machinery and equipment	1,082,979	1,055,139
Construction in progress	63,526	52,231
Total property, plant and equipment	1,462,641	1,434,363
Less: accumulated depreciation	890,317	861,719
Total property, plant and equipment, net	572,324	572,644
Total assets	3,027,385	2,331,515
Current liabilities:
Accounts payable	337,976	247,017
Accrued compensation, contributions to employee benefit plans and related taxes	101,812	64,650
Dividends payable	14,843	14,648
Other accrued items	51,439	49,974
Current operating lease liabilities	10,954	10,851
Income taxes payable	39,990	949
Current maturities of long-term debt	160	149
Total current liabilities	557,174	388,238
Other liabilities	85,105	75,786
Distributions in excess of investment in unconsolidated affiliate	107,951	103,837
Long-term debt	707,340	699,516
Noncurrent operating lease liabilities	23,695	25,763
Deferred income taxes, net	115,649	71,942
Total liabilities	1,596,914	1,365,082
Shareholders' equity - controlling interest	1,276,899	820,821
Noncontrolling interests	153,572	145,612
Total equity	1,430,471	966,433
Total liabilities and equity	$ 3,027,385	$ 2,331,515

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Nov. 30, 2020	May 31, 2020
Statement Of Financial Position [Abstract]
Receivables, allowances	$ 1,291	$ 1,521
Other intangible assets, accumulated amortization	$ 86,489	$ 92,774

Consolidated Statements of Earn

Consolidated Statements of Earnings (Loss) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2020	Nov. 30, 2019
Income Statement [Abstract]
Net sales	$ 731,092	$ 827,637	$ 1,434,001	$ 1,683,496
Cost of goods sold	595,618	707,026	1,185,169	1,445,594
Gross margin	135,474	120,611	248,832	237,902
Selling, general and administrative expense	82,129	88,543	164,325	179,366
Impairment of long-lived assets	3,815	0	13,739	40,601
Restructuring and other expense (income), net	7,596	(50)	9,444	405
Incremental expenses related to Nikola gains	4,570	0	54,081	0
Operating income	37,364	32,118	7,243	17,530
Other income (expense):
Miscellaneous income, net	376	636	827	1,331
Interest expense	(7,548)	(7,315)	(15,138)	(16,795)
Equity in net income of unconsolidated affiliates	25,631	47,346	49,265	72,113
Gains (loss) on investment in Nikola	(143,780)	0	652,362	0
Loss on extinguishment of debt	0	0	0	(4,034)
Earnings (loss) before income taxes	(87,957)	72,785	694,559	70,145
Income tax expense (benefit)	(19,445)	15,863	144,333	15,678
Net earnings (loss)	(68,512)	56,922	550,226	54,467
Net earnings attributable to noncontrolling interests	5,532	4,836	7,595	7,157
Net earnings (loss) attributable to controlling interest	$ (74,044)	$ 52,086	$ 542,631	$ 47,310
Basic
Average common shares outstanding	52,988	55,059	53,532	55,150
Earnings (loss) per share attributable to controlling interest	$ (1.40)	$ 0.95	$ 10.14	$ 0.86
Diluted
Average common shares outstanding	52,988	56,072	54,439	56,205
Earnings (loss) per share attributable to controlling interest	$ (1.40)	$ 0.93	$ 9.97	$ 0.84
Common shares outstanding at end of period	52,754	55,094	52,754	55,094
Cash dividends declared per share	$ 0.25	$ 0.24	$ 0.50	$ 0.48

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2020	Nov. 30, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net earnings (loss)	$ (68,512)	$ 56,922	$ 550,226	$ 54,467
Other comprehensive income (loss):
Foreign currency translation, net of tax	(1,051)	6,662	7,257	11,444
Pension liability adjustment, net of tax	(4)	95	368	1,108
Cash flow hedges, net of tax	15,218	3,213	17,781	574
Other comprehensive income	14,163	9,970	25,406	13,126
Comprehensive income (loss)	(54,349)	66,892	575,632	67,593
Comprehensive income attributable to noncontrolling interests	5,532	4,836	7,595	7,157
Comprehensive income (loss) attributable to controlling interest	$ (59,881)	$ 62,056	$ 568,037	$ 60,436

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2020	Nov. 30, 2019
Operating activities:
Net earnings (loss)	$ (68,512)	$ 56,922	$ 550,226	$ 54,467
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
Depreciation and amortization	21,560	22,596	43,771	46,773
Impairment of long-lived assets	3,815	0	13,739	40,601
Provision for (benefit from) deferred income taxes	(31,776)	6,843	39,255	3,345
Bad debt (income) expense	(159)	143	(65)	311
Equity in net income of unconsolidated affiliates, net of distributions	4,608	(19,879)	(2,149)	(14,797)
Net (gain) loss on sale of assets	7,271	(17)	7,673	601
Stock-based compensation	4,854	3,280	9,710	7,275
(Gains) loss on investment in Nikola	143,780	0	(652,362)	0
Charitable contribution of Nikola shares			20,653
Loss on extinguishment of debt	0	0	0	4,034
Changes in assets and liabilities:
Receivables	3,580	(5,456)	(78,614)	9,525
Inventories	4,623	43,601	90,245	87,883
Accounts payable	48,176	(20,743)	95,330	(57,977)
Accrued compensation and employee benefits	13,960	9,619	37,812	(13,596)
Income taxes payable	(44,623)	(118)	39,041	(1,132)
Other operating items, net	(3,729)	7,369	10,551	1,216
Net cash provided by operating activities	107,428	104,160	224,816	168,529
Investing activities:
Investment in property, plant and equipment	(16,073)	(28,381)	(48,944)	(50,555)
Proceeds from sale of Nikola shares			487,859
Acquisitions, net of cash acquired	(75)	(29,283)	(75)	(29,283)
Proceeds from sale of assets	21,580	23	21,580	9,199
Net cash provided (used) by investing activities	5,432	(57,641)	460,420	(70,639)
Financing activities:
Proceeds from long-term debt, net of issuance costs		(134)		101,464
Principal payments on long-term obligations and debt redemption costs	(96)	(490)	(193)	(154,467)
Proceeds from issuance of common shares, net of tax withholdings	2,294	(3,811)	1,144	(7,024)
Payments to noncontrolling interests		(1,453)	(560)	(1,453)
Repurchase of common shares	(38,563)		(92,883)	(29,599)
Dividends paid	(13,433)	(13,954)	(26,812)	(26,914)
Net cash used by financing activities	(49,798)	(19,842)	(119,304)	(117,993)
Increase (decrease) in cash and cash equivalents	63,062	26,677	565,932	(20,103)
Cash and cash equivalents at beginning of period	650,068	45,583	147,198	92,363
Cash and cash equivalents at end of period	$ 713,130	$ 72,260	$ 713,130	$ 72,260

Basis of Presentation

Basis of Presentation	6 Months Ended
	Nov. 30, 2020
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 have been eliminated. The Company owns controlling interests in the following four joint ventures: Spartan Steel Coating, LLC (“Spartan”) (52%), TWB Company, L.L.C. (“TWB”) (55%), Worthington Samuel Coil Processing LLC (“Samuel” or “Samuel joint venture”) (63%), 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 (loss) and other comprehensive income (loss) (“OCI”) shown as net earnings or comprehensive income attributable to noncontrolling interests in our consolidated statements of earnings (loss) and consolidated statements of comprehensive income (loss), respectively. Investments in unconsolidated affiliates are accounted for using the equity method. See further discussion of our unconsolidated affiliates in “NOTE D – Investments in Unconsolidated Affiliates”. 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 (the “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 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. Deconsolidation of Engineered Cabs: On November 1, 2019, we closed on an agreement with an affiliate of Angeles Equity Partners, LLC by which we contributed substantially all of the net assets of the Company’s Engineered Cabs business to a newly-formed joint venture, Taxi Workhorse Holdings, LLC (the “Cabs joint venture”), in which the Company retained a 20% noncontrolling interest. Immediately following the contribution, the Cabs joint venture acquired the net assets of Crenlo Cab Products, LLC (“Crenlo”). The investment in the Cabs joint venture is accounted for under the equity method, due to lack of control as more fully described in “NOTE D – Investments in Unconsolidated Affiliates”. Recently Adopted Accounting Standards On June 1, 2020, the Company adopted Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Additionally, there have been no significant changes to our accounting policies as disclosed in our 2020 Form 10-K as a result of the adoption of this new accounting guidance.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Nov. 30, 2020
Revenue From Contract With Customer [Abstract]
Revenue Recognition	NOTE B – Revenue Recognition The following table summarizes net sales by product class for the periods presented: Three Months Ended Six Months Ended (in thousands) November 30, November 30, Reportable segments by product class: 2020 2019 2020 2019 Steel Processing Direct $ 433,556 $ 481,058 $ 838,364 $ 974,704 Toll 35,167 35,879 61,379 65,608 Total 468,723 516,937 899,743 1,040,312 Pressure Cylinders Consumer products 121,618 128,065 254,400 247,545 Industrial products 134,020 130,334 262,245 282,952 Oil & gas equipment 6,646 31,737 16,543 64,035 Total 262,284 290,136 533,188 594,532 Other Engineered Cabs 85 20,550 1,070 48,616 Other - 14 - 36 Total 85 20,564 1,070 48,652 Total $ 731,092 $ 827,637 $ 1,434,001 $ 1,683,496 We recognize revenue at a point in time, with the exception of the toll processing revenue stream and certain contracts within the oil & gas equipment revenue streams, which are recognized over time. The following table summarizes the over time revenue for the periods presented: Three Months Ended Six Months Ended November 30, November 30, (in thousands) 2020 2019 2020 2019 Steel Processing - toll $ 35,167 $ 35,879 $ 61,379 $ 65,608 Pressure Cylinders - certain oil & gas equipment contracts 4,367 27,531 12,066 57,539 Total over time revenue $ 39,534 $ 63,410 $ 73,445 $ 123,147 The following table summarizes the unbilled receivables and contract assets for the periods indicated: November 30, May 31, (in thousands) Balance Sheet Classification 2020 2020 Unbilled receivables Receivables $ 4,937 $ 5,552 Contract assets Prepaid and other current assets $ 5,636 $ 4,127 We have elected the optional exemption, which allows for the exclusion of the amounts for remaining performance obligations that are part of contracts with an expected duration of one year or less. There are no unsatisfied or partially satisfied performance obligations related to contracts with an expected duration greater than one year.

Investment in Nikola

Investment in Nikola	6 Months Ended
	Nov. 30, 2020
Equity Method Investments And Joint Ventures [Abstract]
Investment in Nikola	NOTE C – Investment in Nikola On June 3, 2020 (the “Effective Date”), Nikola Corporation (“Nikola”) became a public company through a reverse merger with a subsidiary of VectoIQ Acquisition Corporation, a NASDAQ listed publicly traded company. At the Effective Date, we owned 19,048,020 shares of Nikola common stock. During the first quarter of fiscal 2021, we recognized a $796,141,000 pre-tax gain consisting of $508,511,000 in realized gains from the sale of 11,500,000 of our Nikola shares and a charitable contribution of 500,000 of those shares, and an unrealized mark-to-market gain of $287,630,000 for the remaining 7,048,020 Nikola shares we continued to hold at August 31, 2020 when the market price was $40.81 per share. We also recognized $49,511,000 of incremental expenses in operating income related to the Nikola gains consisting of $28,858,000 for discretionary profit sharing and bonus expenses and $20,653,000 for the charitable contribution of the 500,000 Nikola shares to the Worthington Industries Foundation to establish a charitable endowment focused on the communities in which the Company operates. During the second quarter of fiscal 2021, the market price of the Nikola shares dropped from $40.81 per share at August 31, 2020 to $20.41 per share at November 30, 2020, resulting in an unrealized mark-to-market loss of $143,780,000 for the 7,048,020 shares we held at quarter end, and reducing the pre-tax year-to-date realized and unrealized gain on the investment in Nikola to $652,362,000. In addition, during the second quarter, we recorded incremental expenses of $4,570,000 for discretionary bonuses related to the Nikola investment gain, which are subject to service requirements and required to be recognized as they are earned throughout fiscal 2021.

Investments in Unconsolidated A

Investments in Unconsolidated Affiliates	6 Months Ended
	Nov. 30, 2020
Equity Method Investments And Joint Ventures [Abstract]
Investments in Unconsolidated Affiliates	NOTE D – 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. At November 30, 2020, the Company held investments in the following affiliated companies: ArtiFlex Manufacturing, LLC (“ArtiFlex”) (50%), the Cabs joint venture (20%), Clarkwestern Dietrich Building Systems LLC (“ClarkDietrich”) (25%), Serviacero Planos, S. de R. L. de C.V. (“Serviacero Worthington”) (50%), and Worthington Armstrong Venture (“WAVE”) (50%). During the first quarter of fiscal 2020, the Company began the process of exploring the potential exit of its ownership interest in Nisshin, its former joint venture in China. As a result, the Company evaluated its investment for potential impairment and concluded the remaining book value of the investment was fully impaired, resulting in an impairment charge of On December 19, 2019, the Company finalized an agreement to transfer the risks and rewards related to its 10% interest to the other joint venture partners and from that point on, the Company had no further rights or obligations related to the Nisshin joint venture. On December 31, 2019, the Company contributed the operating net assets, excluding working capital, of its Cleveland facility, (which the Company had previously acquired on October 7, 2019 from Heidtman Steel Products, Inc.) to the Samuel joint venture in exchange for an incremental 31.75% ownership interest in the joint venture. This increased our total ownership interest to 63% and the joint venture’s results have been consolidated within Steel Processing since that time. On November 1, 2019, we closed on an agreement with an affiliate of Angeles Equity Partners, LLC by which we contributed the net assets of our primary Engineered Cabs manufacturing facilities located in Greeneville, Tennessee and Watertown, South Dakota to the newly-formed Cabs joint venture, in which we retained a 20% noncontrolling interest. Immediately following the contribution, the Cabs joint venture acquired the net assets of Crenlo. Our investment in the Cabs joint venture is accounted for under the equity method, due to lack of control. The Company’s contribution to the Cabs joint venture resulted in recognizing an impairment charge of $35,194,000 in the first quarter of fiscal 2020 when the disposal group met the criteria as assets held for sale. Certain non-core assets of the Engineered Cabs business, including the fabricated products facility in Stow, Ohio, and the steel packaging facility in Greensburg, Indiana, were retained. Refer to “NOTE E – Impairment of Long-Lived Assets” for additional information on the retained assets. Upon closing of the transaction, the contributed net assets were deconsolidated, resulting in a net gain of $258,000 during fiscal 2020, as summarized below: (in thousands) Retained investment (at fair value) $ 13,831 Contributed net assets (at carrying value) 13,394 Gain on deconsolidation 437 Less: deal costs (179 ) Net gain on deconsolidation $ 258 We received distributions from unconsolidated affiliates totaling $47,116,000 during the six months ended November 30, 2020. We have received cumulative distributions from WAVE in excess of our investment balance, which resulted in an amount recorded within other liabilities on our consolidated balance sheets of $107,951,000 at November 30, 2020. In accordance with the applicable accounting guidance, we reclassified the negative investment balance to the liabilities section of our consolidated balance sheet. We will continue to record our equity in the net income of WAVE as a debit to the investment account, and if the investment balance becomes positive, it will again be shown as an asset on our consolidated balance sheet. If it becomes probable that any excess distribution may not be returned (upon joint venture liquidation or otherwise), we will recognize any negative investment balance classified as a liability as income immediately. We use the “cumulative earnings” approach for determining cash flow presentation of distributions from our unconsolidated joint ventures. Distributions received are included in our consolidated statements of cash flows as operating activities, unless the cumulative distributions received, less distributions received in prior periods that were determined to be returns of investment, exceed our portion of the cumulative equity in the net earnings of the joint venture, in which case the excess distributions are deemed to be returns of the investment and are classified as investing activities in our consolidated statements of cash flows. The following tables summarize combined financial information for our unconsolidated affiliates as of the dates, and for the periods presented: November 30, May 31, (in thousands) 2020 2020 Cash $ 49,957 $ 68,730 Other current assets 564,359 528,631 Noncurrent assets 391,547 399,731 Total assets $ 1,005,863 $ 997,092 Current liabilities $ 205,530 $ 174,709 Short-term borrowings - 500 Current maturities of long-term debt 10,700 37,542 Long-term debt 314,730 346,690 Other noncurrent liabilities 87,087 73,656 Equity 387,816 363,995 Total liabilities and equity $ 1,005,863 $ 997,092 Three Months Ended Six Months Ended November 30, November 30, (in thousands) 2020 2019 2020 2019 Net sales $ 451,198 $ 453,288 $ 856,518 $ 923,493 Gross margin 96,561 95,995 189,610 193,531 Operating income 64,890 62,414 122,843 128,637 Depreciation and amortization 8,672 7,538 16,402 14,627 Interest expense 2,832 3,139 5,777 6,506 Income tax expense 2,322 1,272 4,052 1,853 Net earnings from continuing operations 60,943 53,483 117,516 114,624 Net earnings from discontinued operations - 46,958 - 49,770 Net earnings 60,943 100,441 117,516 164,394 The amount presented within the “Net earnings from discontinued operations” caption in the table above reflects the international operations of our WAVE joint venture prior to their sale on September 30, 2019. The sale was part of a broader transaction between the joint venture partner, Armstrong World Industries, Inc. (“AWI”), and Knauf Ceilings and Holding GmbH (“Knauf”), a family-owned manufacturer of building materials headquartered in Germany. In September 2020, we received the final cash distribution of $2,950,000 for our portion of the remaining proceeds of the sale. The Company corrected certain amounts in the table above for the three and six months ended November 30, 2019, to reflect the international operations of our WAVE joint venture within discontinued operations prior to their sale on September 30, 2019, as those amounts were previously included in net sales, gross margin, operating income, and income tax expense.

Impairment of Long-Lived Assets

Impairment of Long-Lived Assets	6 Months Ended
	Nov. 30, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Impairment of Long-Lived Assets	NOTE E – Impairment of Long-Lived Assets Fiscal 2021 During the first quarter of fiscal 2021, we recorded impairment charges totaling $9,924,000 as impairment indicators were identified as follows: • The future undiscounted cash flows of the cryogenics business primarily operated out of the Theodore, Alabama facility did not support its book value. As a result, property, plant and equipment with a carrying value of $13,526,000 were written down to their estimated fair value of $9,193,000 (determined using Level 2 inputs), resulting in an impairment charge of $4,333,000. Additionally, the customer list intangible assets with a carrying value of $3,662,000 were deemed to be fully impaired (using unobservable Level 3 inputs) and written off. These assets were subsequently sold in October 2020 (refer to “NOTE F – Restructuring and Other Expense, Net” for additional information on this sale). • We decided to discontinue our operation of the manufacturing line for alternative fuel cylinders at the Jefferson, Ohio facility. As a result, long-lived assets with a carrying value of $1,823,000 were written down to their estimated fair market value of $400,000 (determined using Level 2 inputs), resulting in an impairment charge of $1,423,000. • The Company recognized a $506,000 impairment charge related to the Superior Tools business that was acquired as part of Magna Industries, Inc. in fiscal 2019 and subsequently sold. Fiscal 2020

Restructuring and Other Expense

Restructuring and Other Expense, Net	6 Months Ended
	Nov. 30, 2020
Restructuring And Related Activities [Abstract]
Restructuring and Other Expense, Net	NOTE F – Restructuring and Other Expense, 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. In October 2020, the Pressure Cylinders business completed the sale of its cryogenic and hydrogen trailer business, including the Theodore, Alabama manufacturing site, and the cryo-science and microbulk storage unit business. In connection with these transactions, the Company realized net cash proceeds of $21,223,000 after working capital adjustments, which generated a pre-tax loss of $7,072,000, primarily related to allocated goodwill. A progression of the liabilities associated with our restructuring activities, combined with a reconciliation to the restructuring and other expense, net financial statement caption, in our consolidated statement of earnings is summarized below for the six-month period ended November 30, 2020: Balance, as of Balance, as of (in thousands) May 31, 2020 Expense Payments Adjustments November 30, 2020 Early retirement and severance $ 6,536 $ 1,227 $ (5,637 ) $ (99 ) $ 2,027 Facility exit and other costs 156 1,145 (1,222 ) 74 153 $ 6,692 $ 2,372 $ (6,859 ) $ (25 ) $ 2,180 Net loss on sale of assets 7,072 Restructuring and other expense, net $ 9,444 The total liability associated with our restructuring activities as of November 30, 2020 is expected to be paid in the next twelve months.

Contingent Liabilities and Comm

Contingent Liabilities and Commitments	6 Months Ended
	Nov. 30, 2020
Commitments And Contingencies Disclosure [Abstract]
Contingent Liabilities and Commitments	NOTE G – Contingent Liabilities and Commitments Legal Proceedings 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. Voluntary Tank Replacement Program In February 2019, our Structural Composites Industries, LLC subsidiary (“SCI”) agreed to participate in a tank replacement program for specific design sizes of its composite hydrogen fuel tanks, which are integrated into a customer’s hydrogen fuel cells used to fuel material handling equipment, primarily rider pallet jacks in warehouses. As of November 30, 2020, the Company has a reserve of $4,948,000 related to this matter, which is our best estimate of the remaining direct costs related to the replacement program, which are expected to be paid in the next six months. The actual cost incurred by the Company related to this matter may vary from the initial estimate.

Guarantees

Guarantees	6 Months Ended
	Nov. 30, 2020
Guarantees And Product Warranties [Abstract]
Guarantees	NOTE H – 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. We had in place $15,050,000 of outstanding stand-by letters of credit issued to third-party service providers at November 30, 2020. No amounts were drawn against them at November 30, 2020.

Debt

Debt	6 Months Ended
	Nov. 30, 2020
Debt Disclosure [Abstract]
Debt	NOTE I – Debt We maintain a $500,000,000 multi-year revolving credit facility (the “Credit Facility”) with a group of lenders which matures in February 2023. 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 or letters of credit outstanding under the Credit Facility at November 30, 2020.

Other Comprehensive Income

Other Comprehensive Income	6 Months Ended
	Nov. 30, 2020
Equity [Abstract]
Other Comprehensive Income	NOTE J – Other Comprehensive Income The following table summarizes the tax effects on each component of OCI for the periods presented: Three months ended November 30, 2020 2019 Before-Tax Tax Net-of-Tax Before-Tax Tax Net-of-Tax (in thousands) Foreign currency translation $ (1,027 ) (24 ) $ (1,051 ) $ 6,662 $ - $ 6,662 Pension liability adjustment (4 ) - (4 ) 117 (22 ) 95 Cash flow hedges 19,540 (4,322 ) 15,218 4,016 (803 ) 3,213 Other comprehensive income $ 18,509 $ (4,346 ) $ 14,163 $ 10,795 $ (825 ) $ 9,970 Six months ended November 30, 2020 2019 Before-Tax Tax Net-of-Tax Before-Tax Tax Net-of-Tax (in thousands) Foreign currency translation $ 6,581 676 $ 7,257 $ 11,444 $ - $ 11,444 Pension liability adjustment 484 (116 ) 368 1,421 (313 ) 1,108 Cash flow hedges 22,793 (5,012 ) 17,781 691 (117 ) 574 Other comprehensive income $ 29,858 $ (4,452 ) $ 25,406 $ 13,556 $ (430 ) $ 13,126

Changes in Equity

Changes in Equity	6 Months Ended
	Nov. 30, 2020
Equity [Abstract]
Changes in Equity	NOTE K – Changes in Equity The following tables summarize the changes in equity by component and in total for the periods 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, 2020 $ 283,776 $ (35,217 ) $ 572,262 $ 820,821 $ 145,612 $ 966,433 Net earnings - - 616,675 616,675 2,063 618,738 Other comprehensive income - 11,242 - 11,242 - 11,242 Common shares issued, net of withholding tax (1,150 ) - - (1,150 ) - (1,150 ) Common shares in NQ plans 90 - - 90 - 90 Stock-based compensation 3,022 - - 3,022 - 3,022 Purchases and retirement of common shares (7,536 ) - (46,784 ) (54,320 ) - (54,320 ) Cash dividends declared - - (13,595 ) (13,595 ) - (13,595 ) Dividends to noncontrolling interest - - - - (560 ) (560 ) Balance at August 31, 2020 $ 278,202 $ (23,975 ) $ 1,128,558 $ 1,382,785 $ 147,115 $ 1,529,900 Net earnings (loss) - - (74,044 ) (74,044 ) 5,532 (68,512 ) Other comprehensive income - 14,163 - 14,163 - 14,163 Common shares issued, net of withholding tax 2,294 - - 2,294 - 2,294 Common shares in NQ plans 292 - - 292 - 292 Stock-based compensation 3,499 - - 3,499 - 3,499 Purchases and retirement of common shares (4,486 ) - (34,077 ) (38,563 ) - (38,563 ) Contribution to Samuel joint venture - - - - 925 925 Cash dividends declared - - (13,527 ) (13,527 ) - (13,527 ) Balance at November 30, 2020 $ 279,801 $ (9,812 ) $ 1,006,910 $ 1,276,899 $ 153,572 $ 1,430,471 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, 2019 $ 283,177 $ (43,464 ) $ 591,533 $ 831,246 $ 117,148 $ 948,394 Net earnings (loss) - - (4,776 ) (4,776 ) 2,321 (2,455 ) Other comprehensive income - 3,156 - 3,156 - 3,156 Common shares issued, net of withholding tax (3,213 ) - - (3,213 ) - (3,213 ) Common shares in NQ plans 74 - - 74 - 74 Stock-based compensation 4,545 - - 4,545 - 4,545 Purchases and retirement of common shares (3,814 ) - (25,785 ) (29,599 ) - (29,599 ) Cash dividends declared - - (13,460 ) (13,460 ) - (13,460 ) Balance at August 31, 2019 $ 280,769 $ (40,308 ) $ 547,512 $ 787,973 $ 119,469 $ 907,442 Net earnings - - 52,086 52,086 4,836 56,922 Other comprehensive loss - 9,970 - 9,970 - 9,970 Common shares issued, net of withholding tax (3,811 ) - - (3,811 ) - (3,811 ) Common shares in NQ plans 239 - - 239 - 239 Stock-based compensation 2,880 - - 2,880 - 2,880 Purchases and retirement of common shares - - - - - - Cash dividends declared - - (13,446 ) (13,446 ) - (13,446 ) Dividends to noncontrolling interest - - - - (1,453 ) (1,453 ) Balance at November 30, 2019 $ 280,077 $ (30,338 ) $ 586,152 $ 835,891 $ 122,852 $ 958,743 The following tables summarize the changes in accumulated other comprehensive loss for the periods presented: Accumulated Foreign Pension Other Currency Liability Cash Flow Comprehensive (in thousands) Translation Adjustment Hedges Loss Balance as of May 31, 2020 $ (9,142 ) $ (21,886 ) $ (4,189 ) $ (35,217 ) Other comprehensive income before reclassifications 6,581 484 16,765 23,830 Reclassification adjustments to income (a) - - 6,028 6,028 Income tax effect 676 (116 ) (5,013 ) (4,453 ) Balance as of November 30, 2020 $ (1,885 ) $ (21,518 ) $ 13,591 $ (9,812 ) Accumulated Foreign Pension Other Currency Liability Cash Flow Comprehensive (in thousands) Translation Adjustment Hedges Loss Balance as of May 31, 2019 $ (19,639 ) $ (17,856 ) $ (5,969 ) $ (43,464 ) Other comprehensive income (loss) before reclassifications 2,948 79 (5,975 ) (2,948 ) Reclassification adjustments to income (a) 8,496 1,342 6,666 16,504 Income tax effect - (313 ) (117 ) (430 ) Balance as of November 30, 2019 $ (8,195 ) $ (16,748 ) $ (5,395 ) $ (30,338 ) (a) The statement of earnings (loss) classification of amounts reclassified to income include: (1) Foreign currency translation – result of $7,454,000 related to the sale of the cryogenics business in Turkey; and $1,042,000 related to the impairment of Nisshin, the Company’s former joint venture in China. (2) Pension liability adjustment – result of the settlement of certain participant balances within the pension plan maintained by WAVE. (3) Cash flow hedges – disclosed in “NOTE P – Derivative Instruments and Hedging Activities”.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Nov. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	NOTE L – Stock-Based Compensation Non-Qualified Stock Options During the six months ended November 30, 2020, we granted non-qualified stock options covering a total of 116,300 common shares under our stock-based compensation plans. The weighted average exercise price of $36.93 per share was equal to the market price of the underlying common shares at the grant date. The fair value of these stock options, based on the Black-Scholes option-pricing model, calculated at the grant date, was $10.43 per share. The calculated pre-tax stock-based compensation expense for these stock options is $1,213,000 and will be recognized on a straight-line basis over the three-year Dividend yield 2.94 % Expected volatility 40.82 % Risk-free interest rate 0.42 % Expected term (years) 6.0 Expected volatility is based on the historical volatility of Worthington Industries, Inc.’s 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 six months ended November 30, 2020 three-year Market-Based Restricted Common Shares On June 25, 2020, we granted an aggregate of 45,000 restricted common shares to three key employees under one of our stock-based compensation plans. Vesting of these restricted common share awards is contingent upon the price of Worthington Industries, Inc.’s common shares reaching $65.00 per share and remaining at or above that price for 90 consecutive days during the five-year Dividend yield 2.71 % Expected volatility 41.50 % Risk-free interest rate 0.32 % The calculated pre-tax stock-based compensation expense for these restricted common shares is $939,000 and will be recognized on a straight-line basis over the three-year service vesting period. Performance Share Awards We have awarded performance shares to certain key employees under our stock-based compensation plans. These performance shares are earned based on the level of achievement with respect to corporate targets for cumulative corporate economic value added, earnings per share growth and, in the case of business unit executives, business unit operating income target, in each case for the three-year periods ending May 31, 2021, 2022 and 2023. These performance share awards will be paid, to the extent earned, in common shares of Worthington Industries, Inc. 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 six months ended November 30, 2020 three-year

Income Taxes

Income Taxes	6 Months Ended
	Nov. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	NOTE M – Income Taxes Income tax expense for the six months ended November 30, 2020 and 2019 reflected estimated annual effective income tax rates of 21.5% and 24.8%, respectively. The annual effective income tax rates exclude any impact from the inclusion of net earnings attributable to noncontrolling interests in our consolidated statements of earnings (loss). Net earnings attributable to noncontrolling interests are primarily a result of our WSP, Spartan, Samuel and TWB consolidated joint ventures. The earnings attributable to the noncontrolling interests in WSP, Spartan, Samuel and TWB’s U.S. operations do not generate tax expense to Worthington since the investors in WSP, Spartan, Samuel and TWB’s U.S. operations are taxed directly based on the earnings attributable to them. The tax expense of TWB’s wholly-owned foreign corporations is reported in our consolidated income tax expense (benefit). Management is required to estimate the annual effective income tax rate based upon its forecast of annual pre-tax income for domestic and foreign operations. Our actual effective income tax rate for fiscal 2021 could be materially different from the forecasted rate as of November 30, 2020.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	6 Months Ended
	Nov. 30, 2020
Earnings Per Share [Abstract]
Earnings (Loss) per Share	NOTE N – Earnings (Loss) per Share The following table sets forth the computation of basic and diluted earnings (loss) per share attributable to controlling interest for the periods presented: Three Months Ended November 30, Six Months Ended November 30, (in thousands, except per share amounts) 2020 2019 2020 2019 Numerator (basic & diluted): Net earnings (loss) attributable to controlling interest - income (loss) available to common shareholders $ (74,044 ) $ 52,086 $ 542,631 $ 47,310 Denominator: Denominator for basic earnings (loss) per share attributable to controlling interest - weighted average common shares 52,988 55,059 53,532 55,150 Effect of dilutive securities - 1,013 907 1,055 Denominator for diluted earnings (loss) per share attributable to controlling interest - adjusted weighted average common shares $ 52,988 $ 56,072 54,439 56,205 Basic earnings (loss) per share attributable to controlling interest $ (1.40 ) $ 0.95 $ 10.14 $ 0.86 Diluted earnings (loss) per share attributable to controlling interest $ (1.40 ) $ 0.93 $ 9.97 $ 0.84 Stock options covering an aggregate of 405,433 common shares for the three months ended November 30, 2019, and 492,011 and 391,563 common shares for the six months ended November 30, 2020 and 2019, respectively, have been excluded from the computation of diluted earnings per share because the effect of their inclusion would have been anti-dilutive for those periods. All potentially dilutive shares (stock options and restricted common shares covering an aggregate of 1,030,835 common shares) have been excluded from the computation of diluted loss per share for the three months ended November 30, 2020, because the effect would have been anti-dilutive due to the overall net loss for the period.

Segment Operations

Segment Operations	6 Months Ended
	Nov. 30, 2020
Segment Reporting [Abstract]
Segment Operations	NOTE O – Segment Operations The following table presents summarized financial information for our reportable segments as of the dates, and for the periods presented: Three Months Ended November 30, Six Months Ended November 30, (in thousands) 2020 2019 2020 2019 Net sales Steel Processing $ 468,723 $ 516,937 $ 899,743 $ 1,040,312 Pressure Cylinders 262,284 290,136 533,188 594,532 Other 85 20,564 1,070 48,652 Total net sales $ 731,092 $ 827,637 $ 1,434,001 $ 1,683,496 Operating income (loss) Steel Processing $ 37,824 $ 17,172 $ 51,441 $ 23,340 Pressure Cylinders 3,305 15,647 11,947 45,270 Other (322 ) (1,919 ) (1,081 ) (47,051 ) Segment operating income 40,807 30,900 62,307 21,559 Unallocated corporate and other 1,127 1,218 (983 ) (4,029 ) Incremental expenses related to Nikola gains (4,570 ) - (54,081 ) - Total operating income $ 37,364 $ 32,118 $ 7,243 $ 17,530 Impairment of long-lived assets Pressure Cylinders $ 3,815 $ - 13,739 - Other - - - 40,601 Total impairment of long-lived assets $ 3,815 $ - $ 13,739 $ 40,601 Restructuring and other expense (income), net Steel Processing $ 375 $ - $ 1,846 $ (26 ) Pressure Cylinders 7,257 - 7,571 - Other (36 ) (50 ) 27 431 Total restructuring and other expense (income), net $ 7,596 $ (50 ) $ 9,444 $ 405 November 30, May 31, (in thousands) 2020 2020 Total assets Steel Processing $ 886,578 $ 821,657 Pressure Cylinders 1,016,404 1,104,603 Other (1) 1,124,403 405,255 Total assets $ 3,027,385 $ 2,331,515 (1) NOTE C – Investment in Nikola”.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	6 Months Ended
	Nov. 30, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	NOTE P – 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 (loss) at the end of each period. Interest Rate Risk Management – We are exposed to the impact of interest rate changes. Our objective is to manage the impact of interest rate changes on cash flows and the market value of our borrowings. We utilize a mix of debt maturities along with both fixed-rate and variable-rate debt to manage changes in interest rates. In addition, we enter into interest rate swaps and treasury locks to further manage our exposure to interest rate variations related to our borrowings and to lower our overall borrowing costs. Foreign Currency Exchange Rate Risk Management Commodity Price Risk Management We are exposed to counterparty credit risk on all of our derivative instruments. Accordingly, we have established and maintain strict counterparty credit guidelines. We have credit support agreements in place with certain counterparties to limit our credit exposure. These agreements require either party to post cash collateral if its cumulative market position exceeds a predefined liability threshold. Amounts posted to the margin accounts accrue interest at market rates and are required to be refunded in the period in which the cumulative market position falls below the required threshold. We do not have significant exposure to any one counterparty, and management believes the risk of loss is remote and, in any event, would not be material. Refer to "NOTE Q – 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 November 30, 2020: Asset Derivatives Liability Derivatives Balance Balance Sheet Fair Sheet Fair (in thousands) Location Value Location Value Derivatives designated as hedging instruments: Commodity contracts Receivables $ 13,991 Accounts payable $ - Other assets 156 Other liabilities - Totals $ 14,147 $ - Derivatives not designated as hedging instruments: Commodity contracts Receivables $ 9,708 Accounts payable $ 1,803 Other assets 201 Other liabilities 86 9,909 1,889 Foreign currency exchange contracts Receivables - Accounts payable 13 Long term foreign currency exchange contracts Other assets - Other liabilities 49 Totals - 62 Total derivative instruments $ 24,056 $ 1,951 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 $2,427,000 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, 2020: Asset Derivatives Liability Derivatives Balance Balance Sheet Fair Sheet Fair (in thousands) Location Value Location Value Derivatives designated as hedging instruments: Commodity contracts Receivables $ - Accounts payable $ 4,294 Other assets 79 Other liabilities 479 Totals $ 79 $ 4,773 Derivatives not designated as hedging instruments: Commodity contracts Receivables $ - Accounts payable $ 3,826 Other assets 96 Other liabilities 178 96 4,004 Foreign currency exchange contracts Receivables 6 Accounts payable - Totals $ 102 $ 4,004 Total derivative instruments $ 181 $ 8,777 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 $1,780,000 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 commodity price fluctuations associated with certain forecasted transactions. These derivative instruments are designated and qualify as cash flow hedges. The earnings effects of these derivative instruments are presented in the same statement of earnings (loss) line items as the earnings effects of the hedged items. For derivatives designated as cash flow hedges, the Company assesses hedge effectiveness both at the onset of the hedge and at regular intervals throughout the life of the derivative instrument. The following table summarizes our cash flow hedges outstanding at November 30, 2020: Notional (in thousands) Amount Maturity Date Commodity contracts $ 73,689 December 2020 - March 2022 The following table summarizes the gain (loss) recognized in OCI and the loss reclassified from AOCI into net earnings (loss) for derivative instruments designated as cash flow hedges for the periods presented: Gain (Loss) Location of Loss Loss Reclassified (in thousands) Recognized in OCI Reclassified from AOCI into net Earnings from AOCI into net Earnings For the three months ended November 30, 2020: Commodity contracts $ 16,381 Cost of goods sold $ (2,690 ) Interest rate contracts - Interest expense (470 ) Totals $ 16,381 $ (3,160 ) For the three months ended November 30, 2019: Commodity contracts $ 10 Cost of goods sold $ (4,228 ) Interest rate contracts (326 ) Interest expense (7 ) Foreign currency contracts - Miscellaneous income, net (97 ) Totals $ (316 ) $ (4,332 ) For the six months ended November 30, 2020: Commodity contracts $ 16,765 Cost of goods sold $ (5,331 ) Interest rate contracts - Interest expense (697 ) Totals $ 16,765 $ (6,028 ) For the six months ended November 30, 2019: Commodity contracts $ (5,649 ) Cost of goods sold $ (6,520 ) Interest rate contracts (326 ) Interest expense (127 ) Foreign currency contracts - Miscellaneous income, net (19 ) Totals $ (5,975 ) $ (6,666 ) The estimated net amount of the losses recognized in AOCI at November 30, 2020 expected to be reclassified into net earnings (loss) within the succeeding twelve months is $12,557,000 (net of tax of $3,470,000). This amount was computed using the fair value of the cash flow hedges at November 30, 2020, and will change before actual reclassification from OCI to net earnings (loss) during the fiscal years ending May 31, 2021 Economic (Non-designated) Hedges We enter into foreign currency exchange contracts to manage our foreign currency exchange rate exposure related to inter-company and financing transactions that do not meet the requirements for hedge accounting treatment. We also enter into certain commodity contracts that do not qualify for hedge accounting treatment. Accordingly, these derivative instruments are adjusted to current market value at the end of each period through earnings (loss). The following table summarizes our economic (non-designated) derivative instruments outstanding at November 30, 2020: Notional (in thousands) Amount Maturity Date(s) Commodity contracts $ 51,909 December 2020 - April 2022 Foreign currency exchange contracts 9,068 December 2020 - July 2021 The following table summarizes the loss recognized in earnings (loss) for economic (non-designated) derivative financial instruments for the periods presented: Gain (Loss) Recognized In Earnings (Loss) for the Location of Gain (Loss) Three Months Ended November 30, (in thousands) Recognized in Earnings (Loss) 2020 2019 Commodity contracts Cost of goods sold $ 8,905 $ (1,673 ) Foreign currency exchange contracts Miscellaneous income, net 1 15 Total $ 8,906 $ (1,658 ) Gain (Loss) Recognized in Earnings for the Location of Gain (Loss) Six Months Ended November 30, (in thousands) Recognized in Earnings 2020 2019 Commodity contracts Cost of goods sold $ 12,198 $ (3,916 ) Foreign currency exchange contracts Miscellaneous income, net (73 ) (89 ) Total $ 12,125 $ (4,005 )

Fair Value

Fair Value	6 Months Ended
	Nov. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value	NOTE Q – 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 November 30, 2020, our assets and liabilities measured at fair value on a recurring basis were as follows: 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) $ - $ 24,056 $ - $ 24,056 Investment in Nikola (2) 143,850 - - 143,850 Total assets $ 143,850 $ 24,056 $ - $ 167,906 Liabilities Derivative instruments (1) $ - $ 1,951 $ - $ 1,951 Total liabilities $ - $ 1,951 $ - $ 1,951 At May 31, 2020, our assets and liabilities measured at fair value on a recurring basis were as follows: 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) $ - $ 181 $ - $ 181 Total assets $ - $ 181 $ - $ 181 Liabilities Derivative instruments (1) $ - $ 8,777 $ - $ 8,777 Total liabilities $ - $ 8,777 $ - $ 8,777 (1) NOTE P – Derivative Instruments and Hedging Activities (2) Non-Recurring Fair Value Measurements At November 30, 2020, our 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 and used (1) $ - $ 6,334 $ - $ 6,334 Total assets $ - $ 6,334 $ - $ 6,334 (1) Comprised of our oil & gas equipment assets in Tulsa, Oklahoma with an estimated fair value of $5,934,000, and our alternative fuel cylinders assets at the Jefferson, Ohio facility with an estimated fair market value of $400,000. Refer to “NOTE E – Impairment of Long-Lived Assets” for additional information. At May 31, 2020, our assets measured at fair value on a non-recurring basis were as follows: Significant Quoted Prices Other Significant in Active Observable Unobservable Markets Inputs Inputs (in thousands) (Level 1) (Level 2) (Level 3) Totals Assets Investment in unconsolidated affiliate (1) $ - $ - $ 13,623 $ 13,623 Long-lived assets held for sale (2) - 4,084 - 4,084 Long-lived assets held and used (3) - 6,477 2,800 9,277 Total assets $ - $ 10,561 $ 16,423 $ 26,984 (1) On November 1, 2019, in connection with the contribution of substantially all of the net assets of the Engineered Cabs business to the newly-formed Cabs joint venture, we obtained a 20% minority ownership interest. In accordance with the applicable accounting guidance, our minority ownership interest in the Cabs joint venture was recorded at its acquisition date fair value of $13,623,000 . (2) During the third quarter of fiscal 2020, we committed to a plan to sell the Canton, Michigan facility of our consolidated WSP joint venture and some of the production equipment at that facility. In accordance with the applicable accounting guidance this production equipment was written down to its estimated fair value of $700,000. During the third quarter of fiscal 2020, in connection with the closure of the oil & gas equipment manufacturing operations in Wooster, Ohio, fixed assets consisting of land and a building were written down to their estimated fair market value of $3,384,000. (3) During the fourth quarter of 2020, in connection with the annual indefinite lived assets impairment test, certain European tradenames were written down to their estimated fair market value of $2,800,000. In May 2020, the Company committed to a plan to shut down the packaging solutions business in Greensburg, Indiana. As a result, long-lived assets were written down to their estimated fair market value of $266,000. During the third quarter of fiscal 2020, in connection with the closure of the oil & gas equipment manufacturing operations in Wooster, Ohio, the fixed assets at Wooster, Ohio were written down to their then estimated fair market value of $6,211,000. The fair value of non-derivative financial instruments included in the carrying amounts of cash and cash equivalents, receivables, 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 $ and $ at November 30, 2020 and May 31, 2020 , respectively. The carrying amount of long-term debt, incl uding current maturities, was $ and $ at November 30, 2020 and May 31, 2020 , respectively.

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Nov. 30, 2020
Accounting Policies [Abstract]
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards On June 1, 2020, the Company adopted Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Additionally, there have been no significant changes to our accounting policies as disclosed in our 2020 Form 10-K as a result of the adoption of this new accounting guidance.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Nov. 30, 2020
Disaggregation Of Revenue [Line Items]
Revenue by Product Class and Over Time	The following table summarizes net sales by product class for the periods presented: Three Months Ended Six Months Ended (in thousands) November 30, November 30, Reportable segments by product class: 2020 2019 2020 2019 Steel Processing Direct $ 433,556 $ 481,058 $ 838,364 $ 974,704 Toll 35,167 35,879 61,379 65,608 Total 468,723 516,937 899,743 1,040,312 Pressure Cylinders Consumer products 121,618 128,065 254,400 247,545 Industrial products 134,020 130,334 262,245 282,952 Oil & gas equipment 6,646 31,737 16,543 64,035 Total 262,284 290,136 533,188 594,532 Other Engineered Cabs 85 20,550 1,070 48,616 Other - 14 - 36 Total 85 20,564 1,070 48,652 Total $ 731,092 $ 827,637 $ 1,434,001 $ 1,683,496
Summary of Unbilled Receivable and Contract Assets	The following table summarizes the unbilled receivables and contract assets for the periods indicated: November 30, May 31, (in thousands) Balance Sheet Classification 2020 2020 Unbilled receivables Receivables $ 4,937 $ 5,552 Contract assets Prepaid and other current assets $ 5,636 $ 4,127
Over time revenue
Disaggregation Of Revenue [Line Items]
Revenue by Product Class and Over Time	The following table summarizes the over time revenue for the periods presented: Three Months Ended Six Months Ended November 30, November 30, (in thousands) 2020 2019 2020 2019 Steel Processing - toll $ 35,167 $ 35,879 $ 61,379 $ 65,608 Pressure Cylinders - certain oil & gas equipment contracts 4,367 27,531 12,066 57,539 Total over time revenue $ 39,534 $ 63,410 $ 73,445 $ 123,147

Investments in Unconsolidated_2

Investments in Unconsolidated Affiliates (Tables)	6 Months Ended
	Nov. 30, 2020
Equity Method Investments And Joint Ventures [Abstract]
Summary of Consideration Received, Consideration Transferred and Resulting Net Gain on Deconsolidation	Upon closing of the transaction, the contributed net assets were deconsolidated, resulting in a net gain of $258,000 during fiscal 2020, as summarized below: (in thousands) Retained investment (at fair value) $ 13,831 Contributed net assets (at carrying value) 13,394 Gain on deconsolidation 437 Less: deal costs (179 ) Net gain on deconsolidation $ 258
Financial Information	The following tables summarize combined financial information for our unconsolidated affiliates as of the dates, and for the periods presented: November 30, May 31, (in thousands) 2020 2020 Cash $ 49,957 $ 68,730 Other current assets 564,359 528,631 Noncurrent assets 391,547 399,731 Total assets $ 1,005,863 $ 997,092 Current liabilities $ 205,530 $ 174,709 Short-term borrowings - 500 Current maturities of long-term debt 10,700 37,542 Long-term debt 314,730 346,690 Other noncurrent liabilities 87,087 73,656 Equity 387,816 363,995 Total liabilities and equity $ 1,005,863 $ 997,092 Three Months Ended Six Months Ended November 30, November 30, (in thousands) 2020 2019 2020 2019 Net sales $ 451,198 $ 453,288 $ 856,518 $ 923,493 Gross margin 96,561 95,995 189,610 193,531 Operating income 64,890 62,414 122,843 128,637 Depreciation and amortization 8,672 7,538 16,402 14,627 Interest expense 2,832 3,139 5,777 6,506 Income tax expense 2,322 1,272 4,052 1,853 Net earnings from continuing operations 60,943 53,483 117,516 114,624 Net earnings from discontinued operations - 46,958 - 49,770 Net earnings 60,943 100,441 117,516 164,394

Restructuring and Other Expen_2

Restructuring and Other Expense, Net (Tables)	6 Months Ended
	Nov. 30, 2020
Restructuring And Related Activities [Abstract]
Schedule of Progression of Liabilities Associated with Restructuring Activities, Combined with Reconciliation to Restructuring and Other Expense (Income), Net	A progression of the liabilities associated with our restructuring activities, combined with a reconciliation to the restructuring and other expense, net financial statement caption, in our consolidated statement of earnings is summarized below for the six-month period ended November 30, 2020: Balance, as of Balance, as of (in thousands) May 31, 2020 Expense Payments Adjustments November 30, 2020 Early retirement and severance $ 6,536 $ 1,227 $ (5,637 ) $ (99 ) $ 2,027 Facility exit and other costs 156 1,145 (1,222 ) 74 153 $ 6,692 $ 2,372 $ (6,859 ) $ (25 ) $ 2,180 Net loss on sale of assets 7,072 Restructuring and other expense, net $ 9,444

Other Comprehensive Income (Tab

Other Comprehensive Income (Tables)	6 Months Ended
	Nov. 30, 2020
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 periods presented: Three months ended November 30, 2020 2019 Before-Tax Tax Net-of-Tax Before-Tax Tax Net-of-Tax (in thousands) Foreign currency translation $ (1,027 ) (24 ) $ (1,051 ) $ 6,662 $ - $ 6,662 Pension liability adjustment (4 ) - (4 ) 117 (22 ) 95 Cash flow hedges 19,540 (4,322 ) 15,218 4,016 (803 ) 3,213 Other comprehensive income $ 18,509 $ (4,346 ) $ 14,163 $ 10,795 $ (825 ) $ 9,970 Six months ended November 30, 2020 2019 Before-Tax Tax Net-of-Tax Before-Tax Tax Net-of-Tax (in thousands) Foreign currency translation $ 6,581 676 $ 7,257 $ 11,444 $ - $ 11,444 Pension liability adjustment 484 (116 ) 368 1,421 (313 ) 1,108 Cash flow hedges 22,793 (5,012 ) 17,781 691 (117 ) 574 Other comprehensive income $ 29,858 $ (4,452 ) $ 25,406 $ 13,556 $ (430 ) $ 13,126

Changes in Equity (Tables)

Changes in Equity (Tables)	6 Months Ended
	Nov. 30, 2020
Equity [Abstract]
Summary of Changes in Equity by Component and in Total	The following tables summarize the changes in equity by component and in total for the periods 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, 2020 $ 283,776 $ (35,217 ) $ 572,262 $ 820,821 $ 145,612 $ 966,433 Net earnings - - 616,675 616,675 2,063 618,738 Other comprehensive income - 11,242 - 11,242 - 11,242 Common shares issued, net of withholding tax (1,150 ) - - (1,150 ) - (1,150 ) Common shares in NQ plans 90 - - 90 - 90 Stock-based compensation 3,022 - - 3,022 - 3,022 Purchases and retirement of common shares (7,536 ) - (46,784 ) (54,320 ) - (54,320 ) Cash dividends declared - - (13,595 ) (13,595 ) - (13,595 ) Dividends to noncontrolling interest - - - - (560 ) (560 ) Balance at August 31, 2020 $ 278,202 $ (23,975 ) $ 1,128,558 $ 1,382,785 $ 147,115 $ 1,529,900 Net earnings (loss) - - (74,044 ) (74,044 ) 5,532 (68,512 ) Other comprehensive income - 14,163 - 14,163 - 14,163 Common shares issued, net of withholding tax 2,294 - - 2,294 - 2,294 Common shares in NQ plans 292 - - 292 - 292 Stock-based compensation 3,499 - - 3,499 - 3,499 Purchases and retirement of common shares (4,486 ) - (34,077 ) (38,563 ) - (38,563 ) Contribution to Samuel joint venture - - - - 925 925 Cash dividends declared - - (13,527 ) (13,527 ) - (13,527 ) Balance at November 30, 2020 $ 279,801 $ (9,812 ) $ 1,006,910 $ 1,276,899 $ 153,572 $ 1,430,471 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, 2019 $ 283,177 $ (43,464 ) $ 591,533 $ 831,246 $ 117,148 $ 948,394 Net earnings (loss) - - (4,776 ) (4,776 ) 2,321 (2,455 ) Other comprehensive income - 3,156 - 3,156 - 3,156 Common shares issued, net of withholding tax (3,213 ) - - (3,213 ) - (3,213 ) Common shares in NQ plans 74 - - 74 - 74 Stock-based compensation 4,545 - - 4,545 - 4,545 Purchases and retirement of common shares (3,814 ) - (25,785 ) (29,599 ) - (29,599 ) Cash dividends declared - - (13,460 ) (13,460 ) - (13,460 ) Balance at August 31, 2019 $ 280,769 $ (40,308 ) $ 547,512 $ 787,973 $ 119,469 $ 907,442 Net earnings - - 52,086 52,086 4,836 56,922 Other comprehensive loss - 9,970 - 9,970 - 9,970 Common shares issued, net of withholding tax (3,811 ) - - (3,811 ) - (3,811 ) Common shares in NQ plans 239 - - 239 - 239 Stock-based compensation 2,880 - - 2,880 - 2,880 Purchases and retirement of common shares - - - - - - Cash dividends declared - - (13,446 ) (13,446 ) - (13,446 ) Dividends to noncontrolling interest - - - - (1,453 ) (1,453 ) Balance at November 30, 2019 $ 280,077 $ (30,338 ) $ 586,152 $ 835,891 $ 122,852 $ 958,743
Summary of Changes in Accumulated Other Comprehensive Loss	The following tables summarize the changes in accumulated other comprehensive loss for the periods presented: Accumulated Foreign Pension Other Currency Liability Cash Flow Comprehensive (in thousands) Translation Adjustment Hedges Loss Balance as of May 31, 2020 $ (9,142 ) $ (21,886 ) $ (4,189 ) $ (35,217 ) Other comprehensive income before reclassifications 6,581 484 16,765 23,830 Reclassification adjustments to income (a) - - 6,028 6,028 Income tax effect 676 (116 ) (5,013 ) (4,453 ) Balance as of November 30, 2020 $ (1,885 ) $ (21,518 ) $ 13,591 $ (9,812 ) Accumulated Foreign Pension Other Currency Liability Cash Flow Comprehensive (in thousands) Translation Adjustment Hedges Loss Balance as of May 31, 2019 $ (19,639 ) $ (17,856 ) $ (5,969 ) $ (43,464 ) Other comprehensive income (loss) before reclassifications 2,948 79 (5,975 ) (2,948 ) Reclassification adjustments to income (a) 8,496 1,342 6,666 16,504 Income tax effect - (313 ) (117 ) (430 ) Balance as of November 30, 2019 $ (8,195 ) $ (16,748 ) $ (5,395 ) $ (30,338 ) (a) The statement of earnings (loss) classification of amounts reclassified to income include: (1) Foreign currency translation – result of $7,454,000 related to the sale of the cryogenics business in Turkey; and $1,042,000 related to the impairment of Nisshin, the Company’s former joint venture in China. (2) Pension liability adjustment – result of the settlement of certain participant balances within the pension plan maintained by WAVE. (3) Cash flow hedges – disclosed in “NOTE P – Derivative Instruments and Hedging Activities”.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Nov. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Schedule of Assumptions Used to Determine Grant Date Fair Value of Restricted Common Shares	The following assumptions were used to determine the grant-date fair value and the derived service period for these restricted common shares: Dividend yield 2.71 % Expected volatility 41.50 % Risk-free interest rate 0.32 %
Non-Qualified Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Schedule of Assumptions Used to Determine Fair Value of Stock Options	The following assumptions were used to value these stock options: Dividend yield 2.94 % Expected volatility 40.82 % Risk-free interest rate 0.42 % Expected term (years) 6.0

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	6 Months Ended
	Nov. 30, 2020
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings (Loss) Per Share Attributable to Controlling Interest	The following table sets forth the computation of basic and diluted earnings (loss) per share attributable to controlling interest for the periods presented: Three Months Ended November 30, Six Months Ended November 30, (in thousands, except per share amounts) 2020 2019 2020 2019 Numerator (basic & diluted): Net earnings (loss) attributable to controlling interest - income (loss) available to common shareholders $ (74,044 ) $ 52,086 $ 542,631 $ 47,310 Denominator: Denominator for basic earnings (loss) per share attributable to controlling interest - weighted average common shares 52,988 55,059 53,532 55,150 Effect of dilutive securities - 1,013 907 1,055 Denominator for diluted earnings (loss) per share attributable to controlling interest - adjusted weighted average common shares $ 52,988 $ 56,072 54,439 56,205 Basic earnings (loss) per share attributable to controlling interest $ (1.40 ) $ 0.95 $ 10.14 $ 0.86 Diluted earnings (loss) per share attributable to controlling interest $ (1.40 ) $ 0.93 $ 9.97 $ 0.84

Segment Operations (Tables)

Segment Operations (Tables)	6 Months Ended
	Nov. 30, 2020
Segment Reporting [Abstract]
Financial Information for Reportable Segments	The following table presents summarized financial information for our reportable segments as of the dates, and for the periods presented: Three Months Ended November 30, Six Months Ended November 30, (in thousands) 2020 2019 2020 2019 Net sales Steel Processing $ 468,723 $ 516,937 $ 899,743 $ 1,040,312 Pressure Cylinders 262,284 290,136 533,188 594,532 Other 85 20,564 1,070 48,652 Total net sales $ 731,092 $ 827,637 $ 1,434,001 $ 1,683,496 Operating income (loss) Steel Processing $ 37,824 $ 17,172 $ 51,441 $ 23,340 Pressure Cylinders 3,305 15,647 11,947 45,270 Other (322 ) (1,919 ) (1,081 ) (47,051 ) Segment operating income 40,807 30,900 62,307 21,559 Unallocated corporate and other 1,127 1,218 (983 ) (4,029 ) Incremental expenses related to Nikola gains (4,570 ) - (54,081 ) - Total operating income $ 37,364 $ 32,118 $ 7,243 $ 17,530 Impairment of long-lived assets Pressure Cylinders $ 3,815 $ - 13,739 - Other - - - 40,601 Total impairment of long-lived assets $ 3,815 $ - $ 13,739 $ 40,601 Restructuring and other expense (income), net Steel Processing $ 375 $ - $ 1,846 $ (26 ) Pressure Cylinders 7,257 - 7,571 - Other (36 ) (50 ) 27 431 Total restructuring and other expense (income), net $ 7,596 $ (50 ) $ 9,444 $ 405 November 30, May 31, (in thousands) 2020 2020 Total assets Steel Processing $ 886,578 $ 821,657 Pressure Cylinders 1,016,404 1,104,603 Other (1) 1,124,403 405,255 Total assets $ 3,027,385 $ 2,331,515 (1) NOTE C – Investment in Nikola”.

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	6 Months Ended
	Nov. 30, 2020
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 November 30, 2020: Asset Derivatives Liability Derivatives Balance Balance Sheet Fair Sheet Fair (in thousands) Location Value Location Value Derivatives designated as hedging instruments: Commodity contracts Receivables $ 13,991 Accounts payable $ - Other assets 156 Other liabilities - Totals $ 14,147 $ - Derivatives not designated as hedging instruments: Commodity contracts Receivables $ 9,708 Accounts payable $ 1,803 Other assets 201 Other liabilities 86 9,909 1,889 Foreign currency exchange contracts Receivables - Accounts payable 13 Long term foreign currency exchange contracts Other assets - Other liabilities 49 Totals - 62 Total derivative instruments $ 24,056 $ 1,951 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, 2020: Asset Derivatives Liability Derivatives Balance Balance Sheet Fair Sheet Fair (in thousands) Location Value Location Value Derivatives designated as hedging instruments: Commodity contracts Receivables $ - Accounts payable $ 4,294 Other assets 79 Other liabilities 479 Totals $ 79 $ 4,773 Derivatives not designated as hedging instruments: Commodity contracts Receivables $ - Accounts payable $ 3,826 Other assets 96 Other liabilities 178 96 4,004 Foreign currency exchange contracts Receivables 6 Accounts payable - Totals $ 102 $ 4,004 Total derivative instruments $ 181 $ 8,777
Schedule of Summary of Derivative Hedges	The following table summarizes our economic (non-designated) derivative instruments outstanding at November 30, 2020: Notional (in thousands) Amount Maturity Date(s) Commodity contracts $ 51,909 December 2020 - April 2022 Foreign currency exchange contracts 9,068 December 2020 - July 2021
Schedule of Derivatives Designated as Cash Flow Hedging Instruments	The following table summarizes the gain (loss) recognized in OCI and the loss reclassified from AOCI into net earnings (loss) for derivative instruments designated as cash flow hedges for the periods presented: Gain (Loss) Location of Loss Loss Reclassified (in thousands) Recognized in OCI Reclassified from AOCI into net Earnings from AOCI into net Earnings For the three months ended November 30, 2020: Commodity contracts $ 16,381 Cost of goods sold $ (2,690 ) Interest rate contracts - Interest expense (470 ) Totals $ 16,381 $ (3,160 ) For the three months ended November 30, 2019: Commodity contracts $ 10 Cost of goods sold $ (4,228 ) Interest rate contracts (326 ) Interest expense (7 ) Foreign currency contracts - Miscellaneous income, net (97 ) Totals $ (316 ) $ (4,332 ) For the six months ended November 30, 2020: Commodity contracts $ 16,765 Cost of goods sold $ (5,331 ) Interest rate contracts - Interest expense (697 ) Totals $ 16,765 $ (6,028 ) For the six months ended November 30, 2019: Commodity contracts $ (5,649 ) Cost of goods sold $ (6,520 ) Interest rate contracts (326 ) Interest expense (127 ) Foreign currency contracts - Miscellaneous income, net (19 ) Totals $ (5,975 ) $ (6,666 )
Schedule of Gain (Loss) Recognized in Earnings for Economic (Non-Designated) Derivative Financial Instruments	The following table summarizes the loss recognized in earnings (loss) for economic (non-designated) derivative financial instruments for the periods presented: Gain (Loss) Recognized In Earnings (Loss) for the Location of Gain (Loss) Three Months Ended November 30, (in thousands) Recognized in Earnings (Loss) 2020 2019 Commodity contracts Cost of goods sold $ 8,905 $ (1,673 ) Foreign currency exchange contracts Miscellaneous income, net 1 15 Total $ 8,906 $ (1,658 ) Gain (Loss) Recognized in Earnings for the Location of Gain (Loss) Six Months Ended November 30, (in thousands) Recognized in Earnings 2020 2019 Commodity contracts Cost of goods sold $ 12,198 $ (3,916 ) Foreign currency exchange contracts Miscellaneous income, net (73 ) (89 ) Total $ 12,125 $ (4,005 )
Cash Flow Hedges
Schedule of Summary of Derivative Hedges	The following table summarizes our cash flow hedges outstanding at November 30, 2020: Notional (in thousands) Amount Maturity Date Commodity contracts $ 73,689 December 2020 - March 2022

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Nov. 30, 2020
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis	At November 30, 2020, our assets and liabilities measured at fair value on a recurring basis were as follows: 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) $ - $ 24,056 $ - $ 24,056 Investment in Nikola (2) 143,850 - - 143,850 Total assets $ 143,850 $ 24,056 $ - $ 167,906 Liabilities Derivative instruments (1) $ - $ 1,951 $ - $ 1,951 Total liabilities $ - $ 1,951 $ - $ 1,951 At May 31, 2020, our assets and liabilities measured at fair value on a recurring basis were as follows: 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) $ - $ 181 $ - $ 181 Total assets $ - $ 181 $ - $ 181 Liabilities Derivative instruments (1) $ - $ 8,777 $ - $ 8,777 Total liabilities $ - $ 8,777 $ - $ 8,777 (1) NOTE P – Derivative Instruments and Hedging Activities (2)
Assets Measured at Fair Value on Non-Recurring Basis	At November 30, 2020, our 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 and used (1) $ - $ 6,334 $ - $ 6,334 Total assets $ - $ 6,334 $ - $ 6,334 (1) Comprised of our oil & gas equipment assets in Tulsa, Oklahoma with an estimated fair value of $5,934,000, and our alternative fuel cylinders assets at the Jefferson, Ohio facility with an estimated fair market value of $400,000. Refer to “NOTE E – Impairment of Long-Lived Assets” for additional information. At May 31, 2020, our assets measured at fair value on a non-recurring basis were as follows: Significant Quoted Prices Other Significant in Active Observable Unobservable Markets Inputs Inputs (in thousands) (Level 1) (Level 2) (Level 3) Totals Assets Investment in unconsolidated affiliate (1) $ - $ - $ 13,623 $ 13,623 Long-lived assets held for sale (2) - 4,084 - 4,084 Long-lived assets held and used (3) - 6,477 2,800 9,277 Total assets $ - $ 10,561 $ 16,423 $ 26,984 (1) On November 1, 2019, in connection with the contribution of substantially all of the net assets of the Engineered Cabs business to the newly-formed Cabs joint venture, we obtained a 20% minority ownership interest. In accordance with the applicable accounting guidance, our minority ownership interest in the Cabs joint venture was recorded at its acquisition date fair value of $13,623,000 . (2) During the third quarter of fiscal 2020, we committed to a plan to sell the Canton, Michigan facility of our consolidated WSP joint venture and some of the production equipment at that facility. In accordance with the applicable accounting guidance this production equipment was written down to its estimated fair value of $700,000. During the third quarter of fiscal 2020, in connection with the closure of the oil & gas equipment manufacturing operations in Wooster, Ohio, fixed assets consisting of land and a building were written down to their estimated fair market value of $3,384,000. (3) During the fourth quarter of 2020, in connection with the annual indefinite lived assets impairment test, certain European tradenames were written down to their estimated fair market value of $2,800,000. In May 2020, the Company committed to a plan to shut down the packaging solutions business in Greensburg, Indiana. As a result, long-lived assets were written down to their estimated fair market value of $266,000. During the third quarter of fiscal 2020, in connection with the closure of the oil & gas equipment manufacturing operations in Wooster, Ohio, the fixed assets at Wooster, Ohio were written down to their then estimated fair market value of $6,211,000.

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail) - JointVenture	Nov. 30, 2020	Nov. 01, 2019
Cabs Joint Venture
Significant Accounting Policies [Line Items]
Percent of ownership interest held in unconsolidated affiliates	20.00%	20.00%
Joint Venture Transactions
Significant Accounting Policies [Line Items]
Number Of Joint Ventures	4
Spartan | Joint Venture Transactions
Significant Accounting Policies [Line Items]
Percent of controlling interest by the Company	52.00%
TWB | Joint Venture Transactions
Significant Accounting Policies [Line Items]
Percent of controlling interest by the Company	55.00%
Samuel | Joint Venture Transactions
Significant Accounting Policies [Line Items]
Percent of controlling interest by the Company	63.00%
Worthington Specialty Processing | Joint Venture Transactions
Significant Accounting Policies [Line Items]
Percent of controlling interest by the Company	51.00%

Revenue Recognition - Revenue b

Revenue Recognition - Revenue by Product Class and Timing (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2020	Nov. 30, 2019
Disaggregation Of Revenue [Line Items]
Net sales	$ 731,092	$ 827,637	$ 1,434,001	$ 1,683,496
Over time revenue
Disaggregation Of Revenue [Line Items]
Net sales	39,534	63,410	73,445	123,147
Steel Processing
Disaggregation Of Revenue [Line Items]
Net sales	468,723	516,937	899,743	1,040,312
Pressure Cylinders
Disaggregation Of Revenue [Line Items]
Net sales	262,284	290,136	533,188	594,532
Other
Disaggregation Of Revenue [Line Items]
Net sales	85	20,564	1,070	48,652
Direct | Steel Processing
Disaggregation Of Revenue [Line Items]
Net sales	433,556	481,058	838,364	974,704
Toll | Steel Processing
Disaggregation Of Revenue [Line Items]
Net sales	35,167	35,879	61,379	65,608
Toll | Steel Processing | Over time revenue
Disaggregation Of Revenue [Line Items]
Net sales	35,167	35,879	61,379	65,608
Industrial products | Pressure Cylinders
Disaggregation Of Revenue [Line Items]
Net sales	134,020	130,334	262,245	282,952
Consumer products | Pressure Cylinders
Disaggregation Of Revenue [Line Items]
Net sales	121,618	128,065	254,400	247,545
Oil & gas equipment | Pressure Cylinders
Disaggregation Of Revenue [Line Items]
Net sales	6,646	31,737	16,543	64,035
Engineered Cabs | Other
Disaggregation Of Revenue [Line Items]
Net sales	85	20,550	1,070	48,616
Other | Other
Disaggregation Of Revenue [Line Items]
Net sales		14		36
Certain oil & gas equipment contracts | Pressure Cylinders | Over time revenue
Disaggregation Of Revenue [Line Items]
Net sales	$ 4,367	$ 27,531	$ 12,066	$ 57,539

Revenue Recognition - Summary o

Revenue Recognition - Summary of Unbilled Receivables and Contract Assets (Detail) - USD ($) $ in Thousands	Nov. 30, 2020	May 31, 2020
Receivables
Unbilled Receivables And Contract Assets [Line Items]
Unbilled receivables	$ 4,937	$ 5,552
Prepaid Expenses and Other Current Assets
Unbilled Receivables And Contract Assets [Line Items]
Contract assets	$ 5,636	$ 4,127

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Detail) $ in Thousands	Nov. 30, 2020USD ($)
Revenue From Contract With Customer [Abstract]
Amount of performance obligation related to contracts with expected duration greater than one year	$ 0

Investment in Nikola - Addition

Investment in Nikola - Additional Information (Detail) - Nikola Corporation - USD ($)	Jun. 03, 2020	Nov. 30, 2020	Aug. 31, 2020
Marketable Securities [Line Items]
Marketable securities effective date		Jun. 3, 2020
Marketable securities number of shares owned	19,048,020
Marketable securities pre-tax earnings			$ 796,141,000
Marketable securities realized pre-tax gain		$ 652,362,000	$ 508,511,000
Number of shares sold			11,500,000
Number of shares contributed			500,000
Marketable securities unrealized market to market gain			$ 287,630,000
Marketable securities market price dropped per share		$ 20.41
Marketable securities unrealized market to market loss		$ 143,780,000
Number of shares of common stock marketable securities		7,048,020	7,048,020
Market price		$ 20.41	$ 40.81
Incremental expenses on gains from marketable securities		$ 4,570,000	$ 49,511,000
Profit sharing and bonus expense on marketable securities gain			28,858,000
Marketable securities contribution expense			$ 20,653,000
Number of shares contributed of marketable securities			500,000

Investments in Unconsolidated_3

Investments in Unconsolidated Affiliates - Additional Information (Detail) - USD ($)	Nov. 01, 2019	Sep. 30, 2020	Aug. 31, 2020	Aug. 31, 2019	Nov. 30, 2020	May 31, 2020	Dec. 31, 2019	Dec. 19, 2019
Investments in and Advances to Affiliates [Line Items]
Impairment charge			$ 9,924,000
Distributions from unconsolidated affiliates					$ 47,116,000
Distributions in excess of investment in unconsolidated affiliate					$ 107,951,000	$ 103,837,000
Proceeds from Sale of Equity Method Investments		$ 2,950,000
Samuel Joint Venture | Joint Venture Transactions
Investments in and Advances to Affiliates [Line Items]
Percent of ownership interest held in unconsolidated affiliates					63.00%
Additional ownership interest acquired in joint venture							31.75%
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%
Cabs Joint Venture
Investments in and Advances to Affiliates [Line Items]
Percent of ownership interest held in unconsolidated affiliates	20.00%				20.00%
Impairment charge				$ 35,194,000
Net gain on deconsolidation	$ 258,000
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					$ 107,951,000
Nisshin
Investments in and Advances to Affiliates [Line Items]
Percent of ownership interest held in unconsolidated affiliates								10.00%
Impairment charge				$ 4,236,000

Investments in Unconsolidated_4

Investments in Unconsolidated Affiliates - Summary of Consideration Received, Consideration Transferred and Resulting Net Gain on Deconsolidation (Detail) - Cabs Joint Venture $ in Thousands	Nov. 01, 2019USD ($)
Schedule Of Equity Method Investments [Line Items]
Retained investment (at fair value)	$ 13,831
Contributed net assets (at carrying value)	13,394
Gain on deconsolidation	437
Less: deal costs	(179)
Net gain on deconsolidation	$ 258

Investments in Unconsolidated_5

Investments in Unconsolidated Affiliates - Schedule of Combined Financial Information for Unconsolidated Affiliates (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2020	Nov. 30, 2019	May 31, 2020
Investments in and Advances to Affiliates [Line Items]
Cash	$ 49,957		$ 49,957		$ 68,730
Other current assets	564,359		564,359		528,631
Total assets	3,027,385		3,027,385		2,331,515
Current liabilities	557,174		557,174		388,238
Short-term borrowings					500
Current maturities of long-term debt	10,700		10,700		37,542
Long-term debt	314,730		314,730		346,690
Other noncurrent liabilities	87,087		87,087		73,656
Shareholders' equity - controlling interest	1,276,899		1,276,899		820,821
Total liabilities and equity	3,027,385		3,027,385		2,331,515
Net sales	731,092	$ 827,637	1,434,001	$ 1,683,496
Gross margin	135,474	120,611	248,832	237,902
Operating income	64,890	62,414	122,843	128,637
Depreciation and amortization	8,672	7,538	16,402	14,627
Interest expense	2,832	3,139	5,777	6,506
Income tax expense	2,322	1,272	4,052	1,853
Net earnings from discontinued operations		46,958		49,770
Net earnings (loss)	(68,512)	56,922	550,226	54,467
Equity Method Investment, Nonconsolidated Investee, Other [Member]
Investments in and Advances to Affiliates [Line Items]
Noncurrent assets	391,547		391,547		399,731
Total assets	1,005,863		1,005,863		997,092
Current liabilities	205,530		205,530		174,709
Shareholders' equity - controlling interest	387,816		387,816		363,995
Total liabilities and equity	1,005,863		1,005,863		$ 997,092
Net sales	451,198	453,288	856,518	923,493
Gross margin	96,561	95,995	189,610	193,531
Net earnings from continuing operations	60,943	53,483	117,516	114,624
Net earnings (loss)	$ 60,943	$ 100,441	$ 117,516	$ 164,394

Impairment of Long-Lived Asse_2

Impairment of Long-Lived Assets - Additional Information (Detail) - USD ($)	3 Months Ended					6 Months Ended
	Nov. 30, 2020		Aug. 31, 2020	Nov. 30, 2019	Aug. 31, 2019	Nov. 30, 2020		Nov. 30, 2019	May 31, 2020
Impaired Long Lived Assets Held And Used [Line Items]
Fair market value of assets									$ 2,800,000
Impairment of long-lived assets	$ 3,815,000			$ 0		$ 13,739,000		$ 40,601,000
Impairment charge			$ 9,924,000
Operating lease assets	30,007,000					30,007,000			31,557,000
Fair Value, Measurements, Nonrecurring
Impaired Long Lived Assets Held And Used [Line Items]
Fair market value of assets	6,334,000					6,334,000			26,984,000
Cryogenics
Impaired Long Lived Assets Held And Used [Line Items]
Impairment of long-lived assets			3,662,000
Impairment charge			4,333,000
Jefferson
Impaired Long Lived Assets Held And Used [Line Items]
Impairment charge			1,423,000
Superior Tools
Impaired Long Lived Assets Held And Used [Line Items]
Impairment charge			506,000
Engineered Cabs
Impaired Long Lived Assets Held And Used [Line Items]
Impairment of ROU assets					$ 905,000
Fixed asset net book value					1,469,000
Operating lease assets					3,938,000
Engineered Cabs | Fair Value, Measurements, Nonrecurring
Impaired Long Lived Assets Held And Used [Line Items]
Impairment of long-lived assets					35,194,000
Long Lived Assets Held And Used | Fair Value, Measurements, Nonrecurring
Impaired Long Lived Assets Held And Used [Line Items]
Fair market value of assets	6,334,000	[1]				6,334,000	[1]		$ 9,277,000	[2]
Long Lived Assets Held And Used | Oil And Gas Equipment Operations
Impaired Long Lived Assets Held And Used [Line Items]
Impairment of long-lived assets	1,441,000
Long Lived Assets Held And Used | Oil And Gas Equipment Operations | Fair Value, Measurements, Nonrecurring
Impaired Long Lived Assets Held And Used [Line Items]
Fair market value of assets	7,375,000					7,375,000
Fair market value of fixed assets	5,934,000					5,934,000
Long Lived Assets Held And Used | Cryogenics
Impaired Long Lived Assets Held And Used [Line Items]
Carrying value long-lived assets			13,526,000
Long Lived Assets Held And Used | Cryogenics | Fair Value, Measurements, Nonrecurring
Impaired Long Lived Assets Held And Used [Line Items]
Fair market value of assets			9,193,000
Long Lived Assets Held And Used | Jefferson
Impaired Long Lived Assets Held And Used [Line Items]
Carrying value long-lived assets			1,823,000
Long Lived Assets Held And Used | Jefferson | Fair Value, Measurements, Nonrecurring
Impaired Long Lived Assets Held And Used [Line Items]
Fair market value of assets			$ 400,000
Long Lived Assets Held And Used | Engineered Cabs | Fair Value, Measurements, Nonrecurring
Impaired Long Lived Assets Held And Used [Line Items]
Fair market value of assets					$ 12,860,000
Finite Lived Intangible Assets | Oil And Gas Equipment Operations | Fair Value, Measurements, Nonrecurring
Impaired Long Lived Assets Held And Used [Line Items]
Fair market value of assets	$ 2,374,000					$ 2,374,000
[1]	Comprised of our oil & gas equipment assets in Tulsa, Oklahoma with an estimated fair value of $5,934,000, and our alternative fuel cylinders assets at the Jefferson, Ohio facility with an estimated fair market value of $400,000. Refer to “NOTE E – Impairment of Long-Lived Assets” for additional information.
[2]	During the fourth quarter of 2020, in connection with the annual indefinite lived assets impairment test, certain European tradenames were written down to their estimated fair market value of $2,800,000.

Restructuring and Other Expen_3

Restructuring and Other Expense, Net - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Nov. 30, 2020	Nov. 30, 2020
Restructuring Cost and Reserve [Line Items]
Net (gain) loss on sale of assets		$ 7,072
Cryogenics
Restructuring Cost and Reserve [Line Items]
Net proceeds from sale of business	$ 21,223
Net (gain) loss on sale of assets	$ 7,072

Restructuring and Other Expen_4

Restructuring and Other Expense, Net - Schedule of Progression of Liabilities Associated with Restructuring Activities, Combined with Reconciliation to Restructuring and Other Expense (Income), Net (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2020	Nov. 30, 2019
Restructuring Cost and Reserve [Line Items]
Beginning Balance			$ 6,692
Expense (income)			2,372
Payments			(6,859)
Adjustments			(25)
Ending Balance	$ 2,180		2,180
Net (gain) loss on sale of assets			7,072
Restructuring and other expense (income), net	7,596	$ (50)	9,444	$ 405
Early Retirement And Severance
Restructuring Cost and Reserve [Line Items]
Beginning Balance			6,536
Expense (income)			1,227
Payments			(5,637)
Adjustments			(99)
Ending Balance	2,027		2,027
Facility Exit And Other Costs
Restructuring Cost and Reserve [Line Items]
Beginning Balance			156
Expense (income)			1,145
Payments			(1,222)
Adjustments			74
Ending Balance	$ 153		$ 153

Contingent Liabilities and Co_2

Contingent Liabilities and Commitments - Additional Informattion (Detail) $ in Thousands	Nov. 30, 2020USD ($)
Tank Replacement Costs
Loss Contingencies [Line Items]
Reserve for replacement program	$ 4,948,000

Guarantees - Additional Informa

Guarantees - Additional Information (Detail) - Stand-by Letters of Credit	6 Months Ended
	Nov. 30, 2020USD ($)
Guarantee Obligations [Line Items]
Letter of credit amount outstanding	$ 15,050,000
Drawn amount of letter of credit outstanding	$ 0

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($)	Feb. 16, 2018	Nov. 30, 2020
Maximum
Debt And Receivables Securitization [Line Items]
Debt maturity period		1 year
Unsecured Revolving Credit Facility
Debt And Receivables Securitization [Line Items]
Maximum borrowing capacity		$ 500,000,000
Maturity date	2023-02
Borrowings outstanding		$ 0

Other Comprehensive Income - Su

Other Comprehensive Income - Summary of Tax Effects on Each Component of OCI (Detail) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Nov. 30, 2020	Aug. 31, 2020	Nov. 30, 2019	Aug. 31, 2019	Nov. 30, 2020	Nov. 30, 2019
Components Of Other Comprehensive Income Loss [Abstract]
Foreign currency translation, before tax	$ (1,027)		$ 6,662		$ 6,581	$ 11,444
Foreign currency translation, tax	(24)				676
Foreign currency translation, net of tax	(1,051)		6,662		7,257	11,444
Pension liability adjustment, before tax	(4)		117		484	1,421
Pension liability adjustment, tax			(22)		(116)	(313)
Pension liability adjustment, net of tax	(4)		95		368	1,108
Cash flow hedges, before tax	19,540		4,016		22,793	691
Cash flow hedges, tax	(4,322)		(803)		(5,012)	(117)
Cash flow hedges, net of tax	15,218		3,213		17,781	574
Other comprehensive income, before tax	18,509		10,795		29,858	13,556
Other comprehensive income, tax	(4,346)		(825)		(4,452)	(430)
Other comprehensive income	$ 14,163	$ 11,242	$ 9,970	$ 3,156	$ 25,406	$ 13,126

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				6 Months Ended
	Nov. 30, 2020	Aug. 31, 2020	Nov. 30, 2019	Aug. 31, 2019	Nov. 30, 2020	Nov. 30, 2019
Balance	$ 1,529,900	$ 966,433	$ 907,442	$ 948,394	$ 966,433	$ 948,394
Net earnings (loss)	(68,512)	618,738	56,922	(2,455)
Other comprehensive income	14,163	11,242	9,970	3,156	25,406	13,126
Common shares issued, net of withholding tax	2,294	(1,150)	(3,811)	(3,213)
Common shares in NQ plans	292	90	239	74
Stock-based compensation	3,499	3,022	2,880	4,545
Purchases and retirement of common shares	(38,563)	(54,320)	0	(29,599)
Contribution to Samuel joint venture	925
Cash dividends declared	(13,527)	(13,595)	(13,446)	(13,460)
Dividends to noncontrolling interest		(560)	(1,453)
Balance	1,430,471	1,529,900	958,743	907,442	1,430,471	958,743
Additional Paid-in Capital
Balance	278,202	283,776	280,769	283,177	283,776	283,177
Net earnings (loss)	0	0	0	0
Other comprehensive income	0	0	0	0
Common shares issued, net of withholding tax	2,294	(1,150)	(3,811)	(3,213)
Common shares in NQ plans	292	90	239	74
Stock-based compensation	3,499	3,022	2,880	4,545
Purchases and retirement of common shares	(4,486)	(7,536)	0	(3,814)
Contribution to Samuel joint venture	0
Cash dividends declared	0	0	0	0
Dividends to noncontrolling interest		0	0
Balance	279,801	278,202	280,077	280,769	279,801	280,077
Accumulated Other Comprehensive Loss, Net of Tax
Balance	(23,975)	(35,217)	(40,308)	(43,464)	(35,217)	(43,464)
Net earnings (loss)	0	0	0	0
Other comprehensive income	14,163	11,242	9,970	3,156
Common shares issued, net of withholding tax	0	0	0	0
Common shares in NQ plans	0	0	0	0
Stock-based compensation	0	0	0	0
Purchases and retirement of common shares	0	0	0	0
Contribution to Samuel joint venture	0
Cash dividends declared	0	0	0	0
Dividends to noncontrolling interest		0	0
Balance	(9,812)	(23,975)	(30,338)	(40,308)	(9,812)	(30,338)
Retained Earnings
Balance	1,128,558	572,262	547,512	591,533	572,262	591,533
Net earnings (loss)	(74,044)	616,675	52,086	(4,776)
Other comprehensive income	0	0	0	0
Common shares issued, net of withholding tax	0	0	0	0
Common shares in NQ plans	0	0	0	0
Stock-based compensation	0	0	0	0
Purchases and retirement of common shares	(34,077)	(46,784)	0	(25,785)
Contribution to Samuel joint venture	0
Cash dividends declared	(13,527)	(13,595)	(13,446)	(13,460)
Dividends to noncontrolling interest		0	0
Balance	1,006,910	1,128,558	586,152	547,512	1,006,910	586,152
Parent
Balance	1,382,785	820,821	787,973	831,246	820,821	831,246
Net earnings (loss)	(74,044)	616,675	52,086	(4,776)
Other comprehensive income	14,163	11,242	9,970	3,156
Common shares issued, net of withholding tax	2,294	(1,150)	(3,811)	(3,213)
Common shares in NQ plans	292	90	239	74
Stock-based compensation	3,499	3,022	2,880	4,545
Purchases and retirement of common shares	(38,563)	(54,320)	0	(29,599)
Contribution to Samuel joint venture	0
Cash dividends declared	(13,527)	(13,595)	(13,446)	(13,460)
Dividends to noncontrolling interest		0	0
Balance	1,276,899	1,382,785	835,891	787,973	1,276,899	835,891
Noncontrolling Interest
Balance	147,115	145,612	119,469	117,148	145,612	117,148
Net earnings (loss)	5,532	2,063	4,836	2,321
Other comprehensive income	0	0	0	0
Common shares issued, net of withholding tax	0	0	0	0
Common shares in NQ plans	0	0	0	0
Stock-based compensation	0	0	0	0
Purchases and retirement of common shares	0	0	0	0
Contribution to Samuel joint venture	925
Cash dividends declared	0	0	0	0
Dividends to noncontrolling interest		(560)	(1,453)
Balance	$ 153,572	$ 147,115	$ 122,852	$ 119,469	$ 153,572	$ 122,852

Changes in Equity - Summary o_2

Changes in Equity - Summary of Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2020	Nov. 30, 2019
Accumulated Other Comprehensive Income Loss [Line Items]
Balance	$ 1,529,900	$ 907,442	$ 966,433	$ 948,394
Income tax effect	(4,346)	(825)	(4,452)	(430)
Balance	1,430,471	958,743	1,430,471	958,743
Foreign Currency Translation
Accumulated Other Comprehensive Income Loss [Line Items]
Balance			(9,142)	(19,639)
Other comprehensive income (loss) before reclassifications			6,581	2,948
Reclassification adjustments to income			0	8,496	[1]
Income tax effect			676	0
Balance	(1,885)	(8,195)	(1,885)	(8,195)
Pension Liability Adjustment
Accumulated Other Comprehensive Income Loss [Line Items]
Balance			(21,886)	(17,856)
Other comprehensive income (loss) before reclassifications			484	79
Reclassification adjustments to income			0	1,342	[1]
Income tax effect			(116)	(313)
Balance	(21,518)	(16,748)	(21,518)	(16,748)
Cash Flow Hedges
Accumulated Other Comprehensive Income Loss [Line Items]
Balance			(4,189)	(5,969)
Other comprehensive income (loss) before reclassifications			16,765	(5,975)
Reclassification adjustments to income			6,028	6,666	[1]
Income tax effect			(5,013)	(117)
Balance	13,591	(5,395)	13,591	(5,395)
Accumulated Other Comprehensive Loss, Net of Tax
Accumulated Other Comprehensive Income Loss [Line Items]
Balance	(23,975)	(40,308)	(35,217)	(43,464)
Other comprehensive income (loss) before reclassifications			23,830	(2,948)
Reclassification adjustments to income			6,028	16,504	[1]
Income tax effect			(4,453)	(430)
Balance	$ (9,812)	$ (30,338)	$ (9,812)	$ (30,338)
[1]	(a) The statement of earnings (loss) classification of amounts reclassified to income include: (1) Foreign currency translation – result of $7,454,000 related to the sale of the cryogenics business in Turkey; and $1,042,000 related to the impairment of Nisshin, the Company’s former joint venture in China. (2) Pension liability adjustment – result of the settlement of certain participant balances within the pension plan maintained by WAVE. (3) Cash flow hedges – disclosed in “NOTE P – Derivative Instruments and Hedging Activities”.

Changes in Equity - Summary o_3

Changes in Equity - Summary of Changes in Accumulated Other Comprehensive Loss (Parenthetical) (Detail) - Foreign Currency Translation	6 Months Ended
	Nov. 30, 2019USD ($)
Nisshin
Reclassification adjustments to income	$ 1,042,000
Cryogenics
Reclassification adjustments to income	$ 7,454,000

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	Jun. 25, 2020	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2020	Nov. 30, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Pre-tax stock-based compensation expense		$ 4,854	$ 3,280	$ 9,710	$ 7,275
Non-Qualified Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-qualified stock options, granted				116,300
Non-qualified stock option, per share weighted average price				$ 36.93
Non-qualified stock option, fair value, per share price				$ 10.43
Pre-tax stock-based compensation, period of recognition				3 years
Pre-tax stock-based compensation expense				$ 1,213
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 expense				$ 12,946
Restricted common shares, granted				341,650
Restricted common shares, fair value per share				$ 37.89
Market-Based Restricted Common Shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Pre-tax stock-based compensation, period of recognition	5 years
Restricted common shares, granted	45,000
Restricted common shares, fair value per share	$ 20.87
Common share awards vesting, minimum price per share	$ 65
Common share awards vesting, minimum consecutive days at stated price	90 days
Performance Shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Pre-tax stock-based compensation expense				$ 2,415
Restricted common shares, granted				65,400
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	6 Months Ended
	Nov. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Dividend yield	2.94%
Expected volatility	40.82%
Risk-free interest rate	0.42%
Expected term (years)	6 years

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Assumptions Used to Determine Grant Date Fair Value of Restricted Common Shares (Detail) - Market-Based Restricted Common Shares	Jun. 25, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Dividend yield	2.71%
Expected volatility	41.50%
Risk-free interest rate	0.32%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	6 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Income Tax Disclosure [Abstract]
Estimated annual effective income tax rate	21.50%	24.80%

Earnings (Loss) Per Share - Com

Earnings (Loss) Per Share - Computation of Basic and Diluted Earnings (Loss) Per Share Attributable to Controlling Interest (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2020	Nov. 30, 2019
Numerator (basic & diluted):
Net earnings (loss)attributable to controlling interest - income (loss) available to common shareholders	$ (74,044)	$ 52,086	$ 542,631	$ 47,310
Denominator:
Denominator for basic earnings (loss) per share attributable to controlling interest- weighted average common shares	52,988	55,059	53,532	55,150
Effect of dilutive securities		1,013	907	1,055
Denominator for diluted earnings (loss) per share attributable to controlling interest-adjusted weighted average common shares	52,988	56,072	54,439	56,205
Basic earnings (loss) per share attributable to controlling interest	$ (1.40)	$ 0.95	$ 10.14	$ 0.86
Diluted earnings (loss) per share attributable to controlling interest	$ (1.40)	$ 0.93	$ 9.97	$ 0.84

Earnings (Loss) Per Share - Add

Earnings (Loss) Per Share - Additional Information (Detail) - shares	3 Months Ended		6 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2020	Nov. 30, 2019
Earnings Per Share [Abstract]
Shares excluded from computation of diluted earnings per share	1,030,835	405,433	492,011	391,563

Segment Operations - Financial

Segment Operations - Financial Information for Reportable Segments (Detail) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2020	Nov. 30, 2019	May 31, 2020
Segment Reporting Information [Line Items]
Net sales		$ 731,092	$ 827,637	$ 1,434,001	$ 1,683,496
Operating income (loss)		37,364	32,118	7,243	17,530
Segment operating income		40,807	30,900	62,307	21,559
Impairment of long-lived assets		3,815	0	13,739	40,601
Restructuring and other expense (income), net		7,596	(50)	9,444	405
Total assets		3,027,385		3,027,385		$ 2,331,515
Steel Processing
Segment Reporting Information [Line Items]
Net sales		468,723	516,937	899,743	1,040,312
Operating income (loss)		37,824	17,172	51,441	23,340
Restructuring and other expense (income), net		375		1,846	(26)
Total assets		886,578		886,578		821,657
Pressure Cylinders
Segment Reporting Information [Line Items]
Net sales		262,284	290,136	533,188	594,532
Operating income (loss)		3,305	15,647	11,947	45,270
Impairment of long-lived assets		3,815		13,739
Restructuring and other expense (income), net		7,257		7,571
Total assets		1,016,404		1,016,404		1,104,603
Other
Segment Reporting Information [Line Items]
Net sales		85	20,564	1,070	48,652
Operating income (loss)		(322)	(1,919)	(1,081)	(47,051)
Impairment of long-lived assets					40,601
Restructuring and other expense (income), net		(36)	(50)	27	431
Total assets	[1]	1,124,403		1,124,403		$ 405,255
Unallocated Corporate Other
Segment Reporting Information [Line Items]
Operating income (loss)		1,127	$ 1,218	(983)	$ (4,029)
Incremental Expenses Related To Nikola Gains
Segment Reporting Information [Line Items]
Operating income (loss)		$ (4,570)		$ (54,081)
[1]	The material changes in total assets primarily relate to the Company’s investment in Nikola. For additional information, refer to “ NOTE C – Investment in Nikola”.

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities - Schedule of Fair Value of Derivative Instruments (Detail) - USD ($) $ in Thousands	Nov. 30, 2020	May 31, 2020
Derivative [Line Items]
Asset Derivatives at Fair Value	$ 24,056	$ 181
Liability Derivatives at Fair Value	1,951	8,777
Derivatives Designated As Hedging Instruments
Derivative [Line Items]
Asset Derivatives at Fair Value	14,147	79
Liability Derivatives at Fair Value		4,773
Derivatives Designated As Hedging Instruments | Commodity Contracts | Accounts Payable
Derivative [Line Items]
Liability Derivatives at Fair Value		4,294
Derivatives Designated As Hedging Instruments | Commodity Contracts | Receivables
Derivative [Line Items]
Asset Derivatives at Fair Value	13,991
Derivatives Designated As Hedging Instruments | Commodity Contracts | Other Assets
Derivative [Line Items]
Asset Derivatives at Fair Value	156	79
Derivatives Designated As Hedging Instruments | Commodity Contracts | Other Liabilities
Derivative [Line Items]
Liability Derivatives at Fair Value		479
Derivatives Not Designated As Hedging Instruments
Derivative [Line Items]
Asset Derivatives at Fair Value		102
Liability Derivatives at Fair Value	62	4,004
Derivatives Not Designated As Hedging Instruments | Commodity Contracts
Derivative [Line Items]
Asset Derivatives at Fair Value	9,909	96
Liability Derivatives at Fair Value	1,889	4,004
Derivatives Not Designated As Hedging Instruments | Commodity Contracts | Accounts Payable
Derivative [Line Items]
Liability Derivatives at Fair Value	1,803	3,826
Derivatives Not Designated As Hedging Instruments | Commodity Contracts | Receivables
Derivative [Line Items]
Asset Derivatives at Fair Value	9,708
Derivatives Not Designated As Hedging Instruments | Commodity Contracts | Other Assets
Derivative [Line Items]
Asset Derivatives at Fair Value	201	96
Derivatives Not Designated As Hedging Instruments | Commodity Contracts | Other Liabilities
Derivative [Line Items]
Liability Derivatives at Fair Value	86	178
Derivatives Not Designated As Hedging Instruments | Foreign Currency Exchange Contracts | Accounts Payable
Derivative [Line Items]
Liability Derivatives at Fair Value	13
Derivatives Not Designated As Hedging Instruments | Foreign Currency Exchange Contracts | Receivables
Derivative [Line Items]
Asset Derivatives at Fair Value		$ 6
Derivatives Not Designated As Hedging Instruments | Long Term Foreign Currency Exchange Contracts | Other Liabilities
Derivative [Line Items]
Liability Derivatives at Fair Value	$ 49

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities - Additional Information (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Nov. 30, 2020	May 31, 2020
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	$ 2,427	$ 1,780
Losses in accumulated other comprehensive income expected to be reclassified into net earnings	12,557
Losses in accumulated other comprehensive income expected to be reclassified into net earnings, tax	$ 3,470

Derivative Instruments and He_5

Derivative Instruments and Hedging Activities - Schedule of Summary of Derivative Hedges (Detail) $ in Thousands	6 Months Ended
	Nov. 30, 2020USD ($)
Commodity Contracts | Minimum [Member] | Derivatives Not Designated As Hedging Instruments
Derivative [Line Items]
Notional Amount	$ 51,909
Maturity Date	2020-12
Commodity Contracts | Maximum | Derivatives Not Designated As Hedging Instruments
Derivative [Line Items]
Maturity Date	2022-04
Foreign Currency Exchange Contracts | Minimum [Member] | Derivatives Not Designated As Hedging Instruments
Derivative [Line Items]
Notional Amount	$ 9,068
Maturity Date	2020-12
Foreign Currency Exchange Contracts | Maximum | Derivatives Not Designated As Hedging Instruments
Derivative [Line Items]
Maturity Date	2021-07
Cash Flow Hedges | Commodity Contracts
Derivative [Line Items]
Notional Amount	$ 73,689
Cash Flow Hedges | Commodity Contracts | Minimum [Member]
Derivative [Line Items]
Maturity Date	2020-12
Cash Flow Hedges | Commodity Contracts | Maximum
Derivative [Line Items]
Maturity Date	2022-03

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		6 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2020	Nov. 30, 2019
Derivative [Line Items]
Gain (Loss) Recognized in OCI	$ 16,381	$ (316)	$ 16,765	$ (5,975)
Gain (Loss) Reclassified from AOCI into Income	(3,160)	(4,332)	(6,028)	(6,666)
Commodity Contracts
Derivative [Line Items]
Gain (Loss) Recognized in OCI	16,381	10	16,765	(5,649)
Commodity Contracts | Cost of Sales
Derivative [Line Items]
Gain (Loss) Reclassified from AOCI into Income	(2,690)	(4,228)	(5,331)	(6,520)
Interest Rate Contract
Derivative [Line Items]
Gain (Loss) Recognized in OCI		(326)		(326)
Interest Rate Contract | Interest Expense
Derivative [Line Items]
Gain (Loss) Reclassified from AOCI into Income	$ (470)	(7)	$ (697)	(127)
Foreign Currency Exchange Contracts
Derivative [Line Items]
Gain (Loss) Reclassified from AOCI into Income		$ (97)
Foreign Currency Exchange Contracts | Miscellaneous Income Expense
Derivative [Line Items]
Gain (Loss) Reclassified from AOCI into Income				$ (19)

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		6 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2020	Nov. 30, 2019
Derivative [Line Items]
Gain (Loss) Recognized in Earnings	$ 8,906	$ (1,658)	$ 12,125	$ (4,005)
Commodity Contracts | Cost of Sales
Derivative [Line Items]
Gain (Loss) Recognized in Earnings	8,905	(1,673)	12,198	(3,916)
Foreign Currency Exchange Contracts | Miscellaneous Income Expense
Derivative [Line Items]
Gain (Loss) Recognized in Earnings	$ 1	$ 15	$ (73)	$ (89)

Fair Value - Schedule of Assets

Fair Value - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands		Nov. 30, 2020	May 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets			$ 2,800
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets		$ 167,906	181
Liabilities		1,951	8,777
Fair Value, Measurements, Recurring | Derivative Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	[1]	24,056	181
Liabilities	[1]	1,951	8,777
Fair Value, Measurements, Recurring | Investment in Nikola
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	[2]	143,850
Fair Value, Measurements, Recurring | Quoted Prices In Active Markets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets		143,850
Fair Value, Measurements, Recurring | Quoted Prices In Active Markets (Level 1) | Investment in Nikola
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	[2]	143,850
Fair Value, Measurements, Recurring | Fair Value Inputs Level2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets		24,056	181
Liabilities		1,951	8,777
Fair Value, Measurements, Recurring | Fair Value Inputs Level2 | Derivative Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	[1]	24,056	181
Liabilities	[1]	$ 1,951	$ 8,777
[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 P – Derivative Instruments and Hedging Activities
[2]	The fair value of the investment in Nikola is based on the share price of Nikola common stock at November 30, 2020.

Fair Value - Assets Measured at

Fair Value - Assets Measured at Fair Value on Non-Recurring Basis (Detail) - USD ($) $ in Thousands		Nov. 30, 2020		May 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset measured at fair value on non-recurring basis				$ 2,800
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		$ 6,334		26,984
Fair Value, Measurements, Nonrecurring | Fair Value Inputs Level2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset measured at fair value on non-recurring basis		6,334		10,561
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset measured at fair value on non-recurring basis				16,423
Fair Value, Measurements, Nonrecurring | 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		6,334	[1]	9,277	[2]
Fair Value, Measurements, Nonrecurring | Long Lived Assets Held And Used | Fair Value Inputs Level2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset measured at fair value on non-recurring basis		$ 6,334	[1]	6,477	[2]
Fair Value, Measurements, Nonrecurring | Long Lived Assets Held And Used | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset measured at fair value on non-recurring basis	[2]			2,800
Fair Value, Measurements, Nonrecurring | Investment In Unconsolidated Affiliate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset measured at fair value on non-recurring basis	[3]			13,623
Fair Value, Measurements, Nonrecurring | Investment In Unconsolidated Affiliate | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset measured at fair value on non-recurring basis	[3]			13,623
Fair Value, Measurements, Nonrecurring | Long Lived Assets Held For Sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset measured at fair value on non-recurring basis	[4],[5]			4,084
Fair Value, Measurements, Nonrecurring | Long Lived Assets Held For Sale | Fair Value Inputs Level2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset measured at fair value on non-recurring basis	[4],[5]			$ 4,084
[1]	Comprised of our oil & gas equipment assets in Tulsa, Oklahoma with an estimated fair value of $5,934,000, and our alternative fuel cylinders assets at the Jefferson, Ohio facility with an estimated fair market value of $400,000. Refer to “NOTE E – Impairment of Long-Lived Assets” for additional information.
[2]	During the fourth quarter of 2020, in connection with the annual indefinite lived assets impairment test, certain European tradenames were written down to their estimated fair market value of $2,800,000.
[3]	On November 1, 2019, in connection with the contribution of substantially all of the net assets of the Engineered Cabs business to the newly-formed Cabs joint venture, we obtained a 20% minority ownership interest. In accordance with the applicable accounting guidance, our minority ownership interest in the Cabs joint venture was recorded at its acquisition date fair value of $13,623,000 .
[4]	During the third quarter of fiscal 2020, we committed to a plan to sell the Canton, Michigan facility of our consolidated WSP joint venture and some of the production equipment at that facility. In accordance with the applicable accounting guidance this production equipment was written down to its estimated fair value of $700,000.
[5]	During the third quarter of fiscal 2020, in connection with the closure of the oil & gas equipment manufacturing operations in Wooster, Ohio, fixed assets consisting of land and a building were written down to their estimated fair market value of $3,384,000.

Fair Value - Assets Measured _2

Fair Value - Assets Measured at Fair Value on Non-Recurring Basis (Parenthetical) (Detail)	Nov. 01, 2019USD ($)	Nov. 30, 2020USD ($)		May 31, 2020USD ($)		Feb. 29, 2020USD ($)	Aug. 31, 2019USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair market value of assets				$ 2,800,000
Fair Value, Measurements, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair market value of assets		$ 6,334,000		26,984,000
Fair Value, Measurements, Nonrecurring | WSP Joint Venture
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair market value of assets						$ 700,000
Oil And Gas Operations | Fair Value, Measurements, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair market value of assets						3,384,000
Noncontrolling Interests | Engineered Cabs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Percent of ownership interest held in unconsolidated affiliates	20
Fair value of acquisition date	$ 13,623,000
Long Lived Assets Held And Used | Fair Value, Measurements, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair market value of assets		6,334,000	[1]	9,277,000	[2]
Long Lived Assets Held And Used | Engineered Cabs | Fair Value, Measurements, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair market value of assets							$ 12,860,000
Long Lived Assets Held And Used | Packing Solutions Business
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair market value of assets				$ 266,000
Long Lived Assets Held And Used | Oil & gas equipment | Oklahoma
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair market value of assets		5,934,000
Long Lived Assets Held And Used | Alternative Fuel Cylinders Manufacturing Line Facility | Jefferson
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair market value of assets		$ 400,000
Fixed Assets [Member] | Oil And Gas Operations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair market value of assets						$ 6,211,000
[1]	Comprised of our oil & gas equipment assets in Tulsa, Oklahoma with an estimated fair value of $5,934,000, and our alternative fuel cylinders assets at the Jefferson, Ohio facility with an estimated fair market value of $400,000. Refer to “NOTE E – Impairment of Long-Lived Assets” for additional information.
[2]	During the fourth quarter of 2020, in connection with the annual indefinite lived assets impairment test, certain European tradenames were written down to their estimated fair market value of $2,800,000.

Fair Value - Additional Informa

Fair Value - Additional Information (Detail) - Long-term Debt - USD ($) $ in Thousands	Nov. 30, 2020	May 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt at fair value including current maturities	$ 799,064	$ 740,678
Long-term debt at carrying amount including current maturities	$ 707,500	$ 699,665