Worthington Industries (WOR) 10-Q 9 Apr 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Feb. 28, 2021	Mar. 31, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Feb. 28, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
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		52,990,921
Title of 12(b) Security	Common Shares, Without Par Value
Security Exchange Name	NYSE

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Feb. 28, 2021	May 31, 2020
Current assets:
Cash and cash equivalents	$ 649,505	$ 147,198
Receivables, less allowances of $1,291 and $1,521 at November 30, 2020 and May 31, 2020, respectively	525,768	341,038
Inventories:
Raw materials	172,735	234,629
Work in process	135,233	76,497
Finished products	105,213	93,975
Total inventories	413,181	405,101
Income taxes receivable	3,351	8,376
Assets held for sale	21,202	12,928
Prepaid expenses and other current assets	73,909	68,538
Total current assets	1,686,916	983,179
Investments in unconsolidated affiliates	220,415	203,329
Operating lease assets	33,245	31,557
Goodwill	358,543	321,434
Other intangible assets, net of accumulated amortization of $86,489 and $92,774 at November 30, 2020 and May 31, 2020, respectively	245,543	184,416
Other assets	32,986	34,956
Property, plant and equipment:
Land	23,159	24,197
Buildings and improvements	288,009	302,796
Machinery and equipment	1,105,686	1,055,139
Construction in progress	48,972	52,231
Total property, plant and equipment	1,465,826	1,434,363
Less: accumulated depreciation	905,601	861,719
Total property, plant and equipment, net	560,225	572,644
Total assets	3,137,873	2,331,515
Current liabilities:
Accounts payable	412,793	247,017
Accrued compensation, contributions to employee benefit plans and related taxes	112,781	64,650
Dividends payable	14,847	14,648
Other accrued items	48,475	49,974
Current operating lease liabilities	10,396	10,851
Income taxes payable	37,516	949
Current maturities of long-term debt	453	149
Total current liabilities	637,261	388,238
Other liabilities	87,419	75,786
Distributions in excess of investment in unconsolidated affiliate	104,391	103,837
Long-term debt	708,511	699,516
Noncurrent operating lease liabilities	26,440	25,763
Deferred income taxes, net	110,666	71,942
Total liabilities	1,674,688	1,365,082
Shareholders' equity - controlling interest	1,311,790	820,821
Noncontrolling interests	151,395	145,612
Total equity	1,463,185	966,433
Total liabilities and equity	$ 3,137,873	$ 2,331,515

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Feb. 28, 2021	May 31, 2020
Statement Of Financial Position [Abstract]
Receivables, allowances	$ 1,051	$ 1,521
Other intangible assets, accumulated amortization	$ 87,052	$ 92,774

Consolidated Statements of Earn

Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Feb. 28, 2021	Feb. 29, 2020	Feb. 28, 2021	Feb. 29, 2020
Income Statement [Abstract]
Net sales	$ 759,109	$ 763,996	$ 2,193,110	$ 2,447,492
Cost of goods sold	595,011	648,451	1,780,180	2,094,045
Gross margin	164,098	115,545	412,930	353,447
Selling, general and administrative expense	86,895	80,928	251,220	260,294
Impairment of goodwill and long-lived assets	0	34,627	13,739	75,228
Restructuring and other expense, net	28,212	1,376	37,656	1,781
Incremental expenses related to Nikola gains	(781)	0	53,300	0
Operating income (loss)	49,772	(1,386)	57,015	16,144
Other income (expense):
Miscellaneous income, net	539	6,985	1,366	8,316
Interest expense	(7,558)	(7,362)	(22,696)	(24,157)
Equity in net income of unconsolidated affiliates	31,674	25,479	80,939	97,592
Gains on investment in Nikola	2,740	0	655,102	0
Loss on extinguishment of debt	0	0	0	(4,034)
Earnings before income taxes	77,167	23,716	771,726	93,861
Income tax expense	4,485	4,828	148,818	20,506
Net earnings	72,682	18,888	622,908	73,355
Net earnings attributable to noncontrolling interests	5,073	3,577	12,668	10,734
Net earnings attributable to controlling interest	$ 67,609	$ 15,311	$ 610,240	$ 62,621
Basic
Average common shares outstanding	52,149	54,930	53,076	55,078
Earnings per share attributable to controlling interest	$ 1.30	$ 0.28	$ 11.50	$ 1.14
Diluted
Average common shares outstanding	53,217	55,898	54,077	56,164
Earnings per share attributable to controlling interest	$ 1.27	$ 0.27	$ 11.28	$ 1.11
Common shares outstanding at end of period	51,813	54,598	51,813	54,598
Cash dividends declared per share	$ 0.25	$ 0.24	$ 0.75	$ 0.72

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Feb. 28, 2021	Feb. 29, 2020	Feb. 28, 2021	Feb. 29, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net earnings	$ 72,682	$ 18,888	$ 622,908	$ 73,355
Other comprehensive income (loss):
Foreign currency translation, net of tax	1,359	(576)	8,616	10,868
Pension liability adjustment, net of tax	103	(138)	(265)	(1,246)
Cash flow hedges, net of tax	27,590	2,159	45,371	2,733
Other comprehensive income	28,846	1,721	54,252	14,847
Comprehensive income	101,528	20,609	677,160	88,202
Comprehensive income attributable to noncontrolling interests	5,073	3,577	12,668	10,734
Comprehensive income attributable to controlling interest	$ 96,455	$ 17,032	$ 664,492	$ 77,468

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Feb. 28, 2021	Feb. 29, 2020	Feb. 28, 2021	Feb. 29, 2020
Operating activities:
Net earnings	$ 72,682	$ 18,888	$ 622,908	$ 73,355
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	21,893	22,780	65,664	69,553
Impairment of goodwill and long-lived assets	0	34,627	13,739	75,228
Provision for (benefit from) deferred income taxes	(30,129)	(5,006)	9,126	(1,661)
Bad debt (income) expense	(95)	273	(160)	584
Equity in net income of unconsolidated affiliates, net of distributions	(13,288)	(4,474)	(15,437)	(19,271)
Net (gain) loss on sale of assets	27,641	(5,838)	35,314	(5,237)
Stock-based compensation	4,727	2,725	14,437	10,000
Gains on investment in Nikola	(2,740)	0	(655,102)	0
Charitable contribution of Nikola shares	0	0	20,653	0
Loss on extinguishment of debt	0	0	0	4,034
Changes in assets and liabilities, net of impact of acquisitions:
Receivables	(32,105)	5,992	(110,719)	15,517
Inventories	(96,836)	3,024	(6,591)	90,907
Accounts payable	62,299	29,630	157,629	(28,347)
Accrued compensation and employee benefits	10,779	(9,144)	48,591	(22,740)
Income taxes payable	(2,474)	391	36,567	(741)
Other operating items, net	(13,098)	(6,547)	(2,547)	(5,331)
Net cash provided by operating activities	9,256	87,321	234,072	255,850
Investing activities:
Investment in property, plant and equipment	(16,377)	(21,219)	(65,321)	(71,774)
Proceeds from sale of Nikola shares	146,590	0	634,449	0
Acquisitions, net of cash acquired	(129,743)	(500)	(129,818)	(29,783)
Proceeds from sale of assets, net	(985)	119	20,595	9,318
Net cash provided (used) by investing activities	(515)	(21,600)	459,905	(92,239)
Financing activities:
Proceeds from long-term debt, net of issuance costs	0	0	0	101,464
Principal payments on long-term obligations and debt redemption costs	(99)	(344)	(292)	(154,811)
Proceeds from issuance of common shares, net of tax withholdings	565	429	1,709	(6,595)
Payments to noncontrolling interests	(7,250)	0	(7,810)	(1,453)
Repurchase of common shares	(52,367)	(21,373)	(145,250)	(50,972)
Dividends paid	(13,215)	(13,263)	(40,027)	(40,177)
Net cash used by financing activities	(72,366)	(34,551)	(191,670)	(152,544)
Increase (decrease) in cash and cash equivalents	(63,625)	31,170	502,307	11,067
Cash and cash equivalents at beginning of period	713,130	72,260	147,198	92,363
Cash and cash equivalents at end of period	$ 649,505	$ 103,430	$ 649,505	$ 103,430

Basis of Presentation

Basis of Presentation	9 Months Ended
	Feb. 28, 2021
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 and other comprehensive income (“OCI”) shown as net earnings or comprehensive income attributable to noncontrolling interests in our consolidated statements of earnings and consolidated statements of comprehensive income, respectively. 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	9 Months Ended
	Feb. 28, 2021
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 Nine Months Ended (in thousands) February 28, 2021 February 29, 2020 February 28, 2021 February 29, 2020 Reportable segments by product class: Steel Processing Direct $ 469,266 $ 450,413 $ 1,307,631 $ 1,425,117 Toll 35,211 40,723 96,589 106,331 Total 504,477 491,136 1,404,220 1,531,448 Pressure Cylinders Consumer products 120,808 113,258 375,208 360,803 Industrial products 129,428 129,042 391,673 411,994 Oil & gas equipment 4,407 28,695 20,950 92,730 Total 254,643 270,995 787,831 865,527 Other Engineered Cabs (12 ) 1,830 1,058 50,446 Other 1 35 1 71 Total (11 ) 1,865 1,059 50,517 Total $ 759,109 $ 763,996 $ 2,193,110 $ 2,447,492 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 Nine Months Ended (in thousands) February 28, 2021 February 29, 2020 February 28, 2021 February 29, 2020 Steel Processing - toll $ 35,211 $ 40,723 $ 96,589 $ 106,331 Pressure Cylinders - certain oil & gas equipment contracts 3,600 25,885 15,666 83,424 Total over time revenue $ 38,811 $ 66,608 $ 112,255 $ 189,755 The following table summarizes the unbilled receivables and contract assets at the dates indicated: February 28, May 31, (in thousands) Balance Sheet Classification 2021 2020 Unbilled receivables Receivables $ 6,148 $ 5,552 Contract assets Prepaid and other current assets $ - $ 4,127 We have elected the optional exemption, which allows for the exclusion of the amounts for remaining performance obligations that are a 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	9 Months Ended
	Feb. 28, 2021
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, of which we had sold or contributed a total of 12,000,000 shares through November 30, 2020. During the third quarter of fiscal 2021, we sold the remaining 7,048,020 shares of Nikola common stock for gross proceeds of $146,590,000, resulting in a pre-tax gain of $2,740,000. In addition, during the third quarter of fiscal 2021, we adjusted the accruals for incremental Nikola related expenses primarily due to the impact of stronger operating performance exceeding threshold levels for payouts under the Company’s incentive plans. For the year we have recognized pre-tax gains of $655,102,000 from our investment in Nikola, which is comprised of $634,449,000 in cash proceeds and $20,653,000 in value from Nikola shares contributed to the Worthington Industries Foundation to establish a charitable endowment focused on the communities in which the Company operates. We also recognized $53,300,000 of incremental expenses in operating income related to the Nikola gains consisting of $32,647,000 for discretionary profit sharing and bonus expenses and $20,653,000 for the charitable contribution of Nikola shares.

Investments in Unconsolidated A

Investments in Unconsolidated Affiliates	9 Months Ended
	Feb. 28, 2021
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 February 28, 2021, 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 our recognition of 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 until the third quarter of fiscal 2021 when operations ceased, and the remaining assets were sold. Refer to “NOTE E – Impairment of Goodwill and 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 $65,502,000 during the nine months ended February 28, 2021. 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 $104,391,000 at February 28, 2021. 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: February 28, May 31, (in thousands) 2021 2020 Cash $ 27,796 $ 68,730 Other current assets 596,911 528,631 Noncurrent assets 386,434 399,731 Total assets $ 1,011,141 $ 997,092 Current liabilities $ 188,113 $ 174,709 Short-term borrowings - 500 Current maturities of long-term debt 12,119 37,542 Long-term debt 313,908 346,690 Other noncurrent liabilities 80,757 73,656 Equity 416,244 363,995 Total liabilities and equity $ 1,011,141 $ 997,092 Three Months Ended Nine Months Ended (in thousands) February 28, 2021 February 29, 2020 February 28, 2021 February 29, 2020 Net sales $ 470,988 $ 477,494 $ 1,327,506 $ 1,400,987 Gross margin 103,035 100,070 292,645 293,601 Operating income 79,090 52,429 201,933 181,067 Depreciation and amortization 11,228 8,482 27,630 23,109 Interest expense 2,774 3,667 8,551 10,173 Income tax expense (benefit) 1,159 (614 ) 5,211 1,239 Net earnings from continuing operations 76,048 54,806 193,564 169,430 Net earnings from discontinued operations - - - 49,770 Net earnings 76,048 54,806 193,564 219,200 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 from the sale.

Impairment of Goodwill and Long

Impairment of Goodwill and Long-Lived Assets	9 Months Ended
	Feb. 28, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Impairment of Long-Lived Assets	NOTE E – Impairment of Goodwill and Long-Lived Assets Fiscal 2021 • Due to the economic impact of the COVID-19 pandemic and related market softness in the oil & gas equipment operations in Tulsa, Oklahoma, we tested the long-lived assets consisting of fixed and customer list intangible assets with net book values of $7,375,000 and $2,374,000, respectively, for impairment. The fair value of the fixed assets was determined to be $5,934,000 (using observable Level 2 inputs) resulting in an impairment charge of $1,441,000. Additionally, the customer list intangible assets were deemed to be fully impaired (using unobservable Level 3 inputs) and written off. • 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 was written down to its 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 and technological know-how 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 (r efer 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 • We announced our plan to consolidate our oil & gas equipment manufacturing operations in Wooster, Ohio into our manufacturing facility in Bremen, Ohio. As a result, we tested the long-lived assets of the combined asset group, consisting of fixed assets and customer list intangible assets with net book values of $14,274,000 and $6,577,000, respectively, for impairment. The book value of the fixed assets was determined to be in excess of fair market value, resulting in an impairment charge of $4,679,000. Additionally, the customer list intangible assets were deemed to be fully impaired and written off. Fair market value of the fixed assets was determined using observable Level 2 inputs and the fair value of the customer list intangible assets was determined using unobservable Level 3 inputs. These assets were subsequently sold in January 2021 (refer to “NOTE F - Restructuring and Other Expense, Net”). • As a result of the impairment charges noted above, we also performed an interim goodwill impairment test of our oil & gas equipment reporting unit. The results of the analysis indicated the fair value of the reporting unit no longer supported the book value of the corresponding goodwill, resulting in an impairment charge of $22,097,000. The key assumptions used in the fair value calculation were projected cash flows and the discount rate, which represent unobservable, Level 3 inputs. • Our consolidated joint venture WSP committed to a plan to sell the Canton, Michigan facility and some of the production equipment at that facility. The land and building related to the facility were determined not to be impaired. The production equipment was determined to be below fair market value. Therefore, the net assets were written down to their estimated fair market value less cost to sell of $700,000 (determined using Level 2 inputs), resulting in an impairment charge of $1,274,000. These assets, with a net book value of $7,775,000 and $7,813,000, have been presented separately as assets held for sale in the in the consolidated balance sheets at February 28, 2021 and May 31, 2020, respectively. During the first quarter of fiscal 2020, we committed to plans to sell substantially all of the net assets of our Engineered Cabs business with the exception of the fabricated products facility in Stow, Ohio, and the steel packaging facility in Greensburg, Indiana. As the disposal group met the criteria for classification as assets held for sale as of August 31, 2019, those net assets were presented separately as assets held for sale in our consolidated balance sheet as of August 31, 2019. In accordance with the applicable accounting guidance, the net assets were recorded at the lower of net book value or fair value less costs to sell. The book value of the disposal group exceeded its estimated fair market value of $12,860,000 (determined using Level 2 inputs), resulting in an impairment charge of $35,194,000 during the first quarter of fiscal 2020. Included in the impairment charge were lease ROU assets with a net book value of $905,000 that were deemed fully impaired and written off. We also identified an impairment indicator for the long-lived assets of the fabricated products business as the planned sale would have an adverse impact on the manner and extent in which these assets were used. As a result, fixed assets with a net book value of $1,469,000 and lease ROU assets with a net book value of $3,938,000 were deemed to be fully impaired and written off during the first quarter of fiscal 2020. Operations at the fabricated products facility in Stow, Ohio, and the steel packaging facility in Greensburg, Indiana were ceased, and the assets sold as of the end of the third quarter of fiscal 2021. Refer to “NOTE F – Restructuring and Other Expense, Net” for additional information on disposition of these assets.

Restructuring and Other Expense

Restructuring and Other Expense, Net	9 Months Ended
	Feb. 28, 2021
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 Company’s Pressure Cylinders segment 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 $21,275,000 after working capital adjustments, which generated a pre-tax loss of $7,064,000, primarily related to allocated goodwill. On January 29, 2021, the Company’s Pressure Cylinders segment sold its oil & gas equipment business to an affiliate of Ten Oaks Group for deferred proceeds in the form of contingent consideration that entitles the Company to up to 15% of future sales proceeds upon the exit of the business by the acquirer, subject to limitations and certain adjustments. Due to current and forecasted losses of the business combined with uncertain market conditions, the Company did not assign any value to the contingent consideration arrangement. As a result, the Company recognized a loss of $ within restructuring and other expense, net during the third quarter of fiscal 2021 . The Company retained the three real property locations (one in each of Bremen and Wooster, Ohio, and one in Tulsa, Oklahoma) . In conjunction with the sale, the Company executed operating lease agreements with the buyer for the Bremen and Tulsa locations . These assets are being marketed for sale and have been classified as assets held for sale in our consolidated balance sheet as of February 28, 2021. During the third quarter of fiscal 2021, we recognized a $181,000 gain from the auction of certain assets related to the fabricated products facility in Stow, Ohio. 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 nine-month period ended February 28, 2021: Balance, as of Balance, as of (in thousands) May 31, 2020 Expense Payments Adjustments February 28, 2021 Early retirement and severance $ 6,536 $ 1,983 $ (7,042 ) $ (99 ) $ 1,378 Facility exit and other costs 156 1,119 (1,299 ) 74 50 $ 6,692 $ 3,102 $ (8,341 ) $ (25 ) $ 1,428 Net loss on sale of assets 34,554 Restructuring and other expense, net $ 37,656 The total liability associated with our restructuring activities as of February 28, 2021 is expected to be paid in the next twelve months.

Contingent Liabilities and Comm

Contingent Liabilities and Commitments	9 Months Ended
	Feb. 28, 2021
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 former 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 February 28, 2021, the Company has a reserve of $4,948,000 for the estimated 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	9 Months Ended
	Feb. 28, 2021
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 $17,350,000 of outstanding stand-by letters of credit issued to third-party service providers at February 28, 2021. No amounts were drawn against them at February 28, 2021.

Debt

Debt	9 Months Ended
	Feb. 28, 2021
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 February 28, 2021.

Other Comprehensive Income

Other Comprehensive Income	9 Months Ended
	Feb. 28, 2021
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 February 28, 2021 February 29, 2020 Before-Tax Tax Net-of-Tax Before-Tax Tax Net-of-Tax (in thousands) Foreign currency translation $ 1,226 133 $ 1,359 $ (576 ) $ - $ (576 ) Pension liability adjustment (92 ) (11 ) (103 ) 176 (38 ) 138 Cash flow hedges 35,796 (8,206 ) 27,590 2,799 (640 ) 2,159 Other comprehensive income $ 36,930 $ (8,084 ) $ 28,846 $ 2,399 $ (678 ) $ 1,721 Nine Months Ended February 28, 2021 February 29, 2020 Before-Tax Tax Net-of-Tax Before-Tax Tax Net-of-Tax (in thousands) Foreign currency translation $ 7,807 809 $ 8,616 $ 10,868 $ - $ 10,868 Pension liability adjustment 392 (127 ) 265 1,597 (351 ) 1,246 Cash flow hedges 58,589 (13,218 ) 45,371 3,490 (757 ) 2,733 Other comprehensive income $ 66,788 $ (12,536 ) $ 54,252 $ 15,955 $ (1,108 ) $ 14,847

Changes in Equity

Changes in Equity	9 Months Ended
	Feb. 28, 2021
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 Income (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 ) Dividends to noncontrolling interest - - - - - - Balance at November 30, 2020 $ 279,801 $ (9,812 ) $ 1,006,910 $ 1,276,899 $ 153,572 $ 1,430,471 Net earnings - - 67,609 67,609 5,073 72,682 Other comprehensive income - 28,846 - 28,846 - 28,846 Common shares issued, net of withholding tax 565 - - 565 - 565 Common shares in NQ plans 68 - - 68 - 68 Stock-based compensation 3,450 - - 3,450 - 3,450 Purchases and retirement of common shares (5,315 ) - (47,052 ) (52,367 ) - (52,367 ) Cash dividends declared - - (13,280 ) (13,280 ) - (13,280 ) Dividends to noncontrolling interest - - - - (7,250 ) (7,250 ) Balance at February 28, 2021 $ 278,569 $ 19,034 $ 1,014,187 $ 1,311,790 $ 151,395 $ 1,463,185 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 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 Net earnings - - 15,311 15,311 3,577 18,888 Other comprehensive income - 1,721 - 1,721 - 1,721 Consolidation of Samuel - - - - 24,269 24,269 Common shares issued, net of withholding tax 429 - - 429 - 429 Common shares in NQ plans 108 - - 108 - 108 Stock-based compensation 2,834 - - 2,834 - 2,834 Purchases and retirement of common shares (2,812 ) - (18,561 ) (21,373 ) - (21,373 ) Cash dividends declared - - (13,426 ) (13,426 ) - (13,426 ) Balance at February 29. 2020 $ 280,636 $ (28,617 ) $ 569,476 $ 821,495 $ 150,698 $ 972,193 The following tables summarize the changes in accumulated other comprehensive income (loss) for the periods presented: Accumulated Foreign Pension Other Currency Liability Cash Flow Comprehensive (in thousands) Translation Adjustment Hedges Income (Loss) Balance as of May 31, 2020 $ (9,142 ) $ (21,886 ) $ (4,189 ) $ (35,217 ) Other comprehensive income before reclassifications 7,807 392 54,143 62,342 Reclassification adjustments to income (a) - - 4,445 4,445 Income tax effect 809 (127 ) (13,218 ) (12,536 ) Balance as of February 28, 2021 $ (526 ) $ (21,621 ) $ 41,181 $ 19,034 Accumulated Foreign Pension Other Currency Liability Cash Flow Comprehensive (in thousands) Translation Adjustment Hedges Loss Balance as of May 31, 2019 $ (19,640 ) $ (17,855 ) $ (5,969 ) $ (43,464 ) Other comprehensive income (loss) before reclassifications 2,372 271 (6,369 ) (3,726 ) Reclassification adjustments to income (a) 8,496 1,326 9,859 19,681 Income tax effect - (351 ) (757 ) (1,108 ) Balance as of February 29, 2020 $ (8,772 ) $ (16,609 ) $ (3,236 ) $ (28,617 ) (a) The statement of earnings 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 Q – Derivative Instruments and Hedging Activities”.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Feb. 28, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	NOTE L – Stock-Based Compensation Non-Qualified Stock Options During the nine months ended February 28, 2021, 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 nine months ended February 28, 2021 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 average price of Worthington Industries, Inc.’s common shares being $65.00 per share or above 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, a 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 nine months ended February 28, 2021 three-year

Income Taxes

Income Taxes	9 Months Ended
	Feb. 28, 2021
Income Tax Disclosure [Abstract]
Income Taxes	NOTE M – Income Taxes Income tax expense for the nine months ended February 28, 2021 and February 29, 2020 reflected estimated annual effective income tax rates of 20.1% and 24.6%, respectively. The annual effective income tax rates exclude any impact from the inclusion of net earnings attributable to noncontrolling interests in our consolidated statements of earnings. Net earnings attributable to noncontrolling interests are primarily a result of our WSP, Spartan, Samuel and TWB consolidated joint ventures. The net 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. 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 February 28, 2021.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Feb. 28, 2021
Earnings Per Share [Abstract]
Earnings per Share	NOTE N – Earnings per Share The following table sets forth the computation of basic and diluted earnings per share attributable to controlling interest for the periods presented: Three Months Ended Nine Months Ended (in thousands, except per share amounts) February 28, 2021 February 29, 2020 February 28, 2021 February 29, 2020 Numerator (basic & diluted): Net earnings attributable to controlling interest - income available to common shareholders $ 67,609 $ 15,311 $ 610,240 $ 62,621 Denominator: Denominator for basic earnings per share attributable to controlling interest - weighted average common shares 52,149 54,930 53,076 55,078 Effect of dilutive securities 1,068 968 1,001 1,086 Denominator for diluted earnings per share attributable to controlling interest - adjusted weighted average common shares $ 53,217 $ 55,898 54,077 56,164 Basic earnings per share attributable to controlling interest $ 1.30 $ 0.28 $ 11.50 $ 1.14 Diluted earnings per share attributable to controlling interest $ 1.27 $ 0.27 $ 11.28 $ 1.11 There were no anti-dilutive securities for the three and nine months ended February 28, 2021. For the three and nine months ended February 29, 2020, stock options covering an aggregate of 405,433 and 396,170 common shares, respectively, have been excluded from the computation of diluted earnings per share because the effect of their inclusion would have been anti-dilutive for those periods.

Segment Operations

Segment Operations	9 Months Ended
	Feb. 28, 2021
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 Nine Months Ended (in thousands) February 28, 2021 February 29, 2020 February 28, 2021 February 29, 2020 Net sales Steel Processing $ 504,477 $ 491,136 $ 1,404,220 $ 1,531,448 Pressure Cylinders 254,643 270,995 787,831 865,527 Other (11 ) 1,865 1,059 50,517 Total net sales $ 759,109 $ 763,996 $ 2,193,110 $ 2,447,492 Operating income (loss) Steel Processing $ 62,874 $ 19,021 $ 114,315 $ 42,361 Pressure Cylinders (15,641 ) (19,865 ) (3,694 ) 25,405 Other 111 (1,784 ) (970 ) (48,835 ) Segment operating income 47,344 (2,628 ) 109,651 18,931 Unallocated corporate and other 1,647 1,242 664 (2,787 ) Incremental expenses related to Nikola gains 781 - (53,300 ) - Total operating income (loss) $ 49,772 $ (1,386 ) $ 57,015 $ 16,144 Impairment of goodwill and long-lived assets Steel Processing $ - $ 1,274 $ - $ 1,274 Pressure Cylinders - 33,353 13,739 33,353 Other - - - 40,601 Total impairment of goodwill and long-lived assets $ - $ 34,627 $ 13,739 $ 75,228 Restructuring and other expense (income), net Steel Processing $ (42 ) $ 728 $ 1,804 $ 702 Pressure Cylinders 28,435 747 36,006 747 Other (181 ) (99 ) (154 ) 332 Total restructuring and other expense, net $ 28,212 $ 1,376 $ 37,656 $ 1,781 February 28, May 31, (in thousands) 2021 2020 Total assets Steel Processing $ 1,041,246 $ 821,657 Pressure Cylinders 1,160,884 1,104,603 Other (1) 935,743 405,255 Total assets $ 3,137,873 $ 2,331,515 (1) For purposes of measuring segment operating income (loss), certain income and expense items, including product liability and healthcare reserves recorded by our corporate office and the incremental expenses related to Nikola gains are not allocated to operating segments, but are shown as reconciling items to the total operating income. See “NOTE C – Investment in Nikola” for additional information on the incremental expenses related to Nikola gains.

Acquisitions

Acquisitions	9 Months Ended
	Feb. 28, 2021
Business Combinations [Abstract]
Acquisitions	NOTE P – Acquisitions PTEC Pressure Technology GmbH (“PTEC”) On January 4, 2021, we acquired PTEC, a leading independent designer and manufacturer of valves and components for high-pressure hydrogen and compressed natural gas storage, transport and onboard fueling systems. The PTEC business is being operated as part of the industrial products business within the Pressure Cylinders segment. The total purchase price was $10,784,000. In connection with the acquisition, the Company recognized total intangible assets of $9,351,000, including goodwill of $3,889,000. The remaining purchase price was allocated to personal property and working capital of $728,000 and $705,000, respectively. General Tools & Instruments Company LLC (“GTI”) On January 29, 2021, we acquired GTI, a provider of feature-rich, specialized tools in various categories including environmental health & safety, precision measurement & layout, home repair & remodel, lawn and garden and specific purpose tools, in a stock deal for cash consideration of $120,592,000, subject to closing adjustments. The GTI business is being operated as part of the consumer products business within the Pressure Cylinders segment and their operating results have been included in the Company’s consolidated statements of earnings since the date of acquisition. The information included herein has been prepared based on the preliminary allocation of the purchase price using estimates of the fair value and useful lives of the assets acquired. The purchase price allocation is subject to further adjustment until all pertinent information regarding the assets acquired is fully evaluated by the Company, including but not limited to, the fair value accounting. The assets acquired and liabilities assumed were recognized at their estimated acquisition-date fair values, with goodwill representing the excess of the purchase price over the fair value of the net identifiable assets acquired. In connection with the acquisition of GTI, we identified and valued the following identifiable intangible assets: (in thousands) Category Amount Useful Life (Years) Customer relationships $ 40,600 15 Trade names - indefinite lived 27,400 Indefinite Trade name - finite lived 400 9 Total acquired identifiable intangible assets $ 68,400 The purchase price includes the fair values of other assets that were not identifiable, not separately recognizable under accounting rules (e.g., assembled workforce) or of immaterial value. The purchase price also includes strategic and synergistic benefits (investment value) specific to us, which resulted in a purchase price in excess of the fair value of the identifiable net assets. This additional investment value resulted in goodwill. GTI has goodwill tax basis of $10,300,000 resulting from its previous acquisitions that will be deductible by the Company for income tax purposes. The following table summarizes the consideration paid and the estimated fair value assigned to the assets acquired and liabilities assumed at the acquisition date. These amounts reflect various preliminary fair value estimates and assumptions, including preliminary work performed by a third-party valuation specialist, and are subject to change within the measurement period as the valuation is finalized. The primary areas of preliminary purchase price allocation subject to change relate to the valuation of acquired tangible assets and liabilities, identification and valuation of residual goodwill and tax effects of acquired assets and assumed liabilities. (in thousands) Cash $ 1,633 Accounts receivable 16,440 Inventories 19,795 Prepaid expenses 924 Other current assets 97 Intangible assets 68,400 Property, plant and equipment 956 Other assets 5,532 Total identifiable assets 113,777 Accounts payable (2,594 ) Accrued liabilities (6,006 ) Other current liabilities (1,580 ) Deferred tax liability (11,635 ) Other long-term liabilities (5,084 ) Net identifiable assets 86,878 Goodwill 33,714 Purchase price $ 120,592 Proforma results, including the acquired business since the beginning of fiscal 2021, would not be materially different than the reported results.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	9 Months Ended
	Feb. 28, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	NOTE Q – Derivative Instruments and Hedging Activities We utilize derivative financial instruments to primarily 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 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 R – 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 February 28, 2021: Asset Derivatives Liability Derivatives Balance Balance Sheet Fair Sheet Fair (in thousands) Location Value Location Value Derivatives designated as hedging instruments: Commodity contracts Receivables $ 42,578 Accounts payable $ - Other assets 24 Other liabilities 1 Total $ 42,602 $ 1 Derivatives not designated as hedging instruments: Commodity contracts Receivables $ 17,426 Accounts payable $ 9,567 Other assets 8 Other liabilities 11 17,434 9,578 Foreign currency exchange contracts Receivables - Accounts payable 100 Long-term foreign currency exchange contracts Other assets - Other liabilities 126 Total - 226 Total derivative instruments $ 60,036 $ 9,805 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 $8,197,000 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 Total $ 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 - Total $ 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 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 February 28, 2021: Notional (in thousands) Amount Maturity Date Commodity contracts $ 141,891 March 2021 - April 2022 The following table summarizes the loss recognized in OCI and the gain (loss) reclassified from AOCI into net earnings for derivative instruments designated as cash flow hedges for the periods presented: Gain (Loss) Location of Gain (Loss) Gain (Loss) Reclassified (in thousands) Recognized in OCI Reclassified from AOCI into Net Earnings from AOCI into Net Earnings For the three months ended February 28, 2021: Commodity contracts $ 37,380 Cost of goods sold $ 2,217 Interest rate contracts - Interest expense (635 ) Total $ 37,380 $ 1,582 For the three months ended February 29, 2020: Commodity contracts $ (394 ) Cost of goods sold $ (3,464 ) Interest rate contracts - Interest expense 271 Foreign currency contracts - Miscellaneous income, net - Total $ (394 ) $ (3,193 ) For the nine months ended February 28, 2021: Commodity contracts $ 54,143 Cost of goods sold $ (3,113 ) Interest rate contracts - Interest expense (1,332 ) Total $ 54,143 $ (4,445 ) For the nine months ended February 29, 2020: Commodity contracts $ (6,043 ) Cost of goods sold $ (9,984 ) Interest rate contracts (326 ) Interest expense 144 Foreign currency contracts - Miscellaneous income, net (19 ) Total $ (6,369 ) $ (9,859 ) The estimated net amount of the losses recognized in AOCI at February 28, 2021 expected to be reclassified into net earnings within the succeeding twelve months is $40,258,000 (net of tax of $11,693,000). This amount was computed using the fair value of the cash flow hedges at February 28, 2021, and will change before actual reclassification from OCI to net earnings 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. The following table summarizes our economic (non-designated) derivative instruments outstanding at February 28, 2021: Notional (in thousands) Amount Maturity Date(s) Commodity contracts $ 75,211 March 2021 - September 2022 Foreign currency exchange contracts 5,121 March 2021 - March 2022 The following table summarizes the loss recognized in earnings for economic (non-designated) derivative financial instruments for the periods presented: Gain (Loss) Recognized In Earnings for the Location of Gain (Loss) Three Months Ended February 28, (in thousands) Recognized in Earnings 2021 2020 Commodity contracts Cost of goods sold $ 16,285 $ (2,223 ) Foreign currency exchange contracts Miscellaneous income, net (306 ) 66 Total $ 15,979 $ (2,157 ) Gain (Loss) Recognized in Earnings for the Location of Gain (Loss) Nine Months Ended February 28, (in thousands) Recognized in Earnings 2021 2020 Commodity contracts Cost of goods sold $ 28,483 $ (6,139 ) Foreign currency exchange contracts Miscellaneous income, net (379 ) (23 ) Total $ 28,104 $ (6,162 )

Fair Value

Fair Value	9 Months Ended
	Feb. 28, 2021
Fair Value Disclosures [Abstract]
Fair Value	NOTE R – Fair Value Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is an exit price concept that assumes an orderly transaction between willing market participants and is required to be based on assumptions that market participants would use in pricing an asset or a liability. Current accounting guidance establishes a three-tier fair value hierarchy as a basis for considering such assumptions and for classifying the inputs used in the valuation methodologies. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair values are as follows: Level 1 – Observable prices in active markets for identical assets and liabilities. Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the assets and liabilities, either directly or indirectly. Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. Recurring Fair Value Measurements At February 28, 2021, 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) $ - $ 60,036 $ - $ 60,036 Total assets $ - $ 60,036 $ - $ 60,036 Liabilities Derivative instruments (1) $ - $ 9,805 $ - $ 9,805 Total liabilities $ - $ 9,805 $ - $ 9,805 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 Q – Derivative Instruments and Hedging Activities Non-Recurring Fair Value Measurements At February 28, 2021, 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) $ - $ 400 $ - $ 400 Total assets $ - $ 400 $ - $ 400 (1) Comprised of 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 Goodwill and 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 $796,558,000 and $740,678,000 at February 28, 2021 and May 31, 2020, respectively. The carrying amount of long-term debt, including current maturities, was $708,964,000 and $699,665,000 at February 28, 2021 and May 31, 2020, respectively.

Subsequent Events

Subsequent Events	9 Months Ended
	Feb. 28, 2021
Subsequent Events [Abstract]
Subsequent Events	NOTE S – Subsequent Events On March 12, 2021, the Company sold its Structural Composites Industries, LLC (“SCI”) facility located in Pomona, California to Luxfer Holdings PLC for total proceeds of approximately $20,000,000, subject to a closing working capital adjustment. The divestiture includes the SCI entity and the related operating assets. As a result of the sale, the Company will record a loss in the fourth quarter of fiscal 2021 of approximately $7,000,000, related almost entirely to the allocation of goodwill. Other than the location being available for sale in its immediate condition, the held for sale criteria had not been met as of February 28, 2021. On March 18, 2021, we entered into a seven-year

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Feb. 28, 2021
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)	9 Months Ended
	Feb. 28, 2021
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 Nine Months Ended (in thousands) February 28, 2021 February 29, 2020 February 28, 2021 February 29, 2020 Reportable segments by product class: Steel Processing Direct $ 469,266 $ 450,413 $ 1,307,631 $ 1,425,117 Toll 35,211 40,723 96,589 106,331 Total 504,477 491,136 1,404,220 1,531,448 Pressure Cylinders Consumer products 120,808 113,258 375,208 360,803 Industrial products 129,428 129,042 391,673 411,994 Oil & gas equipment 4,407 28,695 20,950 92,730 Total 254,643 270,995 787,831 865,527 Other Engineered Cabs (12 ) 1,830 1,058 50,446 Other 1 35 1 71 Total (11 ) 1,865 1,059 50,517 Total $ 759,109 $ 763,996 $ 2,193,110 $ 2,447,492
Summary of Unbilled Receivable and Contract Assets	The following table summarizes the unbilled receivables and contract assets at the dates indicated: February 28, May 31, (in thousands) Balance Sheet Classification 2021 2020 Unbilled receivables Receivables $ 6,148 $ 5,552 Contract assets Prepaid and other current assets $ - $ 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 Nine Months Ended (in thousands) February 28, 2021 February 29, 2020 February 28, 2021 February 29, 2020 Steel Processing - toll $ 35,211 $ 40,723 $ 96,589 $ 106,331 Pressure Cylinders - certain oil & gas equipment contracts 3,600 25,885 15,666 83,424 Total over time revenue $ 38,811 $ 66,608 $ 112,255 $ 189,755

Investments in Unconsolidated_2

Investments in Unconsolidated Affiliates (Tables)	9 Months Ended
	Feb. 28, 2021
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: February 28, May 31, (in thousands) 2021 2020 Cash $ 27,796 $ 68,730 Other current assets 596,911 528,631 Noncurrent assets 386,434 399,731 Total assets $ 1,011,141 $ 997,092 Current liabilities $ 188,113 $ 174,709 Short-term borrowings - 500 Current maturities of long-term debt 12,119 37,542 Long-term debt 313,908 346,690 Other noncurrent liabilities 80,757 73,656 Equity 416,244 363,995 Total liabilities and equity $ 1,011,141 $ 997,092 Three Months Ended Nine Months Ended (in thousands) February 28, 2021 February 29, 2020 February 28, 2021 February 29, 2020 Net sales $ 470,988 $ 477,494 $ 1,327,506 $ 1,400,987 Gross margin 103,035 100,070 292,645 293,601 Operating income 79,090 52,429 201,933 181,067 Depreciation and amortization 11,228 8,482 27,630 23,109 Interest expense 2,774 3,667 8,551 10,173 Income tax expense (benefit) 1,159 (614 ) 5,211 1,239 Net earnings from continuing operations 76,048 54,806 193,564 169,430 Net earnings from discontinued operations - - - 49,770 Net earnings 76,048 54,806 193,564 219,200

Restructuring and Other Expen_2

Restructuring and Other Expense, Net (Tables)	9 Months Ended
	Feb. 28, 2021
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 nine-month period ended February 28, 2021: Balance, as of Balance, as of (in thousands) May 31, 2020 Expense Payments Adjustments February 28, 2021 Early retirement and severance $ 6,536 $ 1,983 $ (7,042 ) $ (99 ) $ 1,378 Facility exit and other costs 156 1,119 (1,299 ) 74 50 $ 6,692 $ 3,102 $ (8,341 ) $ (25 ) $ 1,428 Net loss on sale of assets 34,554 Restructuring and other expense, net $ 37,656

Other Comprehensive Income (Tab

Other Comprehensive Income (Tables)	9 Months Ended
	Feb. 28, 2021
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 February 28, 2021 February 29, 2020 Before-Tax Tax Net-of-Tax Before-Tax Tax Net-of-Tax (in thousands) Foreign currency translation $ 1,226 133 $ 1,359 $ (576 ) $ - $ (576 ) Pension liability adjustment (92 ) (11 ) (103 ) 176 (38 ) 138 Cash flow hedges 35,796 (8,206 ) 27,590 2,799 (640 ) 2,159 Other comprehensive income $ 36,930 $ (8,084 ) $ 28,846 $ 2,399 $ (678 ) $ 1,721 Nine Months Ended February 28, 2021 February 29, 2020 Before-Tax Tax Net-of-Tax Before-Tax Tax Net-of-Tax (in thousands) Foreign currency translation $ 7,807 809 $ 8,616 $ 10,868 $ - $ 10,868 Pension liability adjustment 392 (127 ) 265 1,597 (351 ) 1,246 Cash flow hedges 58,589 (13,218 ) 45,371 3,490 (757 ) 2,733 Other comprehensive income $ 66,788 $ (12,536 ) $ 54,252 $ 15,955 $ (1,108 ) $ 14,847

Changes in Equity (Tables)

Changes in Equity (Tables)	9 Months Ended
	Feb. 28, 2021
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 Income (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 ) Dividends to noncontrolling interest - - - - - - Balance at November 30, 2020 $ 279,801 $ (9,812 ) $ 1,006,910 $ 1,276,899 $ 153,572 $ 1,430,471 Net earnings - - 67,609 67,609 5,073 72,682 Other comprehensive income - 28,846 - 28,846 - 28,846 Common shares issued, net of withholding tax 565 - - 565 - 565 Common shares in NQ plans 68 - - 68 - 68 Stock-based compensation 3,450 - - 3,450 - 3,450 Purchases and retirement of common shares (5,315 ) - (47,052 ) (52,367 ) - (52,367 ) Cash dividends declared - - (13,280 ) (13,280 ) - (13,280 ) Dividends to noncontrolling interest - - - - (7,250 ) (7,250 ) Balance at February 28, 2021 $ 278,569 $ 19,034 $ 1,014,187 $ 1,311,790 $ 151,395 $ 1,463,185 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 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 Net earnings - - 15,311 15,311 3,577 18,888 Other comprehensive income - 1,721 - 1,721 - 1,721 Consolidation of Samuel - - - - 24,269 24,269 Common shares issued, net of withholding tax 429 - - 429 - 429 Common shares in NQ plans 108 - - 108 - 108 Stock-based compensation 2,834 - - 2,834 - 2,834 Purchases and retirement of common shares (2,812 ) - (18,561 ) (21,373 ) - (21,373 ) Cash dividends declared - - (13,426 ) (13,426 ) - (13,426 ) Balance at February 29. 2020 $ 280,636 $ (28,617 ) $ 569,476 $ 821,495 $ 150,698 $ 972,193
Summary of Changes in Accumulated Other Comprehensive Income (Loss)	The following tables summarize the changes in accumulated other comprehensive income (loss) for the periods presented: Accumulated Foreign Pension Other Currency Liability Cash Flow Comprehensive (in thousands) Translation Adjustment Hedges Income (Loss) Balance as of May 31, 2020 $ (9,142 ) $ (21,886 ) $ (4,189 ) $ (35,217 ) Other comprehensive income before reclassifications 7,807 392 54,143 62,342 Reclassification adjustments to income (a) - - 4,445 4,445 Income tax effect 809 (127 ) (13,218 ) (12,536 ) Balance as of February 28, 2021 $ (526 ) $ (21,621 ) $ 41,181 $ 19,034 Accumulated Foreign Pension Other Currency Liability Cash Flow Comprehensive (in thousands) Translation Adjustment Hedges Loss Balance as of May 31, 2019 $ (19,640 ) $ (17,855 ) $ (5,969 ) $ (43,464 ) Other comprehensive income (loss) before reclassifications 2,372 271 (6,369 ) (3,726 ) Reclassification adjustments to income (a) 8,496 1,326 9,859 19,681 Income tax effect - (351 ) (757 ) (1,108 ) Balance as of February 29, 2020 $ (8,772 ) $ (16,609 ) $ (3,236 ) $ (28,617 ) (a) The statement of earnings 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 Q – Derivative Instruments and Hedging Activities”.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Feb. 28, 2021
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 Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Feb. 28, 2021
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings Per Share Attributable to Controlling Interest	The following table sets forth the computation of basic and diluted earnings per share attributable to controlling interest for the periods presented: Three Months Ended Nine Months Ended (in thousands, except per share amounts) February 28, 2021 February 29, 2020 February 28, 2021 February 29, 2020 Numerator (basic & diluted): Net earnings attributable to controlling interest - income available to common shareholders $ 67,609 $ 15,311 $ 610,240 $ 62,621 Denominator: Denominator for basic earnings per share attributable to controlling interest - weighted average common shares 52,149 54,930 53,076 55,078 Effect of dilutive securities 1,068 968 1,001 1,086 Denominator for diluted earnings per share attributable to controlling interest - adjusted weighted average common shares $ 53,217 $ 55,898 54,077 56,164 Basic earnings per share attributable to controlling interest $ 1.30 $ 0.28 $ 11.50 $ 1.14 Diluted earnings per share attributable to controlling interest $ 1.27 $ 0.27 $ 11.28 $ 1.11

Segment Operations (Tables)

Segment Operations (Tables)	9 Months Ended
	Feb. 28, 2021
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 Nine Months Ended (in thousands) February 28, 2021 February 29, 2020 February 28, 2021 February 29, 2020 Net sales Steel Processing $ 504,477 $ 491,136 $ 1,404,220 $ 1,531,448 Pressure Cylinders 254,643 270,995 787,831 865,527 Other (11 ) 1,865 1,059 50,517 Total net sales $ 759,109 $ 763,996 $ 2,193,110 $ 2,447,492 Operating income (loss) Steel Processing $ 62,874 $ 19,021 $ 114,315 $ 42,361 Pressure Cylinders (15,641 ) (19,865 ) (3,694 ) 25,405 Other 111 (1,784 ) (970 ) (48,835 ) Segment operating income 47,344 (2,628 ) 109,651 18,931 Unallocated corporate and other 1,647 1,242 664 (2,787 ) Incremental expenses related to Nikola gains 781 - (53,300 ) - Total operating income (loss) $ 49,772 $ (1,386 ) $ 57,015 $ 16,144 Impairment of goodwill and long-lived assets Steel Processing $ - $ 1,274 $ - $ 1,274 Pressure Cylinders - 33,353 13,739 33,353 Other - - - 40,601 Total impairment of goodwill and long-lived assets $ - $ 34,627 $ 13,739 $ 75,228 Restructuring and other expense (income), net Steel Processing $ (42 ) $ 728 $ 1,804 $ 702 Pressure Cylinders 28,435 747 36,006 747 Other (181 ) (99 ) (154 ) 332 Total restructuring and other expense, net $ 28,212 $ 1,376 $ 37,656 $ 1,781 February 28, May 31, (in thousands) 2021 2020 Total assets Steel Processing $ 1,041,246 $ 821,657 Pressure Cylinders 1,160,884 1,104,603 Other (1) 935,743 405,255 Total assets $ 3,137,873 $ 2,331,515 (1)

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Feb. 28, 2021
Business Combinations [Abstract]
Schedule of Acquisition of Intangible Assets	In connection with the acquisition of GTI, we identified and valued the following identifiable intangible assets: (in thousands) Category Amount Useful Life (Years) Customer relationships $ 40,600 15 Trade names - indefinite lived 27,400 Indefinite Trade name - finite lived 400 9 Total acquired identifiable intangible assets $ 68,400
Schedule of Consideration Transferred for the Assets and the Preliminary Fair Value Assigned to Assets Acquired and Liabilities Assumed	The following table summarizes the consideration paid and the estimated fair value assigned to the assets acquired and liabilities assumed at the acquisition date. (in thousands) Cash $ 1,633 Accounts receivable 16,440 Inventories 19,795 Prepaid expenses 924 Other current assets 97 Intangible assets 68,400 Property, plant and equipment 956 Other assets 5,532 Total identifiable assets 113,777 Accounts payable (2,594 ) Accrued liabilities (6,006 ) Other current liabilities (1,580 ) Deferred tax liability (11,635 ) Other long-term liabilities (5,084 ) Net identifiable assets 86,878 Goodwill 33,714 Purchase price $ 120,592

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	9 Months Ended
	Feb. 28, 2021
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 February 28, 2021: Asset Derivatives Liability Derivatives Balance Balance Sheet Fair Sheet Fair (in thousands) Location Value Location Value Derivatives designated as hedging instruments: Commodity contracts Receivables $ 42,578 Accounts payable $ - Other assets 24 Other liabilities 1 Total $ 42,602 $ 1 Derivatives not designated as hedging instruments: Commodity contracts Receivables $ 17,426 Accounts payable $ 9,567 Other assets 8 Other liabilities 11 17,434 9,578 Foreign currency exchange contracts Receivables - Accounts payable 100 Long-term foreign currency exchange contracts Other assets - Other liabilities 126 Total - 226 Total derivative instruments $ 60,036 $ 9,805 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 Total $ 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 - Total $ 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 February 28, 2021: Notional (in thousands) Amount Maturity Date(s) Commodity contracts $ 75,211 March 2021 - September 2022 Foreign currency exchange contracts 5,121 March 2021 - March 2022
Schedule of Derivatives Designated as Cash Flow Hedging Instruments	The following table summarizes the loss recognized in OCI and the gain (loss) reclassified from AOCI into net earnings for derivative instruments designated as cash flow hedges for the periods presented: Gain (Loss) Location of Gain (Loss) Gain (Loss) Reclassified (in thousands) Recognized in OCI Reclassified from AOCI into Net Earnings from AOCI into Net Earnings For the three months ended February 28, 2021: Commodity contracts $ 37,380 Cost of goods sold $ 2,217 Interest rate contracts - Interest expense (635 ) Total $ 37,380 $ 1,582 For the three months ended February 29, 2020: Commodity contracts $ (394 ) Cost of goods sold $ (3,464 ) Interest rate contracts - Interest expense 271 Foreign currency contracts - Miscellaneous income, net - Total $ (394 ) $ (3,193 ) For the nine months ended February 28, 2021: Commodity contracts $ 54,143 Cost of goods sold $ (3,113 ) Interest rate contracts - Interest expense (1,332 ) Total $ 54,143 $ (4,445 ) For the nine months ended February 29, 2020: Commodity contracts $ (6,043 ) Cost of goods sold $ (9,984 ) Interest rate contracts (326 ) Interest expense 144 Foreign currency contracts - Miscellaneous income, net (19 ) Total $ (6,369 ) $ (9,859 )
Schedule of Gain (Loss) Recognized in Earnings for Economic (Non-Designated) Derivative Financial Instruments	The following table summarizes the loss recognized in earnings for economic (non-designated) derivative financial instruments for the periods presented: Gain (Loss) Recognized In Earnings for the Location of Gain (Loss) Three Months Ended February 28, (in thousands) Recognized in Earnings 2021 2020 Commodity contracts Cost of goods sold $ 16,285 $ (2,223 ) Foreign currency exchange contracts Miscellaneous income, net (306 ) 66 Total $ 15,979 $ (2,157 ) Gain (Loss) Recognized in Earnings for the Location of Gain (Loss) Nine Months Ended February 28, (in thousands) Recognized in Earnings 2021 2020 Commodity contracts Cost of goods sold $ 28,483 $ (6,139 ) Foreign currency exchange contracts Miscellaneous income, net (379 ) (23 ) Total $ 28,104 $ (6,162 )
Cash Flow Hedges
Schedule of Summary of Derivative Hedges	The following table summarizes our cash flow hedges outstanding at February 28, 2021: Notional (in thousands) Amount Maturity Date Commodity contracts $ 141,891 March 2021 - April 2022

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Feb. 28, 2021
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis	At February 28, 2021, 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) $ - $ 60,036 $ - $ 60,036 Total assets $ - $ 60,036 $ - $ 60,036 Liabilities Derivative instruments (1) $ - $ 9,805 $ - $ 9,805 Total liabilities $ - $ 9,805 $ - $ 9,805 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 Q – Derivative Instruments and Hedging Activities
Assets Measured at Fair Value on Non-Recurring Basis	At February 28, 2021, 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) $ - $ 400 $ - $ 400 Total assets $ - $ 400 $ - $ 400 (1) Comprised of 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 Goodwill and 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	Feb. 28, 2021	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		9 Months Ended
	Feb. 28, 2021	Feb. 29, 2020	Feb. 28, 2021	Feb. 29, 2020
Disaggregation Of Revenue [Line Items]
Net sales	$ 759,109	$ 763,996	$ 2,193,110	$ 2,447,492
Over time revenue
Disaggregation Of Revenue [Line Items]
Net sales	38,811	66,608	112,255	189,755
Steel Processing
Disaggregation Of Revenue [Line Items]
Net sales	504,477	491,136	1,404,220	1,531,448
Pressure Cylinders
Disaggregation Of Revenue [Line Items]
Net sales	254,643	270,995	787,831	865,527
Other
Disaggregation Of Revenue [Line Items]
Net sales	(11)	1,865	1,059	50,517
Direct | Steel Processing
Disaggregation Of Revenue [Line Items]
Net sales	469,266	450,413	1,307,631	1,425,117
Toll | Steel Processing
Disaggregation Of Revenue [Line Items]
Net sales	35,211	40,723	96,589	106,331
Toll | Steel Processing | Over time revenue
Disaggregation Of Revenue [Line Items]
Net sales	35,211	40,723	96,589	106,331
Industrial products | Pressure Cylinders
Disaggregation Of Revenue [Line Items]
Net sales	129,428	129,042	391,673	411,994
Consumer products | Pressure Cylinders
Disaggregation Of Revenue [Line Items]
Net sales	120,808	113,258	375,208	360,803
Oil & gas equipment | Pressure Cylinders
Disaggregation Of Revenue [Line Items]
Net sales	4,407	28,695	20,950	92,730
Engineered Cabs | Other
Disaggregation Of Revenue [Line Items]
Net sales	(12)	1,830	1,058	50,446
Other | Other
Disaggregation Of Revenue [Line Items]
Net sales	1	35	1	71
Certain oil & gas equipment contracts | Pressure Cylinders | Over time revenue
Disaggregation Of Revenue [Line Items]
Net sales	$ 3,600	$ 25,885	$ 15,666	$ 83,424

Revenue Recognition - Summary o

Revenue Recognition - Summary of Unbilled Receivables and Contract Assets (Detail) - USD ($) $ in Thousands	Feb. 28, 2021	May 31, 2020
Receivables
Unbilled Receivables And Contract Assets [Line Items]
Unbilled receivables	$ 6,148	$ 5,552
Prepaid Expenses and Other Current Assets
Unbilled Receivables And Contract Assets [Line Items]
Contract assets	$ 0	$ 4,127

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Detail) $ in Thousands	Feb. 28, 2021USD ($)
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) - USD ($)	Nov. 30, 2020	Aug. 31, 2021	Feb. 28, 2021	Aug. 31, 2020	Feb. 29, 2020	Feb. 28, 2021	Feb. 29, 2020
Marketable Securities [Line Items]
Gains on investment in Nikola			$ 2,740,000		$ 0	$ 655,102,000	$ 0
Proceeds from sale of Nikola shares			146,590,000		0	634,449,000	0
Charitable contribution of Nikola shares			0		$ 0	20,653,000	$ 0
Nikola Corporation
Marketable Securities [Line Items]
Marketable securities effective date				Jun. 3, 2020
Marketable securities number of shares owned				19,048,020
Marketable securities number of shares sold or contributed	12,000,000
Number of shares sold		7,048,020
Gross proceeds from the sale of common stock		$ 146,590,000
Marketable securities pre-tax earnings		$ 2,740,000
Gains on investment in Nikola						655,102,000
Proceeds from sale of Nikola shares						634,449,000
Charitable contribution of Nikola shares						20,653,000
Incremental expenses on gains from marketable securities						53,300,000
Profit sharing and bonus expense on marketable securities gain						32,647,000
Marketable securities contribution expense			$ 20,653,000			$ 20,653,000

Investments in Unconsolidated_3

Investments in Unconsolidated Affiliates - Additional Information (Detail) - USD ($)

Nov. 01, 2019

Sep. 30, 2020

Feb. 28, 2021

Aug. 31, 2020

Feb. 29, 2020

Aug. 31, 2019

Feb. 28, 2021

Feb. 29, 2020

Nov. 30, 2020

May 31, 2020

Dec. 31, 2019

Dec. 19, 2019

Investments in and Advances to Affiliates [Line Items]

Impairment of goodwill and long-lived assets

$ 0

$ 13,739,000

$ 34,627,000

$ 13,739,000

$ 75,228,000

Distributions from unconsolidated affiliates

65,502,000

Distributions in excess of investment in unconsolidated affiliate

$ 104,391,000

$ 104,391,000

$ 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%

50.00%

ClarkDietrich

Investments in and Advances to Affiliates [Line Items]

Percent of ownership interest held in unconsolidated affiliates

25.00%

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%

20.00%

Impairment of goodwill and long-lived assets

$ 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%

50.00%

WAVE

Investments in and Advances to Affiliates [Line Items]

Percent of ownership interest held in unconsolidated affiliates

50.00%

50.00%

Distributions in excess of investment in unconsolidated affiliate

$ 104,391,000

$ 104,391,000

Nisshin

Investments in and Advances to Affiliates [Line Items]

Percent of ownership interest held in unconsolidated affiliates

10.00%

Impairment of goodwill and long-lived assets

$ 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		9 Months Ended
	Feb. 28, 2021	Feb. 29, 2020	Feb. 28, 2021	Feb. 29, 2020	May 31, 2020
Investments in and Advances to Affiliates [Line Items]
Cash	$ 27,796		$ 27,796		$ 68,730
Other current assets	596,911		596,911		528,631
Total assets	3,137,873		3,137,873		2,331,515
Current liabilities	637,261		637,261		388,238
Short-term borrowings					500
Current maturities of long-term debt	12,119		12,119		37,542
Long-term debt	313,908		313,908		346,690
Other noncurrent liabilities	80,757		80,757		73,656
Shareholders' equity - controlling interest	1,311,790		1,311,790		820,821
Total liabilities and equity	3,137,873		3,137,873		2,331,515
Net sales	759,109	$ 763,996	2,193,110	$ 2,447,492
Gross margin	164,098	115,545	412,930	353,447
Operating income	79,090	52,429	201,933	181,067
Depreciation and amortization	11,228	8,482	27,630	23,109
Interest expense	2,774	3,667	8,551	10,173
Income tax expense (benefit)	1,159	(614)	5,211	1,239
Net earnings from discontinued operations				49,770
Net earnings	72,682	18,888	622,908	73,355
Equity Method Investment, Nonconsolidated Investee, Other [Member]
Investments in and Advances to Affiliates [Line Items]
Noncurrent assets	386,434		386,434		399,731
Total assets	1,011,141		1,011,141		997,092
Current liabilities	188,113		188,113		174,709
Shareholders' equity - controlling interest	416,244		416,244		363,995
Total liabilities and equity	1,011,141		1,011,141		$ 997,092
Net sales	470,988	477,494	1,327,506	1,400,987
Gross margin	103,035	100,070	292,645	293,601
Net earnings from continuing operations	76,048	54,806	193,564	169,430
Net earnings	$ 76,048	$ 54,806	$ 193,564	$ 219,200

Impairment of Goodwill and Lo_2

Impairment of Goodwill and Long-Lived Assets - Additional Information (Detail) - USD ($)

3 Months Ended

9 Months Ended

Feb. 28, 2021

Nov. 30, 2020

Aug. 31, 2020

Feb. 29, 2020

Aug. 31, 2019

Feb. 28, 2021

Feb. 29, 2020

May 31, 2020

Impaired Long Lived Assets Held And Used [Line Items]

Impairment of goodwill and long-lived assets

$ 0

$ 13,739,000

$ 34,627,000

$ 13,739,000

$ 75,228,000

Net book value of assets

3,137,873,000

3,137,873,000

$ 2,331,515,000

Impairment of long-lived assets

0

34,627,000

13,739,000

75,228,000

Fair market value of assets

2,800,000

Goodwill, Impairment Loss

22,097,000

22,097,000

Operating lease assets

33,245,000

33,245,000

31,557,000

Fair Value, Measurements, Nonrecurring

Impaired Long Lived Assets Held And Used [Line Items]

Fair market value of assets

400,000

400,000

26,984,000

Fair Value, Measurements, Nonrecurring | Fair Value Inputs Level2

Impaired Long Lived Assets Held And Used [Line Items]

Fair market value of assets

400,000

400,000

10,561,000

Cryogenics

Impaired Long Lived Assets Held And Used [Line Items]

Impairment of goodwill and long-lived assets

4,333,000

Impairment of long-lived assets

3,662,000

Jefferson

Impaired Long Lived Assets Held And Used [Line Items]

Impairment of goodwill and long-lived assets

1,423,000

Superior Tools

Impaired Long Lived Assets Held And Used [Line Items]

Impairment of goodwill and long-lived assets

506,000

Oil And Gas Operations

Impaired Long Lived Assets Held And Used [Line Items]

Impairment of long-lived assets

4,679,000

Fixed asset net book value

14,274,000

14,274,000

Intangible Assets Net Book Value

6,577,000

Oil And Gas Operations | Fair Value, Measurements, Nonrecurring

Impaired Long Lived Assets Held And Used [Line Items]

Fair market value of assets

3,384,000

3,384,000

Canton | Fair Value Inputs Level2

Impaired Long Lived Assets Held And Used [Line Items]

Impairment of long-lived assets

1,274,000

Fair market value of assets

700,000

700,000

Engineered Cabs

Impaired Long Lived Assets Held And Used [Line Items]

Fixed asset net book value

$ 1,469,000

Impairment of ROU assets

905,000

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

400,000

[1]

400,000

[1]

9,277,000

[2]

Long Lived Assets Held And Used | Fair Value, Measurements, Nonrecurring | Fair Value Inputs Level2

Impaired Long Lived Assets Held And Used [Line Items]

Fair market value of assets

$ 400,000

[1]

$ 400,000

[1]

6,477,000

[2]

Long Lived Assets Held And Used | Oil And Gas Equipment Operations

Impaired Long Lived Assets Held And Used [Line Items]

Net book value of assets

$ 7,375,000

Fair market value of fixed assets

5,934,000

Impairment of long-lived assets

1,441,000

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

Impaired Long Lived Assets Held And Used [Line Items]

Net book value of assets

$ 2,374,000

Long Lived Assets Held for Sale | Fair Value, Measurements, Nonrecurring

Impaired Long Lived Assets Held And Used [Line Items]

Fair market value of assets

[3],[4]

4,084,000

Long Lived Assets Held for Sale | Fair Value, Measurements, Nonrecurring | Fair Value Inputs Level2

Impaired Long Lived Assets Held And Used [Line Items]

Fair market value of assets

[3],[4]

4,084,000

Long Lived Assets Held for Sale | Cryogenics

Impaired Long Lived Assets Held And Used [Line Items]

Carrying value long-lived assets

13,526,000

Long Lived Assets Held for Sale | 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 for Sale | Canton

Impaired Long Lived Assets Held And Used [Line Items]

Net book value of assets

$ 7,775,000

$ 7,775,000

$ 7,813,000

[1]

Comprised of 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 Goodwill and 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]

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.

[4]

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.

Restructuring and Other Expen_3

Restructuring and Other Expense, Net - Additional Information (Detail) $ in Thousands	3 Months Ended		9 Months Ended
	Feb. 28, 2021USD ($)	Feb. 29, 2020USD ($)	Feb. 28, 2021USD ($)	Feb. 29, 2020USD ($)	Jan. 29, 2021Property
Restructuring Cost and Reserve [Line Items]
Net (gain) loss on sale of assets			$ 34,554
Restructuring and other expense (income), net	$ 28,212	$ 1,376	37,656	$ 1,781
Cryogenics
Restructuring Cost and Reserve [Line Items]
Net proceeds from sale of business			21,275
Net (gain) loss on sale of assets			7,064
Pressure Cylinders
Restructuring Cost and Reserve [Line Items]
Restructuring and other expense (income), net	28,435	$ 747	$ 36,006	$ 747
Pressure Cylinders | Oil & gas equipment
Restructuring Cost and Reserve [Line Items]
Restructuring and other expense (income), net	27,671
Number of real property | Property					3
Pressure Cylinders | Oil & gas equipment | Maximum
Restructuring Cost and Reserve [Line Items]
Sales proceeds upon the exit of the business by the acquirer, Percent					15.00%
Engineered Cabs
Restructuring Cost and Reserve [Line Items]
Gain from auction of certain assets	$ 181

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		9 Months Ended
	Feb. 28, 2021	Feb. 29, 2020	Feb. 28, 2021	Feb. 29, 2020
Restructuring Cost and Reserve [Line Items]
Beginning Balance			$ 6,692
Expense (income)			3,102
Payments			(8,341)
Adjustments			(25)
Ending Balance	$ 1,428		1,428
Net (gain) loss on sale of assets			34,554
Restructuring and other expense (income), net	28,212	$ 1,376	37,656	$ 1,781
Early Retirement And Severance
Restructuring Cost and Reserve [Line Items]
Beginning Balance			6,536
Expense (income)			1,983
Payments			(7,042)
Adjustments			(99)
Ending Balance	1,378		1,378
Facility Exit And Other Costs
Restructuring Cost and Reserve [Line Items]
Beginning Balance			156
Expense (income)			1,119
Payments			(1,299)
Adjustments			74
Ending Balance	$ 50		$ 50

Contingent Liabilities and Co_2

Contingent Liabilities and Commitments - Additional Informattion (Detail) $ in Thousands	Feb. 28, 2021USD ($)
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	9 Months Ended
	Feb. 28, 2021USD ($)
Guarantee Obligations [Line Items]
Letter of credit amount outstanding	$ 17,350,000
Drawn amount of letter of credit outstanding	$ 0

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($)	Feb. 16, 2018	Feb. 28, 2021
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	Nov. 30, 2021	Feb. 28, 2021	Aug. 31, 2020	Feb. 29, 2020	Nov. 30, 2019	Aug. 31, 2019	Feb. 28, 2021	Feb. 29, 2020
Components Of Other Comprehensive Income Loss [Abstract]
Foreign currency translation, before tax		$ 1,226		$ (576)			$ 7,807	$ 10,868
Foreign currency translation, tax		133					809
Foreign currency translation, net of tax		1,359		(576)			8,616	10,868
Pension liability adjustment, before tax		(92)		176			392	1,597
Pension liability adjustment, tax		(11)		(38)			(127)	(351)
Pension liability adjustment, net of tax		(103)		138			265	1,246
Cash flow hedges, before tax		35,796		2,799			58,589	3,490
Cash flow hedges, tax		(8,206)		(640)			(13,218)	(757)
Cash flow hedges, net of tax		27,590		2,159			45,371	2,733
Other comprehensive income, before tax		36,930		2,399			66,788	15,955
Other comprehensive income, tax		(8,084)		(678)			(12,536)	(1,108)
Other comprehensive income	$ 14,163	$ 28,846	$ 11,242	$ 1,721	$ 9,970	$ 3,156	$ 54,252	$ 14,847

Changes in Equity - Summary of

Changes in Equity - Summary of Changes in Equity by Component and in Total (Detail) - USD ($) $ in Thousands	Nov. 30, 2021	Feb. 28, 2021	Aug. 31, 2020	Feb. 29, 2020	Nov. 30, 2019	Aug. 31, 2019	Feb. 28, 2021	Feb. 29, 2020
Balance			$ 966,433	$ 958,743	$ 907,442	$ 948,394	$ 966,433	$ 948,394
Net earnings (loss)	$ (68,512)	$ 72,682	618,738	18,888	56,922	(2,455)
Other comprehensive income (loss)	14,163	28,846	11,242	1,721	9,970	3,156	54,252	14,847
Consolidation of Samuel				24,269
Common shares issued, net of withholding tax	2,294	565	(1,150)	429	(3,811)	(3,213)
Common shares in NQ plans	292	68	90	108	239	74
Stock-based compensation	3,499	3,450	3,022	2,834	2,880	4,545
Purchases and retirement of common shares	(38,563)	(52,367)	(54,320)	(21,373)		(29,599)
Contribution to Samuel joint venture	925
Cash dividends declared	(13,527)	(13,280)	(13,595)	(13,426)	(13,446)	(13,460)
Dividends to noncontrolling interest	0	(7,250)	(560)		(1,453)
Balance	1,430,471	1,463,185	1,529,900	972,193	958,743	907,442	1,463,185	972,193
Additional Paid-in Capital
Balance			283,776	280,077	280,769	283,177	283,776	283,177
Net earnings (loss)	0	0	0	0	0	0
Other comprehensive income (loss)	0	0	0	0	0	0
Consolidation of Samuel				0
Common shares issued, net of withholding tax	2,294	565	(1,150)	429	(3,811)	(3,213)
Common shares in NQ plans	292	68	90	108	239	74
Stock-based compensation	3,499	3,450	3,022	2,834	2,880	4,545
Purchases and retirement of common shares	(4,486)	(5,315)	(7,536)	(2,812)		(3,814)
Contribution to Samuel joint venture	0
Cash dividends declared	0	0	0	0	0	0
Dividends to noncontrolling interest	0	0	0		0
Balance	279,801	278,569	278,202	280,636	280,077	280,769	278,569	280,636
Accumulated Other Comprehensive Income (Loss), Net of Tax
Balance			(35,217)	(30,338)	(40,308)	(43,464)	(35,217)	(43,464)
Net earnings (loss)	0	0	0	0	0	0
Other comprehensive income (loss)	14,163	28,846	11,242	1,721	9,970	3,156
Consolidation of Samuel				0
Common shares issued, net of withholding tax	0	0	0	0	0	0
Common shares in NQ plans	0	0	0	0	0	0
Stock-based compensation	0	0	0	0	0	0
Purchases and retirement of common shares	0	0	0	0		0
Contribution to Samuel joint venture	0
Cash dividends declared	0	0	0	0	0	0
Dividends to noncontrolling interest	0	0	0		0
Balance	(9,812)	19,034	(23,975)	(28,617)	(30,338)	(40,308)	19,034	(28,617)
Retained Earnings
Balance			572,262	586,152	547,512	591,533	572,262	591,533
Net earnings (loss)	(74,044)	67,609	616,675	15,311	52,086	(4,776)
Other comprehensive income (loss)	0	0	0	0	0	0
Consolidation of Samuel				0
Common shares issued, net of withholding tax	0	0	0	0	0	0
Common shares in NQ plans	0	0	0	0	0	0
Stock-based compensation	0	0	0	0	0	0
Purchases and retirement of common shares	(34,077)	(47,052)	(46,784)	(18,561)		(25,785)
Contribution to Samuel joint venture	0
Cash dividends declared	(13,527)	(13,280)	(13,595)	(13,426)	(13,446)	(13,460)
Dividends to noncontrolling interest	0	0	0		0
Balance	1,006,910	1,014,187	1,128,558	569,476	586,152	547,512	1,014,187	569,476
Parent
Balance			820,821	835,891	787,973	831,246	820,821	831,246
Net earnings (loss)	(74,044)	67,609	616,675	15,311	52,086	(4,776)
Other comprehensive income (loss)	14,163	28,846	11,242	1,721	9,970	3,156
Consolidation of Samuel				0
Common shares issued, net of withholding tax	2,294	565	(1,150)	429	(3,811)	(3,213)
Common shares in NQ plans	292	68	90	108	239	74
Stock-based compensation	3,499	3,450	3,022	2,834	2,880	4,545
Purchases and retirement of common shares	(38,563)	(52,367)	(54,320)	(21,373)		(29,599)
Contribution to Samuel joint venture	0
Cash dividends declared	(13,527)	(13,280)	(13,595)	(13,426)	(13,446)	(13,460)
Dividends to noncontrolling interest	0	0	0		0
Balance	1,276,899	1,311,790	1,382,785	821,495	835,891	787,973	1,311,790	821,495
Noncontrolling Interest
Balance			145,612	122,852	119,469	117,148	145,612	117,148
Net earnings (loss)	5,532	5,073	2,063	3,577	4,836	2,321
Other comprehensive income (loss)	0	0	0	0	0	0
Consolidation of Samuel				24,269
Common shares issued, net of withholding tax	0	0	0	0	0	0
Common shares in NQ plans	0	0	0	0	0	0
Stock-based compensation	0	0	0	0	0	0
Purchases and retirement of common shares	0	0	0	0		0
Contribution to Samuel joint venture	925
Cash dividends declared	0	0	0	0	0	0
Dividends to noncontrolling interest	0	(7,250)	(560)		(1,453)
Balance	$ 153,572	$ 151,395	$ 147,115	$ 150,698	$ 122,852	$ 119,469	$ 151,395	$ 150,698

Changes in Equity - Summary o_2

Changes in Equity - Summary of Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Feb. 28, 2021	Feb. 29, 2020	Feb. 28, 2021	Feb. 29, 2020
Accumulated Other Comprehensive Income Loss [Line Items]
Balance			$ 958,743	$ 966,433	$ 948,394
Income tax effect		$ (8,084)	(678)	(12,536)	(1,108)
Balance		1,463,185	972,193	1,463,185	972,193
Foreign Currency Translation
Accumulated Other Comprehensive Income Loss [Line Items]
Balance				(9,142)	(19,640)
Other comprehensive income (loss) before reclassifications				7,807	2,372
Reclassification adjustments to income	[1]			0	8,496
Income tax effect				809	0
Balance		(526)	(8,772)	(526)	(8,772)
Pension Liability Adjustment
Accumulated Other Comprehensive Income Loss [Line Items]
Balance				(21,886)	(17,855)
Other comprehensive income (loss) before reclassifications				392	271
Reclassification adjustments to income	[1]			0	1,326
Income tax effect				(127)	(351)
Balance		(21,621)	(16,609)	(21,621)	(16,609)
Cash Flow Hedges
Accumulated Other Comprehensive Income Loss [Line Items]
Balance				(4,189)	(5,969)
Other comprehensive income (loss) before reclassifications				54,143	(6,369)
Reclassification adjustments to income	[1]			4,445	9,859
Income tax effect				(13,218)	(757)
Balance		41,181	(3,236)	41,181	(3,236)
Accumulated Other Comprehensive Income (Loss), Net of Tax
Accumulated Other Comprehensive Income Loss [Line Items]
Balance			(30,338)	(35,217)	(43,464)
Other comprehensive income (loss) before reclassifications				62,342	(3,726)
Reclassification adjustments to income	[1]			4,445	19,681
Income tax effect				(12,536)	(1,108)
Balance		$ 19,034	$ (28,617)	$ 19,034	$ (28,617)
[1]	(a) The statement of earnings 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 Q – Derivative Instruments and Hedging Activities”.

Changes in Equity - Summary o_3

Changes in Equity - Summary of Changes in Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail) - Foreign Currency Translation	9 Months Ended
	Feb. 29, 2020USD ($)
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	Feb. 28, 2021	Feb. 29, 2020	Feb. 28, 2021	Feb. 29, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Pre-tax stock-based compensation expense		$ 4,727	$ 2,725	$ 14,437	$ 10,000
Non-Qualified Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-qualified stock options, granted				116,300,000
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				$ 13,224
Restricted common shares, granted				346,000
Restricted common shares, fair value per share				$ 38.22
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	45,000,000
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	9 Months Ended
	Feb. 28, 2021
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)	9 Months Ended
	Feb. 28, 2021	Feb. 29, 2020
Income Tax Disclosure [Abstract]
Estimated annual effective income tax rate	20.10%	24.60%

Earnings Per Share - Computatio

Earnings Per Share - Computation of Basic and Diluted Earnings Per Share Attributable to Controlling Interest (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Feb. 28, 2021	Feb. 29, 2020	Feb. 28, 2021	Feb. 29, 2020
Numerator (basic & diluted):
Net earnings attributable to controlling interest - income available to common shareholders	$ 67,609	$ 15,311	$ 610,240	$ 62,621
Denominator:
Denominator for basic earnings per share attributable to controlling interest- weighted average common shares	52,149	54,930	53,076	55,078
Effect of dilutive securities	1,068	968	1,001	1,086
Denominator for diluted earnings per share attributable to controlling interest-adjusted weighted average common shares	53,217	55,898	54,077	56,164
Basic earnings per share attributable to controlling interest	$ 1.30	$ 0.28	$ 11.50	$ 1.14
Diluted earnings per share attributable to controlling interest	$ 1.27	$ 0.27	$ 11.28	$ 1.11

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - shares	3 Months Ended		9 Months Ended
	Feb. 28, 2021	Feb. 29, 2020	Feb. 28, 2021	Feb. 29, 2020
Earnings Per Share [Abstract]
Shares excluded from computation of diluted earnings per share	0	405,433	0	396,170

Segment Operations - Financial

Segment Operations - Financial Information for Reportable Segments (Detail) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Feb. 28, 2021	Feb. 29, 2020	Feb. 28, 2021	Feb. 29, 2020	May 31, 2020
Segment Reporting Information [Line Items]
Net sales		$ 759,109	$ 763,996	$ 2,193,110	$ 2,447,492
Operating income (loss)		49,772	(1,386)	57,015	16,144
Segment operating income		47,344	(2,628)	109,651	18,931
Incremental expenses related to Nikola gains		781	0	(53,300)	0
Impairment of goodwill and long-lived assets		0	34,627	13,739	75,228
Restructuring and other expense (income), net		28,212	1,376	37,656	1,781
Total assets		3,137,873		3,137,873		$ 2,331,515
Steel Processing
Segment Reporting Information [Line Items]
Net sales		504,477	491,136	1,404,220	1,531,448
Operating income (loss)		62,874	19,021	114,315	42,361
Impairment of goodwill and long-lived assets		0	1,274	0	1,274
Restructuring and other expense (income), net		(42)	728	1,804	702
Total assets		1,041,246		1,041,246		821,657
Pressure Cylinders
Segment Reporting Information [Line Items]
Net sales		254,643	270,995	787,831	865,527
Operating income (loss)		(15,641)	(19,865)	(3,694)	25,405
Impairment of goodwill and long-lived assets		0	33,353	13,739	33,353
Restructuring and other expense (income), net		28,435	747	36,006	747
Total assets		1,160,884		1,160,884		1,104,603
Other
Segment Reporting Information [Line Items]
Net sales		(11)	1,865	1,059	50,517
Operating income (loss)		111	(1,784)	(970)	(48,835)
Impairment of goodwill and long-lived assets		0	0	0	40,601
Restructuring and other expense (income), net		(181)	(99)	(154)	332
Total assets	[1]	935,743		935,743		$ 405,255
Unallocated Corporate Other
Segment Reporting Information [Line Items]
Operating income (loss)		$ 1,647	$ 1,242	$ 664	$ (2,787)
[1]	The increase in other assets primarily relates to cash proceeds the Company received from the sale of its Nikola shares of common stock.  For additional information, refer to “NOTE C – Investment in Nikola”.

Acquisitions - Additional Infor

Acquisitions - Additional Information (Details) - USD ($)	Jan. 29, 2021	Jan. 04, 2021	Feb. 28, 2021	May 31, 2020
Business Acquisition [Line Items]
Total consideration for acquired entity	$ 120,592,000
Goodwill	33,714,000		$ 358,543,000	$ 321,434,000
PTEC Pressure Technology GmbH [Member]
Business Acquisition [Line Items]
Total consideration for acquired entity		$ 10,784,000
Business combination , total intangible assets		9,351,000
Goodwill		3,889,000
PTEC Pressure Technology GmbH [Member] | Personal Property [Member]
Business Acquisition [Line Items]
Remaining Purchase Price		728,000
PTEC Pressure Technology GmbH [Member] | Working Capital [Member]
Business Acquisition [Line Items]
Remaining Purchase Price		$ 705,000
General Tools & Instruments Company LLC [Member]
Business Acquisition [Line Items]
Goodwill	10,300,000
Cash consideration for acquired entity	$ 120,592,000,000

Acquisitions - Schedule of Acqu

Acquisitions - Schedule of Acquisition of Identifiable Intangible Assets (Detail) $ in Thousands	Jan. 29, 2021USD ($)
Business Acquisition [Line Items]
Total acquired identifiable intangible assets	$ 68,400
Customer Relationships [Member]
Business Acquisition [Line Items]
Customer relationships	$ 40,600
Useful Life (Years)	15 years
Trade Name [Member]
Business Acquisition [Line Items]
Customer relationships	$ 400
Useful Life (Years)	9 years
Trade Names [Member]
Business Acquisition [Line Items]
Trade names - indefinite lived	$ 27,400

Acquisitions - Schedule of Cons

Acquisitions - Schedule of Consideration Transferred and the Preliminary Fair Value Assigned to Assets Acquired And Liabilities Assumed (Detail) - USD ($) $ in Thousands	Jan. 29, 2021	Feb. 28, 2021	May 31, 2020
Business Combinations [Abstract]
Cash	$ 1,633
Accounts receivable	16,440
Inventories	19,795
Prepaid expenses	924
Other current assets	97
Total acquired identifiable intangible assets	68,400
Property, plant and equipment	956
Other assets	5,532
Total identifiable assets	113,777
Accounts payable	(2,594)
Accrued liabilities	(6,006)
Other current liabilities	(1,580)
Deferred tax liability	(11,635)
Other long-term liabilities	(5,084)
Net identifiable assets	86,878
Goodwill	33,714	$ 358,543	$ 321,434
Total consideration for acquired entity	$ 120,592

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities - Schedule of Fair Value of Derivative Instruments (Detail) - USD ($) $ in Thousands	Feb. 28, 2021	May 31, 2020
Derivative [Line Items]
Asset Derivatives at Fair Value	$ 60,036	$ 181
Liability Derivatives at Fair Value	9,805	8,777
Derivatives Designated As Hedging Instruments
Derivative [Line Items]
Asset Derivatives at Fair Value	42,602	79
Liability Derivatives at Fair Value	1	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	42,578
Derivatives Designated As Hedging Instruments | Commodity Contracts | Other Assets
Derivative [Line Items]
Asset Derivatives at Fair Value	24	79
Derivatives Designated As Hedging Instruments | Commodity Contracts | Other Liabilities
Derivative [Line Items]
Liability Derivatives at Fair Value	1	479
Derivatives Not Designated As Hedging Instruments
Derivative [Line Items]
Asset Derivatives at Fair Value		102
Liability Derivatives at Fair Value	226	4,004
Derivatives Not Designated As Hedging Instruments | Commodity Contracts
Derivative [Line Items]
Asset Derivatives at Fair Value	17,434	96
Liability Derivatives at Fair Value	9,578	4,004
Derivatives Not Designated As Hedging Instruments | Commodity Contracts | Accounts Payable
Derivative [Line Items]
Liability Derivatives at Fair Value	9,567	3,826
Derivatives Not Designated As Hedging Instruments | Commodity Contracts | Receivables
Derivative [Line Items]
Asset Derivatives at Fair Value	17,426
Derivatives Not Designated As Hedging Instruments | Commodity Contracts | Other Assets
Derivative [Line Items]
Asset Derivatives at Fair Value	8	96
Derivatives Not Designated As Hedging Instruments | Commodity Contracts | Other Liabilities
Derivative [Line Items]
Liability Derivatives at Fair Value	11	178
Derivatives Not Designated As Hedging Instruments | Foreign Currency Exchange Contracts | Accounts Payable
Derivative [Line Items]
Liability Derivatives at Fair Value	100
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	$ 126

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Feb. 28, 2021	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	$ 8,197	$ 1,780
Losses in accumulated other comprehensive income expected to be reclassified into net earnings	40,258
Losses in accumulated other comprehensive income expected to be reclassified into net earnings, tax	$ 11,693

Derivative Instruments and He_5

Derivative Instruments and Hedging Activities - Schedule of Summary of Derivative Hedges (Detail) $ in Thousands	9 Months Ended
	Feb. 28, 2021USD ($)
Commodity Contracts | Minimum [Member] | Derivatives Not Designated As Hedging Instruments
Derivative [Line Items]
Notional Amount	$ 75,211
Maturity Date	2021-03
Commodity Contracts | Maximum | Derivatives Not Designated As Hedging Instruments
Derivative [Line Items]
Maturity Date	2022-09
Foreign Currency Exchange Contracts | Minimum [Member] | Derivatives Not Designated As Hedging Instruments
Derivative [Line Items]
Notional Amount	$ 5,121
Maturity Date	2021-03
Foreign Currency Exchange Contracts | Maximum | Derivatives Not Designated As Hedging Instruments
Derivative [Line Items]
Maturity Date	2022-03
Cash Flow Hedges | Commodity Contracts
Derivative [Line Items]
Notional Amount	$ 141,891
Cash Flow Hedges | Commodity Contracts | Minimum [Member]
Derivative [Line Items]
Maturity Date	2021-03
Cash Flow Hedges | Commodity Contracts | Maximum
Derivative [Line Items]
Maturity Date	2022-04

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		9 Months Ended
	Feb. 28, 2021	Feb. 29, 2020	Feb. 28, 2021	Feb. 29, 2020
Derivative [Line Items]
Gain (Loss) Recognized in OCI	$ 37,380	$ (394)	$ 54,143	$ (6,369)
Gain (Loss) Reclassified from AOCI into Net Earnings	1,582	(3,193)	(4,445)	(9,859)
Commodity Contracts
Derivative [Line Items]
Gain (Loss) Recognized in OCI	37,380	(394)	54,143	(6,043)
Commodity Contracts | Cost of Sales
Derivative [Line Items]
Gain (Loss) Reclassified from AOCI into Net Earnings	2,217	(3,464)	(3,113)	(9,984)
Interest Rate Contract
Derivative [Line Items]
Gain (Loss) Recognized in OCI				(326)
Interest Rate Contract | Interest Expense
Derivative [Line Items]
Gain (Loss) Reclassified from AOCI into Net Earnings	$ (635)	$ 271	$ (1,332)	144
Foreign Currency Exchange Contracts | Miscellaneous Income, Net
Derivative [Line Items]
Gain (Loss) Reclassified from AOCI into Net Earnings				$ (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		9 Months Ended
	Feb. 28, 2021	Feb. 28, 2020	Feb. 28, 2021	Feb. 28, 2020
Derivative [Line Items]
Gain (Loss) Recognized in Earnings	$ 15,979	$ (2,157)	$ 28,104	$ (6,162)
Commodity Contracts | Cost of Sales
Derivative [Line Items]
Gain (Loss) Recognized in Earnings	16,285	(2,223)	28,483	(6,139)
Foreign Currency Exchange Contracts | Miscellaneous Income, Net
Derivative [Line Items]
Gain (Loss) Recognized in Earnings	$ (306)	$ 66	$ (379)	$ (23)

Fair Value - Schedule of Assets

Fair Value - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands		Feb. 28, 2021	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		$ 60,036	181
Liabilities		9,805	8,777
Fair Value, Measurements, Recurring | Derivative Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	[1]	60,036	181
Liabilities	[1]	9,805	8,777
Fair Value, Measurements, Recurring | Fair Value Inputs Level2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets		60,036	181
Liabilities		9,805	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]	60,036	181
Liabilities	[1]	$ 9,805	$ 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 Q – Derivative Instruments and Hedging Activities

Fair Value - Assets Measured at

Fair Value - Assets Measured at Fair Value on Non-Recurring Basis (Detail) - USD ($) $ in Thousands		Feb. 28, 2021		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		$ 400		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		400		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		0		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		400	[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		400	[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		$ 0	[1]	2,800	[2]
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 alternative fuel cylinders assets at the Jefferson, Ohio facility with an estimated fair market value of $400,000. Refer to “NOTE E – Impairment of Goodwill and 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 ($)	Feb. 28, 2021USD ($)		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		$ 400,000		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		400,000	[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 | 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 alternative fuel cylinders assets at the Jefferson, Ohio facility with an estimated fair market value of $400,000. Refer to “NOTE E – Impairment of Goodwill and 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	Feb. 28, 2021	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	$ 796,558	$ 740,678
Long-term debt at carrying amount including current maturities	$ 708,964	$ 699,665

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - USD ($)	Mar. 18, 2021	Mar. 12, 2021	May 31, 2021
Luxfer Holdings PLC | Scenario Forecast
Subsequent Event [Line Items]
Gain (loss) on sale of business			$ 7,000,000
Subsequent Event
Subsequent Event [Line Items]
Operating lease, term of contract	7 years
Lessee, operating lease, existence of residual value guarantee	true
Subsequent Event | Maximum
Subsequent Event [Line Items]
Guaranteed obligation, residual value	$ 19,800,000
Subsequent Event | Structural Composites Industries
Subsequent Event [Line Items]
Proceeds from sales of business		$ 20,000,000