Worthington Industries (WOR) 10-Q 10 Jan 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Nov. 30, 2021	Dec. 31, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Nov. 30, 2021
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Document Quarterly Report	true
Document Transition Report	false
Trading Symbol	WOR
Entity Registrant Name	WORTHINGTON INDUSTRIES, INC
Entity Central Index Key	0000108516
Current Fiscal Year End Date	--05-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Incorporation, State or Country Code	OH
Entity Shell Company	false
Entity File Number	001-08399
Entity Tax Identification Number	31-1189815
Entity Address, Address Line One	200 Old Wilson Bridge Road
Entity Address, City or Town	Columbus
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	43085
City Area Code	614
Local Phone Number	438-3210
Entity Common Stock, Shares Outstanding		50,934,413
Title of 12(b) Security	Common Shares, Without Par Value
Security Exchange Name	NYSE

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Nov. 30, 2021	May 31, 2021
Current assets:
Cash and cash equivalents	$ 225,194	$ 640,311
Receivables, less allowances of $790 and $608 at November 30, 2021 and May 31, 2021, respectively	736,738	639,964
Inventories:
Raw materials	420,511	266,208
Work in process	247,772	183,413
Finished products	171,305	115,133
Total inventories	839,588	564,754
Income taxes receivable	1,574	1,958
Assets held for sale	34,721	51,956
Prepaid expenses and other current assets	72,952	69,049
Total current assets	1,910,767	1,967,992
Investments in unconsolidated affiliates	291,397	233,126
Operating lease assets	93,628	35,101
Goodwill	370,191	351,056
Other intangible assets, net of accumulated amortization of $86,459 and $80,513 at November 30, 2021 and May 31, 2021, respectively	267,564	240,387
Other assets	32,451	30,566
Property, plant and equipment:
Land	21,319	21,744
Buildings and improvements	273,483	271,196
Machinery and equipment	1,086,453	1,046,065
Construction in progress	68,423	53,903
Total property, plant and equipment	1,449,678	1,392,908
Less: accumulated depreciation	898,044	877,891
Total property, plant and equipment, net	551,634	515,017
Total assets	3,517,632	3,373,245
Current liabilities:
Accounts payable	610,278	567,392
Accrued compensation, contributions to employee benefit plans and related taxes	105,879	137,698
Dividends payable	15,794	16,536
Other accrued items	60,484	52,250
Current operating lease liabilities	10,888	9,947
Income taxes payable	16,555	3,620
Current maturities of long-term debt	280	458
Total current liabilities	820,158	787,901
Other liabilities	81,786	82,824
Distributions in excess of investment in unconsolidated affiliate	94,836	99,669
Long-term debt	701,892	710,031
Noncurrent operating lease liabilities	83,887	27,374
Deferred income taxes, net	101,982	113,751
Total liabilities	1,884,541	1,821,550
Shareholders' equity - controlling interest	1,479,797	1,398,193
Noncontrolling interests	153,294	153,502
Total equity	1,633,091	1,551,695
Total liabilities and equity	$ 3,517,632	$ 3,373,245

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Nov. 30, 2021	May 31, 2021
Statement Of Financial Position [Abstract]
Receivables, allowances	$ 790	$ 608
Other intangible assets, accumulated amortization	$ 86,459	$ 80,513

Consolidated Statements of Earn

Consolidated Statements of Earnings (Loss) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2021	Nov. 30, 2020
Income Statement [Abstract]
Net sales	$ 1,232,861	$ 731,092	$ 2,343,679	$ 1,434,001
Cost of goods sold	1,048,270	595,618	1,939,714	1,185,169
Gross margin	184,591	135,474	403,965	248,832
Selling, general and administrative expense	96,130	82,129	191,981	164,325
Impairment of long-lived assets	0	3,815	0	13,739
Restructuring and other (income) expense, net	(2,004)	7,596	(14,278)	9,444
Incremental expenses related to Nikola gains	0	4,570	0	54,081
Operating income	90,465	37,364	226,262	7,243
Other income (expense):
Miscellaneous income, net	1,040	376	1,670	827
Interest expense	(7,312)	(7,548)	(15,030)	(15,138)
Equity in net income of unconsolidated affiliates	60,218	25,631	113,134	49,265
Gains (loss) on investment in Nikola	0	(143,780)	0	652,362
Earnings (loss) before income taxes	144,411	(87,957)	326,036	694,559
Income tax expense (benefit)	31,226	(19,445)	71,376	144,333
Net earnings (loss)	113,185	(68,512)	254,660	550,226
Net earnings attributable to noncontrolling interests	2,884	5,532	11,868	7,595
Net earnings (loss) attributable to controlling interest	$ 110,301	$ (74,044)	$ 242,792	$ 542,631
Basic
Weighted average common shares outstanding	50,381	52,988	50,618	53,532
Earnings (loss) per share attributable to controlling interest	$ 2.19	$ (1.40)	$ 4.80	$ 10.14
Diluted
Weighted average common shares outstanding	51,214	52,988	51,532	54,439
Earnings (loss) per share attributable to controlling interest	$ 2.15	$ (1.40)	$ 4.71	$ 9.97
Common shares outstanding at end of period	50,334	52,754	50,334	52,754
Cash dividends declared per share	$ 0.28	$ 0.25	$ 0.56	$ 0.50

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2021	Nov. 30, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net earnings (loss)	$ 113,185	$ (68,512)	$ 254,660	$ 550,226
Other comprehensive (loss) income
Foreign currency translation, net of tax	(4,872)	(1,051)	(8,847)	7,257
Pension liability adjustment, net of tax		(4)	0	368
Cash flow hedges, net of tax	(52,986)	15,218	(53,285)	17,781
Other comprehensive (loss) income	(57,858)	14,163	(62,132)	25,406
Comprehensive income (loss)	55,327	(54,349)	192,528	575,632
Comprehensive income attributable to noncontrolling interests	2,884	5,532	11,868	7,595
Comprehensive income (loss) attributable to controlling interest	$ 52,443	$ (59,881)	$ 180,660	$ 568,037

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2021	Nov. 30, 2020
Operating activities:
Net earnings (loss)	$ 113,185	$ (68,512)	$ 254,660	$ 550,226
Adjustments to reconcile net earnings (loss) to net cash (used) provided by operating activities:
Depreciation and amortization	21,090	21,560	43,154	43,771
Impairment of long-lived assets	0	3,815	0	13,739
Provision for (benefit from) deferred income taxes	1,309	(31,776)	2,675	39,255
Bad debt expense (income)	335	(159)	514	(65)
Equity in net income of unconsolidated affiliates, net of distributions	(31,274)	4,608	(64,492)	(2,149)
Net (gain) loss on sale of assets	(496)	7,271	(13,202)	7,673
Stock-based compensation	4,248	4,854	7,551	9,710
(Gains) loss on investment in Nikola	0	143,780	0	(652,362)
Charitable contribution of Nikola shares	0	0	0	20,653
Changes in assets and liabilities, net of impact of acquisitions:
Receivables	(89,817)	3,580	(121,685)	(78,614)
Inventories	(97,182)	4,623	(260,864)	90,245
Accounts payable	(47,594)	48,176	(926)	95,330
Accrued compensation and employee benefits	14,358	13,960	(31,819)	37,812
Income taxes payable	(22,922)	(44,623)	12,935	39,041
Other operating items, net	15,656	(3,729)	2,583	10,551
Net cash (used) provided by operating activities	(119,104)	107,428	(168,916)	224,816
Investing activities:
Investment in property, plant and equipment	(24,234)	(16,073)	(48,159)	(48,944)
Acquisitions, net of cash acquired	(3,000)	(75)	(107,750)	(75)
Proceeds from sale of assets, net	5,136	21,580	31,821	21,580
Proceeds from sale of Nikola shares	0	0	0	487,859
Net cash (used) provided by investing activities	(22,098)	5,432	(124,088)	460,420
Financing activities:
Principal payments on long-term obligations and debt redemption costs	(10)	(96)	(402)	(193)
Proceeds from issuance of common shares, net of tax withholdings	(2,694)	2,294	(6,785)	1,144
Payments to noncontrolling interests	(2,879)	0	(12,076)	(560)
Repurchase of common shares	(12,702)	(38,563)	(73,587)	(92,883)
Dividends paid	(14,565)	(13,433)	(29,263)	(26,812)
Net cash used by financing activities	(32,850)	(49,798)	(122,113)	(119,304)
(Decrease) increase in cash and cash equivalents	(174,052)	63,062	(415,117)	565,932
Cash and cash equivalents at beginning of period	399,246	650,068	640,311	147,198
Cash and cash equivalents at end of period	$ 225,194	$ 713,130	$ 225,194	$ 713,130

Basis of Presentation

Basis of Presentation	6 Months Ended
	Nov. 30, 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, L.L.C. (“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 the other joint venture members’ 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 (loss) and consolidated statements of comprehensive income (loss), respectively. Investments in unconsolidated affiliates are accounted for using the equity method. See further discussion of our unconsolidated affiliates in “NOTE D – Investments in Unconsolidated Affiliates”. These unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the United States Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments, which are of a normal and recurring nature except those which have been disclosed elsewhere in this Quarterly Report on Form 10-Q, necessary for a fair presentation of the consolidated financial statements for these interim periods, have been included The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Segment Reporting: The Company’s operations are managed principally on a products and services basis. Segment information is prepared on the same basis that the Chief Operating Decision Maker (“CODM”) reviews financial information for operational decision-making purposes. See further discussion in “NOTE O – Segment Operations”. Recently Adopted Accounting Standards On June 1, 2021, the Company adopted ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes

Revenue Recognition

Revenue Recognition	6 Months Ended
	Nov. 30, 2021
Revenue From Contract With Customer [Abstract]
Revenue Recognition	NOTE B – Revenue Recognition The following table summarizes net sales by reportable segment and product class for the periods presented: Three Months Ended Six Months Ended November 30, November 30, (in thousands) 2021 2020 2021 2020 Steel Processing Direct $ 900,666 $ 433,556 $ 1,688,694 $ 838,364 Toll 37,176 35,167 71,958 61,379 Total 937,842 468,723 1,760,652 899,743 Consumer Products (1) 140,793 117,513 288,576 251,135 Building Products (1) 121,125 93,989 235,868 182,092 Sustainable Energy Solutions (1) 33,101 34,023 58,583 61,880 Other Oil & Gas Equipment - 6,646 - 16,542 Engineered Cabs - 84 - 1,070 Other - 10,114 - 21,539 Total - 16,844 - 39,151 Total $ 1,232,861 $ 731,092 $ 2,343,679 $ 1,434,001 (1) We recognize revenue at a point in time, with the exception of the toll processing revenue stream and, on a historical basis, certain contracts within the oil & gas equipment revenue stream, which were recognized over time. The following table summarizes the over time revenue for the periods presented: Three Months Ended Six Months Ended November 30, November 30, (in thousands) 2021 2020 2021 2020 Steel Processing - toll $ 37,176 $ 35,167 $ 71,958 $ 61,379 Certain oil & gas equipment contracts - 4,367 - 12,066 Total over time revenue $ 37,176 $ 39,534 $ 71,958 $ 73,445 The following table summarizes the unbilled receivables for the periods presented: November 30, May 31, (in thousands) Balance Sheet Classification 2021 2021 Unbilled receivables Receivables $ 5,636 $ 5,317 There were no contract assets at either of the dates indicated above. 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. As of November 30, 2021, there were no unsatisfied or partially satisfied performance obligations related to contracts with an expected duration greater than one year.

Investment in Nikola

Investment in Nikola	6 Months Ended
	Nov. 30, 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. Prior to the Effective Date, the Company held an equity interest in the predecessor company, which was converted to 19,048,020 shares of Nikola common stock. During fiscal 2021, the Company sold or contributed all of these shares. During the first quarter of fiscal 2021, the Company recognized a $796,141,000 pre-tax gain consisting of $508,511,000 of realized gains from the sale or contribution of 12,000,000 of its Nikola shares, and an unrealized mark-to-market gain of $287,630,000 related to the 7,048,000 Nikola shares the Company continued to own at August 31, 2020. The Company also recognized in operating income $49,511,000 of incremental expenses related to the Nikola gains, comprised of $28,858,000 for discretionary profit sharing and bonus expenses and $20,653,000 for the contribution of 500,000 shares of Nikola common stock to the Worthington Industries Foundation to establish a charitable endowment focused on the communities in which the Company operates. During the second quarter of fiscal 2021, the market price of the Nikola shares dropped from $40.81 per share at August 31, 2020 to $20.41 per share at November 30, 2020, resulting in an unrealized mark-to-market loss of $143,780,000 for the 7,048,000 shares we held at quarter end, and reducing the pre-tax year-to-date realized and unrealized gain on the investment in Nikola to $652,362,000. In addition, during the second quarter, we recorded incremental expenses of $4,570,000 for discretionary bonuses related to the Nikola investment gain.

Investments in Unconsolidated A

Investments in Unconsolidated Affiliates	6 Months Ended
	Nov. 30, 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 November 30, 2021, the Company held non-controlling investments in the following affiliated companies: ArtiFlex Manufacturing, LLC (“ArtiFlex”) (50%), Clarkwestern Dietrich Building Systems LLC (“ClarkDietrich”) (25%), Serviacero Planos, S. de R. L. de C.V. (“Serviacero Worthington”) (50%), Taxi Workhorse Holdings, LLC (“Cabs”) (20%), and Worthington Armstrong Venture (“WAVE”) (50%). We received distributions from unconsolidated affiliates totaling $48,642,000 during the six months ended November 30, 2021. We have received cumulative distributions from WAVE in excess of our investment balance amounting to $ , which is shown as a separate liability on our consolidated balance sheet We use the “cumulative earnings” approach for determining cash flow presentation of distributions from our unconsolidated joint ventures. Distributions received are included in our consolidated statements of cash flows as operating activities, unless the cumulative distributions received, less distributions received in prior periods that were determined to be returns of investment, exceed our portion of the cumulative equity in the net earnings of the joint venture, in which case the excess distributions are deemed to be returns of the investment and are classified as investing activities in our consolidated statements of cash flows. The following tables summarize combined financial information for our unconsolidated affiliates as of the dates, and for the periods presented: November 30, May 31, (in thousands) 2021 2021 Cash $ 34,797 $ 11,651 Other current assets 1,140,126 733,834 Noncurrent assets 365,845 382,585 Total assets $ 1,540,768 $ 1,128,070 Current liabilities $ 403,512 $ 232,626 Short-term borrowings 2,879 1,155 Current maturities of long-term debt 58,753 30,209 Long-term debt 298,945 311,871 Other noncurrent liabilities 104,418 92,209 Equity 672,261 460,000 Total liabilities and equity $ 1,540,768 $ 1,128,070 Three Months Ended Six Months Ended November 30, November 30, (in thousands) 2021 2020 2021 2020 Net sales $ 858,165 $ 451,198 $ 1,603,160 $ 856,518 Gross margin 226,502 96,561 416,176 189,610 Operating income 184,779 64,890 330,767 122,843 Depreciation and amortization 7,848 8,672 16,075 16,402 Interest expense (income) (2,711 ) 2,832 (5,172 ) 5,777 Income tax expense 8,565 2,322 16,461 4,052 Net earnings 173,915 60,943 312,803 117,516

Goodwill and Long-Lived Assets

Goodwill and Long-Lived Assets	6 Months Ended
	Nov. 30, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill and Long-Lived Assets	NOTE E – Goodwill and Long-Lived Assets Goodwill (in thousands) Steel Processing Consumer Products (1) Building Products (1) Sustainable Energy Solutions (1) Total Balance at May 31, 2021 $ 20,218 $ 240,940 $ 72,273 $ 17,625 $ 351,056 Acquisitions and purchase accounting adjustments 24,859 237 - - 25,096 Translation adjustments - - (4,073 ) (1,888 ) (5,961 ) Balance at November 30, 2021 $ 45,077 $ 241,177 $ 68,200 $ 15,737 $ 370,191 (1) There was no goodwill associated with the Other segment at November 30, 2021, or May 31, 2021. Accumulated goodwill impairment charges within the Other segment totaled $198,290,000 as of November 30, 2021 and May 31, 2021. Impairment of Long-Lived Assets Fiscal 2022 Fiscal 2021 During the second quarter of fiscal 2021, we identified an impairment indicator related to the oil & gas equipment operations in Tulsa, Oklahoma due to the economic impact of the COVID-19 pandemic and related market softness. As a result, we tested the long-lived assets consisting of fixed assets 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. During the first quarter of fiscal 2021, management determined indicators of impairment were present with regard to the cryogenics business primarily operated out of Theodore, Alabama with European distribution in Austria. As a result, property, plant and equipment with a carrying value of $13,526,000 were written down to their estimated fair value of $9,193,000 (determined using Level 2 inputs), resulting in an impairment charge of $4,333,000. Additionally, the customer list intangible assets with a carrying value of $3,662,000 were deemed to be fully impaired and written off. The fair value of the customer list intangible assets was determined using unobservable Level 3 inputs. During the first quarter of fiscal 2021, the Company decided to discontinue its 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. During the first quarter of fiscal 2021, 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.

Restructuring and Other Income,

Restructuring and Other Income, Net	6 Months Ended
	Nov. 30, 2021
Restructuring And Related Activities [Abstract]
Restructuring and Other Income, Net	NOTE F – Restructuring and Other Income, Net We consider restructuring activities to be programs whereby we fundamentally change our operations, such as closing and consolidating manufacturing facilities or moving manufacturing of a product to another location. Restructuring activities may also involve substantial realignment of the management structure of a business unit in response to changing market conditions. A progression of the liabilities associated with our restructuring activities, combined with a reconciliation to the restructuring and other income, net financial statement caption, in our consolidated statement of earnings for the six months ended November 30, 2021 is summarized below: Balance, as of Expense Balance, as of (in thousands) May 31, 2021 (Income) Payments Adjustments November 30, 2021 Early retirement and severance $ 771 $ (350 ) $ (172 ) $ (55 ) $ 194 Facility exit and other costs 449 (449 ) - - - $ 1,220 $ (799 ) $ (172 ) $ (55 ) $ 194 Net gain on sale of assets (1) (12,637 ) Gain on lease buyout (2) (842 ) Restructuring and other income, net $ (14,278 ) ________________________ (1) The net gain on sale of assets during the six months ended November 30, 2021, resulted primarily from the June 8, 2021, sale (2) The total liability associated with our restructuring activities as of November 30, 2021 is expected to be paid in the next twelve months.

Contingent Liabilities and Comm

Contingent Liabilities and Commitments	6 Months Ended
	Nov. 30, 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 SCI’s composite hydrogen fuel tanks, which are integrated into a customer’s hydrogen fuel cells used to fuel material handling equipment, primarily rider pallet jacks in warehouses. As of November 30, 2021, the Company has a reserve of $4,864,000 for the estimated remaining direct costs related to the replacement program, which are expected to be paid in the next twelve months. The actual cost incurred by the Company related to this matter may vary from the initial estimate.

Guarantees

Guarantees	6 Months Ended
	Nov. 30, 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 $16,837,000 of outstanding stand-by letters of credit issued to third-party service providers at November 30, 2021. No amounts were drawn against these letters of credit at November 30, 2021. We are also party to an operating lease for an aircraft in which we have guaranteed a residual value at lease termination. The maximum obligation under the terms of this guarantee was approximately $18,881,000 at November 30, 2021.

Debt

Debt	6 Months Ended
	Nov. 30, 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. On August 20, 2021, the Company amended and restated the Credit Facility, extending the final maturity from February 16, 2023 to August 20, 2026 while keeping in place the $500,000,000 aggregate commitments under the Credit Facility. 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 Daily LIBOR Rate, the Prime Rate of PNC Bank, National Association or the Overnight Bank Funding Rate.

Other Comprehensive (Loss) Inco

Other Comprehensive (Loss) Income	6 Months Ended
	Nov. 30, 2021
Components Of Other Comprehensive Income Loss [Abstract]
Other Comprehensive (Loss) Income	NOTE J – Other Comprehensive (Loss) Income The following table summarizes the tax effects on each component of OCI for the periods presented: Three Months Ended November 30, 2021 November 30, 2020 Before-Tax Tax Net-of-Tax Before-Tax Tax Net-of-Tax (in thousands) Foreign currency translation $ (4,507 ) (365 ) $ (4,872 ) $ (1,027 ) (24 ) $ (1,051 ) Pension liability adjustment - - - (4 ) - (4 ) Cash flow hedges (68,677 ) 15,691 (52,986 ) 19,540 (4,322 ) 15,218 Other comprehensive income (loss) $ (73,184 ) $ 15,326 $ (57,858 ) $ 18,509 $ (4,346 ) $ 14,163 Six Months Ended November 30, 2021 November 30, 2020 Before-Tax Tax Net-of-Tax Before-Tax Tax Net-of-Tax (in thousands) Foreign currency translation $ (8,124 ) (723 ) $ (8,847 ) $ 6,581 676 $ 7,257 Pension liability adjustment - - - 484 (116 ) 368 Cash flow hedges (68,876 ) 15,591 (53,285 ) 22,793 (5,012 ) 17,781 Other comprehensive income (loss) $ (77,000 ) $ 14,868 $ (62,132 ) $ 29,858 $ (4,452 ) $ 25,406

Changes in Equity

Changes in Equity	6 Months Ended
	Nov. 30, 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, 2021 $ 282,790 $ 45,387 $ 1,070,016 $ 1,398,193 $ 153,502 $ 1,551,695 Net earnings - - 132,491 132,491 8,984 141,475 Other comprehensive loss - (4,274 ) - (4,274 ) - (4,274 ) Common shares issued, net of withholding tax (4,091 ) - - (4,091 ) - (4,091 ) Common shares in non-qualified plans 89 - - 89 - 89 Stock-based compensation 6,324 - - 6,324 - 6,324 Purchases and retirement of common shares (5,477 ) - (55,408 ) (60,885 ) - (60,885 ) Cash dividends declared - - (14,504 ) (14,504 ) - (14,504 ) Dividends to noncontrolling interests - - - - (9,197 ) (9,197 ) Balance at August 31, 2021 $ 279,635 $ 41,113 $ 1,132,595 $ 1,453,343 $ 153,289 $ 1,606,632 Net earnings - - 110,301 110,301 2,884 113,185 Other comprehensive loss - (57,858 ) - (57,858 ) - (57,858 ) Common shares issued, net of withholding tax (2,694 ) - - (2,694 ) - (2,694 ) Common shares in NQ plans 257 - - 257 - 257 Stock-based compensation 3,304 - - 3,304 - 3,304 Purchases and retirement of common shares (1,297 ) - (11,405 ) (12,702 ) - (12,702 ) Cash dividends declared - - (14,154 ) (14,154 ) - (14,154 ) Dividends to noncontrolling interest - - - - (2,879 ) (2,879 ) Balance at November 30, 2021 $ 279,205 $ (16,745 ) $ 1,217,337 $ 1,479,797 $ 153,294 $ 1,633,091 Controlling Interest Accumulated Other Additional Comprehensive Non- Paid-in Loss, Retained controlling (in thousands) Capital Net of Tax Earnings Total Interests Total Balance at May 31, 2020 $ 283,776 $ (35,217 ) $ 572,262 $ 820,821 $ 145,612 $ 966,433 Net earnings - - 616,675 616,675 2,063 618,738 Other comprehensive income - 11,242 - 11,242 - 11,242 Common shares issued, net of withholding tax (1,150 ) - - (1,150 ) - (1,150 ) Common shares in non-qualified 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 interests - - - - (560 ) (560 ) Balance at August 31, 2020 $ 278,202 $ (23,975 ) $ 1,128,558 $ 1,382,785 $ 147,115 $ 1,529,900 Net earnings (loss) - - (74,044 ) (74,044 ) 5,532 (68,512 ) Other comprehensive income - 14,163 - 14,163 - 14,163 Common shares issued, net of withholding tax 2,294 - - 2,294 - 2,294 Common shares in NQ plans 292 - - 292 - 292 Stock-based compensation 3,499 - - 3,499 - 3,499 Purchases and retirement of common shares (4,486 ) - (34,077 ) (38,563 ) - (38,563 ) Contribution to Samuel joint venture - - - - 925 925 Cash dividends declared - - (13,527 ) (13,527 ) - (13,527 ) Balance at November 30, 2020 $ 279,801 $ (9,812 ) $ 1,006,910 $ 1,276,899 $ 153,572 $ 1,430,471 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, 2021 $ 1,779 $ (15,955 ) $ 59,563 $ 45,387 Other comprehensive income (loss) before reclassifications (8,124 ) - 14,279 6,155 Reclassification adjustments to net earnings (a) - - (83,155 ) (83,155 ) Income tax effect (723 ) - 15,591 14,868 Balance as of November 30, 2021 $ (7,068 ) $ (15,955 ) $ 6,278 $ (16,745 ) Accumulated Foreign Pension Other Currency Liability Cash Flow Comprehensive (in thousands) Translation Adjustment Hedges Loss Balance as of May 31, 2020 $ (9,142 ) $ (21,886 ) $ (4,189 ) $ (35,217 ) Other comprehensive income before reclassifications 6,581 484 16,765 23,830 Reclassification adjustments to net earnings (a) - - 6,028 6,028 Income tax effect 676 (116 ) (5,013 ) (4,453 ) Balance as of November 30, 2020 $ (1,885 ) $ (21,518 ) $ 13,591 $ (9,812 ) (a) The statement of earnings classification of amounts reclassified to net earnings for cash flow hedges is disclosed in “Note Q – Derivative Instruments and Hedging Activities.”

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Nov. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	NOTE L – Stock-Based Compensation Non-Qualified Stock Options During the six months ended November 30, 2021, we granted non-qualified stock options covering a total of 54,500 common shares under our stock-based compensation plans. The weighted average exercise price of $60.19 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 $19.73 per share. The calculated pre-tax stock-based compensation expense for these stock options is $1,075,080 and will be recognized on a straight-line basis over the three-year Dividend yield 2.10 % Expected volatility 41.62 % Risk-free interest rate 1.11 % Expected term (years) 6.0 Expected volatility is based on the historical volatility of Worthington Industries, Inc.’s common shares and the risk-free interest rate is based on the U.S. Treasury strip rate for the expected term of the stock options. The expected term was developed using historical exercise experience. Service-Based Restricted Common Shares During the six months ended November 30, 2021, we granted an aggregate of 154,050 service-based restricted common shares under our stock-based compensation plans, which generally vest three years after their grant date. The fair value of these restricted common shares was equal to the closing market price of the underlying common shares on the date of grant, or $58.11 per share. The calculated pre-tax stock-based compensation expense for these restricted common shares is $9,048,253 and will be recognized on a straight-line basis over the three-year 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 adjusted earnings before interest and taxes target , in each case for the three-year periods ending May 31, 20 2 2 , 202 3 and 202 4 . These performance share awards will be paid, to the extent earned, in common shares of Worthington Industries, Inc. in the fiscal quarter following the end of the applicable three-year performance period. The fair values of our performance shares are determined by the closing market prices of the underlying common shares at the respective grant dates of the performance shares and the pre-tax stock-based compensation expense is based on our periodic assessment of the probability of the targets being achieved and our estimate of the number of common shares that will ultimately be issued. During the six months ended November 30, 2021 , we granted performance share awards covering an aggregate of 36,400 common shares (at target levels). The calculated pre-tax stock-based compensation expense for these performance shares is $ 2,191,000 . The ultimate pre-tax stock-based compensation expense to be recognized over the three-year performance period on all tranches will vary based on our periodic assessment of the probability of the target being achieved .

Income Taxes

Income Taxes	6 Months Ended
	Nov. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	NOTE M – Income Taxes Income tax expense for the six months ended November 30, 2021 and 2020 reflected estimated annual effective income tax rates of 22.8% and 21.5%, 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 Samuel, Spartan, TWB and WSP consolidated joint ventures. The net earnings attributable to the noncontrolling interests in Samuel, Spartan, TWB and WSP’s U.S. operations do not generate tax expense to Worthington since the investors in Samuel, Spartan, TWB and WSP’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 2022 could be materially different from the forecasted rate as of November 30, 2021.

Earnings per Share

Earnings per Share	6 Months Ended
	Nov. 30, 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 Six Months Ended November 30, November 30, (in thousands, except per share amounts) 2021 2020 2021 2020 Numerator (basic & diluted): Net earnings (loss) attributable to controlling interest - income (loss) available to common shareholders $ 110,301 $ (74,044 ) $ 242,792 $ 542,631 Denominator: Denominator for basic earnings (loss) per share attributable to controlling interest - weighted average common shares 50,381 52,988 50,618 53,532 Effect of dilutive securities 833 - 914 907 Denominator for diluted earnings (loss) per share attributable to controlling interest - adjusted weighted average common shares 51,214 52,988 51,532 54,439 Basic earnings (loss) per share attributable to controlling interest $ 2.19 $ (1.40 ) $ 4.80 $ 10.14 Diluted earnings (loss) per share attributable to controlling interest $ 2.15 $ (1.40 ) $ 4.71 $ 9.97 Stock options covering an aggregate of 54,500 common shares for the three months ended November 30, 2021 have been excluded from the computation of diluted earnings per share because the effect would have been anti-dilutive for the period. All potential diluted shares (stock options and restricted common shares covering an aggregate of 1,030,835 common shares) have been excluded from the computation of diluted loss per share for the three months ended November 30, 2020, because the effect would have been anti-dilutive due to the overall net loss for the period. Stock options covering an aggregate of 47,352 and 492,011 common shares for the six months ended November 30, 2021 and 2020, respectively, have been excluded from the computation of diluted earnings per share because the effect would have been anti-dilutive for the period.

Segment Operations

Segment Operations	6 Months Ended
	Nov. 30, 2021
Segment Reporting [Abstract]
Segment Operations	NOTE O – Segment Operations Segment information is prepared on the same basis that our management reviews financial information for operational decision-making purposes. Factors used to identify reportable operating segments include the nature of the products and services provided by each business, the management reporting structure, similarity of economic characteristics and certain quantitative measures, as prescribed by authoritative accounting guidance. Effective June 1, 2021, we reorganized the management structure of our Pressure Cylinders business to better align around the end markets which it served, resulting in three new reportable operating segments: Consumer Products, Building Products and Sustainable Energy Solutions. Our Steel Processing operating segment was not impacted by these changes. A discussion of each of these new reportable segments is included below. Consumer Products: This reportable segment is comprised of brands that offer market-leading products in the tools, outdoor living and celebrations end markets with brands that include Coleman®, Bernzomatic®, Balloon Time®, Mag Torch®, General®, Garden-Weasel®, Pactool International®, Hawkeye™ and Worthington Pro-Grade™. This market sector includes propane-filled cylinders for torches, camping stoves and other applications, certain propane gas (LPG) cylinders, hand-held torches, Balloon Time® helium-filled balloon kits, and specialized hand tools and instruments. These products are sold primarily to mass merchandisers, retailers and distributors. LPG cylinders, which hold fuel for barbeque grills and recreational vehicle equipment, are also sold through cylinder exchangers. Building Products: This reportable segment includes refrigerant and LPG cylinders, well water and expansion tanks, and other specialty products. Cylinders are generally sold to gas producers and distributors. Refrigerant gas cylinders are used to hold refrigerant gases for commercial, residential, and automotive air conditioning and refrigeration systems. LPG cylinders hold fuel for residential and light commercial heating systems, industrial forklifts and commercial/residential cooking (the latter, generally outside North America).Well water tanks and expansion tanks are used in the residential market with the latter also sold into commercial markets. Specialty products include a variety of fire suppression and chemical tanks. Sustainable Energy Solutions: This reportable segment, which is primarily based in Europe, includes on-board fueling systems and services, as well as gas containment solutions and services for storage, transport and distribution of industrial gases. It includes high pressure and acetylene cylinders for life support cylinders and alternative fuel cylinders used to hold compressed natural gas (CNG) and hydrogen for automobiles, buses, and light-duty trucks. Other: Divested businesses historically reported within Pressure Cylinders but no longer included in the Company’s management structure are presented within the “Other” category, on a historical basis, through the date of disposal. For the periods presented, these include the following: Structural Composites Industries, LLC (until March 2021); Oil & Gas Equipment (until January 2021); and Cryogenic Storage and Cryo-Science (until October 2020). The Other category also includes the results of our former Engineered Cabs operating segment, on a historical basis, through the date of disposition (November 1, 2019) as well as certain income and expense items not allocated to our operating segments. Prior period financial information has been revised to reflect the operating results and financial position of the new reportable operating segments. Historical financial information presented herein reflects this change. Concurrent with the change in management structure described above, the profit measure that the Company’s CODM uses to assess segment performance and allocate resources was changed from operating income to adjusted earnings (loss) before interest and taxes (“EBIT”). In general, adjusted EBIT excludes impairment and restructuring charges (gains) , but may also exclude other items that management believes are not reflective of, and thus should not be included when evaluating, the performance of the Company’s ongoing operations. Adjusted EBIT is a non-GAAP measure and is used by management to evaluate segment performance, engage in financial and operational planning and determine incentive compensation because we believe that this measure provides additional perspective and, in some circumstances is more closely correlated to, the performance of the Company’s ongoing operations. For the periods presented, equity income from our unconsolidated joint ventures is included in the measurement of segment profit as shown in the table below. The related investment balances are included in segment net assets in the same manner. Unconsolidated Joint Ventures Included in Segment Profit Steel Processing Consumer Products Building Products Sustainable Energy Solutions Other Serviacero Worthington N/A WAVE N/A Cabs ClarkDietrich ArtiFlex The following table presents summarized financial information for our reportable segments for the periods indicated. Three Months Ended November 30, 2021 (in thousands) Steel Processing Consumer Products Building Products Sustainable Energy Solutions Other Consolidated Net sales $ 937,842 $ 140,793 $ 121,125 $ 33,101 $ - $ 1,232,861 Restructuring and other income, net (1) (182 ) - - - (1,822 ) (2,004 ) Miscellaneous income, net 17 159 218 82 564 1,040 Equity in net income of unconsolidated affiliates 8,823 - 49,894 - 1,501 60,218 Adjusted earnings before interest and taxes 71,925 17,584 54,718 796 1,893 146,916 Three Months Ended November 30, 2020 (in thousands) Steel Processing Consumer Products Building Products Sustainable Energy Solutions Other Consolidated Net sales $ 468,723 $ 117,513 $ 93,989 $ 34,023 $ 16,844 $ 731,092 Impairment of long-lived assets - - - - 3,815 3,815 Restructuring and other expense, net (1) 375 120 - - 7,101 7,596 Incremental expenses related to Nikola gains - - - - 4,570 4,570 Miscellaneous income (loss), net (5 ) (96 ) 70 69 338 376 Equity in net income of unconsolidated affiliates 1,861 - 22,692 - 1,078 25,631 Adjusted earnings (loss) before interest and taxes 34,381 17,432 25,964 1,534 (5,633 ) 73,678 (1) Six Months Ended November 30, 2021 (in thousands) Steel Processing Consumer Products Building Products Sustainable Energy Solutions Other Consolidated Net sales $ 1,760,652 $ 288,576 $ 235,868 $ 58,583 $ - $ 2,343,679 Restructuring and other income, net (2) (12,313 ) - - (143 ) (1,822 ) (14,278 ) Miscellaneous income, net 47 209 144 22 1,248 1,670 Equity in net income of unconsolidated affiliates 18,172 - 92,887 - 2,075 113,134 Adjusted earnings (loss) before interest and taxes 179,617 38,140 103,471 (1,760 ) 1,479 320,947 Six Months Ended November 30, 2020 (in thousands) Steel Processing Consumer Products Building Products Sustainable Energy Solutions Other Consolidated Net sales $ 899,743 $ 251,135 $ 182,092 $ 61,880 $ 39,151 $ 1,434,001 Impairment of long-lived assets - 506 1,423 - 11,810 13,739 Restructuring and other expense, net (2) 1,846 120 - - 7,478 9,444 Incremental expenses related to Nikola gains - - - - 54,081 54,081 Miscellaneous income (loss), net (48 ) (117 ) (92 ) 151 933 827 Equity in net income of unconsolidated affiliates 3,170 - 45,243 - 852 49,265 Adjusted earnings (loss) before interest and taxes 48,557 41,341 49,337 973 (13,461 ) 126,747 (2) Total assets for each of our reportable segments as of the dates indicated were as follows: November 30, May 31, 2021 2021 Total assets Steel Processing $ 1,858,313 $ 1,359,598 Consumer Products 547,132 541,028 Building Products 615,755 664,113 Sustainable Energy Solutions 118,834 169,550 Other 377,598 638,956 Total assets $ 3,517,632 $ 3,373,245

Acquisitions

Acquisitions	6 Months Ended
	Nov. 30, 2021
Business Combinations [Abstract]
Acquisitions	NOTE P – Acquisitions Shiloh Industries’ U.S. BlankLight® On June 8, 2021, the Company’s Steel Processing reportable operating segment, along with the Company’s 55% consolidated joint venture TWB Company, L.L.C. (“TWB”), acquired certain assets of the Shiloh Industries’ U.S. BlankLight® business (“Shiloh”), a provider of laser welded solutions. The purchase price for the acquisition was cash consideration of approximately $104,750,000, subject to closing adjustments. The Shiloh business is being primarily operated by TWB and as part of the Steel Processing segment and its operating results have been included in the Company’s consolidated statement of earnings since the date of acquisition. Proforma results, including the acquired business since the beginning of fiscal 2021, would not be materially different than the reported results. The acquisition consisted of three laser welding facilities that are being operated as part of our TWB joint venture and one blanking facility that is operated as part of our core Steel Processing operations. Approximately $20,000,000 of the total goodwill relates to TWB, which will be treated as a separate reporting unit for purposes of goodwill impairment testing going forward. The information included herein has been 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 Shiloh, the Company identified and valued the following intangible assets: (in thousands) Category Amount Useful Life (Years) Customer relationships $ 34,500 15-20 Non-compete agreement 290 3 In-process research & development 1,300 Indefinite Total acquired identifiable intangible assets $ 36,090 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 which will be deductible by the Company for income tax purposes. The following table summarizes the consideration transferred 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 if 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) Preliminary Valuation Measurement Period Adjustments Revised Valuation Accounts receivable $ 44,191 $ - $ 44,191 Inventories 13,971 - 13,971 Property, plant and equipment 30,461 - 30,461 Intangible assets 34,280 1,810 36,090 Operating lease assets 59,905 - 59,905 Total identifiable assets 182,808 1,810 184,618 Accounts payable (44,822 ) - (44,822 ) Current operating lease liabilities (1,555 ) - (1,555 ) Noncurrent operating lease liabilities (58,350 ) - (58,350 ) Net identifiable assets 78,081 1,810 79,891 Goodwill 26,669 (1,810 ) 24,859 Purchase price $ 104,750 $ - $ 104,750

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	6 Months Ended
	Nov. 30, 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 overall risk of loss is remote and, in any event, would not be material. Refer to " NOTE R – Fair Value The following table summarizes the fair value of our derivative instruments and the respective lines in which they were recorded in the consolidated balance sheet at November 30, 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 $ 660 Accounts payable $ 6,207 Other assets - Other liabilities 1,068 Total $ 660 $ 7,275 Derivatives not designated as hedging instruments: Commodity contracts Receivables $ 8,555 Accounts payable $ 6,916 Other assets 313 Other liabilities 545 8,868 7,461 Foreign currency exchange contracts Other assets 60 Accounts payable 390 Total 8,928 7,851 Total derivative instruments $ 9,588 $ 15,126 The amounts in the table above reflect the fair value of the Company’s derivative instruments on a net basis where allowable under master netting arrangements. Had these amounts been recognized on a gross basis, the impact would have been a $15,660,000 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, 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 $ 53,125 Accounts payable $ - Other assets 23 Other liabilities 111 Total $ 53,148 $ 111 Derivatives not designated as hedging instruments: Commodity contracts Receivables $ 24,621 Accounts payable $ 14,554 Other assets 379 Other liabilities - 25,000 14,554 Foreign currency exchange contracts Receivables - Accounts payable 532 Total $ 25,000 $ 15,086 Total derivative instruments $ 78,148 $ 15,197 The amounts in the table above reflect the fair value of the Company’s derivative instruments on a net basis where allowable under master netting arrangements. Had these amounts been recognized on a gross basis, the impact would have been a $16,594,000 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 derivative instruments 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 instruments. The following table summarizes our cash flow hedges outstanding at November 30, 2021: Notional (in thousands) Amount Maturity Date Commodity contracts $ 221,292 December 2021 - December 2022 Foreign currency exchange contracts 6,082 December 2021 - March 2023 The following table summarizes the gain (loss) recognized in OCI and the gain (loss) reclassified from AOCI into net earnings (loss) for derivative instruments designated as cash flow hedges for the periods presented: (in thousands) Gain (Loss) Recognized in OCI Location of Gain (Loss) Reclassified from AOCI into Net Earnings Gain (Loss) Reclassified from AOCI into Net Earnings For the three months ended November 30, 2021: Commodity contracts $ (21,002 ) Cost of goods sold $ 47,706 Interest rate contracts - Interest expense 27 Foreign currency exchange contracts 60 Miscellaneous income, net 3 Total $ (20,942 ) $ 47,736 For the three months ended November 30, 2020: Commodity contracts $ 16,381 Cost of goods sold $ (2,690 ) Interest rate contracts - Interest expense (470 ) Total $ 16,381 $ (3,160 ) For the six months ended November 30, 2021: Commodity contracts $ 14,218 Cost of goods sold $ 83,165 Interest rate contracts - Interest expense (13 ) Foreign currency exchange contracts 61 Miscellaneous income, net 3 Total $ 14,279 $ 83,155 For the six months ended November 30, 2020: Commodity contracts $ 16,765 Cost of goods sold $ (5,331 ) Interest rate contracts - Interest expense (697 ) Total $ 16,765 $ (6,028 ) The estimated net amount of the gains recognized in AOCI at November 30, 2021 expected to be reclassified into net earnings within the succeeding twelve months is $6,192,000 (net of tax of $2,798,000). This amount was computed using the fair value of the cash flow hedges at November 30, 2021, and will change before actual reclassification from OCI to net earnings during the fiscal years ending May 31, 2022 Economic (Non-designated) Hedges We enter into foreign currency exchange contracts to manage our foreign currency exchange rate exposure related to inter-company and financing transactions that do not meet the requirements for hedge accounting treatment. We also enter into certain commodity contracts that do not qualify for hedge accounting treatment. Accordingly, these derivative instruments are adjusted to current market value at the end of each period through earnings (loss). The following table summarizes our economic (non-designated) derivative instruments outstanding at November 30, 2021: Notional (in thousands) Amount Maturity Date(s) Commodity contracts $ 119,233 December 2021 - August 2023 Foreign currency exchange contracts (7,189 ) December 2021 - July 2022 The following table summarizes the gain (loss) recognized in earnings for economic (non-designated) derivative financial instruments for the periods presented: Gain (Loss) Recognized In Earnings for the Location of Gain (Loss) Three Months Ended November 30, (in thousands) Recognized in Earnings 2021 2020 Commodity contracts Cost of goods sold $ (10,135 ) $ 8,905 Foreign currency exchange contracts Miscellaneous income, net (588 ) 1 Total $ (10,723 ) $ 8,906 Gain (Loss) Recognized in Earnings for the Location of Gain (Loss) Six Months Ended November 30, (in thousands) Recognized in Earnings 2021 2020 Commodity contracts Cost of goods sold $ (19,392 ) $ 12,198 Foreign currency exchange contracts Miscellaneous income, net (249 ) (73 ) Total $ (19,641 ) $ 12,125

Fair Value

Fair Value	6 Months Ended
	Nov. 30, 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 November 30, 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) $ - $ 9,588 $ - $ 9,588 Total assets $ - $ 9,588 $ - $ 9,588 Liabilities Derivative instruments (1) $ - $ 15,126 $ - $ 15,126 Total liabilities $ - $ 15,126 $ - $ 15,126 At May 31, 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) $ - $ 78,148 $ - $ 78,148 Total assets $ - $ 78,148 $ - $ 78,148 Liabilities Derivative instruments (1) $ - $ 15,197 $ - $ 15,197 Total liabilities $ - $ 15,197 $ - $ 15,197 (1) NOTE Q – Derivative Instruments and Hedging Activities 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 $771,923,000 and $792,632,000 at November 30, 2021 and May 31, 2021, respectively. The carrying amount of long-term debt, including current maturities, was $702,172,000 and $710,489,000 at November 30, 2021 and May 31, 2021, respectively.

Subsequent Events

Subsequent Events	6 Months Ended
	Nov. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	NOTE S – Subsequent Events On November 1, 2021, the Company signed an agreement to acquire all of the issued and outstanding capital stock of Tempel Steel Company (“Tempel”), effective December 1, 2021. The purchase price, after adjustments for preliminary working capital and closing cash, was $275 million plus the assumption of certain long-term liabilities and was funded primarily with cash on hand and some borrowing from the Company’s lines of credit. Tempel is a leading manufacturer of precision motor and transformer laminations for the electrical steel market and is headquartered in Chicago, Illinois, with additional manufacturing locations in Burlington, Canada, Changzhou, China, Chennai, India and Monterrey, Mexico. The acquired business will be operated as part of our Steel Processing segment.

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Nov. 30, 2021
Accounting Policies [Abstract]
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards On June 1, 2021, the Company adopted ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Nov. 30, 2021
Disaggregation Of Revenue [Line Items]
Revenue by Product Class and Over Time	The following table summarizes net sales by reportable segment and product class for the periods presented: Three Months Ended Six Months Ended November 30, November 30, (in thousands) 2021 2020 2021 2020 Steel Processing Direct $ 900,666 $ 433,556 $ 1,688,694 $ 838,364 Toll 37,176 35,167 71,958 61,379 Total 937,842 468,723 1,760,652 899,743 Consumer Products (1) 140,793 117,513 288,576 251,135 Building Products (1) 121,125 93,989 235,868 182,092 Sustainable Energy Solutions (1) 33,101 34,023 58,583 61,880 Other Oil & Gas Equipment - 6,646 - 16,542 Engineered Cabs - 84 - 1,070 Other - 10,114 - 21,539 Total - 16,844 - 39,151 Total $ 1,232,861 $ 731,092 $ 2,343,679 $ 1,434,001 (1)
Summary of Unbilled Receivable	The following table summarizes the unbilled receivables for the periods presented: November 30, May 31, (in thousands) Balance Sheet Classification 2021 2021 Unbilled receivables Receivables $ 5,636 $ 5,317 There were no contract assets at either of the dates indicated above.
Over time revenue
Disaggregation Of Revenue [Line Items]
Revenue by Product Class and Over Time	The following table summarizes the over time revenue for the periods presented: Three Months Ended Six Months Ended November 30, November 30, (in thousands) 2021 2020 2021 2020 Steel Processing - toll $ 37,176 $ 35,167 $ 71,958 $ 61,379 Certain oil & gas equipment contracts - 4,367 - 12,066 Total over time revenue $ 37,176 $ 39,534 $ 71,958 $ 73,445

Investments in Unconsolidated_2

Investments in Unconsolidated Affiliates (Tables)	6 Months Ended
	Nov. 30, 2021
Equity Method Investments And Joint Ventures [Abstract]
Financial Information	The following tables summarize combined financial information for our unconsolidated affiliates as of the dates, and for the periods presented: November 30, May 31, (in thousands) 2021 2021 Cash $ 34,797 $ 11,651 Other current assets 1,140,126 733,834 Noncurrent assets 365,845 382,585 Total assets $ 1,540,768 $ 1,128,070 Current liabilities $ 403,512 $ 232,626 Short-term borrowings 2,879 1,155 Current maturities of long-term debt 58,753 30,209 Long-term debt 298,945 311,871 Other noncurrent liabilities 104,418 92,209 Equity 672,261 460,000 Total liabilities and equity $ 1,540,768 $ 1,128,070 Three Months Ended Six Months Ended November 30, November 30, (in thousands) 2021 2020 2021 2020 Net sales $ 858,165 $ 451,198 $ 1,603,160 $ 856,518 Gross margin 226,502 96,561 416,176 189,610 Operating income 184,779 64,890 330,767 122,843 Depreciation and amortization 7,848 8,672 16,075 16,402 Interest expense (income) (2,711 ) 2,832 (5,172 ) 5,777 Income tax expense 8,565 2,322 16,461 4,052 Net earnings 173,915 60,943 312,803 117,516

Goodwill and Long-Lived Assets

Goodwill and Long-Lived Assets (Tables)	6 Months Ended
	Nov. 30, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Summary of Changes in Carrying Amount of Goodwill	(in thousands) Steel Processing Consumer Products (1) Building Products (1) Sustainable Energy Solutions (1) Total Balance at May 31, 2021 $ 20,218 $ 240,940 $ 72,273 $ 17,625 $ 351,056 Acquisitions and purchase accounting adjustments 24,859 237 - - 25,096 Translation adjustments - - (4,073 ) (1,888 ) (5,961 ) Balance at November 30, 2021 $ 45,077 $ 241,177 $ 68,200 $ 15,737 $ 370,191 (1)

Restructuring and Other Incom_2

Restructuring and Other Income, Net (Tables)	6 Months Ended
	Nov. 30, 2021
Restructuring And Related Activities [Abstract]
Schedule of Progression of Liabilities Associated with Restructuring Activities, Combined with Reconciliation to Restructuring and Other Income, Net	A progression of the liabilities associated with our restructuring activities, combined with a reconciliation to the restructuring and other income, net financial statement caption, in our consolidated statement of earnings for the six months ended November 30, 2021 is summarized below: Balance, as of Expense Balance, as of (in thousands) May 31, 2021 (Income) Payments Adjustments November 30, 2021 Early retirement and severance $ 771 $ (350 ) $ (172 ) $ (55 ) $ 194 Facility exit and other costs 449 (449 ) - - - $ 1,220 $ (799 ) $ (172 ) $ (55 ) $ 194 Net gain on sale of assets (1) (12,637 ) Gain on lease buyout (2) (842 ) Restructuring and other income, net $ (14,278 ) ________________________ (1) The net gain on sale of assets during the six months ended November 30, 2021, resulted primarily from the June 8, 2021, sale (2)

Other Comprehensive (Loss) In_2

Other Comprehensive (Loss) Income (Tables)	6 Months Ended
	Nov. 30, 2021
Components Of Other Comprehensive Income Loss [Abstract]
Summary of Tax Effects on Each Component of OCI	The following table summarizes the tax effects on each component of OCI for the periods presented: Three Months Ended November 30, 2021 November 30, 2020 Before-Tax Tax Net-of-Tax Before-Tax Tax Net-of-Tax (in thousands) Foreign currency translation $ (4,507 ) (365 ) $ (4,872 ) $ (1,027 ) (24 ) $ (1,051 ) Pension liability adjustment - - - (4 ) - (4 ) Cash flow hedges (68,677 ) 15,691 (52,986 ) 19,540 (4,322 ) 15,218 Other comprehensive income (loss) $ (73,184 ) $ 15,326 $ (57,858 ) $ 18,509 $ (4,346 ) $ 14,163 Six Months Ended November 30, 2021 November 30, 2020 Before-Tax Tax Net-of-Tax Before-Tax Tax Net-of-Tax (in thousands) Foreign currency translation $ (8,124 ) (723 ) $ (8,847 ) $ 6,581 676 $ 7,257 Pension liability adjustment - - - 484 (116 ) 368 Cash flow hedges (68,876 ) 15,591 (53,285 ) 22,793 (5,012 ) 17,781 Other comprehensive income (loss) $ (77,000 ) $ 14,868 $ (62,132 ) $ 29,858 $ (4,452 ) $ 25,406

Changes in Equity (Tables)

Changes in Equity (Tables)	6 Months Ended
	Nov. 30, 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, 2021 $ 282,790 $ 45,387 $ 1,070,016 $ 1,398,193 $ 153,502 $ 1,551,695 Net earnings - - 132,491 132,491 8,984 141,475 Other comprehensive loss - (4,274 ) - (4,274 ) - (4,274 ) Common shares issued, net of withholding tax (4,091 ) - - (4,091 ) - (4,091 ) Common shares in non-qualified plans 89 - - 89 - 89 Stock-based compensation 6,324 - - 6,324 - 6,324 Purchases and retirement of common shares (5,477 ) - (55,408 ) (60,885 ) - (60,885 ) Cash dividends declared - - (14,504 ) (14,504 ) - (14,504 ) Dividends to noncontrolling interests - - - - (9,197 ) (9,197 ) Balance at August 31, 2021 $ 279,635 $ 41,113 $ 1,132,595 $ 1,453,343 $ 153,289 $ 1,606,632 Net earnings - - 110,301 110,301 2,884 113,185 Other comprehensive loss - (57,858 ) - (57,858 ) - (57,858 ) Common shares issued, net of withholding tax (2,694 ) - - (2,694 ) - (2,694 ) Common shares in NQ plans 257 - - 257 - 257 Stock-based compensation 3,304 - - 3,304 - 3,304 Purchases and retirement of common shares (1,297 ) - (11,405 ) (12,702 ) - (12,702 ) Cash dividends declared - - (14,154 ) (14,154 ) - (14,154 ) Dividends to noncontrolling interest - - - - (2,879 ) (2,879 ) Balance at November 30, 2021 $ 279,205 $ (16,745 ) $ 1,217,337 $ 1,479,797 $ 153,294 $ 1,633,091 Controlling Interest Accumulated Other Additional Comprehensive Non- Paid-in Loss, Retained controlling (in thousands) Capital Net of Tax Earnings Total Interests Total Balance at May 31, 2020 $ 283,776 $ (35,217 ) $ 572,262 $ 820,821 $ 145,612 $ 966,433 Net earnings - - 616,675 616,675 2,063 618,738 Other comprehensive income - 11,242 - 11,242 - 11,242 Common shares issued, net of withholding tax (1,150 ) - - (1,150 ) - (1,150 ) Common shares in non-qualified 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 interests - - - - (560 ) (560 ) Balance at August 31, 2020 $ 278,202 $ (23,975 ) $ 1,128,558 $ 1,382,785 $ 147,115 $ 1,529,900 Net earnings (loss) - - (74,044 ) (74,044 ) 5,532 (68,512 ) Other comprehensive income - 14,163 - 14,163 - 14,163 Common shares issued, net of withholding tax 2,294 - - 2,294 - 2,294 Common shares in NQ plans 292 - - 292 - 292 Stock-based compensation 3,499 - - 3,499 - 3,499 Purchases and retirement of common shares (4,486 ) - (34,077 ) (38,563 ) - (38,563 ) Contribution to Samuel joint venture - - - - 925 925 Cash dividends declared - - (13,527 ) (13,527 ) - (13,527 ) Balance at November 30, 2020 $ 279,801 $ (9,812 ) $ 1,006,910 $ 1,276,899 $ 153,572 $ 1,430,471
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, 2021 $ 1,779 $ (15,955 ) $ 59,563 $ 45,387 Other comprehensive income (loss) before reclassifications (8,124 ) - 14,279 6,155 Reclassification adjustments to net earnings (a) - - (83,155 ) (83,155 ) Income tax effect (723 ) - 15,591 14,868 Balance as of November 30, 2021 $ (7,068 ) $ (15,955 ) $ 6,278 $ (16,745 ) Accumulated Foreign Pension Other Currency Liability Cash Flow Comprehensive (in thousands) Translation Adjustment Hedges Loss Balance as of May 31, 2020 $ (9,142 ) $ (21,886 ) $ (4,189 ) $ (35,217 ) Other comprehensive income before reclassifications 6,581 484 16,765 23,830 Reclassification adjustments to net earnings (a) - - 6,028 6,028 Income tax effect 676 (116 ) (5,013 ) (4,453 ) Balance as of November 30, 2020 $ (1,885 ) $ (21,518 ) $ 13,591 $ (9,812 ) (a) The statement of earnings classification of amounts reclassified to net earnings for cash flow hedges is disclosed in “Note Q – Derivative Instruments and Hedging Activities.”

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Nov. 30, 2021
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 2.10 % Expected volatility 41.62 % Risk-free interest rate 1.11 % Expected term (years) 6.0

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Nov. 30, 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 Six Months Ended November 30, November 30, (in thousands, except per share amounts) 2021 2020 2021 2020 Numerator (basic & diluted): Net earnings (loss) attributable to controlling interest - income (loss) available to common shareholders $ 110,301 $ (74,044 ) $ 242,792 $ 542,631 Denominator: Denominator for basic earnings (loss) per share attributable to controlling interest - weighted average common shares 50,381 52,988 50,618 53,532 Effect of dilutive securities 833 - 914 907 Denominator for diluted earnings (loss) per share attributable to controlling interest - adjusted weighted average common shares 51,214 52,988 51,532 54,439 Basic earnings (loss) per share attributable to controlling interest $ 2.19 $ (1.40 ) $ 4.80 $ 10.14 Diluted earnings (loss) per share attributable to controlling interest $ 2.15 $ (1.40 ) $ 4.71 $ 9.97

Segment Operations (Tables)

Segment Operations (Tables)	6 Months Ended
	Nov. 30, 2021
Segment Reporting [Abstract]
Schedule of Equity Income from Unconsolidated Joint Ventures Included in the Measurement of Segment Profit	For the periods presented, equity income from our unconsolidated joint ventures is included in the measurement of segment profit as shown in the table below. Unconsolidated Joint Ventures Included in Segment Profit Steel Processing Consumer Products Building Products Sustainable Energy Solutions Other Serviacero Worthington N/A WAVE N/A Cabs ClarkDietrich ArtiFlex
Financial Information for Reportable Segments	The following table presents summarized financial information for our reportable segments for the periods indicated. Three Months Ended November 30, 2021 (in thousands) Steel Processing Consumer Products Building Products Sustainable Energy Solutions Other Consolidated Net sales $ 937,842 $ 140,793 $ 121,125 $ 33,101 $ - $ 1,232,861 Restructuring and other income, net (1) (182 ) - - - (1,822 ) (2,004 ) Miscellaneous income, net 17 159 218 82 564 1,040 Equity in net income of unconsolidated affiliates 8,823 - 49,894 - 1,501 60,218 Adjusted earnings before interest and taxes 71,925 17,584 54,718 796 1,893 146,916 Three Months Ended November 30, 2020 (in thousands) Steel Processing Consumer Products Building Products Sustainable Energy Solutions Other Consolidated Net sales $ 468,723 $ 117,513 $ 93,989 $ 34,023 $ 16,844 $ 731,092 Impairment of long-lived assets - - - - 3,815 3,815 Restructuring and other expense, net (1) 375 120 - - 7,101 7,596 Incremental expenses related to Nikola gains - - - - 4,570 4,570 Miscellaneous income (loss), net (5 ) (96 ) 70 69 338 376 Equity in net income of unconsolidated affiliates 1,861 - 22,692 - 1,078 25,631 Adjusted earnings (loss) before interest and taxes 34,381 17,432 25,964 1,534 (5,633 ) 73,678 (1) Six Months Ended November 30, 2021 (in thousands) Steel Processing Consumer Products Building Products Sustainable Energy Solutions Other Consolidated Net sales $ 1,760,652 $ 288,576 $ 235,868 $ 58,583 $ - $ 2,343,679 Restructuring and other income, net (2) (12,313 ) - - (143 ) (1,822 ) (14,278 ) Miscellaneous income, net 47 209 144 22 1,248 1,670 Equity in net income of unconsolidated affiliates 18,172 - 92,887 - 2,075 113,134 Adjusted earnings (loss) before interest and taxes 179,617 38,140 103,471 (1,760 ) 1,479 320,947 Six Months Ended November 30, 2020 (in thousands) Steel Processing Consumer Products Building Products Sustainable Energy Solutions Other Consolidated Net sales $ 899,743 $ 251,135 $ 182,092 $ 61,880 $ 39,151 $ 1,434,001 Impairment of long-lived assets - 506 1,423 - 11,810 13,739 Restructuring and other expense, net (2) 1,846 120 - - 7,478 9,444 Incremental expenses related to Nikola gains - - - - 54,081 54,081 Miscellaneous income (loss), net (48 ) (117 ) (92 ) 151 933 827 Equity in net income of unconsolidated affiliates 3,170 - 45,243 - 852 49,265 Adjusted earnings (loss) before interest and taxes 48,557 41,341 49,337 973 (13,461 ) 126,747 (2) Total assets for each of our reportable segments as of the dates indicated were as follows: November 30, May 31, 2021 2021 Total assets Steel Processing $ 1,858,313 $ 1,359,598 Consumer Products 547,132 541,028 Building Products 615,755 664,113 Sustainable Energy Solutions 118,834 169,550 Other 377,598 638,956 Total assets $ 3,517,632 $ 3,373,245

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Nov. 30, 2021
Business Combinations [Abstract]
Schedule of Acquisition of Intangible Assets	In connection with the acquisition of Shiloh, the Company identified and valued the following intangible assets: (in thousands) Category Amount Useful Life (Years) Customer relationships $ 34,500 15-20 Non-compete agreement 290 3 In-process research & development 1,300 Indefinite Total acquired identifiable intangible assets $ 36,090
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 transferred and the estimated fair value assigned to the assets acquired and liabilities assumed at the acquisition date. (in thousands) Preliminary Valuation Measurement Period Adjustments Revised Valuation Accounts receivable $ 44,191 $ - $ 44,191 Inventories 13,971 - 13,971 Property, plant and equipment 30,461 - 30,461 Intangible assets 34,280 1,810 36,090 Operating lease assets 59,905 - 59,905 Total identifiable assets 182,808 1,810 184,618 Accounts payable (44,822 ) - (44,822 ) Current operating lease liabilities (1,555 ) - (1,555 ) Noncurrent operating lease liabilities (58,350 ) - (58,350 ) Net identifiable assets 78,081 1,810 79,891 Goodwill 26,669 (1,810 ) 24,859 Purchase price $ 104,750 $ - $ 104,750

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	6 Months Ended
	Nov. 30, 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 November 30, 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 $ 660 Accounts payable $ 6,207 Other assets - Other liabilities 1,068 Total $ 660 $ 7,275 Derivatives not designated as hedging instruments: Commodity contracts Receivables $ 8,555 Accounts payable $ 6,916 Other assets 313 Other liabilities 545 8,868 7,461 Foreign currency exchange contracts Other assets 60 Accounts payable 390 Total 8,928 7,851 Total derivative instruments $ 9,588 $ 15,126 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, 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 $ 53,125 Accounts payable $ - Other assets 23 Other liabilities 111 Total $ 53,148 $ 111 Derivatives not designated as hedging instruments: Commodity contracts Receivables $ 24,621 Accounts payable $ 14,554 Other assets 379 Other liabilities - 25,000 14,554 Foreign currency exchange contracts Receivables - Accounts payable 532 Total $ 25,000 $ 15,086 Total derivative instruments $ 78,148 $ 15,197
Schedule of Summary of Derivative Hedges	The following table summarizes our economic (non-designated) derivative instruments outstanding at November 30, 2021: Notional (in thousands) Amount Maturity Date(s) Commodity contracts $ 119,233 December 2021 - August 2023 Foreign currency exchange contracts (7,189 ) December 2021 - July 2022
Schedule of Derivatives Designated as Cash Flow Hedging Instruments	The following table summarizes the gain (loss) recognized in OCI and the gain (loss) reclassified from AOCI into net earnings (loss) for derivative instruments designated as cash flow hedges for the periods presented: (in thousands) Gain (Loss) Recognized in OCI Location of Gain (Loss) Reclassified from AOCI into Net Earnings Gain (Loss) Reclassified from AOCI into Net Earnings For the three months ended November 30, 2021: Commodity contracts $ (21,002 ) Cost of goods sold $ 47,706 Interest rate contracts - Interest expense 27 Foreign currency exchange contracts 60 Miscellaneous income, net 3 Total $ (20,942 ) $ 47,736 For the three months ended November 30, 2020: Commodity contracts $ 16,381 Cost of goods sold $ (2,690 ) Interest rate contracts - Interest expense (470 ) Total $ 16,381 $ (3,160 ) For the six months ended November 30, 2021: Commodity contracts $ 14,218 Cost of goods sold $ 83,165 Interest rate contracts - Interest expense (13 ) Foreign currency exchange contracts 61 Miscellaneous income, net 3 Total $ 14,279 $ 83,155 For the six months ended November 30, 2020: Commodity contracts $ 16,765 Cost of goods sold $ (5,331 ) Interest rate contracts - Interest expense (697 ) Total $ 16,765 $ (6,028 )
Schedule of Gain (Loss) Recognized in Earnings for Economic (Non-Designated) Derivative Financial Instruments	The following table summarizes the gain (loss) recognized in earnings for economic (non-designated) derivative financial instruments for the periods presented: Gain (Loss) Recognized In Earnings for the Location of Gain (Loss) Three Months Ended November 30, (in thousands) Recognized in Earnings 2021 2020 Commodity contracts Cost of goods sold $ (10,135 ) $ 8,905 Foreign currency exchange contracts Miscellaneous income, net (588 ) 1 Total $ (10,723 ) $ 8,906 Gain (Loss) Recognized in Earnings for the Location of Gain (Loss) Six Months Ended November 30, (in thousands) Recognized in Earnings 2021 2020 Commodity contracts Cost of goods sold $ (19,392 ) $ 12,198 Foreign currency exchange contracts Miscellaneous income, net (249 ) (73 ) Total $ (19,641 ) $ 12,125
Cash Flow Hedges
Schedule of Summary of Derivative Hedges	The following table summarizes our cash flow hedges outstanding at November 30, 2021: Notional (in thousands) Amount Maturity Date Commodity contracts $ 221,292 December 2021 - December 2022 Foreign currency exchange contracts 6,082 December 2021 - March 2023

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Nov. 30, 2021
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis	At November 30, 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) $ - $ 9,588 $ - $ 9,588 Total assets $ - $ 9,588 $ - $ 9,588 Liabilities Derivative instruments (1) $ - $ 15,126 $ - $ 15,126 Total liabilities $ - $ 15,126 $ - $ 15,126 At May 31, 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) $ - $ 78,148 $ - $ 78,148 Total assets $ - $ 78,148 $ - $ 78,148 Liabilities Derivative instruments (1) $ - $ 15,197 $ - $ 15,197 Total liabilities $ - $ 15,197 $ - $ 15,197 (1) NOTE Q – Derivative Instruments and Hedging Activities

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail) - Joint Venture Transactions	Nov. 30, 2021JointVenture
Significant Accounting Policies [Line Items]
Number Of Joint Ventures	4
Spartan
Significant Accounting Policies [Line Items]
Percent of controlling interest by the Company	52.00%
TWB
Significant Accounting Policies [Line Items]
Percent of controlling interest by the Company	55.00%
Samuel
Significant Accounting Policies [Line Items]
Percent of controlling interest by the Company	63.00%
Worthington Specialty Processing
Significant Accounting Policies [Line Items]
Percent of controlling interest by the Company	51.00%

Revenue Recognition - Revenue b

Revenue Recognition - Revenue by Product Class and Timing (Detail) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2021	Nov. 30, 2020
Disaggregation Of Revenue [Line Items]
Net sales		$ 1,232,861	$ 731,092	$ 2,343,679	$ 1,434,001
Over time revenue
Disaggregation Of Revenue [Line Items]
Net sales		37,176	39,534	71,958	73,445
Steel Processing
Disaggregation Of Revenue [Line Items]
Net sales		937,842	468,723	1,760,652	899,743
Other
Disaggregation Of Revenue [Line Items]
Net sales			16,844		39,151
Direct | Steel Processing
Disaggregation Of Revenue [Line Items]
Net sales		900,666	433,556	1,688,694	838,364
Toll | Steel Processing
Disaggregation Of Revenue [Line Items]
Net sales		37,176	35,167	71,958	61,379
Toll | Steel Processing | Over time revenue
Disaggregation Of Revenue [Line Items]
Net sales		37,176	35,167	71,958	61,379
Building Products
Disaggregation Of Revenue [Line Items]
Net sales	[1]	121,125	93,989	235,868	182,092
Consumer products
Disaggregation Of Revenue [Line Items]
Net sales	[1]	140,793	117,513	288,576	251,135
Sustainable Energy Solutions
Disaggregation Of Revenue [Line Items]
Net sales	[1]	$ 33,101	34,023	$ 58,583	61,880
Oil & gas equipment | Other
Disaggregation Of Revenue [Line Items]
Net sales			6,646		16,542
Engineered Cabs | Other
Disaggregation Of Revenue [Line Items]
Net sales			84		1,070
Other | Other
Disaggregation Of Revenue [Line Items]
Net sales			10,114		21,539
Certain oil & gas equipment contracts | Over time revenue
Disaggregation Of Revenue [Line Items]
Net sales			$ 4,367		$ 12,066
[1]	The products contained within each of these reportable segments have similar production processes, require substantially the same raw materials, use similar equipment and serve similar purposes. Therefore, we believe the products within each of these segments are appropriately combined for purposes of the disclosure requirements prescribed by ASC 280 and ASC 606.  See NOTE O - Segment Operations for information regarding the reorganization of our pressure cylinders business and the resulting new reportable segments, effective June 1, 2021.

Revenue Recognition - Summary o

Revenue Recognition - Summary of Unbilled Receivables (Detail) - USD ($) $ in Thousands	Nov. 30, 2021	May 31, 2021
Receivables
Unbilled Receivables And Contract Assets [Line Items]
Unbilled receivables	$ 5,636	$ 5,317

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Detail) - USD ($)	Nov. 30, 2021	May 31, 2021
Revenue From Contract With Customer [Abstract]
Contract assets	$ 0	$ 0
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 ($)	3 Months Ended			6 Months Ended
	Nov. 30, 2021	Aug. 31, 2021	Nov. 30, 2020	Nov. 30, 2021	Nov. 30, 2020	Aug. 31, 2020
Marketable Securities [Line Items]
Proceeds from sale of Nikola shares	$ 0		$ 0	$ 0	$ 487,859,000
Gains on investment in Nikola	0		(143,780,000)	0	652,362,000
Charitable contribution of Nikola shares	$ 0		$ 0	$ 0	$ 20,653,000
Nikola Corporation
Marketable Securities [Line Items]
Marketable securities effective date				Jun. 3, 2020
Marketable securities number of shares owned				19,048,020
Proceeds from sale of Nikola shares		$ 796,141,000
Gains on investment in Nikola		$ 508,511,000
Number of shares sold		12,000,000
Marketable securities unrealized market to market gain		$ 287,630,000
Number of marketable securities unrealized market to market gain		7,048,000
Incremental expenses on gains from marketable securities		$ 49,511,000		$ 4,570,000
Profit sharing and bonus expense on marketable securities gain		28,858,000
Charitable contribution of Nikola shares		$ 20,653,000
Number of shares contributed of marketable securities		500,000
Market price	$ 20.41			$ 20.41		$ 40.81
Marketable securities market price dropped per share				$ 20.41
Marketable securities unrealized market to market loss				$ 143,780,000
Number of shares of common stock marketable securities	7,048,000			7,048,000
Marketable securities realized pre-tax gain				$ 652,362,000

Investments in Unconsolidated_3

Investments in Unconsolidated Affiliates - Additional Information (Detail) - USD ($) $ in Thousands	6 Months Ended
	Nov. 30, 2021	May 31, 2021
Investments in and Advances to Affiliates [Line Items]
Distributions from unconsolidated affiliates	$ 48,642
Distributions in excess of investment in unconsolidated affiliate	$ 291,397	$ 233,126
ArtiFlex
Investments in and Advances to Affiliates [Line Items]
Percent of ownership interest held in unconsolidated affiliates	50.00%
ClarkDietrich
Investments in and Advances to Affiliates [Line Items]
Percent of ownership interest held in unconsolidated affiliates	25.00%
Cabs
Investments in and Advances to Affiliates [Line Items]
Percent of ownership interest held in unconsolidated affiliates	20.00%
Serviacero Worthington
Investments in and Advances to Affiliates [Line Items]
Percent of ownership interest held in unconsolidated affiliates	50.00%
WAVE
Investments in and Advances to Affiliates [Line Items]
Percent of ownership interest held in unconsolidated affiliates	50.00%
Distributions in excess of investment in unconsolidated affiliate	$ 94,836

Investments in Unconsolidated_4

Investments in Unconsolidated Affiliates - Schedule of Combined Financial Information for Unconsolidated Affiliates (Detail) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Nov. 30, 2021	Aug. 31, 2021	Nov. 30, 2020	Aug. 31, 2020	Nov. 30, 2021	Nov. 30, 2020	May 31, 2021
Investments in and Advances to Affiliates [Line Items]
Total assets	$ 3,517,632				$ 3,517,632		$ 3,373,245
Current liabilities	820,158				820,158		787,901
Current maturities of long-term debt	280				280		458
Long-term debt	701,892				701,892		710,031
Other noncurrent liabilities	81,786				81,786		82,824
Equity	1,479,797				1,479,797		1,398,193
Total liabilities and equity	3,517,632				3,517,632		3,373,245
Net sales	1,232,861		$ 731,092		2,343,679	$ 1,434,001
Gross margin	184,591		135,474		403,965	248,832
Operating income	90,465		37,364		226,262	7,243
Depreciation and amortization	21,090		21,560		43,154	43,771
Income tax expense	31,226		(19,445)		71,376	144,333
Net earnings	113,185	$ 141,475	(68,512)	$ 618,738	254,660	550,226
Equity Method Investment, Nonconsolidated Investee, Other
Investments in and Advances to Affiliates [Line Items]
Cash	34,797				34,797		11,651
Other current assets	1,140,126				1,140,126		733,834
Noncurrent assets	365,845				365,845		382,585
Total assets	1,540,768				1,540,768		1,128,070
Current liabilities	403,512				403,512		232,626
Short-term borrowings	2,879				2,879		1,155
Current maturities of long-term debt	58,753				58,753		30,209
Long-term debt	298,945				298,945		311,871
Other noncurrent liabilities	104,418				104,418		92,209
Equity	672,261				672,261		460,000
Total liabilities and equity	1,540,768				1,540,768		$ 1,128,070
Net sales	858,165		451,198		1,603,160	856,518
Gross margin	226,502		96,561		416,176	189,610
Operating income	184,779		64,890		330,767	122,843
Depreciation and amortization	7,848		8,672		16,075	16,402
Interest expense (income)	(2,711)		2,832		(5,172)	5,777
Income tax expense	8,565		2,322		16,461	4,052
Net earnings	$ 173,915		$ 60,943		$ 312,803	$ 117,516

Goodwill and Long-Lived Asset_2

Goodwill and Long-Lived Assets - Summary of Changes in Carrying Amount of Goodwill (Detail) $ in Thousands	6 Months Ended
	Nov. 30, 2021USD ($)
Goodwill [Line Items]
Balance	$ 351,056
Acquisitions and purchase accounting adjustments	25,096
Translation adjustments	(5,961)
Balance	370,191
Steel Processing
Goodwill [Line Items]
Balance	20,218
Acquisitions and purchase accounting adjustments	24,859
Balance	45,077
Consumer products
Goodwill [Line Items]
Balance	240,940	[1]
Acquisitions and purchase accounting adjustments	237	[1]
Balance	241,177	[1]
Building Products
Goodwill [Line Items]
Balance	72,273	[1]
Translation adjustments	(4,073)	[1]
Balance	68,200	[1]
Sustainable Energy Solutions
Goodwill [Line Items]
Balance	17,625	[1]
Translation adjustments	(1,888)	[1]
Balance	$ 15,737	[1]
[1]	In connection with the reorganization of the Company's pressure cylinders business, effective June 1, 2021, the goodwill of our former Pressure Cylinders reporting unit was allocated to the new reporting units on a relative fair value basis.  Refer to Note O – Segment Operations for additional information.

Goodwill and Long-Lived Asset_3

Goodwill and Long-Lived Assets - Additional Information (Detail) - USD ($)	Nov. 30, 2021	Nov. 30, 2021	Aug. 31, 2021	Nov. 30, 2020	Nov. 30, 2021	Nov. 30, 2020	May 31, 2021
Impaired Long Lived Assets Held And Used [Line Items]
Goodwill	$ 370,191,000	$ 370,191,000			$ 370,191,000		$ 351,056,000
Impairment of goodwill and long-lived assets		0		$ 3,815,000	0	$ 13,739,000
Impairment of long-lived assets		0		3,815,000	0	13,739,000
Long Lived Assets Held And Used | Fair Value, Nonrecurring | Oil and Gas Properties
Impaired Long Lived Assets Held And Used [Line Items]
Fixed asset net book value	7,375,000	7,375,000			7,375,000
Intangible assets net book value					2,374,000
Impairment of long-lived assets					1,441,000
Long Lived Assets Held And Used | Fair Value, Nonrecurring | Oil and Gas Properties | Fair Value, Inputs, Level 2
Impaired Long Lived Assets Held And Used [Line Items]
Fair market value of assets	5,934,000	5,934,000			5,934,000
Other
Impaired Long Lived Assets Held And Used [Line Items]
Goodwill	0	$ 0			$ 0		0
Impairment of goodwill	$ 198,290,000						$ 198,290,000
Impairment of long-lived assets				$ 3,815,000		$ 11,810,000
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
Cryogenics | Long Lived Assets Held for Sale
Impaired Long Lived Assets Held And Used [Line Items]
Carrying value long-lived assets			13,526,000
Cryogenics | Long Lived Assets Held for Sale | Fair Value, Nonrecurring
Impaired Long Lived Assets Held And Used [Line Items]
Fair market value of assets			9,193,000
Jefferson
Impaired Long Lived Assets Held And Used [Line Items]
Impairment of goodwill and long-lived assets			1,423,000
Jefferson | Long Lived Assets Held And Used
Impaired Long Lived Assets Held And Used [Line Items]
Carrying value long-lived assets			1,823,000
Jefferson | Long Lived Assets Held And Used | Fair Value, Nonrecurring
Impaired Long Lived Assets Held And Used [Line Items]
Fair market value of assets			400,000
Superior Tools
Impaired Long Lived Assets Held And Used [Line Items]
Impairment of goodwill and long-lived assets			$ 506,000

Restructuring and Other Incom_3

Restructuring and Other Income, Net - Schedule of Progression of Liabilities Associated with Restructuring Activities, Combined with Reconciliation to Restructuring and Other Income, Net (Detail) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2021	Nov. 30, 2020
Restructuring Cost and Reserve [Line Items]
Beginning Balance				$ 1,220
Expense (income)				(799)
Payments				(172)
Adjustments				(55)
Ending Balance		$ 194		194
Net gain on sale of assets	[1]			(12,637)
Gain on lease buyout	[2]			(842)
Restructuring and other income, net		(2,004)	$ 7,596	(14,278)	$ 9,444
Early Retirement And Severance
Restructuring Cost and Reserve [Line Items]
Beginning Balance				771
Expense (income)				(350)
Payments				(172)
Adjustments				(55)
Ending Balance		194		194
Facility Exit And Other Costs
Restructuring Cost and Reserve [Line Items]
Beginning Balance				449
Expense (income)				(449)
Payments				0
Adjustments				0
Ending Balance		$ 0		$ 0
[1]	The net gain on sale of assets during the six months ended November 30, 2021, resulted primarily from the June 8, 2021, sale
[2]	On September 10, 2021, the Company executed an agreement to buyout the remaining term of the operating lease at its fabricated products business in Stow, Ohio, for $1,100,000, resulting in a pre-tax gain of $842,000.  This facility was retained in connection with the divestiture of the Company’s former engineered cabs business and has not been operational since June of calendar 2020.

Restructuring and Other Incom_4

Restructuring and Other Income, Net - Schedule of Progression of Liabilities Associated with Restructuring Activities, Combined with Reconciliation to Restructuring and Other Income, Net (Parenthetical) (Detail) - USD ($)	Sep. 10, 2021	Jun. 08, 2021
Fabricated Products Business in Stow, Ohio
Restructuring Cost and Reserve [Line Items]
Operating lease buyout payment	$ 1,100,000
Operating lease buyout pretax gain	$ 842,000
WSP Joint Venture
Restructuring Cost and Reserve [Line Items]
Net cash proceeds		$ 19,850,000
Pre-tax gain on sale of joint venture facility		$ 12,244,000

Contingent Liabilities and Co_2

Contingent Liabilities and Commitments - Additional Information (Detail) $ in Thousands	Nov. 30, 2021USD ($)
Tank Replacement Costs
Loss Contingencies [Line Items]
Reserve for replacement program	$ 4,864,000

Guarantees - Additional Informa

Guarantees - Additional Information (Detail)	6 Months Ended
	Nov. 30, 2021USD ($)
Stand-by Letters of Credit
Guarantor Obligations [Line Items]
Letter of credit amount outstanding	$ 16,837,000
Drawn amount of letter of credit outstanding	0
Operating Lease of Aircraft
Guarantor Obligations [Line Items]
Maximum potential obligation	$ 18,881,000

Debt - Additional Information (

Debt - Additional Information (Detail) - Unsecured Revolving Credit Facility - USD ($)	Aug. 20, 2021	Feb. 16, 2018	Nov. 30, 2021
Debt And Receivables Securitization [Line Items]
Maximum borrowing capacity			$ 500,000,000
Maturity date	Aug. 20, 2026	Feb. 16, 2023
Line of credit facility, description			We maintain a $500,000,000 multi-year revolving credit facility (the “Credit Facility”) with a group of lenders.  On August 20, 2021, the Company amended and restated the Credit Facility, extending the final maturity from February 16, 2023 to August 20, 2026 while keeping in place the $500,000,000 aggregate commitments under the Credit Facility. 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 Daily LIBOR Rate, the Prime Rate of PNC Bank, National Association or the Overnight Bank Funding Rate.
Borrowings outstanding			$ 0
Maximum
Debt And Receivables Securitization [Line Items]
Debt maturity period			1 year

Other Comprehensive (Loss) In_3

Other Comprehensive (Loss) Income - Summary of Tax Effects on Each Component of OCI (Detail) - USD ($) $ in Thousands	Nov. 30, 2021	Nov. 30, 2021	Aug. 31, 2021	Nov. 30, 2020	Aug. 31, 2020	Nov. 30, 2021	Nov. 30, 2020
Components Of Other Comprehensive Income Loss [Abstract]
Foreign currency translation, before tax		$ (4,507)		$ (1,027)		$ (8,124)	$ 6,581
Foreign currency translation, tax		(365)		(24)		(723)	676
Foreign currency translation, net of tax		(4,872)		(1,051)		(8,847)	7,257
Pension liability adjustment, before tax	$ 0			(4)		0	484
Pension liability adjustment, tax	0			0		0	(116)
Pension liability adjustment, net of tax	0			(4)		0	368
Cash flow hedges, before tax	(68,677)			19,540		(68,876)	22,793
Cash flow hedges, tax	15,691			(4,322)		15,591	(5,012)
Cash flow hedges, net of tax	(52,986)	(52,986)		15,218		(53,285)	17,781
Other comprehensive income (loss), before tax	(73,184)			18,509		(77,000)	29,858
Other comprehensive income (loss), tax	15,326			(4,346)		14,868	(4,452)
Other comprehensive (loss) income	$ (57,858)	$ (57,858)	$ (4,274)	$ 14,163	$ 11,242	$ (62,132)	$ 25,406

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	Nov. 30, 2021	Aug. 31, 2021	Nov. 30, 2020	Aug. 31, 2020	Nov. 30, 2021	Nov. 30, 2020
Balance		$ 1,606,632	$ 1,551,695	$ 1,529,900	$ 966,433	$ 1,551,695	$ 966,433
Net earnings (loss)		113,185	141,475	(68,512)	618,738	254,660	550,226
Other comprehensive income (loss)	$ (57,858)	(57,858)	(4,274)	14,163	11,242	(62,132)	25,406
Common shares issued, net of withholding tax		(2,694)	(4,091)	2,294	(1,150)
Common shares in non-qualified plans		257	89	292	90
Stock-based compensation		3,304	6,324	3,499	3,022
Purchases and retirement of common shares		(12,702)	(60,885)	(38,563)	(54,320)
Contribution to Samuel joint venture				925
Cash dividends declared		(14,154)	(14,504)	(13,527)	(13,595)
Dividends to noncontrolling interests		(2,879)	(9,197)		(560)
Balance	1,633,091	1,633,091	1,606,632	1,430,471	1,529,900	1,633,091	1,430,471
Additional Paid-in Capital
Balance		279,635	282,790	278,202	283,776	282,790	283,776
Net earnings (loss)		0	0	0	0
Other comprehensive income (loss)		0	0	0	0
Common shares issued, net of withholding tax		(2,694)	(4,091)	2,294	(1,150)
Common shares in non-qualified plans		257	89	292	90
Stock-based compensation		3,304	6,324	3,499	3,022
Purchases and retirement of common shares		(1,297)	(5,477)	(4,486)	(7,536)
Contribution to Samuel joint venture				0
Cash dividends declared		0	0	0	0
Dividends to noncontrolling interests		0	0		0
Balance	279,205	279,205	279,635	279,801	278,202	279,205	279,801
Accumulated Other Comprehensive Income (Loss), Net of Tax
Balance		41,113	45,387	(23,975)	(35,217)	45,387	(35,217)
Net earnings (loss)		0	0	0	0
Other comprehensive income (loss)		(57,858)	(4,274)	14,163	11,242
Common shares issued, net of withholding tax		0	0	0	0
Common shares in non-qualified plans		0	0	0	0
Stock-based compensation		0	0	0	0
Purchases and retirement of common shares		0	0	0	0
Contribution to Samuel joint venture				0
Cash dividends declared		0	0	0	0
Dividends to noncontrolling interests		0	0		0
Balance	(16,745)	(16,745)	41,113	(9,812)	(23,975)	(16,745)	(9,812)
Retained Earnings
Balance		1,132,595	1,070,016	1,128,558	572,262	1,070,016	572,262
Net earnings (loss)		110,301	132,491	(74,044)	616,675
Other comprehensive income (loss)		0	0	0	0
Common shares issued, net of withholding tax		0	0	0	0
Common shares in non-qualified plans		0	0	0	0
Stock-based compensation		0	0	0	0
Purchases and retirement of common shares		(11,405)	(55,408)	(34,077)	(46,784)
Contribution to Samuel joint venture				0
Cash dividends declared		(14,154)	(14,504)	(13,527)	(13,595)
Dividends to noncontrolling interests		0	0		0
Balance	1,217,337	1,217,337	1,132,595	1,006,910	1,128,558	1,217,337	1,006,910
Parent
Balance		1,453,343	1,398,193	1,382,785	820,821	1,398,193	820,821
Net earnings (loss)		110,301	132,491	(74,044)	616,675
Other comprehensive income (loss)		(57,858)	(4,274)	14,163	11,242
Common shares issued, net of withholding tax		(2,694)	(4,091)	2,294	(1,150)
Common shares in non-qualified plans		257	89	292	90
Stock-based compensation		3,304	6,324	3,499	3,022
Purchases and retirement of common shares		(12,702)	(60,885)	(38,563)	(54,320)
Contribution to Samuel joint venture				0
Cash dividends declared		(14,154)	(14,504)	(13,527)	(13,595)
Dividends to noncontrolling interests		0	0		0
Balance	1,479,797	1,479,797	1,453,343	1,276,899	1,382,785	1,479,797	1,276,899
Noncontrolling Interest
Balance		153,289	153,502	147,115	145,612	153,502	145,612
Net earnings (loss)		2,884	8,984	5,532	2,063
Other comprehensive income (loss)		0	0	0	0
Common shares issued, net of withholding tax		0	0	0	0
Common shares in non-qualified plans		0	0	0	0
Stock-based compensation		0	0	0	0
Purchases and retirement of common shares		0	0	0	0
Contribution to Samuel joint venture				925
Cash dividends declared		0	0	0	0
Dividends to noncontrolling interests		(2,879)	(9,197)		(560)
Balance	$ 153,294	$ 153,294	$ 153,289	$ 153,572	$ 147,115	$ 153,294	$ 153,572

Changes in Equity - Summary o_2

Changes in Equity - Summary of Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands		Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2021	Nov. 30, 2020
Accumulated Other Comprehensive Income Loss [Line Items]
Balance			$ 1,529,900	$ 1,551,695	$ 966,433
Income tax effect		$ 15,326	(4,346)	14,868	(4,452)
Balance		1,633,091	1,430,471	1,633,091	1,430,471
Foreign Currency Translation
Accumulated Other Comprehensive Income Loss [Line Items]
Balance				1,779	(9,142)
Other comprehensive income (loss) before reclassifications				(8,124)	6,581
Reclassification adjustments to net earnings	[1]			0	0
Income tax effect				(723)	676
Balance		(7,068)	(1,885)	(7,068)	(1,885)
Pension Liability Adjustment
Accumulated Other Comprehensive Income Loss [Line Items]
Balance				(15,955)	(21,886)
Other comprehensive income (loss) before reclassifications				0	484
Reclassification adjustments to net earnings	[1]			0	0
Income tax effect				0	(116)
Balance		(15,955)	(21,518)	(15,955)	(21,518)
Cash Flow Hedges
Accumulated Other Comprehensive Income Loss [Line Items]
Balance				59,563	(4,189)
Other comprehensive income (loss) before reclassifications				14,279	16,765
Reclassification adjustments to net earnings	[1]			(83,155)	6,028
Income tax effect				15,591	(5,013)
Balance		6,278	13,591	6,278	13,591
Accumulated Other Comprehensive Income (Loss), Net of Tax
Accumulated Other Comprehensive Income Loss [Line Items]
Balance			(23,975)	45,387	(35,217)
Other comprehensive income (loss) before reclassifications				6,155	23,830
Reclassification adjustments to net earnings	[1]			(83,155)	6,028
Income tax effect				14,868	(4,453)
Balance		$ (16,745)	$ (9,812)	$ (16,745)	$ (9,812)
[1]	The statement of earnings classification of amounts reclassified to net earnings for cash flow hedges is disclosed in “Note Q – Derivative Instruments and Hedging Activities.”

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2021	Nov. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pre-tax stock-based compensation expense	$ 4,248,000	$ 4,854,000	$ 7,551,000	$ 9,710,000
Non-Qualified Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-qualified stock options, granted			54,500,000
Non-qualified stock option, per share weighted average price			$ 60.19
Non-qualified stock option, fair value, per share price			$ 19.73
Pre-tax stock-based compensation, period of recognition			3 years
Pre-tax stock-based compensation expense			$ 1,075,080
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			$ 9,048,253,000
Restricted common shares, granted			154,050
Restricted common shares, fair value per share			$ 58.11
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pre-tax stock-based compensation expense			$ 2,191,000
Restricted common shares, granted			36,400
Pre-tax stock-based compensation, period of recognition			3 years

Stock-Based Compensation - Assu

Stock-Based Compensation - Assumptions To Value Stock Options (Detail) - Non-Qualified Stock Options	6 Months Ended
	Nov. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	2.10%
Expected volatility	41.62%
Risk-free interest rate	1.11%
Expected term (years)	6 years

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	6 Months Ended
	Nov. 30, 2021	Nov. 30, 2020
Income Tax Disclosure [Abstract]
Estimated annual effective income tax rate	22.80%	21.50%

Earnings Per Share - Computatio

Earnings Per Share - Computation of Basic and Diluted Earnings Per Share Attributable to Controlling Interest (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2021	Nov. 30, 2020
Numerator (basic & diluted):
Net earnings (loss) attributable to controlling interest - income (loss) available to common shareholders	$ 110,301	$ (74,044)	$ 242,792	$ 542,631
Denominator:
Denominator for basic earnings (loss) per share attributable to controlling interest - weighted average common shares	50,381	52,988	50,618	53,532
Effect of dilutive securities	833		914	907
Denominator for diluted earnings (loss) per share attributable to controlling interest - adjusted weighted average common shares	51,214	52,988	51,532	54,439
Basic earnings (loss) per share attributable to controlling interest	$ 2.19	$ (1.40)	$ 4.80	$ 10.14
Diluted earnings (loss) per share attributable to controlling interest	$ 2.15	$ (1.40)	$ 4.71	$ 9.97

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - shares	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2021	Nov. 30, 2020
Earnings Per Share [Abstract]
Shares excluded from computation of diluted earnings per share	54,500	1,030,835	47,352	492,011

Segment Operations - Additional

Segment Operations - Additional Information (Detail)	6 Months Ended
	Nov. 30, 2021Segment
Segment Reporting Information [Line Items]
Number of reportable segments	3
Engineered Cabs
Segment Reporting Information [Line Items]
Date of disposition	Nov. 1, 2019

Segment Operations - Schedule o

Segment Operations - Schedule of Equity Income from Unconsolidated Joint Ventures Included in the Measurement of Segment Profit (Detail)	6 Months Ended
	Nov. 30, 2021
Steel Processing
Segment Reporting Information [Line Items]
Unconsolidated Joint Ventures Included in each Segment	Serviacero Worthington
Consumer products
Segment Reporting Information [Line Items]
Unconsolidated Joint Ventures Included in each Segment	N/A
Building Products
Segment Reporting Information [Line Items]
Unconsolidated Joint Ventures Included in each Segment	WAVE ClarkDietrich
Sustainable Energy Solutions
Segment Reporting Information [Line Items]
Unconsolidated Joint Ventures Included in each Segment	N/A
Other
Segment Reporting Information [Line Items]
Unconsolidated Joint Ventures Included in each Segment	CabsArtiFlex

Segment Operations - Financial

Segment Operations - Financial Information for Reportable Segments (Detail) - USD ($) $ in Thousands		3 Months Ended				6 Months Ended
		Nov. 30, 2021		Nov. 30, 2020		Nov. 30, 2021		Nov. 30, 2020		May 31, 2021
Segment Reporting Information [Line Items]
Net sales		$ 1,232,861		$ 731,092		$ 2,343,679		$ 1,434,001
Impairment of long-lived assets		0		3,815		0		13,739
Restructuring and other (income) expense, net		(2,004)		7,596		(14,278)		9,444
Equity in net income of unconsolidated affiliates		60,218		25,631		113,134		49,265
Adjusted earnings (loss) before interest and taxes		144,411		(87,957)		326,036		694,559
Total assets		3,517,632				3,517,632				$ 3,373,245
Steel Processing
Segment Reporting Information [Line Items]
Net sales		937,842		468,723		1,760,652		899,743
Restructuring and other (income) expense, net		(182)	[1]	375	[1]	(12,313)	[2]	1,846	[2]
Miscellaneous income (loss), net		17		(5)		47		(48)
Equity in net income of unconsolidated affiliates		8,823		1,861		18,172		3,170
Adjusted earnings (loss) before interest and taxes		71,925		34,381		179,617		48,557
Total assets		1,858,313				1,858,313				1,359,598
Consumer products
Segment Reporting Information [Line Items]
Net sales		140,793		117,513		288,576		251,135
Impairment of long-lived assets								506
Restructuring and other (income) expense, net				120	[1]			120	[2]
Miscellaneous income (loss), net		159		(96)		209		(117)
Adjusted earnings (loss) before interest and taxes		17,584		17,432		38,140		41,341
Total assets		547,132				547,132				541,028
Building Products
Segment Reporting Information [Line Items]
Net sales		121,125		93,989		235,868		182,092
Impairment of long-lived assets								1,423
Miscellaneous income (loss), net		218		70		144		(92)
Equity in net income of unconsolidated affiliates		49,894		22,692		92,887		45,243
Adjusted earnings (loss) before interest and taxes		54,718		25,964		103,471		49,337
Total assets		615,755				615,755				664,113
Sustainable Energy Solutions
Segment Reporting Information [Line Items]
Net sales		33,101		34,023		58,583		61,880
Restructuring and other (income) expense, net	[2]					(143)
Miscellaneous income (loss), net		82		69		22		151
Adjusted earnings (loss) before interest and taxes		796		1,534		(1,760)		973
Total assets		118,834				118,834				169,550
Other
Segment Reporting Information [Line Items]
Net sales				16,844				39,151
Impairment of long-lived assets				3,815				11,810
Restructuring and other (income) expense, net		(1,822)	[1]	7,101	[1]	(1,822)	[2]	7,478	[2]
Incremental expenses related to Nikola gains				4,570				54,081
Miscellaneous income (loss), net		564		338		1,248		933
Equity in net income of unconsolidated affiliates		1,501		1,078		2,075		852
Adjusted earnings (loss) before interest and taxes		1,893		(5,633)		1,479		(13,461)
Total assets		377,598				377,598				$ 638,956
Consolidated
Segment Reporting Information [Line Items]
Net sales		1,232,861		731,092		2,343,679		1,434,001
Impairment of long-lived assets				3,815				13,739
Restructuring and other (income) expense, net		(2,004)	[1]	7,596	[1]	(14,278)	[2]	9,444	[2]
Incremental expenses related to Nikola gains				4,570				54,081
Miscellaneous income (loss), net		1,040		376		1,670		827
Equity in net income of unconsolidated affiliates		60,218		25,631		113,134		49,265
Adjusted earnings (loss) before interest and taxes		$ 146,916		$ 73,678		$ 320,947		$ 126,747
[1]	Includes the noncontrolling interest portion of restructuring (charges) gains of $81 and $(142) for the three months ended November 30, 2021 and 2020, respectively
[2]	Includes the noncontrolling interest portion of restructuring (charges) gains of $6,027 and $(257) for the six months ended November 30, 2021 and 2020, respectively

Segment Operations - Financia_2

Segment Operations - Financial Information for Reportable Segments (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2021	Nov. 30, 2020
Segment Reporting [Abstract]
Restructuring (charges) gains	$ 81	$ (142)	$ 6,027	$ (257)

Acquisitions - Additional Infor

Acquisitions - Additional Information (Details) $ in Thousands	Jun. 08, 2021USD ($)Facility	Nov. 30, 2021USD ($)	May 31, 2021USD ($)
Business Acquisition [Line Items]
Goodwill		$ 370,191	$ 351,056
TWB
Business Acquisition [Line Items]
Number of laser welding facilities | Facility	3
Number of blanking facility | Facility	1
Goodwill	$ 20,000
Shiloh Industries' U S Blank Light
Business Acquisition [Line Items]
Total consideration for acquired entity	104,750
Goodwill	$ 24,859
Shiloh Industries' U S Blank Light | TWB
Business Acquisition [Line Items]
Percent of ownership interest held in unconsolidated affiliates	55.00%

Acquisitions - Schedule of Acqu

Acquisitions - Schedule of Acquisition of Identifiable Intangible Assets (Detail) - Shiloh Industries' U S Blank Light $ in Thousands	Jun. 08, 2021USD ($)
Business Acquisition [Line Items]
Total acquired identifiable intangible assets	$ 36,090
Customer Relationships
Business Acquisition [Line Items]
Acquired finite lived intangible assets	$ 34,500
Customer Relationships | Minimum [Member]
Business Acquisition [Line Items]
Useful Life (Years)	15 years
Customer Relationships | Maximum
Business Acquisition [Line Items]
Useful Life (Years)	20 years
Non Compete Agreement
Business Acquisition [Line Items]
Acquired finite lived intangible assets	$ 290
Useful Life (Years)	3 years
In Process Research & Development
Business Acquisition [Line Items]
Acquired indefinite lived intangible assets	$ 1,300

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	Jun. 08, 2021	Nov. 30, 2021	May 31, 2021
Business Acquisition [Line Items]
Goodwill		$ 370,191	$ 351,056
Shiloh Industries' U S Blank Light
Business Acquisition [Line Items]
Accounts receivable	$ 44,191
Inventories	13,971
Property, plant and equipment	30,461
Intangible assets	36,090
Operating lease assets	59,905
Total identifiable assets	184,618
Accounts payable	(44,822)
Current operating lease liabilities	(1,555)
Noncurrent operating lease liabilities	(58,350)
Net identifiable assets	79,891
Goodwill	24,859
Total consideration for acquired entity	104,750
Shiloh Industries' U S Blank Light | Preliminary Valuation
Business Acquisition [Line Items]
Accounts receivable	44,191
Inventories	13,971
Property, plant and equipment	30,461
Intangible assets	34,280
Operating lease assets	59,905
Total identifiable assets	182,808
Accounts payable	(44,822)
Current operating lease liabilities	(1,555)
Noncurrent operating lease liabilities	(58,350)
Net identifiable assets	78,081
Goodwill	26,669
Total consideration for acquired entity	104,750
Shiloh Industries' U S Blank Light | Measurement Period Adjustments
Business Acquisition [Line Items]
Intangible assets	1,810
Total identifiable assets	1,810
Net identifiable assets	1,810
Goodwill	$ (1,810)

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities - Schedule of Fair Value of Derivative Instruments (Detail) - USD ($) $ in Thousands	Nov. 30, 2021	May 31, 2021
Derivative [Line Items]
Asset Derivatives at Fair Value	$ 9,588	$ 78,148
Liability Derivatives at Fair Value	15,126	15,197
Derivatives Designated As Hedging Instruments
Derivative [Line Items]
Asset Derivatives at Fair Value	660	53,148
Liability Derivatives at Fair Value	7,275	111
Derivatives Designated As Hedging Instruments | Commodity Contracts | Accounts Payable
Derivative [Line Items]
Liability Derivatives at Fair Value	6,207
Derivatives Designated As Hedging Instruments | Commodity Contracts | Receivables
Derivative [Line Items]
Asset Derivatives at Fair Value	660	53,125
Derivatives Designated As Hedging Instruments | Commodity Contracts | Other Assets
Derivative [Line Items]
Asset Derivatives at Fair Value		23
Derivatives Designated As Hedging Instruments | Commodity Contracts | Other Liabilities
Derivative [Line Items]
Liability Derivatives at Fair Value	1,068	111
Derivatives Not Designated As Hedging Instruments
Derivative [Line Items]
Asset Derivatives at Fair Value	8,928	25,000
Liability Derivatives at Fair Value	7,851	15,086
Derivatives Not Designated As Hedging Instruments | Commodity Contracts
Derivative [Line Items]
Asset Derivatives at Fair Value	8,868	25,000
Liability Derivatives at Fair Value	7,461	14,554
Derivatives Not Designated As Hedging Instruments | Commodity Contracts | Accounts Payable
Derivative [Line Items]
Liability Derivatives at Fair Value	6,916	14,554
Derivatives Not Designated As Hedging Instruments | Commodity Contracts | Receivables
Derivative [Line Items]
Asset Derivatives at Fair Value	8,555	24,621
Derivatives Not Designated As Hedging Instruments | Commodity Contracts | Other Assets
Derivative [Line Items]
Asset Derivatives at Fair Value	313	379
Derivatives Not Designated As Hedging Instruments | Commodity Contracts | Other Liabilities
Derivative [Line Items]
Liability Derivatives at Fair Value	545
Derivatives Not Designated As Hedging Instruments | Foreign Currency Exchange Contracts | Accounts Payable
Derivative [Line Items]
Liability Derivatives at Fair Value	390	$ 532
Derivatives Not Designated As Hedging Instruments | Foreign Currency Exchange Contracts | Other Assets
Derivative [Line Items]
Asset Derivatives at Fair Value	$ 60

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities - Additional Information (Detail) - USD ($)	6 Months Ended	12 Months Ended
	Nov. 30, 2021	May 31, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Impact to fair value of derivative assets and liabilities as a result of recognition on a gross basis	$ 15,660,000	$ 16,594,000
Gains in accumulated other comprehensive income expected to be reclassified into net earnings	6,192,000
Gains in accumulated other comprehensive income expected to be reclassified into net earnings, tax	$ 2,798,000

Derivative Instruments and He_5

Derivative Instruments and Hedging Activities - Schedule of Summary of Derivative Hedges (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2021	Nov. 30, 2020
Derivative [Line Items]
Notional Amount	$ (10,723,000)	$ 8,906,000	$ (19,641,000)	$ 12,125,000
Commodity Contracts | Minimum [Member] | Derivatives Not Designated As Hedging Instruments
Derivative [Line Items]
Maturity Date			Dec. 1, 2021
Notional Amount			$ 119,233,000
Commodity Contracts | Maximum | Derivatives Not Designated As Hedging Instruments
Derivative [Line Items]
Maturity Date			Aug. 31, 2023
Foreign Currency Exchange Contracts | Minimum [Member] | Derivatives Not Designated As Hedging Instruments
Derivative [Line Items]
Maturity Date			Dec. 1, 2021
Notional Amount			$ (7,189,000)
Foreign Currency Exchange Contracts | Maximum | Derivatives Not Designated As Hedging Instruments
Derivative [Line Items]
Maturity Date			Jul. 31, 2023
Cash Flow Hedges | Commodity Contracts
Derivative [Line Items]
Notional Amount	221,292,000		$ 221,292,000
Cash Flow Hedges | Commodity Contracts | Minimum [Member]
Derivative [Line Items]
Maturity Date			Dec. 1, 2021
Cash Flow Hedges | Commodity Contracts | Maximum
Derivative [Line Items]
Maturity Date			Dec. 31, 2022
Cash Flow Hedges | Foreign Currency Exchange Contracts
Derivative [Line Items]
Notional Amount	$ 6,082,000		$ 6,082,000
Cash Flow Hedges | Foreign Currency Exchange Contracts | Minimum [Member]
Derivative [Line Items]
Maturity Date			Dec. 1, 2021
Cash Flow Hedges | Foreign Currency Exchange Contracts | Maximum
Derivative [Line Items]
Maturity Date			Mar. 31, 2023

Derivative Instruments and He_6

Derivative Instruments and Hedging Activities - Schedule of Derivatives Designated as Cash Flow Hedging Instruments (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2021	Nov. 30, 2020
Derivative [Line Items]
Gain (Loss) Recognized in OCI	$ (20,942)	$ 16,381	$ 14,279	$ 16,765
Gain (Loss) Reclassified from AOCI into Net Earnings	47,736	(3,160)	83,155	(6,028)
Commodity Contracts
Derivative [Line Items]
Gain (Loss) Recognized in OCI	(21,002)	16,381	14,218	16,765
Commodity Contracts | Cost of Sales
Derivative [Line Items]
Gain (Loss) Reclassified from AOCI into Net Earnings	47,706	(2,690)	83,165	(5,331)
Interest Rate Contract | Interest Expense
Derivative [Line Items]
Gain (Loss) Reclassified from AOCI into Net Earnings	27	$ (470)	(13)	$ (697)
Foreign Currency Exchange Contracts
Derivative [Line Items]
Gain (Loss) Recognized in OCI	60		61
Foreign Currency Exchange Contracts | Miscellaneous Income Net
Derivative [Line Items]
Gain (Loss) Reclassified from AOCI into Net Earnings	$ 3		$ 3

Derivative Instruments and He_7

Derivative Instruments and Hedging Activities - Schedule of Gain (Loss) Recognized in Earnings for Economic (Non-Designated) Derivative Financial Instruments (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2021	Nov. 30, 2020
Derivative [Line Items]
Gain (Loss) Recognized in Earnings	$ (10,723)	$ 8,906	$ (19,641)	$ 12,125
Commodity Contracts | Cost of Sales
Derivative [Line Items]
Gain (Loss) Recognized in Earnings	(10,135)	8,905	(19,392)	12,198
Foreign Currency Exchange Contracts | Miscellaneous Income, Net
Derivative [Line Items]
Gain (Loss) Recognized in Earnings	$ (588)	$ 1	$ (249)	$ (73)

Fair Value - Schedule of Assets

Fair Value - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands		Nov. 30, 2021	May 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets		$ 9,588	$ 78,148
Liabilities		15,126	15,197
Derivative Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	[1]	9,588	78,148
Liabilities	[1]	15,126	15,197
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets		9,588	78,148
Liabilities		15,126	15,197
Fair Value, Inputs, Level 2 | Derivative Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	[1]	9,588	78,148
Liabilities	[1]	$ 15,126	$ 15,197
[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 - Additional Informa

Fair Value - Additional Information (Detail) - Long-term Debt - USD ($) $ in Thousands	Nov. 30, 2021	May 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt at fair value including current maturities	$ 771,923	$ 792,632
Long-term debt at carrying amount including current maturities	$ 702,172	$ 710,489

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) $ in Millions	Dec. 01, 2021USD ($)
Tempel Steel Company | Subsequent Event
Business Acquisition [Line Items]
Total consideration for acquired entity	$ 275