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 |