Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Aug. 31, 2019 | Oct. 01, 2019 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Aug. 31, 2019 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
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 | 55,923,822 | |
Title of 12(b) Security | Common Shares, Without Par Value | |
Security Exchange Name | NYSE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Aug. 31, 2019 | May 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 45,583 | $ 92,363 |
Receivables, less allowances of $1,311 and $1,150 at August 31, 2019 and May 31, 2019, respectively | 472,441 | 501,944 |
Inventories: | ||
Raw materials | 231,418 | 268,607 |
Work in process | 85,916 | 113,848 |
Finished products | 104,829 | 101,825 |
Total inventories | 422,163 | 484,280 |
Income taxes receivable | 8,198 | 10,894 |
Assets held for sale | 14,591 | 6,924 |
Prepaid expenses and other current assets | 67,116 | 69,508 |
Total current assets | 1,030,092 | 1,165,913 |
Investments in unconsolidated affiliates | 212,982 | 214,930 |
Operating lease assets | 35,977 | |
Goodwill | 331,144 | 334,607 |
Other intangible assets, net of accumulated amortization of $89,607 and $87,759 at August 31, 2019 and May 31, 2019, respectively | 190,952 | 196,059 |
Other assets | 29,762 | 20,623 |
Property, plant and equipment: | ||
Land | 23,003 | 23,996 |
Buildings and improvements | 298,219 | 310,112 |
Machinery and equipment | 1,014,975 | 1,049,068 |
Construction in progress | 54,488 | 49,423 |
Total property, plant and equipment | 1,390,685 | 1,432,599 |
Less: accumulated depreciation | 838,962 | 853,935 |
Total property, plant and equipment, net | 551,723 | 578,664 |
Total assets | 2,382,632 | 2,510,796 |
Current liabilities: | ||
Accounts payable | 351,363 | 393,517 |
Accrued compensation, contributions to employee benefit plans and related taxes | 52,577 | 78,155 |
Dividends payable | 14,881 | 14,431 |
Other accrued items | 52,340 | 59,810 |
Current operating lease liabilities | 10,745 | |
Income taxes payable | 151 | 1,164 |
Current maturities of long-term debt | 617 | 150,943 |
Total current liabilities | 482,674 | 698,020 |
Other liabilities | 71,171 | 69,976 |
Distributions in excess of investment in unconsolidated affiliate | 123,401 | 121,948 |
Long-term debt | 698,612 | 598,356 |
Noncurrent operating lease liabilities | 29,124 | |
Deferred income taxes, net | 70,209 | 74,102 |
Total liabilities | 1,475,191 | 1,562,402 |
Shareholders' equity - controlling interest | 787,973 | 831,246 |
Noncontrolling interests | 119,468 | 117,148 |
Total equity | 907,441 | 948,394 |
Total liabilities and equity | $ 2,382,632 | $ 2,510,796 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Aug. 31, 2019 | May 31, 2019 |
Statement Of Financial Position [Abstract] | ||
Receivables, allowances | $ 1,311 | $ 1,150 |
Other intangible assets, accumulated amortization | $ 89,607 | $ 87,759 |
Consolidated Statements of Earn
Consolidated Statements of Earnings (Loss) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Aug. 31, 2019 | Aug. 31, 2018 | |
Income Statement [Abstract] | ||
Net sales | $ 855,859 | $ 988,107 |
Cost of goods sold | 738,568 | 845,110 |
Gross margin | 117,291 | 142,997 |
Selling, general and administrative expense | 90,823 | 90,641 |
Impairment of long-lived assets | 40,601 | 2,381 |
Restructuring and other expense (income), net | 455 | (936) |
Operating income (loss) | (14,588) | 50,911 |
Other income (expense): | ||
Miscellaneous income, net | 695 | 265 |
Interest expense | (9,480) | (9,728) |
Loss on extinguishment of debt | (4,034) | 0 |
Equity in net income of unconsolidated affiliates | 24,767 | 30,008 |
Earnings (loss) before income taxes | (2,640) | 71,456 |
Income tax expense (benefit) | (185) | 14,498 |
Net earnings (loss) | (2,455) | 56,958 |
Net earnings attributable to noncontrolling interests | 2,321 | 2,016 |
Net earnings (loss) attributable to controlling interest | $ (4,776) | $ 54,942 |
Basic | ||
Average common shares outstanding | 55,241 | 58,731 |
Earnings (loss) per share attributable to controlling interest | $ (0.09) | $ 0.94 |
Diluted | ||
Average common shares outstanding | 55,241 | 60,621 |
Earnings (loss) per share attributable to controlling interest | $ (0.09) | $ 0.91 |
Common shares outstanding at end of period | 54,871 | 58,389 |
Cash dividends declared per share | $ 0.24 | $ 0.23 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | |
Aug. 31, 2019 | Aug. 31, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net earnings (loss) | $ (2,455) | $ 56,958 |
Other comprehensive income (loss): | ||
Foreign currency translation | 4,782 | (3,695) |
Pension liability adjustment, net of tax | 1,013 | (97) |
Cash flow hedges, net of tax | (2,639) | (1,970) |
Other comprehensive income (loss) | 3,156 | (5,762) |
Comprehensive income | 701 | 51,196 |
Comprehensive income attributable to noncontrolling interests | 2,321 | 1,999 |
Comprehensive income (loss) attributable to controlling interest | $ (1,620) | $ 49,197 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Aug. 31, 2019 | Aug. 31, 2018 | |
Operating activities: | ||
Net earnings (loss) | $ (2,455) | $ 56,958 |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 24,177 | 24,493 |
Impairment of long-lived assets | 40,601 | 2,381 |
Provision for (benefit from) deferred income taxes | (3,498) | 18,934 |
Bad debt expense | 168 | 221 |
Equity in net income of unconsolidated affiliates, net of distributions | 5,082 | (10,019) |
Net loss on sale of assets | 618 | 2,715 |
Stock-based compensation | 3,995 | 3,156 |
Loss on extinguishment of debt | 4,034 | 0 |
Changes in assets and liabilities: | ||
Receivables | 14,981 | 13,409 |
Inventories | 44,282 | (43,337) |
Accounts payable | (37,234) | 2,814 |
Accrued compensation and employee benefits | (23,215) | (30,934) |
Other operating items, net | (7,167) | (10,346) |
Net cash provided by operating activities | 64,369 | 30,445 |
Investing activities: | ||
Investment in property, plant and equipment | (22,174) | (19,434) |
Proceeds from sale of assets | 9,176 | 20,277 |
Net cash provided (used) by investing activities | (12,998) | 843 |
Financing activities: | ||
Proceeds from long-term debt, net of issuance costs | 101,598 | |
Principal payments on long-term obligations and debt redemption costs | (153,977) | (430) |
Payments for issuance of common shares, net of tax withholdings | (3,213) | (4,091) |
Payments to noncontrolling interests | (2,320) | |
Repurchase of common shares | (29,599) | (36,852) |
Dividends paid | (12,960) | (12,719) |
Net cash used by financing activities | (98,151) | (56,412) |
Decrease in cash and cash equivalents | (46,780) | (25,124) |
Cash and cash equivalents at beginning of period | 92,363 | 121,967 |
Cash and cash equivalents at end of period | $ 45,583 | $ 96,843 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Aug. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | NOTE A – Basis of Presentation The consolidated financial statements include the accounts of Worthington Industries, Inc. and consolidated subsidiaries (collectively, “we,” “our,” “Worthington,” or the “Company”). Investments in unconsolidated affiliates are accounted for using the equity method. Significant intercompany accounts and transactions are eliminated. The Company owns controlling interests in the following three joint ventures: Spartan Steel Coating, LLC (“Spartan”) (52%), TWB Company, L.L.C. (“TWB”) (55%), and Worthington Specialty Processing (“WSP”) (51%). These joint ventures are consolidated with the equity owned by the other joint venture members shown as noncontrolling interests in our consolidated balance sheets, and their portions of net earnings and other comprehensive income (“OCI”) shown as net earnings or comprehensive income attributable to noncontrolling interests in our consolidated statements of earnings (loss) and consolidated statements of comprehensive income (loss), respectively. These unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the United States Securities and Exchange Commission (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. Recently Adopted Accounting Standards On June 1, 2019, the Company adopted Accounting Standards Update 2016-02, Leases On June 1, 2019, the Company adopted ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities (“Topic 815”) , which amended the existing hedge accounting guidance . The ASU is intended to simplify and clarify the accounting and disclosure requirements for hedging activities by more closely aligning the results of cash flow and fair value hedge accounting with the underlying risk management activities. The adoption of the standard had no current or historical impact on Recently Issued Accounting Standards In June 2016, amended accounting guidance was issued related to the measurement of credit losses on financial instruments. The amended accounting guidance changes the impairment model for most financial assets to require measurement and recognition of expected credit losses for financial assets held. The amended accounting guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. We are in the process of evaluating the effect this amended accounting guidance will have on our consolidated |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Aug. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | NOTE B – Revenue Recognition The following tables summarize net sales by product class and by timing of revenue recognition for the periods presented: (in thousands) Reportable Segments Three months ended August 31, 2019 Steel Processing Pressure Cylinders Engineered Cabs Other Total Product class: Steel Processing Direct $ 493,646 $ - $ - $ - $ 493,646 Toll 29,729 - - - 29,729 Pressure Cylinders Industrial products - 152,618 - - 152,618 Consumer products - 119,480 - - 119,480 Oil & gas equipment - 32,298 - - 32,298 Engineered Cabs - - 28,066 - 28,066 Other - - - 22 22 Total $ 523,375 $ 304,396 $ 28,066 $ 22 $ 855,859 Timing of revenue recognition: Goods transferred at a point in time $ 493,646 $ 274,388 $ 28,066 $ 22 $ 796,122 Goods and services transferred over time 29,729 30,008 - - 59,737 Total $ 523,375 $ 304,396 $ 28,066 $ 22 $ 855,859 (in thousands) Reportable Segments Three months ended August 31, 2018 Steel Processing Pressure Cylinders Engineered Cabs Other Total Product class: Steel Processing Direct $ 626,862 $ - $ - $ - $ 626,862 Toll 33,625 - - - 33,625 Pressure Cylinders Industrial products - 152,847 - - 152,847 Consumer products - 116,823 - - 116,823 Oil & gas equipment - 30,683 - - 30,683 Engineered Cabs - - 27,252 - 27,252 Other - - - 15 15 Total $ 660,487 $ 300,353 $ 27,252 $ 15 $ 988,107 Timing of revenue recognition: Goods transferred at a point in time $ 626,862 $ 289,034 $ 27,252 $ 15 $ 943,163 Goods and services transferred over time 33,625 11,319 - - 44,944 Total $ 660,487 $ 300,353 $ 27,252 $ 15 $ 988,107 The following table summarizes the unbilled receivables and contract assets for the periods indicated: August 31, June 1, (in thousands) Balance Sheet Classification 2019 2019 Unbilled receivables Receivables $ 4,664 $ 5,366 Contract assets Prepaid and other current assets $ 6,484 $ 8,792 |
Investments in Unconsolidated A
Investments in Unconsolidated Affiliates | 3 Months Ended |
Aug. 31, 2019 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Investments in Unconsolidated Affiliates | NOTE C – Investments in Unconsolidated Affiliates Investments in affiliated companies that we do not control, either through majority ownership or otherwise, are accounted for using the equity method. These include ArtiFlex Manufacturing, LLC (“ArtiFlex”) (50%), Clarkwestern Dietrich Building Systems LLC (“ClarkDietrich”) (25%), Samuel Steel Pickling Company (31.25%), Serviacero Planos, S. de R. L. de C.V. (“Serviacero Worthington”) (50%), Worthington Armstrong Venture (“WAVE”) (50%), and Zhejiang Nisshin Worthington Precision Specialty Steel Co., Ltd. (“Nisshin”) (10%). During the first quarter of fiscal 2020, we determined our 10% ownership interest in our steel joint venture in China, Nisshin, was other than temporarily impaired due to a decision by the joint venture partners to explore strategic alternatives for the business. As a result, the Company wrote-off its remaining investment, including related currency translation adjustments, resulting in an impairment charge of $4,236,000 within equity in net income of unconsolidated affiliates in our consolidated statement of earnings (loss). We received distributions from unconsolidated affiliates totaling $29,849,000 during the three months ended August 31, 2019. We have received cumulative distributions from WAVE in excess of our investment balance, which resulted in an amount recorded within other liabilities on our consolidated balance sheets of $123,401,000 at August 31, 2019. In accordance with the applicable accounting guidance, we reclassified the negative investment balance to the liabilities section of our consolidated balance sheet. We will continue to record our equity in the net income of WAVE as a debit to the investment account, and if the investment balance becomes positive, it will again be shown as an asset on our consolidated balance sheet. If it becomes probable that any excess distribution may not be returned (upon joint venture liquidation or otherwise), we will recognize any negative investment balance classified as a liability as income immediately. We use the “cumulative earnings” approach for determining cash flow presentation of distributions from our unconsolidated joint ventures. Distributions received are included in our consolidated statements of cash flows as operating activities, unless the cumulative distributions received, less distributions received in prior periods that were determined to be returns of investment, exceed our portion of the cumulative equity in the net earnings of the joint venture, in which case the excess distributions are deemed to be returns of the investment and are classified as investing activities in our consolidated statements of cash flows. The following tables summarize combined financial information for our unconsolidated affiliates as of the dates, and for the periods presented: August 31, May 31, (in thousands) 2019 2019 Cash $ 40,277 $ 37,471 Other current assets 572,241 594,959 Current assets for discontinued operations 34,044 35,793 Noncurrent assets 409,240 360,925 Total assets $ 1,055,802 $ 1,029,148 Current liabilities $ 249,803 $ 236,781 Current liabilities for discontinued operations 8,733 9,610 Short-term borrowings 18,147 15,162 Current maturities of long-term debt 2,792 33,003 Long-term debt 314,264 321,791 Other noncurrent liabilities 62,028 18,192 Equity 400,035 394,609 Total liabilities and equity $ 1,055,802 $ 1,029,148 Three Months Ended August 31, (in thousands) 2019 2018 Net sales $ 487,275 $ 498,545 Gross margin 101,615 103,812 Operating income 69,405 72,376 Depreciation and amortization 7,089 6,477 Interest expense 3,367 2,925 Income tax expense 1,002 4,525 Net earnings from continuing operations 61,141 64,894 Net earnings from discontinued operations 2,812 1,684 Net earnings 63,953 66,578 The amounts presented within the discontinued operations captions in the tables above reflect the international operations of our WAVE joint venture, which were classified as discontinued operations as of August 31, 2019. On September 30, 2019, these operations were sold as part of a broader transaction between the joint venture partner, Armstrong World Industries, Inc. (“AWI”), and Knauf Group, a family-owned manufacturer of building materials headquartered in Germany. A pre-tax gain of approximately $45,000,000-$50,000,000 is expected to be realized from the transaction, subject to certain post-closing adjustments. Half of the gain will be attributed to Worthington . |
Leases
Leases | 3 Months Ended |
Aug. 31, 2019 | |
Leases [Abstract] | |
Leases | NOTE D – Leases On June 1, 2019, the Company adopted the new lease accounting standard under U.S. GAAP, Topic 842, which among other things, requires right-of-use (“ROU”) assets and liabilities be recognized upon lease commencement for operating leases based on the present value of lease payments over the lease term. Topic 842 was adopted using the modified retrospective approach as of the effective date of the new standard. As such, comparative financial information for reporting periods beginning prior to June 1, 2019, has not been restated and continues to be reported under the previous accounting standard. We elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed us to carry forward the historical lease classification. We elected to apply the short-term lease measurement and recognition exemption whereby ROU assets and lease liabilities are not recognized for short-term leases. The Company recognized net operating lease ROU assets and corresponding operating lease liabilities of $42,200,000 and $43,400,000, respectively, as of the date of adoption. The net ROU asset includes the effect of reclassifying deferred rent as an offset in accordance with the transition guidance. The new standard did not materially affect the consolidated statements of earnings (loss) and had no impact on the consolidated statements of cash flows. The Company determines if an arrangement is a lease at inception. Operating lease ROU assets include any initial direct costs and prepayments less lease incentives. Lease terms include options to renew or terminate the lease when it is reasonably certain the Company will exercise such options. As most of our leases do not include an implicit rate, we use our collateralized incremental borrowing rate based on the information available at the lease commencement date, in determining the present value of lease payments. Operating lease expense is recognized on a straight-line basis over the lease term and is included in cost of goods sold or selling, general and administrative expense depending on the underlying nature of the leased assets. We lease certain property and equipment from third parties under non-cancellable operating lease agreements. Certain lease agreements provide for payment of property taxes, maintenance and insurance by the Company. Under Topic 842, we elected the practical expedient to account for lease and non-lease components as a single component for all asset classes. Certain leases include variable lease payments based on usage or an index or rate. The components of lease expense were as follows: (in thousands) Three Months Ended August 31, 2019 Operating lease expense $ 3,342 Short-term lease expense 406 Variable lease expense 154 Total lease expense $ 3,902 During the first quarter of fiscal 2020, ROU assets within the Engineered Cabs operating segment with a book value of $4,843,000 were deemed to be fully impaired and written off. Refer to “NOTE E – Impairment of Long-Lived Assets” for additional information. Other information related to the Company’s operating leases, as of and for the period ended August 31, 2019, is provided below: (dollars in thousands) Cash paid for operating cash flows $ 2,793 ROU assets obtained in exchange for lease liabilities $ 204 Weighted-average remaining lease term (in years) 5.58 Weighted-average discount rate 3.48 % Future minimum lease payments for non-cancelable operating leases having an initial or remaining term in excess of one year at August 31, 2019, were as follows: (in thousands) 2020 $ 12,306 2021 9,649 2022 7,820 2023 5,210 2024 3,168 Thereafter 7,250 Total 45,403 Less: imputed interest (5,534 ) Present value of operating lease liabilities $ 39,869 As previously disclosed in our 2019 Form 10-K under the prior accounting guidance, future minimum lease payments for non-cancelable operating leases having an initial or remaining term in excess of one year at May 31, 2019, were as follows: (in thousands) 2020 $ 10,774 2021 8,398 2022 5,428 2023 4,054 2024 2,098 Thereafter 2,637 Total $ 33,389 |
Impairment of Long-Lived Assets
Impairment of Long-Lived Assets | 3 Months Ended |
Aug. 31, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Impairment of Long-Lived Assets | NOTE E – Impairment of Long-Lived Assets Fiscal 2020 Fiscal 2019 cryogenics business in Turkey, Worthington Aritas, resulted in our lowering the estimate of fair value less cost to sell to $7,000,000 which generated an impairment charge of $2,381,000. Fair value was determined using observable (Level 2) inputs. |
Restructuring and Other Expense
Restructuring and Other Expense, Net | 3 Months Ended |
Aug. 31, 2019 | |
Restructuring And Related Activities [Abstract] | |
Restructuring and Other Expense, Net | NOTE F – Restructuring and Other Expense, Net We consider restructuring activities to be programs whereby we fundamentally change our operations, such as closing and consolidating manufacturing facilities or moving manufacturing of a product to another location. Restructuring activities may also involve substantial realignment of the management structure of a business unit in response to changing market conditions. A progression of the liabilities associated with our restructuring activities, combined with a reconciliation to the restructuring and other expense (income), net financial statement caption, in our consolidated statement of earnings (loss) is summarized below for the period presented: Balance, as of Expense Balance, as of (in thousands) May 31, 2019 (income) Payments Adjustments August 31, 2019 Early retirement and severance $ 774 $ - $ (566 ) $ (8 ) $ 200 Facility exit and other costs 2 (26 ) (1 ) 26 1 $ 776 (26 ) $ (567 ) $ 18 $ 201 Net loss on sale of assets 481 Restructuring and other expense, net $ 455 During the three months ended August 31, 2019, the following actions were taken related to the Company’s restructuring activities: • In July 2019, the Company completed the sale of its cryogenics business in Turkey, the net assets of which had been previously classified as assets held for sale. In connection with the sale, the Company realized net cash proceeds of $8,295,000 and recognized a net loss of $481,000. • In connection with other non-significant restructuring activities, the Company recognized a reduction to facility exit costs of $26,000. The total liability associated with our restructuring activities as of August 31, 2019 is expected to be paid in the next twelve months. |
Contingent Liabilities and Comm
Contingent Liabilities and Commitments | 3 Months Ended |
Aug. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Contingent Liabilities and Commitments | NOTE G – Contingent Liabilities and Commitments Legal Proceedings We are defendants in certain legal actions. In the opinion of management, the outcome of these actions, which is not clearly determinable at the present time, would not significantly affect our consolidated financial position or future results of operations. We also believe that environmental issues will not have a material effect on our capital expenditures, consolidated financial position or future results of operations. Voluntary Tank Replacement Program In February 2019, our Structural Composites Industries, LLC subsidiary (“SCI”) agreed to participate in a tank replacement program for specific design sizes of its composite hydrogen fuel tanks, which are integrated into a customer’s hydrogen fuel cells used to fuel material handling equipment, primarily rider pallet jacks in warehouses. A progression of the liabilities recorded in connection with this matter during fiscal 2020 is summarized in the following table: Beginning Ending (in thousands) Balance Expense Payments Balance Tank replacement costs $ 8,500 $ - $ (67 ) $ 8,433 We believe these liabilities are sufficient to absorb our remaining direct costs related to the replacement program, which are expected to be paid in the next six months. The actual cost incurred by the Company related to this matter may vary from the initial estimate. |
Guarantees
Guarantees | 3 Months Ended |
Aug. 31, 2019 | |
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. However, as of August 31, 2019, we were party to an operating lease for an aircraft in which we have guaranteed a residual value at the termination of the lease. The maximum obligation under the terms of this guarantee was approximately $ 7,158,000 at August 31, 2019 . Based on current facts and circumstances, we have estimated the likelihood of payment pursuant to this guarantee is not probable and, therefore, no amount has been recognized in our consolidated financial statements. We also had in place $12,800,000 of outstanding stand-by letters of credit issued to third-party service providers at August 31, 2019. No amounts were drawn against them at August 31, 2019. |
Debt and Receivables Securitiza
Debt and Receivables Securitization | 3 Months Ended |
Aug. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt and Receivables Securitization | NOTE I – Debt and Receivables Securitization On August 23, 2019, two of our European subsidiaries issued a €36,700,000 principal amount unsecured 1.56% Series A Senior Note due August 23, 2031 (the “2031 Note”) and €55,000,000 aggregate principal amount of unsecured 1.90% Series B Senior Notes due August 23, 2034 (the “2034 Notes”), (collectively, the “Senior Notes”). The 2031 Note is to be repaid in the principal amount of €30,000,000, together with accrued interest, on August 23, 2029, with the remaining €6,700,000 principal amount payable on August 23, 2031, together with accrued interest. The 2034 Notes are to be repaid in the aggregate principal amount of €23,300,000, together with accrued interest, on August 23, 2031, with the remaining €31,700,000 aggregate principal amount payable on August 23, 2034, together with accrued interest. Approximately $148,000 of debt issuance costs were incurred in connection with the issuance of the Senior Notes and have been recorded on the consolidated balance sheet within long-term debt as a contra-liability. They will be amortized, through interest expense, in our consolidated statements of earnings (loss) over the term of the respective Senior Notes. The Senior Notes were issued in a private placement and the proceeds thereof were used to redeem $150,000,000 aggregate principal amount of unsecured 6.50% senior notes that were set to mature on April 15, 2020 (the “2020 Notes”). The 2020 Notes were redeemed in full on August 30, 2019. In connection with the early redemption, the Company recognized a loss of $4,034,000, which has been presented separately in our consolidated statements of earnings (loss). We maintain a $500,000,000 multi-year revolving credit facility (the “Credit Facility”) with a group of lenders which matures in February 2023. Borrowings under the Credit Facility have maturities of up to one year. We have the option to borrow at rates equal to an applicable margin over the LIBOR, Prime Rate or Overnight Bank Funding Rate. The applicable margin is determined by our credit rating. There were no borrowings outstanding under the Credit Facility at August 31, 2019. As discussed in “ we provided $12,800,000 in letters of credit for third-party beneficiaries as of August 31, 2019. While not drawn against at August 31, 2019, $1,950,000 of these letters of credit were issued against availability under the Credit Facility, leaving $498,050,000 available at August 31, 2019. We also maintain a $50,000,000 revolving trade accounts receivable securitization facility (the “AR Facility”) that matures in As of August 31, 2019, no undivided ownership interests in this pool of accounts receivable had been sold. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 3 Months Ended |
Aug. 31, 2019 | |
Equity [Abstract] | |
Other Comprehensive Income (Loss) | NOTE J – Other Comprehensive Income (Loss) The following table summarizes the tax effects on each component of OCI for the periods presented: Three months ended August 31, 2019 2018 Before-Tax Tax Net-of-Tax Before-Tax Tax Net-of-Tax (in thousands) Foreign currency translation $ 4,782 $ - $ 4,782 $ (3,695 ) $ - $ (3,695 ) Pension liability adjustment 1,304 (291 ) 1,013 - (97 ) (97 ) Cash flow hedges (3,325 ) 686 (2,639 ) (2,527 ) 557 (1,970 ) Other comprehensive income (loss) $ 2,761 $ 395 $ 3,156 $ (6,222 ) $ 460 $ (5,762 ) |
Changes in Equity
Changes in Equity | 3 Months Ended |
Aug. 31, 2019 | |
Equity [Abstract] | |
Changes in Equity | NOTE K – Changes in Equity The following tables summarize the changes in equity by component and in total for the periods presented: Controlling Interest Accumulated Other Additional Comprehensive Non- Paid-in Loss, Retained controlling (in thousands) Capital Net of Tax Earnings Total Interests Total Balance at May 31, 2019 $ 283,177 $ (43,464 ) $ 591,533 $ 831,246 $ 117,148 $ 948,394 Net earnings (loss) - - (4,776 ) (4,776 ) 2,320 (2,456 ) Other comprehensive income - 3,156 - 3,156 - 3,156 Common shares issued, net of withholding tax (3,213 ) - - (3,213 ) - (3,213 ) Common shares in NQ plans 74 - - 74 - 74 Stock-based compensation 4,545 - - 4,545 - 4,545 Purchases and retirement of common shares (3,814 ) - (25,785 ) (29,599 ) - (29,599 ) Cash dividends declared - - (13,460 ) (13,460 ) - (13,460 ) Balance at August 31, 2019 $ 280,769 $ (40,308 ) $ 547,512 $ 787,973 $ 119,468 $ 907,441 Controlling Interest Accumulated Other Additional Comprehensive Non- Paid-in Loss, Retained controlling (in thousands) Capital Net of Tax Earnings Total Interests Total Balance at May 31, 2018 $ 295,592 $ (14,580 ) $ 637,757 $ 918,769 $ 117,606 $ 1,036,375 Net earnings - - 54,942 54,942 2,016 56,958 Other comprehensive loss - (5,745 ) - (5,745 ) (17 ) (5,762 ) Common shares issued, net of withholding tax (4,091 ) - - (4,091 ) - (4,091 ) Common shares in NQ plans 152 - - 152 - 152 Stock-based compensation 4,838 - - 4,838 - 4,838 ASC 606 transition adjustment - - 1,174 1,174 570 1,744 Purchases and retirement of common shares (4,003 ) - (32,849 ) (36,852 ) - (36,852 ) Cash dividends declared - - (13,668 ) (13,668 ) - (13,668 ) Dividends to noncontrolling interest - - - - (2,320 ) (2,320 ) Balance at August 31, 2018 $ 292,488 $ (20,325 ) $ 647,356 $ 919,519 $ 117,855 $ 1,037,374 The following tables summarize the changes in accumulated other comprehensive loss for the periods presented: Accumulated Foreign Pension Other Currency Liability Cash Flow Comprehensive (in thousands) Translation Adjustment Hedges Loss Balance as of May 31, 2019 $ (19,639 ) $ (17,856 ) $ (5,969 ) $ (43,464 ) Other comprehensive income (loss) before reclassifications (3,714 ) 62 (5,659 ) (9,311 ) Reclassification adjustments to income (a) 8,496 1,242 2,334 12,072 Income tax effect - (291 ) 686 395 Balance as of August 31, 2019 $ (14,857 ) $ (16,843 ) $ (8,608 ) $ (40,308 ) (a) The statement of earnings (loss) classification of amounts reclassified to income include: (1) Foreign currency translation – result of $7,454,000 related to the sale of our cryogenics business in Turkey; and $1,042,000 related to the impairment of our Nisshin joint venture. (2) Pension liability adjustment – result of the settlement of certain participant balances within the pension plan maintained by WAVE. (3) Cash flow hedges – disclosed in “NOTE P – Derivative Instruments and Hedging Activities”. Accumulated Foreign Pension Other Currency Liability Cash Flow Comprehensive (in thousands) Translation Adjustment Hedges Loss Balance as of May 31, 2018 $ (4,987 ) $ (16,071 ) $ 6,478 $ (14,580 ) Other comprehensive loss before reclassifications (3,678 ) - (31 ) (3,709 ) Reclassification adjustments to income (a) - - (2,496 ) (2,496 ) Income tax effect - (97 ) 557 460 Balance as of August 31, 2018 $ (8,665 ) $ (16,168 ) $ 4,508 $ (20,325 ) (a) The statement of earnings (loss) classification of amounts reclassified to income for cash flow hedges is disclosed in “NOTE P – Derivative Instruments and Hedging Activities”. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Aug. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | NOTE L – Stock-Based Compensation Non-Qualified Stock Options During the three months ended August 31, 2019, we granted non-qualified stock options covering a total of 100,700 common shares under our stock-based compensation plans. The weighted average option price of $38.91 per share was equal to the market price of the underlying common shares at the grant date. The fair value of these stock options, based on the Black-Scholes option-pricing model, calculated at the grant date, was $10.21 per share. The calculated pre-tax stock-based compensation expense for these stock options is $1,029,000 and will be recognized on a straight-line basis over the three-year vesting period, net of any forfeitures. The following assumptions were used to value these stock options: Dividend yield 2.42 % Expected volatility 33.10 % Risk-free interest rate 1.86 % Expected term (years) 6.0 Expected volatility is based on the historical volatility of our common shares and the risk-free interest rate is based on the U.S. Treasury strip rate for the expected term of the stock options. The expected term was developed using historical exercise experience. Service-Based Restricted Common Shares During the three months ended August 31, 2019 Market-Based Restricted Common Shares On September 28, 2018, we granted an aggregate of 225,000 restricted common shares to two key employees under our stock-based compensation plans. Vesting of these restricted common share awards is contingent upon the price of our common shares reaching $65.00 per share and remaining at or above that price for 90 consecutive days during the five-year period following the date of grant and the completion of a five-year service vesting period. The grant-date fair value of these restricted common shares, as determined by a Monte Carlo simulation model, was $23.38 per share. The following assumptions were used to determine the grant-date fair value and the derived service period for these restricted common shares: Dividend yield 2.16 % Expected volatility 33.60 % Risk-free interest rate 2.96 % The calculated pre-tax stock-based compensation expense for these restricted common shares is $5,261,000 and will be recognized on a straight-line basis over the five-year service vesting period, net of any forfeitures. Performance Share Awards We have awarded performance shares to certain key employees under our stock-based compensation plans. These performance shares are earned based on the level of achievement with respect to corporate targets for cumulative corporate economic value added, earnings per share growth and, in the case of business unit executives, business unit operating income targets for the three-year periods ending May 31, 2020, 2021 and 2022. 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 three months ended August 31, 2019 |
Income Taxes
Income Taxes | 3 Months Ended |
Aug. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE M – Income Taxes Income tax expense (benefit) for the three months ended August 31, 2019 and 2018 reflected estimated annual effective income tax rates of 25.1% and 23.2%, respectively. The annual effective income tax rates exclude any impact from the inclusion of net earnings attributable to noncontrolling interests in our consolidated statements of earnings (loss). Net earnings attributable to noncontrolling interests are primarily a result of our WSP, Spartan, and TWB consolidated joint ventures. The earnings attributable to the noncontrolling interests in WSP, Spartan and TWB’s U.S. operations do not generate tax expense to Worthington since the investors in WSP, Spartan and TWB’s U.S. operations are taxed directly based on the earnings attributable to them. The tax expense of TWB’s wholly-owned foreign corporations is reported in our consolidated tax expense (benefit). Management is required to estimate the annual effective income tax rate based upon its forecast of annual pre-tax income for domestic and foreign operations. Our actual effective income tax rate for fiscal 2020 could be materially different from the forecasted rate as of August 31, 2019. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 3 Months Ended |
Aug. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) per Share | NOTE N – Earnings (Loss) per Share The following table sets forth the computation of basic and diluted earnings (loss) per share attributable to controlling interest for the periods presented: Three Months Ended August 31, (in thousands, except per share amounts) 2019 2018 Numerator (basic & diluted): Net earnings (loss) attributable to controlling interest - income (loss) available to common shareholders $ (4,776 ) $ 54,942 Denominator: Denominator for basic earnings (loss) per share attributable to controlling interest - weighted average common shares 55,241 58,731 Effect of dilutive securities - 1,890 Denominator for diluted earnings (loss) per share attributable to controlling interest - adjusted weighted average common shares 55,241 60,621 Basic earnings (loss) per share attributable to controlling interest $ (0.09 ) $ 0.94 Diluted earnings (loss) per share attributable to controlling interest $ (0.09 ) $ 0.91 All potentially dilutive shares (stock options and restricted common shares covering 1,585,971 common shares) have been excluded from the computation of diluted loss per share for the three months ended August 31, 2019, because the effect would have been anti-dilutive due to the overall net loss for the period. Stock options covering 148,004 common shares have been excluded from the computation of diluted earnings per share for the three months ended August 31, 2018, because the effect would have been anti-dilutive |
Segment Operations
Segment Operations | 3 Months Ended |
Aug. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Operations | NOTE O – Segment Operations The following table presents summarized financial information for our reportable segments as of the dates, and for the periods presented: Three Months Ended August 31, (in thousands) 2019 2018 Net sales Steel Processing $ 523,375 $ 660,487 Pressure Cylinders 304,396 300,353 Engineered Cabs 28,066 27,252 Other 22 15 Total net sales $ 855,859 $ 988,107 Operating income (loss) Steel Processing $ 6,168 $ 39,660 Pressure Cylinders 29,623 14,733 Engineered Cabs (45,128 ) (4,311 ) Other (5,251 ) 829 Total operating income (loss) $ (14,588 ) $ 50,911 Impairment of long-lived assets Steel Processing $ - $ - Pressure Cylinders - 2,381 Engineered Cabs 40,601 - Other - - Total impairment of long-lived assets $ 40,601 $ 2,381 Restructuring and other expense (income), net Steel Processing $ (26 ) $ (9 ) Pressure Cylinders - (927 ) Engineered Cabs - - Other 481 - Total restructuring and other expense (income), net $ 455 $ (936 ) August 31, May 31, (in thousands) 2019 2019 Total assets Steel Processing $ 882,839 $ 924,966 Pressure Cylinders 1,130,095 1,123,115 Engineered Cabs 20,477 66,226 Other 349,221 396,489 Total assets $ 2,382,632 $ 2,510,796 |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 3 Months Ended |
Aug. 31, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | NOTE P – Derivative Instruments and Hedging Activities We utilize derivative financial instruments to manage exposure to certain risks related to our ongoing operations. The primary risks managed through the use of derivative instruments include interest rate risk, foreign currency exchange rate risk and commodity price risk. While certain of our derivative instruments are designated as hedging instruments, we also enter into derivative instruments that are designed to hedge a risk, but are not designated as hedging instruments and, therefore, do not qualify for hedge accounting. These derivative instruments are adjusted to current fair value through earnings (loss) at the end of each period. Interest Rate Risk Management – We are exposed to the impact of interest rate changes. Our objective is to manage the impact of interest rate changes on cash flows and the market value of our borrowings. We utilize a mix of debt maturities along with both fixed-rate and variable-rate debt to manage changes in interest rates. In addition, we enter into interest rate swaps and treasury locks to further manage our exposure to interest rate variations related to our borrowings and to lower our overall borrowing costs. Foreign Currency Exchange Rate Risk Management Commodity Price Risk Management We are exposed to counterparty credit risk on all of our derivative instruments. Accordingly, we have established and maintain strict counterparty credit guidelines. We have credit support agreements in place with certain counterparties to limit our credit exposure. These agreements require either party to post cash collateral if its cumulative market position exceeds a predefined liability threshold. Amounts posted to the margin accounts accrue interest at market rates and are required to be refunded in the period in which the cumulative market position falls below the required threshold. We do not have significant exposure to any one counterparty, and management believes the risk of loss is remote and, in any event, would not be material. Refer to "NOTE Q – Fair Value" for additional information regarding the accounting treatment for our derivative instruments, as well as how fair value is determined. The following table summarizes the fair value of our derivative instruments and the respective lines in which they were recorded in the consolidated balance sheet at August 31, 2019: Asset Derivatives Liability Derivatives Balance Balance Sheet Fair Sheet Fair (in thousands) Location Value Location Value Derivatives designated as hedging instruments: Commodity contracts Receivables $ - Accounts payable $ 9,352 Other assets 1 Other liabilities 504 Totals $ 1 $ 9,856 Derivatives not designated as hedging instruments: Commodity contracts Receivables $ 2,530 Accounts payable $ 3,882 Other assets - Other liabilities 57 2,530 3,939 Foreign currency exchange contracts Receivables - Accounts payable 97 Totals $ 2,530 $ 4,036 Total derivative instruments $ 2,531 $ 13,892 The amounts in the table above reflect the fair value of the Company’s derivative instruments on a net basis. Had these amounts been recognized on a gross basis, the impact would have been a $238,000 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, 2019: Asset Derivatives Liability Derivatives Balance Balance Sheet Fair Sheet Fair (in thousands) Location Value Location Value Derivatives designated as hedging instruments: Commodity contracts Receivables $ 5 Accounts payable $ 8,383 Other assets - Other liabilities 201 Totals $ 5 $ 8,584 Derivatives not designated as hedging instruments: Commodity contracts Receivables $ 2,347 Accounts payable $ 3,568 Other assets 62 Other liabilities 66 2,409 3,634 Foreign currency exchange contracts Receivables - Accounts payable 20 Totals $ 2,409 $ 3,654 Total derivative instruments $ 2,414 $ 12,238 The amounts in the table above reflect the fair value of the Company’s derivative instruments on a net basis. Had these amounts been recognized on a gross basis, the impact would have been a $220,000 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 income statement line items as the earnings effects of the hedged items. For derivatives designated as cash flow hedges, the Company assesses hedge effectiveness both at the onset of the hedge and at regular intervals throughout the life of the derivative instrument. The following table summarizes our cash flow hedges outstanding at August 31, 2019: Notional (in thousands) Amount Maturity Date Commodity contracts $ 49,950 September 2019 - June 2021 The following table summarizes the loss recognized in OCI and the gain (loss) reclassified from AOCI into earnings (loss) for derivative instruments designated as cash flow hedges for the periods presented: Loss Location of Gain (Loss) Gain (Loss) Reclassified (in thousands) Recognized in OCI Reclassified from AOCI into Income from AOCI into Income For the three months ended August 31, 2019: Commodity contracts $ (5,659 ) Cost of goods sold $ (2,292 ) Interest rate contracts - Interest expense (120 ) Foreign currency exchange contracts - Miscellaneous income, net 78 Totals $ (5,659 ) $ (2,334 ) For the three months ended August 31, 2018: Commodity contracts $ (31 ) Cost of goods sold $ 2,543 Interest rate contracts - Interest expense (47 ) Totals $ (31 ) $ 2,496 The estimated net amount of the losses recognized in AOCI at August 31, 2019 expected to be reclassified into net earnings (loss) within the succeeding twelve months is $9,095,000 (net of tax of $2,643,000). This amount was computed using the fair value of the cash flow hedges at August 31, 2019, and will change before actual reclassification from OCI to net earnings (loss) during the fiscal years ending May 31, 2020 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 August 31, 2019: Notional (in thousands) Amount Maturity Date(s) Commodity contracts $ 43,522 September 2019 - January 2021 Foreign currency exchange contracts 17,367 September 2019 - March 2020 The following table summarizes the loss recognized in earnings (loss) for economic (non-designated) derivative financial instruments for the periods presented: Loss Recognized In Earnings (Loss) for the Location of Loss Three Months Ended August 31, (in thousands) Recognized in Earnings (Loss) 2019 2018 Commodity contracts Cost of goods sold $ (2,243 ) $ (2,197 ) Foreign currency exchange contracts Miscellaneous income, net (104 ) (1,506 ) Total $ (2,347 ) $ (3,703 ) |
Fair Value
Fair Value | 3 Months Ended |
Aug. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value | NOTE Q – Fair Value Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is an exit price concept that assumes an orderly transaction between willing market participants and is required to be based on assumptions that market participants would use in pricing an asset or a liability. Current accounting guidance establishes a three-tier fair value hierarchy as a basis for considering such assumptions and for classifying the inputs used in the valuation methodologies. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair values are as follows: Level 1 – Observable prices in active markets for identical assets and liabilities. Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the assets and liabilities, either directly or indirectly. Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. Recurring Fair Value Measurements At August 31, 2019, 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) $ - $ 2,531 $ - $ 2,531 Total assets $ - $ 2,531 $ - $ 2,531 Liabilities Derivative instruments (1) $ - $ 13,892 $ - $ 13,892 Total liabilities $ - $ 13,892 $ - $ 13,892 At May 31, 2019, 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) $ - $ 2,414 $ - $ 2,414 Total assets $ - $ 2,414 $ - $ 2,414 Liabilities Derivative instruments (1) $ - $ 12,238 $ - $ 12,238 Total liabilities $ - $ 12,238 $ - $ 12,238 (1) The fair value of our derivative instruments is based on the present value of the expected future cash flows considering the risks involved, including non-performance risk, and using discount rates appropriate for the respective maturities. Market observable, Level 2 inputs are used to determine the present value of the expected future cash flows. Refer to “ NOTE P – Derivative Instruments and Hedging Activities Non-Recurring Fair Value Measurements At August 31, 2019, our Significant Quoted Prices Other Significant in Active Observable Unobservable Markets Inputs Inputs (in thousands) (Level 1) (Level 2) (Level 3) Totals Assets Investment in unconsolidated affiliate (1) $ - $ - $ - - Long-lived assets held for sale (2) - 12,860 - 12,860 Long-lived assets held and used (3) - - - - Total assets $ - $ 12,860 $ - $ 12,860 At May 31, 2019, our assets measured at fair value on a non-recurring basis were as follows: Significant Quoted Prices Other Significant in Active Observable Unobservable Markets Inputs Inputs (in thousands) (Level 1) (Level 2) (Level 3) Totals Assets Investment in unconsolidated affiliate (1) $ - $ 3,700 $ - $ 3,700 Long-lived assets held for sale (4) - 7,000 - 7,000 Long-lived assets held and used (5) - 1,238 - 1,238 Total assets $ - $ 11,938 $ - $ 11,938 1) During the first quarter of fiscal 2020, we determined our 10% ownership interest in our steel joint venture in China, Nisshin, was fully impaired based on the estimated recoverability of the related assets. 2 ) During the first quarter of fiscal 2020, certain assets of the Engineered Cabs operating segment met the criteria for classification as assets held for sale. In accordance with the applicable accounting guidance, the net assets were recorded at their estimated fair value less costs to sell, or $12,860,000. 3) During the first quarter of fiscal 2020, t he Company identified an impairment indicator for the fabricated products business in Stow, Ohio within Engineered Cabs . As a result, fixed assets with a net book value of $ 1,469,000 and lease ROU assets with a net book value of $ 3,938,000 were deemed to be fully impaired and written off . 4 ) During the first quarter of fiscal 2019, changes in facts and circumstances related to the planned sale of our cryogenics business in Turkey, Worthington Aritas, resulted in our lowering the estimate of fair value less cost to sell to $7,000,000, generating an impairment charge of $2,381,000. 5 ) During the fourth quarter of fiscal 2019, in connection with the closure of the CNG fuel systems facility in Salt Lake City, Utah, long-lived assets consisting primarily of technology-related intangible assets and fixed assets were written down to their estimated fair value of $238,000, resulting in an impairment charge of $2,167,000. During the fourth quarter of fiscal 2019, certain long-lived assets at our consolidated joint venture, WSP, were written down to their estimated fair value of $1,000,000, resulting in an impairment charge of $3,269,000. The fair value of non-derivative financial instruments included in the carrying amounts of cash and cash equivalents, receivables, notes receivable, income taxes receivable, other assets, accounts payable, accrued compensation, contributions to employee benefit plans and related taxes, other accrued items, income taxes payable and other liabilities approximate carrying value due to their short-term nature. The fair value of long-term debt, including current maturities, based upon models utilizing market observable (Level 2) inputs and credit risk, was $730,666,000 and $767,075,000 at August 31, 2019 and May 31, 2019, respectively. The carrying amount of long-term debt, including current maturities, was $699,229,000 and $749,299,000 at August 31, 2019 and May 31, 2019, respectively. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Aug. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE R – Subsequent Events On October 7, 2019, the Steel Processing segment of Worthington Industries, Inc. acquired the Cleveland, Ohio based operating assets of Heidtman Steel Products, Inc., expanding the Company’s pickling and slitting capabilities. The purchase price was approximately $30,000,000, subject to closing adjustments. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Aug. 31, 2019 | |
Accounting Policies [Abstract] | |
Recently Adopted and Issued Accounting Standards | Recently Adopted Accounting Standards On June 1, 2019, the Company adopted Accounting Standards Update 2016-02, Leases On June 1, 2019, the Company adopted ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities (“Topic 815”) , which amended the existing hedge accounting guidance . The ASU is intended to simplify and clarify the accounting and disclosure requirements for hedging activities by more closely aligning the results of cash flow and fair value hedge accounting with the underlying risk management activities. The adoption of the standard had no current or historical impact on Recently Issued Accounting Standards In June 2016, amended accounting guidance was issued related to the measurement of credit losses on financial instruments. The amended accounting guidance changes the impairment model for most financial assets to require measurement and recognition of expected credit losses for financial assets held. The amended accounting guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. We are in the process of evaluating the effect this amended accounting guidance will have on our consolidated |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Aug. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenue by Product Class and Timing | The following tables summarize net sales by product class and by timing of revenue recognition for the periods presented: (in thousands) Reportable Segments Three months ended August 31, 2019 Steel Processing Pressure Cylinders Engineered Cabs Other Total Product class: Steel Processing Direct $ 493,646 $ - $ - $ - $ 493,646 Toll 29,729 - - - 29,729 Pressure Cylinders Industrial products - 152,618 - - 152,618 Consumer products - 119,480 - - 119,480 Oil & gas equipment - 32,298 - - 32,298 Engineered Cabs - - 28,066 - 28,066 Other - - - 22 22 Total $ 523,375 $ 304,396 $ 28,066 $ 22 $ 855,859 Timing of revenue recognition: Goods transferred at a point in time $ 493,646 $ 274,388 $ 28,066 $ 22 $ 796,122 Goods and services transferred over time 29,729 30,008 - - 59,737 Total $ 523,375 $ 304,396 $ 28,066 $ 22 $ 855,859 (in thousands) Reportable Segments Three months ended August 31, 2018 Steel Processing Pressure Cylinders Engineered Cabs Other Total Product class: Steel Processing Direct $ 626,862 $ - $ - $ - $ 626,862 Toll 33,625 - - - 33,625 Pressure Cylinders Industrial products - 152,847 - - 152,847 Consumer products - 116,823 - - 116,823 Oil & gas equipment - 30,683 - - 30,683 Engineered Cabs - - 27,252 - 27,252 Other - - - 15 15 Total $ 660,487 $ 300,353 $ 27,252 $ 15 $ 988,107 Timing of revenue recognition: Goods transferred at a point in time $ 626,862 $ 289,034 $ 27,252 $ 15 $ 943,163 Goods and services transferred over time 33,625 11,319 - - 44,944 Total $ 660,487 $ 300,353 $ 27,252 $ 15 $ 988,107 |
Summary of Unbilled Receivable and Contract Assets | The following table summarizes the unbilled receivables and contract assets for the periods indicated: August 31, June 1, (in thousands) Balance Sheet Classification 2019 2019 Unbilled receivables Receivables $ 4,664 $ 5,366 Contract assets Prepaid and other current assets $ 6,484 $ 8,792 |
Investments in Unconsolidated_2
Investments in Unconsolidated Affiliates (Tables) | 3 Months Ended |
Aug. 31, 2019 | |
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: August 31, May 31, (in thousands) 2019 2019 Cash $ 40,277 $ 37,471 Other current assets 572,241 594,959 Current assets for discontinued operations 34,044 35,793 Noncurrent assets 409,240 360,925 Total assets $ 1,055,802 $ 1,029,148 Current liabilities $ 249,803 $ 236,781 Current liabilities for discontinued operations 8,733 9,610 Short-term borrowings 18,147 15,162 Current maturities of long-term debt 2,792 33,003 Long-term debt 314,264 321,791 Other noncurrent liabilities 62,028 18,192 Equity 400,035 394,609 Total liabilities and equity $ 1,055,802 $ 1,029,148 Three Months Ended August 31, (in thousands) 2019 2018 Net sales $ 487,275 $ 498,545 Gross margin 101,615 103,812 Operating income 69,405 72,376 Depreciation and amortization 7,089 6,477 Interest expense 3,367 2,925 Income tax expense 1,002 4,525 Net earnings from continuing operations 61,141 64,894 Net earnings from discontinued operations 2,812 1,684 Net earnings 63,953 66,578 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Aug. 31, 2019 | |
Leases [Abstract] | |
Schedule of Components of Lease Expense | The components of lease expense were as follows: (in thousands) Three Months Ended August 31, 2019 Operating lease expense $ 3,342 Short-term lease expense 406 Variable lease expense 154 Total lease expense $ 3,902 |
Other Information Related to Operating Leases | Other information related to the Company’s operating leases, as of and for the period ended August 31, 2019, is provided below: (dollars in thousands) Cash paid for operating cash flows $ 2,793 ROU assets obtained in exchange for lease liabilities $ 204 Weighted-average remaining lease term (in years) 5.58 Weighted-average discount rate 3.48 % |
Schedule of Future Minimum Lease Payments for Non-Cancelable Operating Leases | Future minimum lease payments for non-cancelable operating leases having an initial or remaining term in excess of one year at August 31, 2019, were as follows: (in thousands) 2020 $ 12,306 2021 9,649 2022 7,820 2023 5,210 2024 3,168 Thereafter 7,250 Total 45,403 Less: imputed interest (5,534 ) Present value of operating lease liabilities $ 39,869 As previously disclosed in our 2019 Form 10-K under the prior accounting guidance, future minimum lease payments for non-cancelable operating leases having an initial or remaining term in excess of one year at May 31, 2019, were as follows: (in thousands) 2020 $ 10,774 2021 8,398 2022 5,428 2023 4,054 2024 2,098 Thereafter 2,637 Total $ 33,389 |
Restructuring and Other Expen_2
Restructuring and Other Expense, Net (Tables) | 3 Months Ended |
Aug. 31, 2019 | |
Restructuring And Related Activities [Abstract] | |
Schedule of Progression of Liabilities Associated with Restructuring Activities, Combined with Reconciliation to Restructuring and Other Expense (Income), Net | A progression of the liabilities associated with our restructuring activities, combined with a reconciliation to the restructuring and other expense (income), net financial statement caption, in our consolidated statement of earnings (loss) is summarized below for the period presented: Balance, as of Expense Balance, as of (in thousands) May 31, 2019 (income) Payments Adjustments August 31, 2019 Early retirement and severance $ 774 $ - $ (566 ) $ (8 ) $ 200 Facility exit and other costs 2 (26 ) (1 ) 26 1 $ 776 (26 ) $ (567 ) $ 18 $ 201 Net loss on sale of assets 481 Restructuring and other expense, net $ 455 |
Contingent Liabilities and Co_2
Contingent Liabilities and Commitments (Tables) | 3 Months Ended |
Aug. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Progression of Liabilities | A progression of the liabilities recorded in connection with this matter during fiscal 2020 is summarized in the following table: Beginning Ending (in thousands) Balance Expense Payments Balance Tank replacement costs $ 8,500 $ - $ (67 ) $ 8,433 |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Aug. 31, 2019 | |
Equity [Abstract] | |
Summary of Tax Effects on Each Component of OCI | The following table summarizes the tax effects on each component of OCI for the periods presented: Three months ended August 31, 2019 2018 Before-Tax Tax Net-of-Tax Before-Tax Tax Net-of-Tax (in thousands) Foreign currency translation $ 4,782 $ - $ 4,782 $ (3,695 ) $ - $ (3,695 ) Pension liability adjustment 1,304 (291 ) 1,013 - (97 ) (97 ) Cash flow hedges (3,325 ) 686 (2,639 ) (2,527 ) 557 (1,970 ) Other comprehensive income (loss) $ 2,761 $ 395 $ 3,156 $ (6,222 ) $ 460 $ (5,762 ) |
Changes in Equity (Tables)
Changes in Equity (Tables) | 3 Months Ended |
Aug. 31, 2019 | |
Equity [Abstract] | |
Summary of Changes in Equity by Component and in Total | The following tables summarize the changes in equity by component and in total for the periods presented: Controlling Interest Accumulated Other Additional Comprehensive Non- Paid-in Loss, Retained controlling (in thousands) Capital Net of Tax Earnings Total Interests Total Balance at May 31, 2019 $ 283,177 $ (43,464 ) $ 591,533 $ 831,246 $ 117,148 $ 948,394 Net earnings (loss) - - (4,776 ) (4,776 ) 2,320 (2,456 ) Other comprehensive income - 3,156 - 3,156 - 3,156 Common shares issued, net of withholding tax (3,213 ) - - (3,213 ) - (3,213 ) Common shares in NQ plans 74 - - 74 - 74 Stock-based compensation 4,545 - - 4,545 - 4,545 Purchases and retirement of common shares (3,814 ) - (25,785 ) (29,599 ) - (29,599 ) Cash dividends declared - - (13,460 ) (13,460 ) - (13,460 ) Balance at August 31, 2019 $ 280,769 $ (40,308 ) $ 547,512 $ 787,973 $ 119,468 $ 907,441 Controlling Interest Accumulated Other Additional Comprehensive Non- Paid-in Loss, Retained controlling (in thousands) Capital Net of Tax Earnings Total Interests Total Balance at May 31, 2018 $ 295,592 $ (14,580 ) $ 637,757 $ 918,769 $ 117,606 $ 1,036,375 Net earnings - - 54,942 54,942 2,016 56,958 Other comprehensive loss - (5,745 ) - (5,745 ) (17 ) (5,762 ) Common shares issued, net of withholding tax (4,091 ) - - (4,091 ) - (4,091 ) Common shares in NQ plans 152 - - 152 - 152 Stock-based compensation 4,838 - - 4,838 - 4,838 ASC 606 transition adjustment - - 1,174 1,174 570 1,744 Purchases and retirement of common shares (4,003 ) - (32,849 ) (36,852 ) - (36,852 ) Cash dividends declared - - (13,668 ) (13,668 ) - (13,668 ) Dividends to noncontrolling interest - - - - (2,320 ) (2,320 ) Balance at August 31, 2018 $ 292,488 $ (20,325 ) $ 647,356 $ 919,519 $ 117,855 $ 1,037,374 |
Summary of Changes in Accumulated Other Comprehensive Loss | The following tables summarize the changes in accumulated other comprehensive loss for the periods presented: Accumulated Foreign Pension Other Currency Liability Cash Flow Comprehensive (in thousands) Translation Adjustment Hedges Loss Balance as of May 31, 2019 $ (19,639 ) $ (17,856 ) $ (5,969 ) $ (43,464 ) Other comprehensive income (loss) before reclassifications (3,714 ) 62 (5,659 ) (9,311 ) Reclassification adjustments to income (a) 8,496 1,242 2,334 12,072 Income tax effect - (291 ) 686 395 Balance as of August 31, 2019 $ (14,857 ) $ (16,843 ) $ (8,608 ) $ (40,308 ) (a) The statement of earnings (loss) classification of amounts reclassified to income include: (1) Foreign currency translation – result of $7,454,000 related to the sale of our cryogenics business in Turkey; and $1,042,000 related to the impairment of our Nisshin joint venture. (2) Pension liability adjustment – result of the settlement of certain participant balances within the pension plan maintained by WAVE. (3) Cash flow hedges – disclosed in “NOTE P – Derivative Instruments and Hedging Activities”. Accumulated Foreign Pension Other Currency Liability Cash Flow Comprehensive (in thousands) Translation Adjustment Hedges Loss Balance as of May 31, 2018 $ (4,987 ) $ (16,071 ) $ 6,478 $ (14,580 ) Other comprehensive loss before reclassifications (3,678 ) - (31 ) (3,709 ) Reclassification adjustments to income (a) - - (2,496 ) (2,496 ) Income tax effect - (97 ) 557 460 Balance as of August 31, 2018 $ (8,665 ) $ (16,168 ) $ 4,508 $ (20,325 ) (a) The statement of earnings (loss) classification of amounts reclassified to income for cash flow hedges is disclosed in “NOTE P – Derivative Instruments and Hedging Activities”. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Aug. 31, 2019 | |
Schedule of Assumptions Used to Determine Grant Date Fair Value of Restricted Common Shares | The following assumptions were used to determine the grant-date fair value and the derived service period for these restricted common shares: Dividend yield 2.16 % Expected volatility 33.60 % Risk-free interest rate 2.96 % |
Non-Qualified Stock Options | |
Schedule of Assumptions Used to Determine Fair Value of Stock Options | The following assumptions were used to value these stock options: Dividend yield 2.42 % Expected volatility 33.10 % Risk-free interest rate 1.86 % Expected term (years) 6.0 |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 3 Months Ended |
Aug. 31, 2019 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings (Loss) Per Share Attributable to Controlling Interest | The following table sets forth the computation of basic and diluted earnings (loss) per share attributable to controlling interest for the periods presented: Three Months Ended August 31, (in thousands, except per share amounts) 2019 2018 Numerator (basic & diluted): Net earnings (loss) attributable to controlling interest - income (loss) available to common shareholders $ (4,776 ) $ 54,942 Denominator: Denominator for basic earnings (loss) per share attributable to controlling interest - weighted average common shares 55,241 58,731 Effect of dilutive securities - 1,890 Denominator for diluted earnings (loss) per share attributable to controlling interest - adjusted weighted average common shares 55,241 60,621 Basic earnings (loss) per share attributable to controlling interest $ (0.09 ) $ 0.94 Diluted earnings (loss) per share attributable to controlling interest $ (0.09 ) $ 0.91 |
Segment Operations (Tables)
Segment Operations (Tables) | 3 Months Ended |
Aug. 31, 2019 | |
Segment Reporting [Abstract] | |
Financial Information for Reportable Segments | The following table presents summarized financial information for our reportable segments as of the dates, and for the periods presented: Three Months Ended August 31, (in thousands) 2019 2018 Net sales Steel Processing $ 523,375 $ 660,487 Pressure Cylinders 304,396 300,353 Engineered Cabs 28,066 27,252 Other 22 15 Total net sales $ 855,859 $ 988,107 Operating income (loss) Steel Processing $ 6,168 $ 39,660 Pressure Cylinders 29,623 14,733 Engineered Cabs (45,128 ) (4,311 ) Other (5,251 ) 829 Total operating income (loss) $ (14,588 ) $ 50,911 Impairment of long-lived assets Steel Processing $ - $ - Pressure Cylinders - 2,381 Engineered Cabs 40,601 - Other - - Total impairment of long-lived assets $ 40,601 $ 2,381 Restructuring and other expense (income), net Steel Processing $ (26 ) $ (9 ) Pressure Cylinders - (927 ) Engineered Cabs - - Other 481 - Total restructuring and other expense (income), net $ 455 $ (936 ) August 31, May 31, (in thousands) 2019 2019 Total assets Steel Processing $ 882,839 $ 924,966 Pressure Cylinders 1,130,095 1,123,115 Engineered Cabs 20,477 66,226 Other 349,221 396,489 Total assets $ 2,382,632 $ 2,510,796 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended |
Aug. 31, 2019 | |
Schedule of Fair Value of Derivative Instruments | The following table summarizes the fair value of our derivative instruments and the respective lines in which they were recorded in the consolidated balance sheet at August 31, 2019: Asset Derivatives Liability Derivatives Balance Balance Sheet Fair Sheet Fair (in thousands) Location Value Location Value Derivatives designated as hedging instruments: Commodity contracts Receivables $ - Accounts payable $ 9,352 Other assets 1 Other liabilities 504 Totals $ 1 $ 9,856 Derivatives not designated as hedging instruments: Commodity contracts Receivables $ 2,530 Accounts payable $ 3,882 Other assets - Other liabilities 57 2,530 3,939 Foreign currency exchange contracts Receivables - Accounts payable 97 Totals $ 2,530 $ 4,036 Total derivative instruments $ 2,531 $ 13,892 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, 2019: Asset Derivatives Liability Derivatives Balance Balance Sheet Fair Sheet Fair (in thousands) Location Value Location Value Derivatives designated as hedging instruments: Commodity contracts Receivables $ 5 Accounts payable $ 8,383 Other assets - Other liabilities 201 Totals $ 5 $ 8,584 Derivatives not designated as hedging instruments: Commodity contracts Receivables $ 2,347 Accounts payable $ 3,568 Other assets 62 Other liabilities 66 2,409 3,634 Foreign currency exchange contracts Receivables - Accounts payable 20 Totals $ 2,409 $ 3,654 Total derivative instruments $ 2,414 $ 12,238 |
Schedule of Derivatives Designated as Cash Flow Hedging Instruments | The following table summarizes the loss recognized in OCI and the gain (loss) reclassified from AOCI into earnings (loss) for derivative instruments designated as cash flow hedges for the periods presented: Loss Location of Gain (Loss) Gain (Loss) Reclassified (in thousands) Recognized in OCI Reclassified from AOCI into Income from AOCI into Income For the three months ended August 31, 2019: Commodity contracts $ (5,659 ) Cost of goods sold $ (2,292 ) Interest rate contracts - Interest expense (120 ) Foreign currency exchange contracts - Miscellaneous income, net 78 Totals $ (5,659 ) $ (2,334 ) For the three months ended August 31, 2018: Commodity contracts $ (31 ) Cost of goods sold $ 2,543 Interest rate contracts - Interest expense (47 ) Totals $ (31 ) $ 2,496 |
Schedule of Gain (Loss) Recognized in Earnings for Economic (Non-Designated) Derivative Financial Instruments | The following table summarizes the loss recognized in earnings (loss) for economic (non-designated) derivative financial instruments for the periods presented: Loss Recognized In Earnings (Loss) for the Location of Loss Three Months Ended August 31, (in thousands) Recognized in Earnings (Loss) 2019 2018 Commodity contracts Cost of goods sold $ (2,243 ) $ (2,197 ) Foreign currency exchange contracts Miscellaneous income, net (104 ) (1,506 ) Total $ (2,347 ) $ (3,703 ) |
Derivatives Not Designated As Hedging Instruments | |
Schedule of Summary of Derivative Hedges | The following table summarizes our economic (non-designated) derivative instruments outstanding at August 31, 2019: Notional (in thousands) Amount Maturity Date(s) Commodity contracts $ 43,522 September 2019 - January 2021 Foreign currency exchange contracts 17,367 September 2019 - March 2020 |
Cash Flow Hedges | |
Schedule of Summary of Derivative Hedges | The following table summarizes our cash flow hedges outstanding at August 31, 2019: Notional (in thousands) Amount Maturity Date Commodity contracts $ 49,950 September 2019 - June 2021 |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Aug. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | At August 31, 2019, 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) $ - $ 2,531 $ - $ 2,531 Total assets $ - $ 2,531 $ - $ 2,531 Liabilities Derivative instruments (1) $ - $ 13,892 $ - $ 13,892 Total liabilities $ - $ 13,892 $ - $ 13,892 At May 31, 2019, 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) $ - $ 2,414 $ - $ 2,414 Total assets $ - $ 2,414 $ - $ 2,414 Liabilities Derivative instruments (1) $ - $ 12,238 $ - $ 12,238 Total liabilities $ - $ 12,238 $ - $ 12,238 (1) The fair value of our derivative instruments is based on the present value of the expected future cash flows considering the risks involved, including non-performance risk, and using discount rates appropriate for the respective maturities. Market observable, Level 2 inputs are used to determine the present value of the expected future cash flows. Refer to “ NOTE P – Derivative Instruments and Hedging Activities |
Assets Measured at Fair Value on Non-Recurring Basis | At August 31, 2019, our Significant Quoted Prices Other Significant in Active Observable Unobservable Markets Inputs Inputs (in thousands) (Level 1) (Level 2) (Level 3) Totals Assets Investment in unconsolidated affiliate (1) $ - $ - $ - - Long-lived assets held for sale (2) - 12,860 - 12,860 Long-lived assets held and used (3) - - - - Total assets $ - $ 12,860 $ - $ 12,860 At May 31, 2019, our assets measured at fair value on a non-recurring basis were as follows: Significant Quoted Prices Other Significant in Active Observable Unobservable Markets Inputs Inputs (in thousands) (Level 1) (Level 2) (Level 3) Totals Assets Investment in unconsolidated affiliate (1) $ - $ 3,700 $ - $ 3,700 Long-lived assets held for sale (4) - 7,000 - 7,000 Long-lived assets held and used (5) - 1,238 - 1,238 Total assets $ - $ 11,938 $ - $ 11,938 1) During the first quarter of fiscal 2020, we determined our 10% ownership interest in our steel joint venture in China, Nisshin, was fully impaired based on the estimated recoverability of the related assets. 2 ) During the first quarter of fiscal 2020, certain assets of the Engineered Cabs operating segment met the criteria for classification as assets held for sale. In accordance with the applicable accounting guidance, the net assets were recorded at their estimated fair value less costs to sell, or $12,860,000. 3) During the first quarter of fiscal 2020, t he Company identified an impairment indicator for the fabricated products business in Stow, Ohio within Engineered Cabs . As a result, fixed assets with a net book value of $ 1,469,000 and lease ROU assets with a net book value of $ 3,938,000 were deemed to be fully impaired and written off . 4 ) During the first quarter of fiscal 2019, changes in facts and circumstances related to the planned sale of our cryogenics business in Turkey, Worthington Aritas, resulted in our lowering the estimate of fair value less cost to sell to $7,000,000, generating an impairment charge of $2,381,000. 5 ) During the fourth quarter of fiscal 2019, in connection with the closure of the CNG fuel systems facility in Salt Lake City, Utah, long-lived assets consisting primarily of technology-related intangible assets and fixed assets were written down to their estimated fair value of $238,000, resulting in an impairment charge of $2,167,000. During the fourth quarter of fiscal 2019, certain long-lived assets at our consolidated joint venture, WSP, were written down to their estimated fair value of $1,000,000, resulting in an impairment charge of $3,269,000. |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) - Joint Venture Transactions | Aug. 31, 2019Entity |
Significant Accounting Policies [Line Items] | |
Number of joint ventures | 3 |
Spartan | |
Significant Accounting Policies [Line Items] | |
Percent of controlling interest by the Company | 52.00% |
TWB | |
Significant Accounting Policies [Line Items] | |
Percent of controlling interest by the Company | 55.00% |
Worthington Specialty Processing | |
Significant Accounting Policies [Line Items] | |
Percent of controlling interest by the Company | 51.00% |
Revenue Recognition - Revenue b
Revenue Recognition - Revenue by Product Class and Timing (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Aug. 31, 2019 | Aug. 31, 2018 | |
Disaggregation Of Revenue [Line Items] | ||
Net sales | $ 855,859 | $ 988,107 |
Goods transferred at a point in time | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 796,122 | 943,163 |
Goods and services transferred over time | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 59,737 | 44,944 |
Steel Processing | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 523,375 | 660,487 |
Steel Processing | Goods transferred at a point in time | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 493,646 | 626,862 |
Steel Processing | Goods and services transferred over time | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 29,729 | 33,625 |
Pressure Cylinders | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 304,396 | 300,353 |
Pressure Cylinders | Goods transferred at a point in time | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 274,388 | 289,034 |
Pressure Cylinders | Goods and services transferred over time | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 30,008 | 11,319 |
Engineered Cabs | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 28,066 | 27,252 |
Engineered Cabs | Goods transferred at a point in time | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 28,066 | 27,252 |
Other | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 22 | 15 |
Other | Goods transferred at a point in time | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 22 | 15 |
Direct | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 493,646 | 626,862 |
Direct | Steel Processing | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 493,646 | 626,862 |
Toll | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 29,729 | 33,625 |
Toll | Steel Processing | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 29,729 | 33,625 |
Industrial products | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 152,618 | 152,847 |
Industrial products | Pressure Cylinders | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 152,618 | 152,847 |
Consumer products | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 119,480 | 116,823 |
Consumer products | Pressure Cylinders | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 119,480 | 116,823 |
Oil & gas equipment | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | 32,298 | 30,683 |
Oil & gas equipment | Pressure Cylinders | ||
Disaggregation Of Revenue [Line Items] | ||
Net sales | $ 32,298 | $ 30,683 |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Unbilled Receivables and Contract Assets (Detail) - USD ($) $ in Thousands | Aug. 31, 2019 | Jun. 01, 2019 |
Receivables | ||
Unbilled Receivables And Contract Assets [Line Items] | ||
Unbilled receivables | $ 4,664 | $ 5,366 |
Prepaid Expenses and Other Current Assets | ||
Unbilled Receivables And Contract Assets [Line Items] | ||
Contract assets | $ 6,484 | $ 8,792 |
Investments in Unconsolidated_3
Investments in Unconsolidated Affiliates - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Aug. 31, 2019 | May 31, 2019 |
Investments in and Advances to Affiliates [Line Items] | |||
Distributions from unconsolidated affiliates | $ 29,849 | ||
Distributions in excess of investment in unconsolidated affiliate | $ 123,401 | $ 121,948 | |
ArtiFlex | |||
Investments in and Advances to Affiliates [Line Items] | |||
Percent of ownership interest held in unconsolidated affiliates | 50.00% | ||
ClarkDietrich | |||
Investments in and Advances to Affiliates [Line Items] | |||
Percent of ownership interest held in unconsolidated affiliates | 25.00% | ||
Samuel Steel Pickling Company | |||
Investments in and Advances to Affiliates [Line Items] | |||
Percent of ownership interest held in unconsolidated affiliates | 31.25% | ||
Serviacero Worthington | |||
Investments in and Advances to Affiliates [Line Items] | |||
Percent of ownership interest held in unconsolidated affiliates | 50.00% | ||
WAVE | |||
Investments in and Advances to Affiliates [Line Items] | |||
Percent of ownership interest held in unconsolidated affiliates | 50.00% | ||
Distributions in excess of investment in unconsolidated affiliate | $ 123,401 | ||
WAVE | Minimum | |||
Investments in and Advances to Affiliates [Line Items] | |||
pre-tax gain expected to be realized from the transaction | $ 45,000 | ||
WAVE | Maximum | |||
Investments in and Advances to Affiliates [Line Items] | |||
pre-tax gain expected to be realized from the transaction | $ 50,000 | ||
Nisshin | |||
Investments in and Advances to Affiliates [Line Items] | |||
Percent of ownership interest held in unconsolidated affiliates | 10.00% | 10.00% | |
Impairment charge | $ 4,236 | $ 4,017 |
Investments in Unconsolidated_4
Investments in Unconsolidated Affiliates - Schedule of Combined Financial Information for Unconsolidated Affiliates (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Aug. 31, 2019 | Aug. 31, 2018 | May 31, 2019 | |
Equity Method Investments And Joint Ventures [Abstract] | |||
Cash | $ 40,277 | $ 37,471 | |
Other current assets | 572,241 | 594,959 | |
Current assets for discontinued operations | 34,044 | 35,793 | |
Noncurrent assets | 409,240 | 360,925 | |
Total assets | 1,055,802 | 1,029,148 | |
Current liabilities | 249,803 | 236,781 | |
Current liabilities for discontinued operations | 8,733 | 9,610 | |
Short-term borrowings | 18,147 | 15,162 | |
Current maturities of long-term debt | 2,792 | 33,003 | |
Long-term debt | 314,264 | 321,791 | |
Other noncurrent liabilities | 62,028 | 18,192 | |
Equity | 400,035 | 394,609 | |
Total liabilities and equity | 1,055,802 | $ 1,029,148 | |
Net sales | 487,275 | $ 498,545 | |
Gross margin | 101,615 | 103,812 | |
Operating income | 69,405 | 72,376 | |
Depreciation and amortization | 7,089 | 6,477 | |
Interest expense | 3,367 | 2,925 | |
Income tax expense | 1,002 | 4,525 | |
Net earnings from continuing operations | 61,141 | 64,894 | |
Net earnings from discontinued operations | 2,812 | 1,684 | |
Net earnings | $ 63,953 | $ 66,578 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Aug. 31, 2019 | Jun. 01, 2019 | |
Leases [Abstract] | ||
Operating lease ROU asset | $ 35,977 | $ 42,200 |
Operating lease, liability | 39,869 | $ 43,400 |
Impairment of ROU assets | $ 4,843 |
Leases - Schedule of Components
Leases - Schedule of Components of Lease Expense (Detail) $ in Thousands | 3 Months Ended |
Aug. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating lease expense | $ 3,342 |
Short-term lease expense | 406 |
Variable lease expense | 154 |
Total lease expense | $ 3,902 |
Leases - Other Information Rela
Leases - Other Information Related to Operating Leases (Detail) $ in Thousands | 3 Months Ended |
Aug. 31, 2019USD ($) | |
Leases [Abstract] | |
Cash paid for operating cash flows | $ 2,793 |
ROU assets obtained in exchange for lease liabilities | $ 204 |
Weighted-average remaining lease term (in years) | 5 years 6 months 29 days |
Weighted-average discount rate | 3.48% |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments for Non-Cancelable Operating Leases (Detail) - USD ($) $ in Thousands | Aug. 31, 2019 | Jun. 01, 2019 | May 31, 2019 |
Leases [Abstract] | |||
2020 | $ 12,306 | $ 10,774 | |
2021 | 9,649 | 8,398 | |
2022 | 7,820 | 5,428 | |
2023 | 5,210 | 4,054 | |
2024 | 3,168 | 2,098 | |
Thereafter | 7,250 | 2,637 | |
Total | 45,403 | $ 33,389 | |
Less: imputed interest | (5,534) | ||
Present value of operating lease liabilities | $ 39,869 | $ 43,400 |
Impairment of Long-Lived Asse_2
Impairment of Long-Lived Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||||
Aug. 31, 2019 | Aug. 31, 2018 | Jun. 01, 2019 | May 31, 2019 | ||
Impaired Long Lived Assets Held And Used [Line Items] | |||||
Impairment of long-lived assets | $ 40,601 | $ 2,381 | |||
Impairment of ROU assets | 4,843 | ||||
Operating lease assets | 35,977 | $ 42,200 | |||
Worthington Aritas | |||||
Impaired Long Lived Assets Held And Used [Line Items] | |||||
Impairment charge | 2,381 | ||||
Engineered Cabs | |||||
Impaired Long Lived Assets Held And Used [Line Items] | |||||
Impairment of long-lived assets | 40,601 | ||||
Impairment of ROU assets | 905 | ||||
Fixed asset net book value | 1,469 | ||||
Operating lease assets | 3,938 | ||||
Fair Value, Nonrecurring | |||||
Impaired Long Lived Assets Held And Used [Line Items] | |||||
Fair market value of assets | 12,860 | $ 11,938 | |||
Fair Value, Nonrecurring | Worthington Aritas | |||||
Impaired Long Lived Assets Held And Used [Line Items] | |||||
Fair market value of assets | 7,000 | ||||
Impairment charge | $ 2,381 | ||||
Fair Value, Nonrecurring | Long Lived Assets Held And Used | |||||
Impaired Long Lived Assets Held And Used [Line Items] | |||||
Fair market value of assets | [1] | $ 1,238 | |||
Fair Value, Nonrecurring | Engineered Cabs | |||||
Impaired Long Lived Assets Held And Used [Line Items] | |||||
Fair market value of assets | 12,860 | ||||
Impairment of long-lived assets | 35,194 | ||||
Fair Value, Nonrecurring | Engineered Cabs | Long Lived Assets Held And Used | |||||
Impaired Long Lived Assets Held And Used [Line Items] | |||||
Fair market value of assets | $ 12,860 | ||||
[1] | During the fourth quarter of fiscal 2019, in connection with the closure of the CNG fuel systems facility in Salt Lake City, Utah, long-lived assets consisting primarily of technology-related intangible assets and fixed assets were written down to their estimated fair value of $238,000, resulting in an impairment charge of $2,167,000. During the fourth quarter of fiscal 2019, certain long-lived assets at our consolidated joint venture, WSP, were written down to their estimated fair value of $1,000,000, resulting in an impairment charge of $3,269,000. |
Restructuring and Other Expen_3
Restructuring and Other Expense, Net - Schedule of Progression of Liabilities Associated with Restructuring Activities, Combined with Reconciliation to Restructuring and Other Expense (Income), Net (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Aug. 31, 2019 | Aug. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | ||
Beginning Balance | $ 776 | |
Expense (income) | (26) | |
Payments | (567) | |
Adjustments | 18 | |
Ending Balance | 201 | |
Net loss on sale of assets | 481 | |
Restructuring and other expense (income), net | 455 | $ (936) |
Early Retirement And Severance | ||
Restructuring Cost and Reserve [Line Items] | ||
Beginning Balance | 774 | |
Expense (income) | 0 | |
Payments | (566) | |
Adjustments | (8) | |
Ending Balance | 200 | |
Facility Exit And Other Costs | ||
Restructuring Cost and Reserve [Line Items] | ||
Beginning Balance | 2 | |
Expense (income) | (26) | |
Payments | (1) | |
Adjustments | 26 | |
Ending Balance | $ 1 |
Restructuring and Other Expen_4
Restructuring and Other Expense, Net - Additional Information (Detail) $ in Thousands | 3 Months Ended |
Aug. 31, 2019USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
Net loss on sale of assets | $ 481 |
Other Non-significant Restructuring Activities | |
Restructuring Cost and Reserve [Line Items] | |
Facility exit costs reduction | (26) |
Cryogenics | |
Restructuring Cost and Reserve [Line Items] | |
Net proceeds from sale of business | 8,295 |
Net loss on sale of assets | $ 481 |
Contingent Liabilities and Co_3
Contingent Liabilities and Commitments - Summary of Progression of Liabilities (Detail) - Tank Replacement Costs $ in Thousands | 3 Months Ended |
Aug. 31, 2019USD ($) | |
Loss Contingencies [Line Items] | |
Beginning balance | $ 8,500 |
Expense | 0 |
Payments | (67) |
Ending balance | $ 8,433 |
Guarantees - Additional Informa
Guarantees - Additional Information (Detail) | 3 Months Ended |
Aug. 31, 2019USD ($) | |
Stand-by Letters of Credit | |
Guarantor Obligations [Line Items] | |
Letter of credit amount outstanding | $ 12,800,000 |
Drawn amount of letter of credit outstanding | 0 |
Operating Lease of Aircraft | |
Guarantor Obligations [Line Items] | |
Maximum potential obligation | $ 7,158,000 |
Debt and Receivables Securiti_2
Debt and Receivables Securitization - Additional Information (Detail) € in Thousands | Aug. 30, 2019USD ($) | Aug. 23, 2019EUR (€) | Jan. 15, 2019 | Feb. 16, 2018 | Aug. 31, 2019USD ($) | Aug. 31, 2018USD ($) | Aug. 23, 2019USD ($)subsidarie | Aug. 23, 2019EUR (€)subsidarie |
Debt And Receivables Securitization [Line Items] | ||||||||
Remaining borrowing capacity | $ 498,050,000 | |||||||
Debt Issuance Costs, Net | $ 148,000 | |||||||
Number of European subsidiaries | subsidarie | 2 | 2 | ||||||
Loss on extinguishment of debt | $ 4,034,000 | 4,034,000 | $ 0 | |||||
Securities Sold under Agreements to Repurchase | ||||||||
Debt And Receivables Securitization [Line Items] | ||||||||
Maximum borrowing capacity | 50,000,000 | |||||||
Borrowings outstanding | $ 0 | |||||||
Number of days past due trade accounts receivables are ineligible for securitization | 90 days | |||||||
Senior Notes Series A 1.56% | ||||||||
Debt And Receivables Securitization [Line Items] | ||||||||
Principal amount | € | € 36,700 | |||||||
Debt, interest rate | 1.56% | 1.56% | ||||||
Debt instrument, maturity date | Aug. 23, 2031 | |||||||
Debt to be repaid | € | € 30,000 | |||||||
Debt instrument payments date | Aug. 23, 2029 | |||||||
Remaining debt to repaid | € | € 6,700 | |||||||
Senior Notes Series B | ||||||||
Debt And Receivables Securitization [Line Items] | ||||||||
Principal amount | € | € 55,000 | |||||||
Debt, interest rate | 1.90% | 1.90% | ||||||
Debt instrument, maturity date | Aug. 23, 2034 | |||||||
Debt to be repaid | € | € 23,300 | |||||||
Debt instrument payments date | Aug. 23, 2031 | |||||||
Remaining debt to repaid | € | € 31,700 | |||||||
Senior Notes Six Point Five Zero Percent Due April Fifteen Twenty Twenty | ||||||||
Debt And Receivables Securitization [Line Items] | ||||||||
Debt, interest rate | 6.50% | |||||||
Debt instrument, maturity date | Apr. 15, 2020 | |||||||
Principal amount of debt redeemed | $ 150,000,000 | |||||||
Maximum | ||||||||
Debt And Receivables Securitization [Line Items] | ||||||||
Debt maturity period | 1 year | |||||||
Unsecured Revolving Credit Facility | ||||||||
Debt And Receivables Securitization [Line Items] | ||||||||
Maximum borrowing capacity | $ 500,000,000 | |||||||
Maturity date | 2023-02 | |||||||
Borrowings outstanding | 0 | |||||||
Stand-by Letters of Credit | ||||||||
Debt And Receivables Securitization [Line Items] | ||||||||
Letter of credit amount outstanding | 12,800,000 | |||||||
Drawn amount of letter of credit outstanding | 0 | |||||||
Letter of Credit | ||||||||
Debt And Receivables Securitization [Line Items] | ||||||||
Letter of credit amount outstanding | $ 1,950,000 | |||||||
AR Facility | Securities Sold under Agreements to Repurchase | ||||||||
Debt And Receivables Securitization [Line Items] | ||||||||
Maturity date | 2020-01 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) - Summary of Tax Effects on Each Component of OCI (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Aug. 31, 2019 | Aug. 31, 2018 | |
Components Of Other Comprehensive Income Loss [Abstract] | ||
Foreign currency translation, before tax | $ 4,782 | $ (3,695) |
Foreign currency translation, net of tax | 4,782 | (3,695) |
Pension liability adjustment, before tax | 1,304 | |
Pension liability adjustment, tax | (291) | (97) |
Pension liability adjustment, net of tax | 1,013 | (97) |
Cash flow hedges, before tax | (3,325) | (2,527) |
Cash flow hedges, tax | 686 | 557 |
Cash flow hedges, net of tax | (2,639) | (1,970) |
Other comprehensive loss, before tax | 2,761 | (6,222) |
Other comprehensive loss, tax | 395 | 460 |
Other comprehensive income (loss) | $ 3,156 | $ (5,762) |
Changes in Equity - Summary of
Changes in Equity - Summary of Changes in Equity by Component and in Total (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Aug. 31, 2019 | Aug. 31, 2018 | |
Balance | $ 948,394 | $ 1,036,375 |
Net earnings (loss) | (2,456) | 56,958 |
Other comprehensive income (loss) | 3,156 | (5,762) |
Common shares issued, net of withholding tax | (3,213) | (4,091) |
Common shares in NQ plans | 74 | 152 |
Stock-based compensation | 4,545 | 4,838 |
Purchases and retirement of common shares | (29,599) | (36,852) |
Cash dividends declared | (13,460) | (13,668) |
Dividends to noncontrolling interest | (2,320) | |
Balance | 907,441 | 1,037,374 |
Accounting Standards Update 2014-09 | ||
ASC 606 transition adjustment | 1,744 | |
Additional Paid-in Capital | ||
Balance | 283,177 | 295,592 |
Net earnings (loss) | 0 | 0 |
Other comprehensive income (loss) | 0 | 0 |
Common shares issued, net of withholding tax | (3,213) | (4,091) |
Common shares in NQ plans | 74 | 152 |
Stock-based compensation | 4,545 | 4,838 |
Purchases and retirement of common shares | (3,814) | (4,003) |
Cash dividends declared | 0 | 0 |
Dividends to noncontrolling interest | 0 | |
Balance | 280,769 | 292,488 |
Additional Paid-in Capital | Accounting Standards Update 2014-09 | ||
ASC 606 transition adjustment | 0 | |
AOCI Attributable to Parent | ||
Balance | (43,464) | (14,580) |
Net earnings (loss) | 0 | 0 |
Other comprehensive income (loss) | 3,156 | (5,745) |
Common shares issued, net of withholding tax | 0 | 0 |
Common shares in NQ plans | 0 | 0 |
Stock-based compensation | 0 | 0 |
Purchases and retirement of common shares | 0 | 0 |
Cash dividends declared | 0 | 0 |
Dividends to noncontrolling interest | 0 | |
Balance | (40,308) | (20,325) |
AOCI Attributable to Parent | Accounting Standards Update 2014-09 | ||
ASC 606 transition adjustment | 0 | |
Retained Earnings | ||
Balance | 591,533 | 637,757 |
Net earnings (loss) | (4,776) | 54,942 |
Other comprehensive income (loss) | 0 | 0 |
Common shares issued, net of withholding tax | 0 | 0 |
Common shares in NQ plans | 0 | 0 |
Stock-based compensation | 0 | 0 |
Purchases and retirement of common shares | (25,785) | (32,849) |
Cash dividends declared | (13,460) | (13,668) |
Dividends to noncontrolling interest | 0 | |
Balance | 547,512 | 647,356 |
Retained Earnings | Accounting Standards Update 2014-09 | ||
ASC 606 transition adjustment | 1,174 | |
Parent | ||
Balance | 831,246 | 918,769 |
Net earnings (loss) | (4,776) | 54,942 |
Other comprehensive income (loss) | 3,156 | (5,745) |
Common shares issued, net of withholding tax | (3,213) | (4,091) |
Common shares in NQ plans | 74 | 152 |
Stock-based compensation | 4,545 | 4,838 |
Purchases and retirement of common shares | (29,599) | (36,852) |
Cash dividends declared | (13,460) | (13,668) |
Dividends to noncontrolling interest | 0 | |
Balance | 787,973 | 919,519 |
Parent | Accounting Standards Update 2014-09 | ||
ASC 606 transition adjustment | 1,174 | |
Noncontrolling Interest | ||
Balance | 117,148 | 117,606 |
Net earnings (loss) | 2,320 | 2,016 |
Other comprehensive income (loss) | 0 | (17) |
Common shares issued, net of withholding tax | 0 | 0 |
Common shares in NQ plans | 0 | 0 |
Stock-based compensation | 0 | 0 |
Purchases and retirement of common shares | 0 | 0 |
Cash dividends declared | 0 | 0 |
Dividends to noncontrolling interest | (2,320) | |
Balance | $ 119,468 | 117,855 |
Noncontrolling Interest | Accounting Standards Update 2014-09 | ||
ASC 606 transition adjustment | $ 570 |
Changes in Equity - Summary o_2
Changes in Equity - Summary of Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Aug. 31, 2019 | Aug. 31, 2018 | |||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance | $ 948,394 | $ 1,036,375 | ||
Income tax effect | (395) | (460) | ||
Balance | 907,441 | 1,037,374 | ||
Accumulated Foreign Currency Adjustment Attributable to Parent | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance | (19,639) | (4,987) | ||
Other comprehensive income (loss) before reclassifications | (3,714) | (3,678) | ||
Reclassification adjustments to income | 8,496 | [1] | 0 | [2] |
Income tax effect | 0 | 0 | ||
Balance | (14,857) | (8,665) | ||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance | (17,856) | (16,071) | ||
Other comprehensive income (loss) before reclassifications | 62 | 0 | ||
Reclassification adjustments to income | 1,242 | [1] | 0 | [2] |
Income tax effect | (291) | (97) | ||
Balance | (16,843) | (16,168) | ||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance | (5,969) | 6,478 | ||
Other comprehensive income (loss) before reclassifications | (5,659) | (31) | ||
Reclassification adjustments to income | 2,334 | [1] | (2,496) | [2] |
Income tax effect | 686 | 557 | ||
Balance | (8,608) | 4,508 | ||
AOCI Attributable to Parent | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance | (43,464) | (14,580) | ||
Other comprehensive income (loss) before reclassifications | (9,311) | (3,709) | ||
Reclassification adjustments to income | 12,072 | [1] | (2,496) | [2] |
Income tax effect | 395 | 460 | ||
Balance | $ (40,308) | $ (20,325) | ||
[1] | (a) The statement of earnings (loss) classification of amounts reclassified to income include: (1) Foreign currency translation – result of $7,454,000 related to the sale of our cryogenics business in Turkey; and $1,042,000 related to the impairment of our Nisshin joint venture. (2) Pension liability adjustment – result of the settlement of certain participant balances within the pension plan maintained by WAVE. (3) Cash flow hedges – disclosed in “NOTE P – Derivative Instruments and Hedging Activities”. | |||
[2] | The statement of earnings (loss) classification of amounts reclassified to income for cash flow hedges is disclosed in “NOTE P – Derivative Instruments and Hedging Activities”. |
Changes in Equity - Summary o_3
Changes in Equity - Summary of Changes in Accumulated Other Comprehensive Loss (Parenthetical) (Detail) - Accumulated Foreign Currency Adjustment Attributable to Parent - USD ($) | 3 Months Ended | |||
Aug. 31, 2019 | Aug. 31, 2018 | [2] | ||
Reclassification adjustments to income | $ 8,496,000 | [1] | $ 0 | |
Nisshin | ||||
Reclassification adjustments to income | 1,042,000 | |||
Cryogenics | ||||
Reclassification adjustments to income | $ 7,454,000 | |||
[1] | (a) The statement of earnings (loss) classification of amounts reclassified to income include: (1) Foreign currency translation – result of $7,454,000 related to the sale of our cryogenics business in Turkey; and $1,042,000 related to the impairment of our Nisshin joint venture. (2) Pension liability adjustment – result of the settlement of certain participant balances within the pension plan maintained by WAVE. (3) Cash flow hedges – disclosed in “NOTE P – Derivative Instruments and Hedging Activities”. | |||
[2] | The statement of earnings (loss) classification of amounts reclassified to income for cash flow hedges is disclosed in “NOTE P – Derivative Instruments and Hedging Activities”. |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Sep. 28, 2018 | Aug. 31, 2019 | Aug. 31, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Pre-tax stock-based compensation expense | $ 3,995 | $ 3,156 | |
Non-Qualified Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non-qualified stock options, granted | 100,700 | ||
Non-qualified stock option, per share weighted average price | $ 38.91 | ||
Non-qualified stock option, fair value, per share price | $ 10.21 | ||
Pre-tax stock-based compensation, period of recognition | 3 years | ||
Pre-tax stock-based compensation expense | $ 1,029 | ||
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 | $ 4,877 | ||
Restricted common shares, granted | 124,300 | ||
Restricted common shares, fair value per share | $ 39.23 | ||
Market-Based Restricted Common Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Pre-tax stock-based compensation, period of recognition | 5 years | ||
Pre-tax stock-based compensation expense | $ 5,261 | ||
Restricted common shares, granted | 225,000 | ||
Restricted common shares, fair value per share | $ 23.38 | ||
Common share awards vesting, minimum price per share | $ 65 | ||
Common share awards vesting, minimum consecutive days at stated price | 90 days | ||
Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Pre-tax stock-based compensation expense | $ 2,160 | ||
Restricted common shares, granted | 55,500 | ||
Pre-tax stock-based compensation, period of recognition | 3 years |
Stock-Based Compensation - Assu
Stock-Based Compensation - Assumptions To Value Stock Options (Detail) | 3 Months Ended |
Aug. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Dividend yield | 2.42% |
Expected volatility | 33.10% |
Risk-free interest rate | 1.86% |
Expected term (years) | 6 years |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Assumptions Used to Determine Grant Date Fair Value of Restricted Common Shares (Detail) | Sep. 28, 2018 | Aug. 31, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividend yield | 2.42% | |
Expected volatility | 33.10% | |
Risk-free interest rate | 1.86% | |
Market-Based Restricted Common Shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividend yield | 2.16% | |
Expected volatility | 33.60% | |
Risk-free interest rate | 2.96% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 3 Months Ended | |
Aug. 31, 2019 | Aug. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Estimated annual effective income tax rate | 25.10% | 23.20% |
Earnings (Loss) Per Share - Com
Earnings (Loss) Per Share - Computation of Basic and Diluted Earnings (Loss) Per Share Attributable to Controlling Interest (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Aug. 31, 2019 | Aug. 31, 2018 | |
Numerator (basic & diluted): | ||
Net earnings (loss)attributable to controlling interest - income (loss) available to common shareholders | $ (4,776) | $ 54,942 |
Denominator: | ||
Denominator for basic earnings (loss) per share attributable to controlling interest- weighted average common shares | 55,241 | 58,731 |
Effect of dilutive securities | 1,890 | |
Denominator for diluted earnings (loss) per share attributable to controlling interest-adjusted weighted average common shares | 55,241 | 60,621 |
Basic earnings (loss) per share attributable to controlling interest | $ (0.09) | $ 0.94 |
Diluted earnings (loss) per share attributable to controlling interest | $ (0.09) | $ 0.91 |
Earnings (Loss) Per Share - Add
Earnings (Loss) Per Share - Additional Information (Detail) - shares | 3 Months Ended | |
Aug. 31, 2019 | Aug. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Shares excluded from computation of diluted earnings per share | 1,585,971 | 148,004 |
Segment Operations - Financial
Segment Operations - Financial Information for Reportable Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Aug. 31, 2019 | Aug. 31, 2018 | May 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 855,859 | $ 988,107 | |
Operating income (loss) | (14,588) | 50,911 | |
Impairment of long-lived assets | 40,601 | 2,381 | |
Restructuring and other expense (income), net | 455 | (936) | |
Total assets | 2,382,632 | $ 2,510,796 | |
Steel Processing | |||
Segment Reporting Information [Line Items] | |||
Net sales | 523,375 | 660,487 | |
Operating income (loss) | 6,168 | 39,660 | |
Restructuring and other expense (income), net | (26) | (9) | |
Total assets | 882,839 | 924,966 | |
Pressure Cylinders | |||
Segment Reporting Information [Line Items] | |||
Net sales | 304,396 | 300,353 | |
Operating income (loss) | 29,623 | 14,733 | |
Impairment of long-lived assets | 2,381 | ||
Restructuring and other expense (income), net | (927) | ||
Total assets | 1,130,095 | 1,123,115 | |
Engineered Cabs | |||
Segment Reporting Information [Line Items] | |||
Net sales | 28,066 | 27,252 | |
Operating income (loss) | (45,128) | (4,311) | |
Impairment of long-lived assets | 40,601 | ||
Total assets | 20,477 | 66,226 | |
Other | |||
Segment Reporting Information [Line Items] | |||
Net sales | 22 | 15 | |
Operating income (loss) | (5,251) | $ 829 | |
Restructuring and other expense (income), net | 481 | ||
Total assets | $ 349,221 | $ 396,489 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Schedule of Fair Value of Derivative Instruments (Detail) - USD ($) $ in Thousands | Aug. 31, 2019 | May 31, 2019 |
Derivative [Line Items] | ||
Asset Derivatives at Fair Value | $ 2,531 | $ 2,414 |
Liability Derivatives at Fair Value | 13,892 | 12,238 |
Derivatives Designated As Hedging Instruments | ||
Derivative [Line Items] | ||
Asset Derivatives at Fair Value | 1 | 5 |
Liability Derivatives at Fair Value | 9,856 | 8,584 |
Derivatives Designated As Hedging Instruments | Commodity Contracts | Accounts Payable | ||
Derivative [Line Items] | ||
Liability Derivatives at Fair Value | 9,352 | 8,383 |
Derivatives Designated As Hedging Instruments | Commodity Contracts | Receivables | ||
Derivative [Line Items] | ||
Asset Derivatives at Fair Value | 5 | |
Derivatives Designated As Hedging Instruments | Commodity Contracts | Other Assets | ||
Derivative [Line Items] | ||
Asset Derivatives at Fair Value | 1 | |
Derivatives Designated As Hedging Instruments | Commodity Contracts | Other Liabilities | ||
Derivative [Line Items] | ||
Liability Derivatives at Fair Value | 504 | 201 |
Derivatives Not Designated As Hedging Instruments | ||
Derivative [Line Items] | ||
Asset Derivatives at Fair Value | 2,530 | 2,409 |
Liability Derivatives at Fair Value | 4,036 | 3,654 |
Derivatives Not Designated As Hedging Instruments | Commodity Contracts | ||
Derivative [Line Items] | ||
Asset Derivatives at Fair Value | 2,530 | 2,409 |
Liability Derivatives at Fair Value | 3,939 | 3,634 |
Derivatives Not Designated As Hedging Instruments | Commodity Contracts | Accounts Payable | ||
Derivative [Line Items] | ||
Liability Derivatives at Fair Value | 3,882 | 3,568 |
Derivatives Not Designated As Hedging Instruments | Commodity Contracts | Receivables | ||
Derivative [Line Items] | ||
Asset Derivatives at Fair Value | 2,530 | 2,347 |
Derivatives Not Designated As Hedging Instruments | Commodity Contracts | Other Assets | ||
Derivative [Line Items] | ||
Asset Derivatives at Fair Value | 62 | |
Derivatives Not Designated As Hedging Instruments | Commodity Contracts | Other Liabilities | ||
Derivative [Line Items] | ||
Liability Derivatives at Fair Value | 57 | 66 |
Derivatives Not Designated As Hedging Instruments | Foreign Currency Exchange Contracts | Accounts Payable | ||
Derivative [Line Items] | ||
Liability Derivatives at Fair Value | $ 97 | $ 20 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Aug. 31, 2019 | May 31, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ||
Impact to fair value of derivative assets and liabilities as a result of recognition on a net basis | $ 238 | $ 220 |
Losses in accumulated other comprehensive income expected to be reclassified into net earnings | 9,095 | |
Losses in accumulated other comprehensive income expected to be reclassified into net earnings, tax | $ 2,643 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Schedule of Summary of Derivative Hedges (Detail) $ in Thousands | 3 Months Ended |
Aug. 31, 2019USD ($) | |
Commodity Contracts | Derivatives Not Designated As Hedging Instruments | |
Derivative [Line Items] | |
Notional Amount | $ 43,522 |
Commodity Contracts | Minimum | Derivatives Not Designated As Hedging Instruments | |
Derivative [Line Items] | |
Maturity Date | 2019-09 |
Commodity Contracts | Maximum | Derivatives Not Designated As Hedging Instruments | |
Derivative [Line Items] | |
Maturity Date | 2021-01 |
Foreign Currency Exchange Contracts | Derivatives Not Designated As Hedging Instruments | |
Derivative [Line Items] | |
Notional Amount | $ 17,367 |
Foreign Currency Exchange Contracts | Minimum | Derivatives Not Designated As Hedging Instruments | |
Derivative [Line Items] | |
Maturity Date | 2019-09 |
Foreign Currency Exchange Contracts | Maximum | Derivatives Not Designated As Hedging Instruments | |
Derivative [Line Items] | |
Maturity Date | 2020-03 |
Cash Flow Hedges | Commodity Contracts | |
Derivative [Line Items] | |
Notional Amount | $ 49,950 |
Cash Flow Hedges | Commodity Contracts | Minimum | |
Derivative [Line Items] | |
Maturity Date | 2019-09 |
Cash Flow Hedges | Commodity Contracts | Maximum | |
Derivative [Line Items] | |
Maturity Date | 2021-06 |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities - Schedule of Derivatives Designated as Cash Flow Hedging Instruments (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Aug. 31, 2019 | Aug. 31, 2018 | |
Derivative [Line Items] | ||
Loss Recognized in OCI | $ (5,659) | $ (31) |
Gain (Loss) Reclassified from AOCI into Income | (2,334) | 2,496 |
Commodity Contracts | ||
Derivative [Line Items] | ||
Loss Recognized in OCI | (5,659) | (31) |
Commodity Contracts | Cost of Sales | ||
Derivative [Line Items] | ||
Gain (Loss) Reclassified from AOCI into Income | (2,292) | 2,543 |
Interest Rate Contract | Interest Expense | ||
Derivative [Line Items] | ||
Gain (Loss) Reclassified from AOCI into Income | (120) | $ (47) |
Foreign Currency Exchange Contracts | Miscellaneous Income Expense | ||
Derivative [Line Items] | ||
Gain (Loss) Reclassified from AOCI into Income | $ 78 |
Derivative Instruments and He_7
Derivative Instruments and Hedging Activities - Schedule of Gain (Loss) Recognized in Earnings for Economic (Non-Designated) Derivative Financial Instruments (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Aug. 31, 2019 | Aug. 31, 2018 | |
Derivative [Line Items] | ||
Loss Recognized in Earnings (Loss) | $ (2,347) | $ (3,703) |
Commodity Contracts | Cost of Sales | ||
Derivative [Line Items] | ||
Loss Recognized in Earnings (Loss) | (2,243) | (2,197) |
Foreign Currency Exchange Contracts | Miscellaneous Income Expense | ||
Derivative [Line Items] | ||
Loss Recognized in Earnings (Loss) | $ (104) | $ (1,506) |
Fair Value - Schedule of Assets
Fair Value - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Aug. 31, 2019 | May 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | $ 2,531 | $ 2,414 | |
Liabilities | 13,892 | 12,238 | |
Derivative Instruments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | [1] | 2,531 | 2,414 |
Liabilities | [1] | 13,892 | 12,238 |
Significant Other Observable Inputs (Level 2) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 2,531 | 2,414 | |
Liabilities | 13,892 | 12,238 | |
Significant Other Observable Inputs (Level 2) | Derivative Instruments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | [1] | 2,531 | 2,414 |
Liabilities | [1] | $ 13,892 | $ 12,238 |
[1] | The fair value of our derivative instruments is based on the present value of the expected future cash flows considering the risks involved, including non-performance risk, and using discount rates appropriate for the respective maturities. Market observable, Level 2 inputs are used to determine the present value of the expected future cash flows. Refer to “ NOTE P – Derivative Instruments and Hedging Activities |
Fair Value - Assets Measured at
Fair Value - Assets Measured at Fair Value on Non-Recurring Basis (Detail) - Fair Value, Nonrecurring - USD ($) $ in Thousands | Aug. 31, 2019 | May 31, 2019 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset measured at fair value on non-recurring basis | $ 12,860 | $ 11,938 | |||
Significant Other Observable Inputs (Level 2) | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset measured at fair value on non-recurring basis | 12,860 | 11,938 | |||
Investment In Unconsolidated Affiliate | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset measured at fair value on non-recurring basis | [1] | 3,700 | |||
Investment In Unconsolidated Affiliate | Significant Other Observable Inputs (Level 2) | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset measured at fair value on non-recurring basis | [1] | 3,700 | |||
Long Lived Assets Held For Sale | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset measured at fair value on non-recurring basis | 12,860 | [2] | 7,000 | [3] | |
Long Lived Assets Held For Sale | Significant Other Observable Inputs (Level 2) | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset measured at fair value on non-recurring basis | $ 12,860 | [2] | 7,000 | [3] | |
Long Lived Assets Held And Used | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset measured at fair value on non-recurring basis | [4] | 1,238 | |||
Long Lived Assets Held And Used | Significant Other Observable Inputs (Level 2) | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset measured at fair value on non-recurring basis | [4] | $ 1,238 | |||
[1] | During the first quarter of fiscal 2020, we determined our 10% ownership interest in our steel joint venture in China, Nisshin, was fully impaired based on the estimated recoverability of the related assets. | ||||
[2] | During the first quarter of fiscal 2020, certain assets of the Engineered Cabs operating segment met the criteria for classification as assets held for sale. In accordance with the applicable accounting guidance, the net assets were recorded at their estimated fair value less costs to sell, or $12,860,000. | ||||
[3] | During the first quarter of fiscal 2019, changes in facts and circumstances related to the planned sale of our cryogenics business in Turkey, Worthington Aritas, resulted in our lowering the estimate of fair value less cost to sell to $7,000,000, generating an impairment charge of $2,381,000. | ||||
[4] | During the fourth quarter of fiscal 2019, in connection with the closure of the CNG fuel systems facility in Salt Lake City, Utah, long-lived assets consisting primarily of technology-related intangible assets and fixed assets were written down to their estimated fair value of $238,000, resulting in an impairment charge of $2,167,000. During the fourth quarter of fiscal 2019, certain long-lived assets at our consolidated joint venture, WSP, were written down to their estimated fair value of $1,000,000, resulting in an impairment charge of $3,269,000. |
Fair Value - Assets Measured _2
Fair Value - Assets Measured at Fair Value on Non-Recurring Basis (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Aug. 31, 2019 | May 31, 2019 | Aug. 31, 2018 | May 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impairment of ROU assets | $ 4,843 | |||
Engineered Cabs | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impairment of ROU assets | 905 | |||
Engineered Cabs Paint Line | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impairment charge | 1,469 | |||
Impairment of ROU assets | 3,938 | |||
Fair Value, Nonrecurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets estimated fair value | 12,860 | $ 11,938 | $ 11,938 | |
Fair Value, Nonrecurring | CNG fuel system facility | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets estimated fair value | 238 | $ 238 | ||
Impairment charge | $ 2,167 | |||
Fair Value, Nonrecurring | Engineered Cabs | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets estimated fair value | $ 12,860 | |||
Nisshin | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Percent of ownership interest held in unconsolidated affiliates | 10.00% | 10.00% | 10.00% | |
Impairment charge | $ 4,236 | $ 4,017 | ||
Nisshin | Fair Value, Nonrecurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets estimated fair value | $ 3,700 | 3,700 | ||
Worthington Aritas | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impairment charge | $ 2,381 | |||
Worthington Aritas | Fair Value, Nonrecurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets estimated fair value | 7,000 | |||
Impairment charge | $ 2,381 | |||
Worthington Specialty Processing | Fair Value, Nonrecurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets estimated fair value | 1,000 | $ 1,000 | ||
Impairment charge | $ 3,269 |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) - Long-term Debt - USD ($) $ in Thousands | Aug. 31, 2019 | May 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt at fair value including current maturities | $ 730,666 | $ 767,075 |
Long-term debt at carrying amount including current maturities | $ 699,229 | $ 749,299 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) | Oct. 07, 2019USD ($) |
Subsequent Event | Heidtman Steel Products Inc. [Member] | |
Subsequent Event [Line Items] | |
Purchase price | $ 30,000,000 |