Changes in Equity (Tables)

9 Months Ended

Feb. 28, 2025

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
	Additional
	Paid-in			AOCI,			Retained						Noncontrolling
	Capital			Net of Tax			Earnings			Subtotal			Interests			Total
Balance at May 31, 2024	$	299,033		$	454		$	589,392		$	888,879		$	2,133		$	891,012
Net earnings (loss)		-			-			24,253			24,253			(245	)		24,008
Other comprehensive income		-			484			-			484			-			484
Common shares issued, net of withholding tax		(3,158	)		-			-			(3,158	)		-			(3,158	)
Common shares in non-qualified plans		32			-			-			32			-			32
Stock-based compensation		6,216			-			-			6,216			-			6,216
Repurchases and retirement of common shares		(884	)		-			(5,919	)		(6,803	)		-			(6,803	)
Cash dividends declared		-			-			(8,550	)		(8,550	)		-			(8,550	)
Balance at August 31, 2024	$	301,239		$	938		$	599,176		$	901,353		$	1,888		$	903,241
Net earnings (loss)		-			-			28,260			28,260			(251	)		28,009
Other comprehensive loss		-			(3,320	)		-			(3,320	)		-			(3,320	)
Common shares issued, net of withholding tax		(3,893	)		-			-			(3,893	)		-			(3,893	)
Common shares in non-qualified plans		56			-			-			56			-			56
Stock-based compensation		5,539			-			-			5,539			-			5,539
Repurchases and retirement of common shares		(1,212	)		-			(6,867	)		(8,079	)		-			(8,079	)
Cash dividends declared		-			-			(8,595	)		(8,595	)		-			(8,595	)
Balance at November 30, 2024	$	301,729		$	(2,382	)	$	611,974		$	911,321		$	1,637		$	912,958
Net earnings (loss)		-			-			39,663			39,663			(324	)		39,339
Other comprehensive loss		-			(1,995	)		-			(1,995	)		-			(1,995	)
Common shares issued, net of withholding tax		(22	)		-			-			(22	)		-			(22	)
Common shares in non-qualified plans		33			-			-			33			-			33
Stock-based compensation		2,890			-			-			2,890			-			2,890
Repurchases and retirement of common shares		(920	)		-			(5,250	)		(6,170	)		-			(6,170	)
Cash dividends declared		-			-			(8,512	)		(8,512	)		-			(8,512	)
Balance at February 28, 2025	$	303,710		$	(4,377	)	$	637,875		$	937,208		$	1,313		$	938,521

	Controlling Interest
	Additional
	Paid-in			AOCI,			Retained						Noncontrolling
	Capital			Net of Tax			Earnings			Subtotal			Interests			Total
Balance at May 31, 2023	$	290,799		$	(23,179	)	$	1,428,391			1,696,011		$	125,617		$	1,821,628
Net earnings		-			-			96,106			96,106			3,597			99,703
Other comprehensive loss		-			(5,408	)		-			(5,408	)		-			(5,408	)
Common shares issued, net of withholding tax		(5,130	)		-			-			(5,130	)		-			(5,130	)
Common shares in non-qualified plans		130			-			-			130			-			130
Stock-based compensation		8,995			-			-			8,995			-			8,995
Cash dividends declared		-			-			(16,081	)		(16,081	)		-			(16,081	)
Dividends to noncontrolling interests		-			-			-			-			(1,921	)		(1,921	)
Balance at August 31, 2023	$	294,794		$	(28,587	)	$	1,508,416		$	1,774,623		$	127,293		$	1,901,916
Net earnings		-			-			24,302			24,302			3,865			28,167
Other comprehensive income		-			14,446			-			14,446			-			14,446
Common shares issued, net of withholding tax		(9,207	)		-			-			(9,207	)		-			(9,207	)
Common shares in non-qualified plans		195			-			-			195			-			195
Stock-based compensation		4,511			-			-			4,511			-			4,511
Cash dividends declared		-			-			(16,061	)		(16,061	)		-			(16,061	)
Balance at November 30, 2023	$	290,293		$	(14,141	)	$	1,516,657		$	1,792,809		$	131,158		$	1,923,967
Net earnings		-			-			22,000			22,000			-			22,000
Other comprehensive income		-			6,323			-			6,323			-			6,323
Common shares issued, net of withholding tax		(1,023	)		-			-			(1,023	)		-			(1,023	)
Common shares in non-qualified plans		53			-			-			53			-			53
Stock-based compensation		2,071			-			-			2,071			-			2,071
Acquisition of Halo		-			-			-			-			2,346			2,346
Separation of Worthington Steel		-			(717	)		(901,370	)		(902,087	)		(131,158	)		(1,033,245	)
Cash dividends declared		-			-			(8,050	)		(8,050	)		-			(8,050	)
Balance at February 29, 2024	$	291,394		$	(8,535	)	$	629,237		$	912,096		$	2,346		$	914,442

Summary of Changes in AOCI

The following table summarizes the changes in AOCI for the periods presented:

	Foreign			Pension
	Currency			Liability			Cash Flow
	Translation			Adjustment			Hedges			AOCI
Balance at May 31, 2024	$	(669	)	$	(441	)	$	1,564		$	454
OCI before reclassifications		(4,433	)		16			207			(4,210	)
Reclassification adjustments to net earnings (1)		-			-			368			368
Income tax effect		(1,006	)		151			(134	)		(989	)
Balance at February 28, 2025	$	(6,108	)	$	(274	)	$	2,005		$	(4,377	)

	Foreign			Pension
	Currency			Liability			Cash Flow
	Translation			Adjustment			Hedges			AOCI
Balance at May 31, 2023	$	(22,123	)	$	(1,730	)	$	674		$	(23,179	)
OCI before reclassifications		1,555			60			14,893			16,508
Reclassification adjustments to net earnings (1)(2)		-			8,867			(5,753	)		3,114
Income tax effect		88			(2,125	)		(2,224	)		(4,261	)
Separation of Worthington Steel		10,874			(5,984	)		(5,607	)		(717	)
Balance at February 29, 2024	$	(9,606	)	$	(912	)	$	1,983		$	(8,535	)

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(1)The statement of earnings classification of amounts reclassified to net income for cash flow hedges is disclosed in “Note O – Derivative Financial Instruments and Hedging Activities.”

(2)Reflects the acceleration of deferred pension costs in AOCI related to separate pension lift-out transactions completed in February 2024 and August 2022, respectively, to transfer the pension benefit obligation under The Gerstenslager Company Bargaining Unit Employees’ Pension Plan to third-party insurance companies.