Revenue Recognition (Tables)

3 Months Ended

Aug. 31, 2018

Disaggregation Of Revenue [Line Items]

Cumulative Effect of Adopting New Revenue Guidance on Consolidated Balance Sheet

The following table outlines the cumulative effect of adopting the new revenue guidance:

(in thousands)	May 31, 2018 (As Reported)		Cumulative Effect of Topic 606 Adoption			June 1, 2018 (As Adjusted)
Consolidated Balance Sheet caption
Receivables	$	572,689	$	4,706		$	577,395
Total inventories		454,027		(3,452	)		450,575
Prepaid expenses and other current assets		60,134		944			61,078
Deferred income taxes, net		60,188		454			60,642
Retained earnings		637,757		1,174			638,931
Noncontrolling interests		117,606		570			118,176

Disaggregation of Revenue by Product Class and Timing

The following table summarizes net sales disaggregated by product class and timing of revenue recognition for the period presented:

(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

Accounting Standards Update 2014-09

Disaggregation Of Revenue [Line Items]

Schedule of Impact of Adopting Topic 606 on Company's Consolidated Financial Statements

The following tables summarize the impacts of adopting Topic 606 on the Company’s consolidated financial statements as of and for the period ended August 31, 2018 as if the Company continued to follow its accounting policies under the previous revenue recognition guidance.

	August 31, 2018
(in thousands)	As Currently Reported		Topic 606 Adjustments			Balances Without Adoption of Topic 606
Consolidated Balance Sheet Assets
Receivables	$	564,612	$	(4,690	)	$	559,922
Total inventories		494,116		4,056			498,172
Prepaid expenses and other current assets		60,846		(1,823	)		59,023
Liabilities and Equity
Deferred income taxes, net		79,116		(450	)		78,666
Shareholders' equity - controlling interest		919,519		(1,413	)		918,106
Noncontrolling interests		117,855		(594	)		117,261
	Three months ended August 31, 2018
(in thousands)	As Currently Reported		Topic 606 Adjustments			Balances Without Adoption of Topic 606
Consolidated Statement of Earnings
Net sales	$	988,107	$	(863	)	$	987,244
Cost of goods sold		845,110		604			845,714
Income tax expense		14,498		(4	)		14,494
Net earnings		56,958		(263	)		56,695
Net earnings attributable to noncontrolling interests		2,016		(24	)		1,992
Net earnings attributable to controlling interest		54,942		(239	)		54,703