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Changes in Equity (Tables)
 3 Months Ended
Aug. 31, 2018
Equity [Abstract]  
Summary of Changes in Equity by Component and in Total

The following table summarizes the changes in equity by component and in total for the period 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, 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

 

On September 27, 2017, the Board of Directors of Worthington Industries, Inc. authorized the repurchase of up to 6,828,855 of the outstanding common shares of Worthington Industries, Inc.  The total number of common shares available for repurchase at August 31, 2018 was 5,700,000.

 

The following table summarizes the changes in accumulated other comprehensive loss for the period presented:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

Foreign

 

 

Pension

 

 

 

 

 

 

Other

 

 

 

Currency

 

 

Liability

 

 

Cash Flow

 

 

Comprehensive

 

 

 

Translation

 

 

Adjustment

 

 

Hedges

 

 

Loss

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 taxes

 

 

-

 

 

 

(97

)

 

 

557

 

 

 

460

 

Balance as of August 31, 2018

 

$

(8,665

)

 

$

(16,168

)

 

$

4,508

 

 

$

(20,325

)

 

 

(a)

The statement of earnings classification of amounts reclassified to income for cash flow hedges is disclosed in “NOTE O – Derivative Instruments and Hedging Activities.”