Changes in Equity

6 Months Ended

Nov. 30, 2018

Equity [Abstract]

Changes in Equity

NOTE J – 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, 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
Net earnings		-			-			34,002			34,002			3,790			37,792
Other comprehensive loss		-			(11,245	)		-			(11,245	)		(55	)		(11,300	)
Common shares issued, net of withholding tax		(658	)		-			-			(658	)		-			(658	)
Common shares in NQ plans		306			-			-			306			-			306
Stock-based compensation		3,730			-			-			3,730			-			3,730
Purchases and retirement of common shares		(7,540	)		-			(56,041	)		(63,581	)		-			(63,581	)
Cash dividends declared		-			-			(13,401	)		(13,401	)		-			(13,401	)
Dividends to noncontrolling interest		-			-			-			-			(4,007	)		(4,007	)
Balance at November 30, 2018	$	288,326		$	(31,570	)	$	611,916		$	868,672		$	117,583		$	986,255

	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, 2017	$	303,391		$	(27,775	)	$	676,019		$	951,635		$	122,294		$	1,073,929
Net earnings		-			-			45,534			45,534			2,540			48,074
Other comprehensive income		-			17,314			-			17,314			439			17,753
Common shares issued, net of withholding tax		(3,274	)		-			-			(3,274	)		-			(3,274	)
Common shares in NQ plans		536			-			-			536			-			536
Stock-based compensation		4,822			-			-			4,822			-			4,822
Purchases and retirement of common shares		(4,235	)		-			(40,841	)		(45,076	)		-			(45,076	)
Cash dividends declared		-			-			(13,317	)		(13,317	)		-			(13,317	)
Dividends to noncontrolling interest		-			-			-			-			(720	)		(720	)
Balance at August 31, 2017	$	301,240		$	(10,461	)	$	667,395		$	958,174		$	124,553		$	1,082,727
Net earnings		-			-			39,403			39,403			2,219			41,622
Other comprehensive loss		-			(619	)		-			(619	)		(80	)		(699	)
Common shares issued, net of withholding tax		(722	)		-			-			(722	)		-			(722	)
Common shares in NQ plans		350			-			-			350			-			350
Stock-based compensation		3,169			-			-			3,169			-			3,169
Purchases and retirement of common shares		(7,245	)		-			(60,203	)		(67,448	)		-			(67,448	)
Cash dividends declared		-			-			(13,020	)		(13,020	)		-			(13,020	)
Dividends to noncontrolling interest		-			-			-			-			(3,196	)		(3,196	)
Balance at November 30, 2017	$	296,792		$	(11,080	)	$	633,575		$	919,287		$	123,496		$	1,042,783

Of the 6,828,855 common shares of Worthington Industries, Inc. authorized for repurchase by our Board of Directors on September 27, 2017, 4,200,000 remained available for repurchase at November 30, 2018.  During the first six months of fiscal 2019, we repurchased 2,300,000 common shares for $100,433,000.  

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		(10,261	)		-			(4,530	)		(14,791	)
Reclassification adjustments to income (a)		-			-			(4,063	)		(4,063	)
Income taxes		-			(97	)		1,961			1,864
Balance as of November 30, 2018	$	(15,248	)	$	(16,168	)	$	(154	)	$	(31,570	)

(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.”