Revenue Recognition (Tables)

6 Months Ended

Nov. 30, 2018

Disaggregation Of Revenue [Line Items]

Cumulative Effect of Adopting New Revenue Recognition Guidance on Consolidated Balance Sheet

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

(in thousands)	May 31, 2018 (As Reported)		Cumulative Effect of Topic 606 Adoption			June 1, 2018 (As Adjusted)
Consolidated Balance Sheet Assets
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
Liabilities and Equity
Deferred income taxes, net		60,188		454			60,642
Retained earnings		637,757		1,174			638,931
Noncontrolling interests		117,606		570			118,176

Revenue by Product Class and Timing

The following tables summarize net sales by product class and by timing of revenue recognition for the three month and six month periods ended November 30, 2018:

(in thousands)	Reportable Segments
Three months ended November 30, 2018	Steel Processing		Pressure Cylinders		Engineered Cabs		Other		Total
Product class:
Steel Processing
Direct	$	602,010	$	-	$	-	$	-	$	602,010
Toll		33,033		-		-		-		33,033
Pressure Cylinders
Industrial products		-		152,018		-		-		152,018
Consumer products		-		117,194		-		-		117,194
Oil & gas equipment		-		25,235		-		-		25,235
Engineered Cabs		-		-		28,729		-		28,729
Other		-		-		-		7		7
Total	$	635,043	$	294,447	$	28,729	$	7	$	958,226

Timing of revenue recognition:
Goods transferred at a point in time	$	602,010	$	276,965	$	28,729	$	7	$	907,711
Goods and services transferred over time		33,033		17,482		-		-		50,515
Total	$	635,043	$	294,447	$	28,729	$	7	$	958,226

(in thousands)	Reportable Segments
Six months ended November 30, 2018	Steel Processing		Pressure Cylinders		Engineered Cabs		Other		Total
Product class:
Steel Processing
Direct	$	1,228,872	$	-	$	-	$	-	$	1,228,872
Toll		66,658		-		-		-		66,658
Pressure Cylinders
Industrial products		-		304,865		-		-		304,865
Consumer products		-		234,017		-		-		234,017
Oil & gas equipment		-		55,918		-		-		55,918
Engineered Cabs		-		-		55,981		-		55,981
Other		-		-		-		22		22
Total	$	1,295,530	$	594,800	$	55,981	$	22	$	1,946,333

Timing of revenue recognition:
Goods transferred at a point in time	$	1,228,872	$	565,999	$	55,981	$	22	$	1,850,874
Goods and services transferred over time		66,658		28,801		-		-		95,459
Total	$	1,295,530	$	594,800	$	55,981	$	22	$	1,946,333

Accounting Standards Update 2014-09

Disaggregation Of Revenue [Line Items]

Schedule of Adjustments on Consolidated Financial Statements

The following tables show the adjustments that would be required to be made to our fiscal 2019 consolidated financial statements to reflect the balances that would have been recorded if we continued to follow our accounting policies under the previous revenue recognition guidance.

	November 30, 2018
(in thousands)	As Currently Reported		Topic 606 Adjustments			Balances Without Adoption of Topic 606
Consolidated Balance Sheet Assets
Receivables	$	518,006	$	(4,750	)	$	513,256
Total inventories		488,742		6,376			495,118
Prepaid expenses and other current assets		62,367		(4,556	)		57,811
Liabilities and Equity
Income taxes payable		1,276		(106	)		1,170
Deferred income taxes, net		81,001		(454	)		80,547
Shareholders' equity - controlling interest		868,672		(1,753	)		866,919
Noncontrolling interests		117,583		(617	)		116,966

	Three months ended November 30, 2018							Six months ended November 30, 2018
(in thousands)	As Currently Reported		Topic 606 Adjustments			Balances Without Adoption of Topic 606		As Currently Reported		Topic 606 Adjustments			Balances Without Adoption of Topic 606
Consolidated Statement of Earnings
Net sales	$	958,226	$	(2,793	)	$	955,433	$	1,946,333	$	(3,656	)	$	1,942,677
Cost of goods sold		837,292		2,320			839,612		1,682,402		2,924			1,685,326
Income tax expense		11,119		110			11,229		25,617		106			25,723
Net earnings		37,792		(363	)		37,429		94,750		(626	)		94,124
Net earnings attributable to noncontrolling interests		3,790		(24	)		3,766		5,806		(48	)		5,758
Net earnings attributable to controlling interest		34,002		(339	)		33,663		88,944		(578	)		88,366