Revenue Recognition (Tables)

12 Months Ended

May 31, 2019

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 table summarizes net sales by product class and by timing of revenue recognition for the fiscal year ended May 31, 2019:

(in thousands)	Reportable Segments
Product class:	Steel Processing		Pressure Cylinders		Engineered Cabs		Other		Total
Steel Processing
Direct	$	2,308,756	$	-	$	-	$	-	$	2,308,756
Toll		127,062		-		-		-		127,062
Pressure Cylinders
Industrial products		-		627,053		-		-		627,053
Consumer products		-		470,447		-		-		470,447
Oil & gas equipment		-		110,298		-		-		110,298
Engineered Cabs		-		-		115,902		-		115,902
Other		-		-		-		38		38
Total	$	2,435,818	$	1,207,798	$	115,902	$	38	$	3,759,556
Timing of revenue recognition:
Goods transferred at a point in time	$	2,308,756	$	1,132,639	$	115,902	$	38	$	3,557,335
Goods and services transferred over    time		127,062		75,159		-		-		202,221
Total	$	2,435,818	$	1,207,798	$	115,902	$	38	$	3,759,556

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:

(in thousands)	As Currently Reported		Topic 606 Adjustments			Balances Without Adoption of Topic 606
Consolidated Balance Sheet
Assets
Receivables	$	501,944	$	(5,367	)	$	496,577
Total inventories		484,280		8,704			492,984
Prepaid expenses and other current assets		69,508		(6,891	)		62,617
Income tax receivable		10,894		425			11,319
Liabilities and equity
Income taxes payable		1,164		12			1,176
Deferred income taxes, net		74,102		(360	)		73,742
Shareholders' equity - controlling interest		831,246		(2,227	)		829,019
Noncontrolling interests		117,148		(554	)		116,594
Consolidated Statement of Earnings
Net sales	$	3,759,556	$	(6,608	)	$	3,752,948
Cost of goods sold		3,279,601		(5,253	)		3,274,348
Income tax expense		43,183		(319	)		42,864
Net earnings		163,273		(1,036	)		162,237
Net earnings attributable to noncontrolling    interests		9,818		16			9,834
Net earnings attributable to controlling    interest		153,455		(1,052	)		152,403