Revenue Recognition (Tables)

12 Months Ended

May 31, 2020

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 Over Time

The following table summarizes net sales by product class for the periods presented:

(in thousands)	Fiscal Year Ended May 31,
Reportable segments by product class:	2020		2019
Steel Processing
Direct	$	1,729,972	$	2,308,756
Toll		129,698		127,062
Total		1,859,670		2,435,818
Pressure Cylinders
Industrial products		550,543		627,053
Consumer products		485,990		470,447
Oil & gas equipment		111,891		110,298
Total		1,148,424		1,207,798
Other
Engineered Cabs		50,954		115,902
Other		71		38
Total		51,025		115,940
Total	$	3,059,119	$	3,759,556

Summary of Unbilled Receivable and Contract Assets

The following table summarizes the unbilled receivables and contract assets for the periods indicated:

		Fiscal Year Ended May 31,
(in thousands)	Balance Sheet Classification	2020		2019
Unbilled receivables	Receivables	$	5,552	$	5,366
Contract assets	Prepaid expenses and other current assets	$	4,127	$	8,792

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 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

Over time revenue

Disaggregation Of Revenue [Line Items]

Revenue by Product Class and Over Time

The following table summarizes the over time revenue for the periods presented:

	Fiscal Year Ended May 31,
(in thousands)	2020		2019
Steel Processing - toll	$	129,698	$	127,062
Pressure Cylinders - certain oil & gas contracts		100,774		75,159
Total over time revenue	$	230,472	$	202,221