Changes in Equity

3 Months Ended

Aug. 31, 2020

Equity [Abstract]

Changes in Equity

NOTE K – 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, 2020	$	283,776		$	(35,217	)	$	572,262		$	820,821		$	145,612		$	966,433
Net earnings		-			-			616,675			616,675			2,063			618,738
Other comprehensive income		-			11,242			-			11,242			-			11,242
Common shares issued, net of withholding tax		(1,150	)		-			-			(1,150	)		-			(1,150	)
Common shares in NQ plans		90			-			-			90			-			90
Stock-based compensation		3,022			-			-			3,022			-			3,022
Purchases and retirement of common shares		(7,536	)		-			(46,784	)		(54,320	)		-			(54,320	)
Cash dividends declared		-			-			(13,595	)		(13,595	)		-			(13,595	)
Dividends to noncontrolling interest		-			-			-			-			(560	)		(560	)
Balance at August 31, 2020	$	278,202		$	(23,975	)	$	1,128,558		$	1,382,785		$	147,115		$	1,529,900

	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, 2019	$	283,177		$	(43,464	)	$	591,533		$	831,246		$	117,148	$	948,394
Net earnings (loss)		-			-			(4,776	)		(4,776	)		2,320		(2,456	)
Other comprehensive income		-			3,156			-			3,156			-		3,156
Common shares issued, net of withholding tax		(3,213	)		-			-			(3,213	)		-		(3,213	)
Common shares in NQ plans		74			-			-			74			-		74
Stock-based compensation		4,545			-			-			4,545			-		4,545
Purchases and retirement of common shares		(3,814	)		-			(25,785	)		(29,599	)		-		(29,599	)
Cash dividends declared		-			-			(13,460	)		(13,460	)		-		(13,460	)
Balance at August 31, 2019	$	280,769		$	(40,308	)	$	547,512		$	787,973		$	119,468	$	907,441

The following tables summarize the changes in accumulated other comprehensive loss for the periods presented:

										Accumulated
	Foreign			Pension						Other
	Currency			Liability			Cash Flow			Comprehensive
(in thousands)	Translation			Adjustment			Hedges			Loss
Balance as of May 31, 2020	$	(9,142	)	$	(21,886	)	$	(4,189	)	$	(35,217	)
Other comprehensive income before reclassifications		7,608			488			385			8,481
Reclassification adjustments to income (a)		-			-			2,868			2,868
Income tax effect		700			(116	)		(691	)		(107	)
Balance as of August 31, 2020	$	(834	)	$	(21,514	)	$	(1,627	)	$	(23,975	)

										Accumulated
	Foreign			Pension						Other
	Currency			Liability			Cash Flow			Comprehensive
(in thousands)	Translation			Adjustment			Hedges			Loss
Balance as of May 31, 2019	$	(19,639	)	$	(17,856	)	$	(5,969	)	$	(43,464	)
Other comprehensive income (loss) before reclassifications		(3,714	)		62			(5,659	)		(9,311	)
Reclassification adjustments to income (a)		8,496			1,242			2,334			12,072
Income tax effect		-			(291	)		686			395
Balance as of August 31, 2019	$	(14,857	)	$	(16,843	)	$	(8,608	)	$	(40,308	)

(a)  The statement of earnings (loss) classification of amounts reclassified to income include:

(1)  Foreign currency translation – result of $7,454,000 related to the sale of the cryogenics business in Turkey; and $1,042,000 related to the impairment of Nisshin, the Company’s former joint venture in China.

(2)  Pension liability adjustment – result of the settlement of certain participant balances within the pension plan maintained by WAVE.

(3)  Cash flow hedges – disclosed in “NOTE P – Derivative Instruments and Hedging Activities”.