Changes in Equity (Tables)

6 Months Ended

Nov. 30, 2020

Equity [Abstract]

Summary of Changes in Equity by Component and in Total

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
Net earnings (loss)		-			-			(74,044	)		(74,044	)		5,532			(68,512	)
Other comprehensive income		-			14,163			-			14,163			-			14,163
Common shares issued, net of withholding tax		2,294			-			-			2,294			-			2,294
Common shares in NQ plans		292			-			-			292			-			292
Stock-based compensation		3,499			-			-			3,499			-			3,499
Purchases and retirement of common shares		(4,486	)		-			(34,077	)		(38,563	)		-			(38,563	)
Contribution to Samuel joint venture		-			-			-			-			925			925
Cash dividends declared		-			-			(13,527	)		(13,527	)		-			(13,527	)
Balance at November 30, 2020	$	279,801		$	(9,812	)	$	1,006,910		$	1,276,899		$	153,572		$	1,430,471

	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	)		2,321			(2,455	)
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		$	119,469		$	907,442
Net earnings		-			-			52,086			52,086			4,836			56,922
Other comprehensive loss		-			9,970			-			9,970			-			9,970
Common shares issued, net of withholding tax		(3,811	)		-			-			(3,811	)		-			(3,811	)
Common shares in NQ plans		239			-			-			239			-			239
Stock-based compensation		2,880			-			-			2,880			-			2,880
Purchases and retirement of common shares		-			-			-			-			-			-
Cash dividends declared		-			-			(13,446	)		(13,446	)		-			(13,446	)
Dividends to noncontrolling interest		-			-			-			-			(1,453	)		(1,453	)
Balance at November 30, 2019	$	280,077		$	(30,338	)	$	586,152		$	835,891		$	122,852		$	958,743

Summary of Changes in Accumulated Other Comprehensive Loss

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		6,581			484			16,765			23,830
Reclassification adjustments to income (a)		-			-			6,028			6,028
Income tax effect		676			(116	)		(5,013	)		(4,453	)
Balance as of November 30, 2020	$	(1,885	)	$	(21,518	)	$	13,591		$	(9,812	)

										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		2,948			79			(5,975	)		(2,948	)
Reclassification adjustments to income (a)		8,496			1,342			6,666			16,504
Income tax effect		-			(313	)		(117	)		(430	)
Balance as of November 30, 2019	$	(8,195	)	$	(16,748	)	$	(5,395	)	$	(30,338	)

(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”.