Revenue Recognition (Tables)

9 Months Ended

Feb. 28, 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 tables summarize net sales by product class and by timing of revenue recognition for the three month and nine month periods ended February 28, 2019:

(in thousands)	Reportable Segments
Three months ended February 28, 2019	Steel Processing		Pressure Cylinders		Engineered Cabs		Other		Total
Product class:
Steel Processing
Direct	$	527,970	$	-	$	-	$	-	$	527,970
Toll		27,901		-		-		-		27,901
Pressure Cylinders
Industrial products		-		148,018		-		-		148,018
Consumer products		-		118,006		-		-		118,006
Oil & gas equipment		-		24,666		-		-		24,666
Engineered Cabs		-		-		27,817		-		27,817
Other		-		-		-		3		3
Total	$	555,871	$	290,690	$	27,817	$	3	$	874,381
Timing of revenue recognition:
Goods transferred at a point in time	$	527,970	$	270,131	$	27,817	$	3	$	825,921
Goods and services transferred over time		27,901		20,559		-		-		48,460
Total	$	555,871	$	290,690	$	27,817	$	3	$	874,381

(in thousands)	Reportable Segments
Nine months ended February 28, 2019	Steel Processing		Pressure Cylinders		Engineered Cabs		Other		Total
Product class:
Steel Processing
Direct	$	1,756,842	$	-	$	-	$	-	$	1,756,842
Toll		94,559		-		-		-		94,559
Pressure Cylinders
Industrial products		-		452,883		-		-		452,883
Consumer products		-		352,023		-		-		352,023
Oil & gas equipment		-		80,584		-		-		80,584
Engineered Cabs		-		-		83,798		-		83,798
Other		-		-		-		25		25
Total	$	1,851,401	$	885,490	$	83,798	$	25	$	2,820,714
Timing of revenue recognition:
Goods transferred at a point in time	$	1,756,842	$	836,130	$	83,798	$	25	$	2,676,795
Goods and services transferred over time		94,559		49,360		-		-		143,919
Total	$	1,851,401	$	885,490	$	83,798	$	25	$	2,820,714

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.

	February 28, 2019
(in thousands)	As Currently Reported		Topic 606 Adjustments			Balances Without Adoption of Topic 606
Consolidated Balance Sheet
Assets
Receivables	$	512,739	$	(4,785	)	$	507,954
Total inventories		486,074		6,207			492,281
Prepaid expenses and other current assets		68,082		(4,057	)		64,025
Liabilities and equity
Income taxes payable		106		(41	)		65
Deferred income taxes, net		80,034		(454	)		79,580
Shareholders' equity - controlling interest		856,622		(1,489	)		855,133
Noncontrolling interests		120,386		(651	)		119,735
	Three months ended February 28, 2019							Nine months ended February 28, 2019
(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 Statements of Earnings
Net sales	$	874,381	$	464		$	874,845	$	2,820,714	$	(3,193	)	$	2,817,521
Cost of goods sold		784,360		170			784,530		2,466,762		(2,755	)		2,464,007
Income tax expense		8,415		65			8,480		34,032		(41	)		33,991
Net earnings		29,548		229			29,777		124,298		(397	)		123,901
Net earnings attributable to noncontrolling interests		2,775		(34	)		2,741		8,581		(82	)		8,499
Net earnings attributable to controlling interest		26,773		263			27,036		115,717		(315	)		115,402