Changes in Equity (Tables)

6 Months Ended

Nov. 30, 2019

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, 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 income		-			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
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

	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, 2018	$	295,592		$	(14,580	)	$	637,757		$	918,769		$	117,606		$	1,036,375
Net earnings		-			-			54,942			54,942			2,016			56,958
Other comprehensive loss		-			(5,745	)		-			(5,745	)		(17	)		(5,762	)
Common shares issued, net of withholding tax		(4,091	)		-			-			(4,091	)		-			(4,091	)
Common shares in NQ plans		152			-			-			152			-			152
Stock-based compensation		4,838			-			-			4,838			-			4,838
ASC 606 transition adjustment		-			-			1,174			1,174			570			1,744
Purchases and retirement of common shares		(4,003	)		-			(32,849	)		(36,852	)		-			(36,852	)
Cash dividends declared		-			-			(13,668	)		(13,668	)		-			(13,668	)
Dividends to noncontrolling interest		-			-			-			-			(2,320	)		(2,320	)
Balance at August 31, 2018	$	292,488		$	(20,325	)	$	647,356		$	919,519		$	117,855		$	1,037,374
Net earnings		-			-			34,002			34,002			3,790			37,792
Other comprehensive loss		-			(11,245	)		-			(11,245	)		(55	)		(11,300	)
Common shares issued, net of withholding tax		(658	)		-			-			(658	)		-			(658	)
Common shares in NQ plans		306			-			-			306			-			306
Stock-based compensation		3,730			-			-			3,730			-			3,730
Purchases and retirement of common shares		(7,540	)		-			(56,041	)		(63,581	)		-			(63,581	)
Cash dividends declared		-			-			(13,401	)		(13,401	)		-			(13,401	)
Dividends to noncontrolling interest		-			-			-			-			(4,007	)		(4,007	)
Balance at November 30, 2018	$	288,326		$	(31,570	)	$	611,916		$	868,672		$	117,583		$	986,255

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, 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	)

										Accumulated
	Foreign			Pension						Other
	Currency			Liability			Cash Flow			Comprehensive
(in thousands)	Translation			Adjustment			Hedges			Loss
Balance as of May 31, 2018	$	(4,987	)	$	(16,071	)	$	6,478		$	(14,580	)
Other comprehensive loss before reclassifications		(10,261	)		-			(4,530	)		(14,791	)
Reclassification adjustments to income (a)		-			-			(4,063	)		(4,063	)
Income tax effect		-			(97	)		1,961			1,864
Balance as of November 30, 2018	$	(15,248	)	$	(16,168	)	$	(154	)	$	(31,570	)

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

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

(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 Q – Derivative Instruments and Hedging Activities”.