Changes in Equity

9 Months Ended

Feb. 29, 2020

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, 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
Net earnings		-			-			15,311			15,311			3,577			18,888
Other comprehensive income		-			1,721			-			1,721			-			1,721
Consolidation of Samuel		-			-			-			-			24,269			24,269
Common shares issued, net of withholding tax		429			-			-			429			-			429
Common shares in NQ plans		108			-			-			108			-			108
Stock-based compensation		2,834			-			-			2,834			-			2,834
Purchases and retirement of common shares		(2,812	)		-			(18,561	)		(21,373	)		-			(21,373	)
Cash dividends declared		-			-			(13,426	)		(13,426	)		-			(13,426	)
Balance at February 29, 2020	$	280,636		$	(28,617	)	$	569,476		$	821,495		$	150,698		$	972,193

	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
Net earnings		-			-			26,773			26,773			2,775			29,548
Other comprehensive income		-			889			-			889			28			917
Common shares issued, net of withholding tax		104			-			-			104			-			104
Common shares in NQ plans		80			-			-			80			-			80
Stock-based compensation		1,947			-			-			1,947			-			1,947
Purchases and retirement of common shares		(4,061	)		-			(24,526	)		(28,587	)		-			(28,587	)
Cash dividends declared		-			-			(13,256	)		(13,256	)		-			(13,256	)
Balance at February 28. 2019	$	286,396		$	(30,681	)	$	600,907		$	856,622		$	120,386		$	977,008

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	$	(19,640	)	$	(17,855	)	$	(5,969	)	$	(43,464	)
Other comprehensive income (loss) before reclassifications		2,372			271			(6,369	)		(3,726	)
Reclassification adjustments to income (a)		8,496			1,326			9,859			19,681
Income tax effect		-			(351	)		(757	)		(1,108	)
Balance as of February 29, 2020	$	(8,772	)	$	(16,609	)	$	(3,236	)	$	(28,617	)

										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 income (loss) before reclassifications		(8,813	)		48			(4,495	)		(13,260	)
Reclassification adjustments to income (a)		-			-			(4,942	)		(4,942	)
Income tax effect		-			(108	)		2,209			2,101
Balance as of February 28, 2019	$	(13,800	)	$	(16,131	)	$	(750	)	$	(30,681	)

(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”.