Financial Information for Reportable Segments

The following tables present summarized financial information for our reportable segments for the past three fiscal years:


	2023
(In thousands)	Steel Processing			Consumer Products			Building Products		Sustainable Energy Solutions		Other			Consolidated
Net sales	$	3,497,896		$	686,319		$	586,059	$	146,118	$	-		$	4,916,392
Capital expenditures		45,133			13,635			17,819		6,495		3,284			86,366
Depreciation and amortization		66,383			15,734			17,856		6,319		6,508			112,800
Impairment of long-lived assets		2,112			-			484		-		-			2,596
Restructuring and other (income) expense, net		(4,204	)		213			597		-		(1,177	)		(4,571	)
Separation costs		-			-			-		-		24,048			24,048
Miscellaneous income (expense), net		3,270			(205	)		349		199		(4,840	)		(1,227	)
Equity in net income of unconsolidated affiliates		7,725			-			166,427		-		(13,165	)		160,987
Adjusted EBIT (1)		121,686			78,047			204,611		917		(3,199	)		402,062

(1)

Excludes the following:

•

Impairment of long-lived assets because they do not occur in the ordinary course of our ongoing business operations, are inherently unpredictable in timing and amount, and are non-cash, so their exclusion facilitates the comparison of historical and current financial results;

•

Restructuring activities such as divestitures, closing or consolidating facilities, employee severance (including rationalizing headcount or other significant changes in personnel), and realignment of existing operations (including changes to management structure in response to underlying performance and/or changing market conditions;

•

A non-cash settlement charge of $4,774 in miscellaneous income (expense), net within Other related to the pension lift-out transaction associated with the Gerstenslager Plan and described further in “Note M – Employee Pension Plans;”

•

A loss of $16,059 for the settlement of final transaction costs within Other related to the sale of our 50% noncontrolling equity investment in ArtiFlex effective August 3, 2022;

•

Separation costs of $24,048 within Other related to direct and incremental costs incurred in connection with the anticipated Separation, including audit, advisory, and legal costs;

•

A pre-tax gain of $2,063 within Other related to a sale-leaseback transaction at Workhorse during fiscal 2023; and

•

Noncontrolling interest portion of impairment of long-lived assets and restructuring gains of $1,734 within Steel Processing.


	2022
(In thousands)	Steel Processing			Consumer Products			Building Products			Sustainable Energy Solutions			Other			Consolidated
Net sales	$	3,933,021		$	636,478		$	541,757		$	130,954		$	9		$	5,242,219
Capital expenditures		35,898			13,375			31,064			6,445			7,818			94,600
Depreciation and amortization		55,771			10,919			18,112			6,554			7,471			98,827
Impairment of long-lived assets		3,076			-			-			-			-			3,076
Restructuring and other income, net		(14,480	)		-			(35	)		(143	)		(2,438	)		(17,096	)
Miscellaneous income (expense), net		862			(76	)		240			64			1,624			2,714
Equity in net income of unconsolidated affiliates		29,787			-			176,498			-			7,356			213,641
Adjusted EBIT (2)		203,272			94,302			216,608			(6,236	)		8,564			516,510

(2)

Excludes the following:

•

Impairment of long-lived assets because they do not occur in the ordinary course of our ongoing business operations, are inherently unpredictable in timing and amount, and are non-cash, so their exclusion facilitates the comparison of historical and current financial results;

•

Restructuring activities such as divestitures, closing or consolidating facilities, employee severance (including rationalizing headcount or other significant changes in personnel), and realignment of existing operations (including changes to management structure in response to underlying performance and/or changing market conditions;

•

Noncontrolling interest portion of impairment of long-lived assets charges and restructuring income of $4,785.


	2021
(In thousands)	Steel Processing			Consumer Products			Building Products		Sustainable Energy Solutions		Other			Consolidated
Net sales	$	2,059,397		$	523,697		$	402,038	$	134,890	$	51,407		$	3,171,429
Capital expenditures		28,306			13,334			22,705		8,652		9,181			82,178
Depreciation and amortization		40,870			10,145			17,321		6,699		12,619			87,654
Impairment of long-lived assets		-			506			1,423		-		11,810			13,739
Restructuring and other expense, net		1,883			41			256		10,293		43,624			56,097
Incremental expenses related to Nikola gains		-			-			-		-		50,624			50,624
Miscellaneous income (expense), net		(371	)		(512	)		194		203		2,649			2,163
Equity in net income of unconsolidated affiliates		15,965			-			103,447		-		3,913			123,325
Adjusted EBIT (3)		208,175			74,936			117,904		4,961		(10,505	)		395,471

(3)

Excludes the following:

•

Impairment of long-lived assets because they do not occur in the ordinary course of our ongoing business operations, are inherently unpredictable in timing and amount, and are non-cash, so their exclusion facilitates the comparison of historical and current financial results;

•

Restructuring activities such as divestitures, closing or consolidating facilities, employee severance (including rationalizing headcount or other significant changes in personnel), and realignment of existing operations (including changes to management structure in response to underlying performance and/or changing market conditions;

•

Noncontrolling interest portion of restructuring expense of $295;

•

Gain on investment in Nikola of $655,102 and incremental expenses related to Nikola gains of $50,624.

Total assets for each of our reportable segments as of the end of the past two fiscal years were as follows:


	May 31,		May 31,
(In thousands)	2023		2022
Steel Processing	$	1,758,981	$	2,082,522
Consumer Products		615,430		577,026
Building Products		635,650		681,188
Sustainable Energy Solutions		129,872		114,084
Other		510,985		188,203
Total Assets	$	3,650,918	$	3,643,023

Property, Plant and Equipment, Net by Geographic Region

The following table presents property, plant and equipment, net, by geographic region as of the end of the past two fiscal years:


(In thousands)	2023		2022
North America	$	575,965	$	595,261
International		99,689		101,079
Total	$	675,654	$	696,340