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Segment Operations (Tables)
3 Months Ended
Aug. 31, 2023
Segment Reporting [Abstract]  
Financial Information for Reportable Segments

The following table presents summarized financial information for our reportable segments for the periods indicated.

 

 

Three Months Ended August 31, 2023

 

(In thousands)

Steel Processing

 

 

Consumer Products

 

 

Building Products

 

Sustainable Energy Solutions

 

 

Other

 

 

Consolidated

 

Net sales

$

881,339

 

 

$

149,412

 

 

$

133,868

 

$

28,637

 

 

$

-

 

 

$

1,193,256

 

Impairment of long-lived assets

 

1,401

 

 

 

-

 

 

 

-

 

 

-

 

 

 

-

 

 

 

1,401

 

Separation costs

 

-

 

 

 

-

 

 

 

-

 

 

-

 

 

 

6,035

 

 

 

6,035

 

Miscellaneous income (expense), net

 

712

 

 

 

31

 

 

 

57

 

 

281

 

 

 

(70

)

 

 

1,011

 

Loss on extinguishment of debt

 

-

 

 

 

-

 

 

 

-

 

 

-

 

 

 

1,534

 

 

 

1,534

 

Equity income

 

8,957

 

 

 

-

 

 

 

45,043

 

 

-

 

 

 

381

 

 

 

54,381

 

Adjusted EBIT (1)

 

78,002

 

 

 

8,991

 

 

 

54,016

 

 

(4,722

)

 

 

132

 

 

 

136,419

 

 

 

(1)
Excludes the following:
Impairment of long-lived assets resulted from a revision of the estimated fair value, less selling costs of certain production equipment at our consolidated Samuel joint venture that has been classified as held for sale since August 2022;
Separation costs reflect direct and incremental costs in connection with the anticipated Separation and are held at the corporate level. These costs include fees paid to third-party parties for audit, advisory and legal services to effect the Separation, nonrecurring employee-related costs, such as retention bonuses, and nonrecurring functional costs associated with the separation of shared corporate functions;
Loss on extinguishment of debt resulted from the redemption of the 2026 Notes, in full, on July 28, 2023, and consisted primarily unamortized debt issuance costs and the remaining loss deferred in AOCI associated with an interest rate swap executed prior to the issuance of the 2026 Notes; and
Noncontrolling interest portion of impairment of long-lived assets of $517 within Steel Processing.

 

 

Three Months Ended August 31, 2022

 

(In thousands)

Steel Processing

 

 

Consumer Products

 

 

Building Products

 

Sustainable Energy Solutions

 

 

Other

 

 

Consolidated

 

Net sales

$

1,038,880

 

 

$

188,703

 

 

$

150,323

 

$

30,759

 

 

$

-

 

 

$

1,408,665

 

Impairment of long-lived assets

 

312

 

 

 

-

 

 

 

-

 

 

-

 

 

 

-

 

 

 

312

 

Restructuring and other expense (income), net

 

78

 

 

 

-

 

 

 

-

 

 

-

 

 

 

(1,178

)

 

 

(1,100

)

Miscellaneous income, net

 

184

 

 

 

(35

)

 

 

222

 

 

(86

)

 

 

(5,371

)

 

 

(5,086

)

Equity income

 

1,770

 

 

 

-

 

 

 

43,866

 

 

-

 

 

 

(13,924

)

 

 

31,712

 

Adjusted EBIT (2)

 

34,913

 

 

 

20,934

 

 

 

52,734

 

 

(1,393

)

 

 

5,145

 

 

 

112,333

 

 

 

(2)
Excludes the following:
Impairment of long-lived assets resulted from the reclassification of the net assets of the Samuel toll processing facility in Cleveland, Ohio, to assets held for sale during August 2022;
Restructuring and other income, net was driven primarily by a gain on the sale of the remaining real property of our former oil & gas equipment business on June 14, 2022;
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 Company Bargaining Unit Employees’ Pension Plan;
A loss of $15,759 within equity income related to the August 31, 2022, sale of our 50% noncontrolling interest in ArtiFlex;
Incremental compensation expense of $525 within Consumer Products related to the Level5 earnout agreement; and
Noncontrolling interest portion of impairment of long-lived assets of $115 within Steel Processing

 

Total assets for each of our reportable segments at the dates indicated were as follows:

 

 

August 31,

 

 

May 31,

 

(In thousands)

2023

 

 

2023

 

Total assets

 

 

 

 

 

Steel Processing

$

1,786,067

 

 

$

1,758,981

 

Consumer Products

 

615,223

 

 

 

615,430

 

Building Products

 

619,794

 

 

 

635,650

 

Sustainable Energy Solutions

 

139,147

 

 

 

129,872

 

Other

 

316,461

 

 

 

510,985

 

Total assets

$

3,476,692

 

 

$

3,650,918