Segment Operations (Tables)

6 Months Ended

Nov. 30, 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 November 30, 2023
(In thousands)	Steel Processing		Consumer Products		Building Products		Sustainable Energy Solutions			Other			Consolidated
Net sales	$	788,655	$	147,738	$	122,954	$	27,537		$	34		$	1,086,918
Restructuring and other expense, net		-		-		-		-			6			6
Separation costs		-		-		-		-			21,952			21,952
Miscellaneous income (expense), net		306		12		235		557			(90	)		1,020
Equity income		3,778		-		35,177		-			3,491			42,446
Adjusted EBIT (1)		6,762		9,510		40,284		(2,617	)		(1,090	)		52,849

(1)Excludes the following items in addition to impairment and restructuring activity:

•Direct and incremental costs associated with the Separation as discussed in “Note A – Basis of Presentation”; and

•Our share of the pre-tax gain realized by Workhorse in connection with the sale of the joint venture’s operations in Brazil of $2,780;

	Three Months Ended November 30, 2022
(In thousands)	Steel Processing			Consumer Products			Building Products		Sustainable Energy Solutions		Other			Consolidated
Net sales	$	841,947		$	153,795		$	141,671	$	38,128	$	-		$	1,175,541
Restructuring and other income, net		(4,282	)		-			-		-		-			(4,282	)
Separation costs		-			-			-		-		9,246			9,246
Miscellaneous income (expense), net		850			(47	)		76		142		384			1,405
Equity income		1,906			-			35,107		-		(156	)		36,857
Adjusted EBIT (2)		(17,249	)		13,473			41,224		1,143		(3,291	)		35,300

(2)Excludes the following items in addition to impairment and restructuring activity:

•Direct and incremental costs associated with the Separation as discussed in “Note A – Basis of Presentation”;

•Incremental compensation expense of $525 within Consumer Products related to the earnout for the acquisition of Level5 Tools, LLC (“Level5”); and

•Noncontrolling interest portion of impairment of long-lived assets of $1,850 within Steel Processing.

	Six Months Ended November 30, 2023
(in thousands)	Steel Processing		Consumer Products		Building Products		Sustainable Energy Solutions			Other			Consolidated
Net sales	$	1,669,993	$	297,151	$	256,822	$	56,174		$	34		$	2,280,174
Impairment of long-lived assets		1,401		-		-		-			-			1,401
Restructuring and other expense, net		-		-		-		-			6			6
Separation costs		-		-		-		-			27,987			27,987
Miscellaneous income (expense), net		1,018		43		292		838			(160	)		2,031
Loss on extinguishment of debt		-		-		-		-			(1,534	)		(1,534	)
Equity income		12,735		-		80,219		-			3,873			96,827
Adjusted EBIT (3)		84,762		18,502		94,300		(7,339	)		(959	)		189,266

(3)Excludes the following in addition to impairment and restructuring activity:

•Direct and incremental costs associated with the Separation as discussed in “Note A – Basis of Presentation”;

•The pre-tax loss on extinguishment of debt resulting from the redemption of the 2026 Notes, in full, on July 28, 2023; and

•Noncontrolling interest portion of impairment of long-lived assets of $519 within Steel Processing.

	Six Months Ended November 30, 2022
(in thousands)	Steel Processing			Consumer Products			Building Products		Sustainable Energy Solutions			Other			Consolidated
Net sales	$	1,880,827		$	342,497		$	291,994	$	68,888		$	-		$	2,584,206
Impairment of long-lived assets		312			-			-		-			-			312
Restructuring and other income, net		(4,205	)		-			-		-			(1,177	)		(5,382	)
Separation costs		-			-			-		-			9,246			9,246
Miscellaneous income (expense), net		1,035			(82	)		299		56			(4,989	)		(3,681	)
Equity income		3,676			-			78,973		-			(14,080	)		68,569
Adjusted EBIT (4)		17,663			34,406			93,959		(250	)		1,854			147,632

(4)Excludes the following in addition to impairment and restructuring activity:

•Direct and incremental costs associated with the Separation as discussed in “Note A – Basis of Presentation.”

•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 $1,050 within Consumer Products related to the Level5 earnout agreement; and

•Noncontrolling interest portion of the restructuring gain within Steel processing of $1,734 within Steel Processing.

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

	November 30,		May 31,
(In thousands)	2023		2023
Total assets
Steel Processing	$	1,834,226	$	1,758,981
Consumer Products		622,304		615,430
Building Products		611,771		635,650
Sustainable Energy Solutions		103,448		129,872
Other		412,388		510,985
Total assets	$	3,584,137	$	3,650,918