Segment Operations

9 Months Ended

Feb. 29, 2020

Segment Reporting [Abstract]

Segment Operations

NOTE O – Segment Operations

Effective November 1, 2019, the Company deconsolidated substantially all of the net assets of the Engineered Cabs business, which has historically been treated as a separate reporting segment.  The deconsolidated net assets included its two primary manufacturing facilities located in Greeneville, Tennessee and Watertown, South Dakota.  The remaining non-core assets of the

Engineered Cabs business, including the fabricated products facility in Stow, Ohio, and the steel packaging facility in Greensburg, Indiana, were retained.  The retained Engineered Cabs assets no longer qualify as a separate operating or reportable segment.  Accordingly, the activity related to our former Engineered Cabs operating segment has been reported in the “Other” category.  Segment information reported in previous periods has been restated to conform to this new presentation.

The following table presents summarized financial information for our reportable segments as of the dates, and for the periods presented:

	Three Months Ended						Nine Months Ended
(in thousands)	February 29, 2020			February 28, 2019			February 29, 2020			February 28, 2019
Net sales
Steel Processing	$	491,136		$	555,871		$	1,531,448		$	1,851,401
Pressure Cylinders		270,995			290,690			865,527			885,490
Other		1,865			27,820			50,517			83,823
Total net sales	$	763,996		$	874,381		$	2,447,492		$	2,820,714
Operating income (loss)
Steel Processing	$	19,021		$	10,166		$	42,361		$	74,842
Pressure Cylinders		(19,865	)		18,953			25,405			48,444
Other		(542	)		(3,142	)		(51,622	)		(10,534	)
Total operating income (loss)	$	(1,386	)	$	25,977		$	16,144		$	112,752
Impairment of goodwill and long-lived assets
Steel Processing	$	1,274		$	-		$	1,274		$	-
Pressure Cylinders		33,353			-			33,353			2,381
Other		-			-			40,601			-
Total impairment of goodwill and long-lived assets	$	34,627		$	-		$	75,228		$	2,381
Restructuring and other expense (income), net
Steel Processing	$	728		$	-		$	702		$	(9	)
Pressure Cylinders		747			(11,176	)		747			(11,701	)
Other		(99	)		-			332			-
Total restructuring and other expense (income), net	$	1,376		$	(11,176	)	$	1,781		$	(11,710	)

	February 29,		May 31,
(in thousands)	2020		2019
Total assets
Steel Processing	$	921,969	$	924,966
Pressure Cylinders		1,078,167		1,123,115
Other		428,947		462,715
Total assets	$	2,429,083	$	2,510,796