Segment Operations

9 Months Ended

Feb. 28, 2021

Segment Reporting [Abstract]

Segment Operations

NOTE O – Segment Operations

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 28, 2021			February 29, 2020			February 28, 2021			February 29, 2020
Net sales
Steel Processing	$	504,477		$	491,136		$	1,404,220		$	1,531,448
Pressure Cylinders		254,643			270,995			787,831			865,527
Other		(11	)		1,865			1,059			50,517
Total net sales	$	759,109		$	763,996		$	2,193,110		$	2,447,492
Operating income (loss)
Steel Processing	$	62,874		$	19,021		$	114,315		$	42,361
Pressure Cylinders		(15,641	)		(19,865	)		(3,694	)		25,405
Other		111			(1,784	)		(970	)		(48,835	)
Segment operating income		47,344			(2,628	)		109,651			18,931
Unallocated corporate and other		1,647			1,242			664			(2,787	)
Incremental expenses related to Nikola gains		781			-			(53,300	)		-
Total operating income (loss)	$	49,772		$	(1,386	)	$	57,015		$	16,144
Impairment of goodwill and long-lived assets
Steel Processing	$	-		$	1,274		$	-		$	1,274
Pressure Cylinders		-			33,353			13,739			33,353
Other		-			-			-			40,601
Total impairment of goodwill and long-lived assets	$	-		$	34,627		$	13,739		$	75,228
Restructuring and other expense (income), net
Steel Processing	$	(42	)	$	728		$	1,804		$	702
Pressure Cylinders		28,435			747			36,006			747
Other		(181	)		(99	)		(154	)		332
Total restructuring and other expense, net	$	28,212		$	1,376		$	37,656		$	1,781

	February 28,		May 31,
(in thousands)	2021		2020
Total assets
Steel Processing	$	1,041,246	$	821,657
Pressure Cylinders		1,160,884		1,104,603
Other (1)		935,743		405,255
Total assets	$	3,137,873	$	2,331,515

(1) The increase in other assets primarily relates to cash proceeds the Company received from the sale of its Nikola shares of common stock.  For additional information, refer to “NOTE C – Investment in Nikola”.  

For purposes of measuring segment operating income (loss), certain income and expense items, including product liability and healthcare reserves recorded by our corporate office and the incremental expenses related to Nikola gains are not allocated to operating segments, but are shown as reconciling items to the total operating income.  See “NOTE C – Investment in Nikola” for additional information on the incremental expenses related to Nikola gains.