SEGMENT INFORMATION (Tables)

12 Months Ended

May 31, 2012

Reportable Segments Information

The following tables reflect the results of our reportable segments consistent with our management philosophy, and represent the information we utilize, in conjunction with various strategic, operational and other financial performance criteria, in evaluating the performance of our portfolio of businesses.

Year Ended May 31,	2012			2011			2010
(In thousands)
Net Sales
Industrial	$	2,535,238		$	2,259,809		$	2,328,194
Consumer		1,242,178			1,122,032			1,084,522
Total	$	3,777,416		$	3,381,841		$	3,412,716
Income (Loss) Before Income Taxes
Industrial
Income Before Income Taxes(a)	$	278,676		$	232,544		$	225,528
Interest (Expense), Net(b)		(3,770	)		(3,304	)		(1,709	)
EBIT(c)	$	282,446		$	235,848		$	227,237
Consumer
Income Before Income Taxes(a)	$	160,099		$	146,035		$	147,019
Interest (Expense), Net(b)		18			63			37
EBIT(c)	$	160,081		$	145,972		$	146,982
Corporate/Other
Income Before Income Taxes(a)	$	(110,486	)	$	(83,526	)	$	(104,093	)
Interest (Expense), Net(b)		(64,107	)		(46,504	)		(50,025	)
EBIT(c)	$	(46,379	)	$	(37,022	)	$	(54,068	)
Consolidated
Income Before Income Taxes(a)	$	328,289		$	295,053		$	268,454
Interest (Expense), Net(b)		(67,859	)		(49,745	)		(51,697	)
EBIT(c)	$	396,148		$	344,798		$	320,151
Identifiable Assets
Industrial	$	2,195,702		$	1,992,143		$	1,666,005
Consumer		1,184,609			1,195,849			1,135,211
Corporate/Other		179,709			327,037			202,808
Total	$	3,560,020		$	3,515,029		$	3,004,024
Capital Expenditures
Industrial	$	47,529		$	29,687		$	17,887
Consumer		17,156			9,665			4,400
Corporate/Other		6,930			474			954
Total	$	71,615		$	39,826		$	23,241
Depreciation and Amortization
Industrial	$	48,701		$	46,352		$	56,104
Consumer		23,656			24,954			26,771
Corporate/Other		1,341			1,447			1,378
Total	$	73,698		$	72,753		$	84,253

(a) The presentation includes a reconciliation of Income (Loss) Before Income Taxes, a measure defined by Generally Accepted Accounting Principles (GAAP) in the United States, to EBIT.

(b) Interest (expense), net includes the combination of interest expense and investment expense (income), net.

(c) EBIT is defined as earnings (loss) before interest and taxes. We evaluate the profit performance of our segments based on income before income taxes, but also look to EBIT as a performance evaluation measure because interest expense is essentially related to corporate acquisitions, as opposed to segment operations. For that reason, we believe EBIT is also useful to investors as a metric in their investment decisions. EBIT should not be considered an alternative to, or more meaningful than, operating income as determined in accordance with GAAP, since EBIT omits the impact of interest and taxes in determining operating performance, which represent items necessary to our continued operations, given our level of indebtedness and ongoing tax obligations. Nonetheless, EBIT is a key measure expected by and useful to our fixed income investors, rating agencies and the banking community, all of whom believe, and we concur, that this measure is critical to the capital markets’ analysis of our segments’ core operating performance. We also evaluate EBIT because it is clear that movements in EBIT impact our ability to attract financing. Our underwriters and bankers consistently require inclusion of this measure in offering memoranda in conjunction with any debt underwriting or bank financing. EBIT may not be indicative of our historical operating results, nor is it meant to be predictive of potential future results.

Net Sales and Long Lived Assets by Regions

Year Ended May 31,	2012		2011		2010
(In thousands)
Net Sales(a)
United States	$	2,219,680	$	1,983,238	$	2,148,893
Foreign
Canada		346,238		330,613		308,395
Europe		919,124		812,735		728,118
Other Foreign		292,374		255,255		227,310
Total Foreign		1,557,736		1,398,603		1,263,823
Total	$	3,777,416	$	3,381,841	$	3,412,716
Long-Lived Assets(b)
United States	$	1,065,324	$	965,235	$	966,453
Foreign
Canada		128,392		137,380		127,672
Europe		298,496		287,874		230,923
United Kingdom		192,155		209,217		184,488
Other Foreign		64,316		47,353		44,327
Total Foreign		683,359		681,824		587,410
Total	$	1,748,683	$	1,647,059	$	1,553,863

(a) It is not practicable to obtain the information needed to disclose revenues attributable to each of our product lines.

(b) Long-lived assets include all non-current assets, excluding non-current deferred income taxes.