XML 95 R113.htm IDEA: XBRL DOCUMENT v2.4.0.8
Results of Reportable Segments (Detail) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 12 Months Ended
May 31, 2013
Feb. 28, 2013
Nov. 30, 2012
Aug. 31, 2012
May 31, 2012
Feb. 29, 2012
Nov. 30, 2011
Aug. 31, 2011
May 31, 2013
May 31, 2012
May 31, 2011
Segment Reporting Information [Line Items]                      
Net Sales $ 1,170,779 [1] $ 843,736 [2] $ 1,017,426 [3] $ 1,046,714 [4] $ 1,101,770 $ 773,643 $ 916,085 $ 985,918 $ 4,078,655 [5] $ 3,777,416 [5] $ 3,381,841 [5]
Income (Expense) Before Income Taxes                 176,891 [6] 328,289 [6] 295,053 [6]
Interest (Expense), Net                 (73,668) [7] (67,859) [7] (49,745) [7]
EBIT                 250,559 [8] 396,148 [8] 344,798 [8]
Total Assets 4,115,526       3,561,813       4,115,526 3,561,813 3,515,029
Capital Expenditures                 91,367 71,615 39,826
Depreciation and Amortization                 83,744 73,698 72,753
Industrial Reportable Segment
                     
Segment Reporting Information [Line Items]                      
Net Sales                 2,635,976 2,535,238 2,259,809
Income (Expense) Before Income Taxes                 164,578 [6] 278,676 [6] 232,544 [6]
Interest (Expense), Net                 (10,318) [7] (3,770) [7] (3,304) [7]
EBIT                 174,896 [8] 282,446 [8] 235,848 [8]
Total Assets 2,458,543       2,195,702       2,458,543 2,195,702 1,992,143
Capital Expenditures                 50,025 47,529 29,687
Depreciation and Amortization                 53,549 48,701 46,352
Consumer Segment
                     
Segment Reporting Information [Line Items]                      
Net Sales                 1,442,679 1,242,178 1,122,032
Income (Expense) Before Income Taxes                 190,611 [6] 160,099 [6] 146,035 [6]
Interest (Expense), Net                 (10) [7] 18 [7] 63 [7]
EBIT                 190,621 [8] 160,081 [8] 145,972 [8]
Total Assets 1,584,160       1,184,609       1,584,160 1,184,609 1,195,849
Capital Expenditures                 35,081 17,156 9,665
Depreciation and Amortization                 28,624 23,656 24,954
Corporate/Other
                     
Segment Reporting Information [Line Items]                      
Income (Expense) Before Income Taxes                 (178,298) [6] (110,486) [6] (83,526) [6]
Interest (Expense), Net                 (63,340) [7] (64,107) [7] (46,504) [7]
EBIT                 (114,958) [8] (46,379) [8] (37,022) [8]
Total Assets 72,823       181,502       72,823 181,502 327,037
Capital Expenditures                 6,261 6,930 474
Depreciation and Amortization                 $ 1,571 $ 1,341 $ 1,447
[1] For the quarter ended May 31, 2013, we recorded $23.9 million in restructuring expense, including $3.9 million in inventory markdowns. We also recorded bad debt for the remaining amount of our loan to Kemrock totaling $4.0 million and wrote off our remaining investment in Kemrock common stock and in Kemrock convertible debt for a combined loss of $18.5 million. Additionally, we reduced our estimated accrual for our agreement in principle with the GSA by $3.7 million. The combined impact of these items on net income and earnings per share for the fourth quarter was $30.0 million and $0.23 per share, respectively.
[2] For the quarter ended February 28, 2013, we accrued a loss of $68.8 million for a proposed settlement between our Building Solutions Group and the General Services Administration ("GSA"). Additionally, net income was impacted by $1.6 million for the impact of a strategic repositioning of certain industrial segment operations in Brazil. The combined impact of these items on net income and earnings per share for the third quarter was $51.0 million and $0.40 per share, respectively.
[3] For the quarter ended November 30, 2012, we wrote down our remaining investment in Kemrock, which impacted net income and earnings per share by $10.8 million and $0.09 per share, respectively.
[4] For the quarter ended August 31, 2012, net sales and gross profit were reduced by $2.9 million and $5.4 million, respectively, for revised cost estimates on unprofitable contracts related to our industrial segment, and $5.6 million in exit costs associated with those activities that impacted pretax income. Additionally, we wrote down an investment in Kemrock totaling $40.3 million and recognized $5.0 million in bad debt from our loan to Kemrock. The combined impact on net income and earnings per share was $50.9 million and $0.38 per share, respectively.
[5] It is not practicable to obtain the information needed to disclose revenues attributable to each of our product lines.
[6] 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.
[7] Interest (expense), net includes the combination of interest expense and investment expense (income), net.
[8] 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.