Segment Information (Tables)

12 Months Ended

May 31, 2013

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,	2013			2012			2011
(In thousands)
Net Sales
Industrial	$	2,635,976		$	2,535,238		$	2,259,809
Consumer		1,442,679			1,242,178			1,122,032
Total	$	4,078,655		$	3,777,416		$	3,381,841
Income (Loss) Before Income Taxes
Industrial
Income Before Income Taxes (a)	$	164,578		$	278,676		$	232,544
Interest (Expense), Net (b)		(10,318	)		(3,770	)		(3,304	)
EBIT (c)	$	174,896		$	282,446		$	235,848
Consumer
Income Before Income Taxes (a)	$	190,611		$	160,099		$	146,035
Interest (Expense), Net (b)		(10	)		18			63
EBIT (c)	$	190,621		$	160,081		$	145,972
Corporate/Other
(Expense) Before Income Taxes (a)	$	(178,298	)	$	(110,486	)	$	(83,526	)
Interest (Expense), Net (b)		(63,340	)		(64,107	)		(46,504	)
EBIT (c)	$	(114,958	)	$	(46,379	)	$	(37,022	)
Consolidated
Income Before Income Taxes (a)	$	176,891		$	328,289		$	295,053
Interest (Expense), Net (b)		(73,668	)		(67,859	)		(49,745	)
EBIT (c)	$	250,559		$	396,148		$	344,798
Identifiable Assets
Industrial	$	2,458,543		$	2,195,702		$	1,992,143
Consumer		1,584,160			1,184,609			1,195,849
Corporate/Other		72,823			181,502			327,037
Total	$	4,115,526		$	3,561,813		$	3,515,029
Capital Expenditures
Industrial	$	50,025		$	47,529		$	29,687
Consumer		35,081			17,156			9,665
Corporate/Other		6,261			6,930			474
Total	$	91,367		$	71,615		$	39,826
Depreciation and Amortization
Industrial	$	53,549		$	48,701		$	46,352
Consumer		28,624			23,656			24,954
Corporate/Other		1,571			1,341			1,447
Total	$	83,744		$	73,698		$	72,753

(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,	2013		2012		2011
(In thousands)
Net Sales (based on shipping location) (a)
United States	$	2,404,835	$	2,219,680	$	1,983,238
Foreign
Canada		350,579		346,238		330,613
Europe		908,139		919,124		812,735
Other Foreign		415,102		292,374		255,255
Total Foreign		1,673,820		1,557,736		1,398,603
Total	$	4,078,655	$	3,777,416	$	3,381,841
Long-Lived Assets (b)
United States	$	1,311,640	$	1,124,403	$	965,235
Foreign
Canada		126,172		128,392		137,380
Europe		340,592		315,228		287,874
United Kingdom		237,124		192,155		209,217
Other Foreign		213,726		64,316		47,353
Total Foreign		917,614		700,091		681,824
Total	$	2,229,254	$	1,824,494	$	1,647,059

(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.