Segment Information (Tables)

12 Months Ended

May 31, 2014

Results of Reportable Segments

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,	2014			2013			2012
(In thousands)
Net Sales
Industrial	$	2,769,657		$	2,635,976		$	2,535,238
Consumer		1,606,696			1,442,679			1,242,178
Total	$	4,376,353		$	4,078,655		$	3,777,416
Income (Loss) Before Income Taxes
Industrial
Income Before Income Taxes (a)	$	295,751		$	164,578		$	278,676
Interest (Expense), Net (b)		(10,227	)		(10,318	)		(3,770	)
EBIT (c)	$	305,978		$	174,896		$	282,446
Consumer
Income Before Income Taxes (a)	$	251,229		$	190,611		$	160,099
Interest (Expense), Net (b)		122			(10	)		18
EBIT (c)	$	251,107		$	190,621		$	160,081
Corporate/Other
(Expense) Before Income Taxes (a)	$	(122,493	)	$	(178,298	)	$	(110,486	)
Interest (Expense), Net (b)		(55,131	)		(63,340	)		(64,107	)
EBIT (c)	$	(67,362	)	$	(114,958	)	$	(46,379	)
Consolidated
Income Before Income Taxes (a)	$	424,487		$	176,891		$	328,289
Interest (Expense), Net (b)		(65,236	)		(73,668	)		(67,859	)
EBIT (c)	$	489,723		$	250,559		$	396,148
Identifiable Assets
Industrial	$	2,507,257		$	2,461,163		$	2,195,702
Consumer		1,648,272			1,584,336			1,184,609
Corporate/Other		222,836			75,348			181,502
Total	$	4,378,365		$	4,120,847		$	3,561,813
Capital Expenditures
Industrial	$	54,556		$	50,025		$	47,529
Consumer		35,391			35,081			17,156
Corporate/Other		3,845			6,261			6,930
Total	$	93,792		$	91,367		$	71,615
Depreciation and Amortization
Industrial	$	53,670		$	53,549		$	48,701
Consumer		31,378			28,624			23,656
Corporate/Other		5,021			4,163			3,666
Total	$	90,069		$	86,336		$	76,023

(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,	2014		2013		2012
(In thousands)
Net Sales (based on shipping location) (a)
United States	$	2,581,208	$	2,404,835	$	2,219,680
Foreign
Canada		342,312		350,579		346,238
Europe		1,031,686		908,139		919,124
Other Foreign		421,147		415,102		292,374
Total Foreign		1,795,145		1,673,820		1,557,736
Total	$	4,376,353	$	4,078,655	$	3,777,416
Long-Lived Assets (b)
United States	$	1,374,340	$	1,311,640	$	1,124,403
Foreign
Canada		125,401		126,172		128,392
Europe		340,146		340,592		315,228
United Kingdom		259,829		237,124		192,155
Other Foreign		208,411		213,726		64,316
Total Foreign		933,787		917,614		700,091
Total	$	2,308,127	$	2,229,254	$	1,824,494

(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.