Segment Information (Tables)

12 Months Ended

May. 31, 2015

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,	2015			2014			2013
(In thousands)
Net Sales
Industrial	$	2,990,721		$	2,769,657		$	2,635,976
Consumer		1,603,829			1,606,696			1,442,679
Total	$	4,594,550		$	4,376,353		$	4,078,655
Income (Loss) Before Income Taxes
Industrial
Income Before Income Taxes (a)	$	315,382		$	295,751		$	164,578
Interest (Expense), Net (b)		(7,656	)		(10,227	)		(10,318	)
EBIT (c)	$	323,038		$	305,978		$	174,896
Consumer
Income Before Income Taxes (a)	$	273,956		$	251,229		$	190,611
Interest (Expense), Net (b)		34			122			(10	)
EBIT (c)	$	273,922		$	251,107		$	190,621
Corporate/Other
(Expense) Before Income Taxes (a)	$	(136,085	)	$	(122,493	)	$	(178,298	)
Interest (Expense), Net (b)		(61,416	)		(55,131	)		(63,340	)
EBIT (c)	$	(74,669	)	$	(67,362	)	$	(114,958	)
Consolidated
Income Before Income Taxes (a)	$	453,253		$	424,487		$	176,891
Interest (Expense), Net (b)		(69,038	)		(65,236	)		(73,668	)
EBIT (c)	$	522,291		$	489,723		$	250,559
Identifiable Assets
Industrial	$	2,904,010		$	2,507,257		$	2,461,163
Consumer		1,626,097			1,648,272			1,584,336
Corporate/Other		164,133			222,836			75,348
Total	$	4,694,240		$	4,378,365		$	4,120,847
Capital Expenditures
Industrial	$	53,973		$	54,556		$	50,025
Consumer		29,354			35,391			35,081
Corporate/Other		2,036			3,845			6,261
Total	$	85,363		$	93,792		$	91,367
Depreciation and Amortization
Industrial	$	60,831		$	53,670		$	53,549
Consumer		32,153			31,378			28,624
Corporate/Other		6,192			5,021			4,163
Total	$	99,176		$	90,069		$	86,336

(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,	2015		2014		2013
(In thousands)
Net Sales (based on shipping location) (a)
United States	$	2,856,723	$	2,581,208	$	2,404,835
Foreign
Canada		337,869		342,312		350,579
Europe		941,820		1,031,686		908,139
Other Foreign		458,138		421,147		415,102
Total Foreign		1,737,827		1,795,145		1,673,820
Total	$	4,594,550	$	4,376,353	$	4,078,655
Long-Lived Assets (b)
United States	$	1,704,468	$	1,374,340	$	1,311,640
Foreign
Canada		114,717		125,401		126,172
Europe		293,685		340,146		340,592
United Kingdom		273,118		259,829		237,124
Other Foreign		202,721		208,411		213,726
Total Foreign		884,241		933,787		917,614
Total	$	2,588,709	$	2,308,127	$	2,229,254

(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.