Segment Information (Tables)

3 Months Ended

Aug. 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. Information for all periods presented has been recast to reflect the current quarter change in reportable segments.

	Three Months Ended
	August 31, 2015			August 31, 2014
	(In thousands)
Net Sales
Industrial Segment	$	663,329		$	694,284
Specialty Segment		183,640			79,602
Consumer Segment		395,557			430,010
Consolidated	$	1,242,526		$	1,203,896
Income (Loss) Before Income Taxes (a)
Industrial Segment
Income Before Income Taxes (a)	$	82,751		$	85,423
Interest (Expense), Net (b)		(1,499	)		(2,671	)
EBIT (c)	$	84,250		$	88,094
Specialty Segment
Income Before Income Taxes (a)	$	28,206		$	17,041
Interest (Expense), Net (b)		196			38
EBIT (c)	$	28,010		$	17,003
Consumer Segment
Income Before Income Taxes (a)	$	66,123		$	76,669
Interest (Expense), Net (b)		58			(8	)
EBIT (c)	$	66,065		$	76,677
Corporate/Other
(Expense) Before Income Taxes (a)	$	(34,879	)	$	(31,055	)
Interest (Expense), Net (b)		(17,147	)		(12,971	)
EBIT (c)	$	(17,732	)	$	(18,084	)
Consolidated
Income (Loss) Before Income Taxes (a)	$	142,201		$	148,078
Interest (Expense), Net (b)		(18,392	)		(15,612	)
EBIT (c)	$	160,593		$	163,690

	August 31, 2015		May 31, 2015
Identifiable Assets
Industrial Segment	$	2,033,370	$	2,105,364
Specialty Segment		798,347		798,893
Consumer Segment		1,661,726		1,626,097
Corporate/Other		167,964		163,886
Consolidated	$	4,661,407	$	4,694,240

(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 income/(expense), 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 acquisitions, as opposed to segment operations. We believe EBIT is useful to investors for this purpose as well, using EBIT as a metric in their investment decisions. EBIT should not be considered an alternative to, or more meaningful than, income before taxes 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 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.