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Segment Information (Tables)
 9 Months Ended
Feb. 29, 2016
Segment Reporting [Abstract]  
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 year change in reportable segments.

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

February 29,

 

 

February 28,

 

 

February 29,

 

 

February 28,

 

 

 

2016

 

 

2015

 

 

2016

 

 

2015

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

Net Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Industrial Segment

 

$

484,012

 

 

$

499,594

 

 

$

1,757,542

 

 

$

1,841,714

 

Specialty Segment

 

 

165,559

 

 

 

120,403

 

 

 

535,928

 

 

 

270,516

 

Consumer Segment

 

 

338,984

 

 

 

326,370

 

 

 

1,093,595

 

 

 

1,109,161

 

Consolidated

 

$

988,555

 

 

$

946,367

 

 

$

3,387,065

 

 

$

3,221,391

 

Income Before Income Taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Industrial Segment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income Before Income Taxes (a)

 

$

628

 

 

$

6,902

 

 

$

146,341

 

 

$

155,135

 

Interest (Expense), Net (b)

 

 

(1,448

)

 

 

(1,872

)

 

 

(4,482

)

 

 

(6,519

)

EBIT (c)

 

$

2,076

 

 

$

8,774

 

 

$

150,823

 

 

$

161,654

 

Specialty Segment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income Before Income Taxes (a)

 

$

21,587

 

 

$

9,558

 

 

$

79,117

 

 

$

40,898

 

Interest Income, Net (b)

 

 

188

 

 

 

188

 

 

 

583

 

 

 

304

 

EBIT (c)

 

$

21,399

 

 

$

9,370

 

 

$

78,534

 

 

$

40,594

 

Consumer Segment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income Before Income Taxes (a)

 

$

38,785

 

 

$

35,147

 

 

$

170,337

 

 

$

173,378

 

Interest Income (Expense), Net (b)

 

 

16

 

 

 

6

 

 

 

116

 

 

 

(6

)

EBIT (c)

 

$

38,769

 

 

$

35,141

 

 

$

170,221

 

 

$

173,384

 

Corporate/Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Expense) Before Income Taxes (a)

 

$

(39,094

)

 

$

(31,180

)

 

$

(111,427

)

 

$

(95,156

)

Interest (Expense), Net (b)

 

 

(18,987

)

 

 

(12,122

)

 

 

(56,218

)

 

 

(37,537

)

EBIT (c)

 

$

(20,107

)

 

$

(19,058

)

 

$

(55,209

)

 

$

(57,619

)

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income Before Income Taxes (a)

 

$

21,906

 

 

$

20,427

 

 

$

284,368

 

 

$

274,255

 

Interest (Expense), Net (b)

 

 

(20,231

)

 

 

(13,800

)

 

 

(60,001

)

 

 

(43,758

)

EBIT (c)

 

$

42,137

 

 

$

34,227

 

 

$

344,369

 

 

$

318,013

 

 

 

 

February 29,

2016

 

 

May 31,

2015

 

Identifiable Assets

 

 

 

 

 

 

 

 

Industrial Segment

 

$

1,902,718

 

 

$

2,105,364

 

Specialty Segment

 

 

788,121

 

 

 

798,893

 

Consumer Segment

 

 

1,659,227

 

 

 

1,626,097

 

Corporate/Other

 

 

98,023

 

 

 

163,886

 

Consolidated

 

$

4,448,089

 

 

$

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 corporate 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 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.