XML 70 R38.htm IDEA: XBRL DOCUMENT v3.5.0.2
Segment Information (Tables)
 12 Months Ended
May 31, 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.

 

Year Ended May 31,

 

2016

 

 

2015

 

 

2014

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales

 

 

 

 

 

 

 

 

 

 

 

 

Industrial

 

$

2,444,120

 

 

$

2,533,476

 

 

$

2,464,266

 

Specialty

 

 

732,091

 

 

 

457,245

 

 

 

305,391

 

Consumer

 

 

1,637,438

 

 

 

1,603,829

 

 

 

1,606,696

 

Total

 

$

4,813,649

 

 

$

4,594,550

 

 

$

4,376,353

 

Income (Loss) Before Income Taxes

 

 

 

 

 

 

 

 

 

 

 

 

Industrial

 

 

 

 

 

 

 

 

 

 

 

 

Income Before Income Taxes (a)

 

$

252,781

 

 

$

246,997

 

 

$

234,123

 

Interest (Expense), Net (b)

 

 

(5,987

)

 

 

(8,190

)

 

 

(10,482

)

EBIT (c)

 

$

258,768

 

 

$

255,187

 

 

$

244,605

 

Specialty

 

 

 

 

 

 

 

 

 

 

 

 

Income Before Income Taxes (a)

 

$

111,945

 

 

$

68,340

 

 

$

61,628

 

Interest (Expense), Net (b)

 

 

730

 

 

 

534

 

 

 

255

 

EBIT (c)

 

$

111,215

 

 

$

67,806

 

 

$

61,373

 

Consumer

 

 

 

 

 

 

 

 

 

 

 

 

Income Before Income Taxes (a)

 

$

268,218

 

 

$

274,001

 

 

$

251,229

 

Interest (Expense), Net (b)

 

 

40

 

 

 

34

 

 

 

122

 

EBIT (c)

 

$

268,178

 

 

$

273,967

 

 

$

251,107

 

Corporate/Other

 

 

 

 

 

 

 

 

 

 

 

 

(Expense) Before Income Taxes (a)

 

$

(149,478

)

 

$

(136,085

)

 

$

(122,493

)

Interest (Expense), Net (b)

 

 

(76,101

)

 

 

(61,416

)

 

 

(55,131

)

EBIT (c)

 

$

(73,377

)

 

$

(74,669

)

 

$

(67,362

)

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

Income Before Income Taxes (a)

 

$

483,466

 

 

$

453,253

 

 

$

424,487

 

Interest (Expense), Net (b)

 

 

(81,318

)

 

 

(69,038

)

 

 

(65,236

)

EBIT (c)

 

$

564,784

 

 

$

522,291

 

 

$

489,723

 

Identifiable Assets

 

 

 

 

 

 

 

 

 

 

 

 

Industrial

 

$

2,165,920

 

 

$

2,105,364

 

 

$

2,222,704

 

Specialty

 

 

794,899

 

 

 

798,893

 

 

 

284,553

 

Consumer

 

 

1,734,600

 

 

 

1,626,097

 

 

 

1,648,272

 

Corporate/Other

 

 

80,622

 

 

 

163,886

 

 

 

222,836

 

Total

 

$

4,776,041

 

 

$

4,694,240

 

 

$

4,378,365

 

Capital Expenditures

 

 

 

 

 

 

 

 

 

 

 

 

Industrial

 

$

76,761

 

 

$

46,150

 

 

$

50,039

 

Specialty

 

 

11,479

 

 

 

7,823

 

 

 

4,517

 

Consumer

 

 

27,269

 

 

 

29,354

 

 

 

35,391

 

Corporate/Other

 

 

1,674

 

 

 

2,036

 

 

 

3,845

 

Total

 

$

117,183

 

 

$

85,363

 

 

$

93,792

 

Depreciation and Amortization

 

 

 

 

 

 

 

 

 

 

 

 

Industrial

 

$

46,570

 

 

$

47,235

 

 

$

48,046

 

Specialty

 

 

26,773

 

 

 

13,596

 

 

 

5,624

 

Consumer

 

 

31,445

 

 

 

32,153

 

 

 

31,378

 

Corporate/Other

 

 

6,251

 

 

 

6,192

 

 

 

5,021

 

Total

 

$

111,039

 

 

$

99,176

 

 

$

90,069

 

 

(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 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 in determining operating performance, which represent items necessary to our continued operations, given our level of indebtedness. 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,

 

2016

 

 

2015

 

 

2014

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales (based on shipping location) (a)

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

3,155,810

 

 

$

2,856,723

 

 

$

2,581,208

 

Foreign

 

 

 

 

 

 

 

 

 

 

 

 

Canada

 

 

310,817

 

 

 

337,869

 

 

 

342,312

 

Europe

 

 

928,519

 

 

 

941,820

 

 

 

1,031,686

 

Other Foreign

 

 

418,503

 

 

 

458,138

 

 

 

421,147

 

Total Foreign

 

 

1,657,839

 

 

 

1,737,827

 

 

 

1,795,145

 

Total

 

$

4,813,649

 

 

$

4,594,550

 

 

$

4,376,353

 

Long-Lived Assets (b)

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

1,764,090

 

 

$

1,704,468

 

 

$

1,374,340

 

Foreign

 

 

 

 

 

 

 

 

 

 

 

 

Canada

 

 

111,524

 

 

 

114,717

 

 

 

125,401

 

Europe

 

 

271,796

 

 

 

293,685

 

 

 

340,146

 

United Kingdom

 

 

257,935

 

 

 

273,118

 

 

 

259,829

 

Other Foreign

 

 

212,583

 

 

 

202,721

 

 

 

208,411

 

Total Foreign

 

 

853,838

 

 

 

884,241

 

 

 

933,787

 

Total

 

$

2,617,928

 

 

$

2,588,709

 

 

$

2,308,127

 

 

(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.