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Segment Information (Tables)
 12 Months Ended
May 31, 2017
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 the composition of our reportable segments.

 

Year Ended May 31,

 

2017

 

 

2016

 

 

2015

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales

 

 

 

 

 

 

 

 

 

 

 

 

Industrial

 

$

2,564,202

 

 

$

2,491,647

 

 

$

2,581,424

 

Specialty

 

 

713,589

 

 

 

684,564

 

 

 

409,297

 

Consumer

 

 

1,680,384

 

 

 

1,637,438

 

 

 

1,603,829

 

Total

 

$

4,958,175

 

 

$

4,813,649

 

 

$

4,594,550

 

Income (Loss) Before Income Taxes

 

 

 

 

 

 

 

 

 

 

 

 

Industrial

 

 

 

 

 

 

 

 

 

 

 

 

Income Before Income Taxes (a)

 

$

243,335

 

 

$

257,180

 

 

$

251,903

 

Interest (Expense), Net (b)

 

 

(7,985

)

 

 

(6,071

)

 

 

(8,282

)

EBIT (c)

 

$

251,320

 

 

$

263,251

 

 

$

260,185

 

Specialty

 

 

 

 

 

 

 

 

 

 

 

 

Income Before Income Taxes (a)

 

$

107,904

 

 

$

107,546

 

 

$

63,434

 

Interest (Expense), Net (b)

 

 

526

 

 

 

814

 

 

 

626

 

EBIT (c)

 

$

107,378

 

 

$

106,732

 

 

$

62,808

 

Consumer

 

 

 

 

 

 

 

 

 

 

 

 

Income Before Income Taxes (a)

 

$

58,726

 

 

$

268,218

 

 

$

274,001

 

Interest (Expense), Net (b)

 

 

(323

)

 

 

40

 

 

 

34

 

EBIT (c)

 

$

59,049

 

 

$

268,178

 

 

$

273,967

 

Corporate/Other

 

 

 

 

 

 

 

 

 

 

 

 

(Expense) Before Income Taxes (a)

 

$

(165,632

)

 

$

(149,478

)

 

$

(136,085

)

Interest (Expense), Net (b)

 

 

(75,188

)

 

 

(76,101

)

 

 

(61,416

)

EBIT (c)

 

$

(90,444

)

 

$

(73,377

)

 

$

(74,669

)

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

Income Before Income Taxes (a)

 

$

244,333

 

 

$

483,466

 

 

$

453,253

 

Interest (Expense), Net (b)

 

 

(82,970

)

 

 

(81,318

)

 

 

(69,038

)

EBIT (c)

 

$

327,303

 

 

$

564,784

 

 

$

522,291

 

Identifiable Assets

 

 

 

 

 

 

 

 

 

 

 

 

Industrial

 

$

2,382,784

 

 

$

2,206,062

 

 

$

2,146,244

 

Specialty

 

 

759,822

 

 

 

754,757

 

 

 

758,020

 

Consumer

 

 

1,821,190

 

 

 

1,734,600

 

 

 

1,626,097

 

Corporate/Other

 

 

126,653

 

 

 

69,550

 

 

 

149,701

 

Total

 

$

5,090,449

 

 

$

4,764,969

 

 

$

4,680,062

 

Capital Expenditures

 

 

 

 

 

 

 

 

 

 

 

 

Industrial

 

$

65,083

 

 

$

78,002

 

 

$

46,975

 

Specialty

 

 

14,104

 

 

 

10,238

 

 

 

6,998

 

Consumer

 

 

45,690

 

 

 

27,269

 

 

 

29,354

 

Corporate/Other

 

 

1,232

 

 

 

1,674

 

 

 

2,036

 

Total

 

$

126,109

 

 

$

117,183

 

 

$

85,363

 

Depreciation and Amortization

 

 

 

 

 

 

 

 

 

 

 

 

Industrial

 

$

51,529

 

 

$

47,697

 

 

$

48,212

 

Specialty

 

 

26,453

 

 

 

25,646

 

 

 

12,619

 

Consumer

 

 

33,374

 

 

 

31,445

 

 

 

32,153

 

Corporate/Other

 

 

5,417

 

 

 

6,251

 

 

 

6,192

 

Total

 

$

116,773

 

 

$

111,039

 

 

$

99,176

 

 

(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 a non-GAAP measure, and 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 income 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,

 

2017

 

 

2016

 

 

2015

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales (based on shipping location) (a)

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

3,269,400

 

 

$

3,155,810

 

 

$

2,856,723

 

Foreign

 

 

 

 

 

 

 

 

 

 

 

 

Canada

 

 

321,696

 

 

 

310,817

 

 

 

337,869

 

Europe

 

 

908,799

 

 

 

928,519

 

 

 

941,820

 

Other Foreign

 

 

458,280

 

 

 

418,503

 

 

 

458,138

 

Total Foreign

 

 

1,688,775

 

 

 

1,657,839

 

 

 

1,737,827

 

Total

 

$

4,958,175

 

 

$

4,813,649

 

 

$

4,594,550

 

Long-Lived Assets (b)

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

1,738,180

 

 

$

1,756,012

 

 

$

1,693,288

 

Foreign

 

 

 

 

 

 

 

 

 

 

 

 

Canada

 

 

137,211

 

 

 

111,524

 

 

 

114,717

 

Europe

 

 

349,979

 

 

 

271,796

 

 

 

293,685

 

United Kingdom

 

 

199,415

 

 

 

257,935

 

 

 

273,118

 

Other Foreign

 

 

248,435

 

 

 

212,583

 

 

 

202,721

 

Total Foreign

 

 

935,040

 

 

 

853,838

 

 

 

884,241

 

Total

 

$

2,673,220

 

 

$

2,609,850

 

 

$

2,577,529

 

 

(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.