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Segment Information (Tables)
 12 Months Ended
May 31, 2018
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,

 

2018

 

 

2017

 

 

2016

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales

 

 

 

 

 

 

 

 

 

 

 

 

Industrial

 

$

2,814,755

 

 

$

2,564,202

 

 

$

2,491,647

 

Consumer

 

 

1,754,339

 

 

 

1,680,384

 

 

 

1,637,438

 

Specialty

 

 

752,549

 

 

 

713,589

 

 

 

684,564

 

Total

 

$

5,321,643

 

 

$

4,958,175

 

 

$

4,813,649

 

Income Before Income Taxes

 

 

 

 

 

 

 

 

 

 

 

 

Industrial

 

 

 

 

 

 

 

 

 

 

 

 

Income Before Income Taxes (a)

 

$

270,792

 

 

$

243,335

 

 

$

257,180

 

Interest (Expense), Net (b)

 

 

(10,507

)

 

 

(7,985

)

 

 

(6,071

)

EBIT (c)

 

$

281,299

 

 

$

251,320

 

 

$

263,251

 

Consumer

 

 

 

 

 

 

 

 

 

 

 

 

Income Before Income Taxes (a)

 

$

171,874

 

 

$

58,726

 

 

$

268,218

 

Interest (Expense) Income, Net (b)

 

 

(713

)

 

 

(323

)

 

 

40

 

EBIT (c)

 

$

172,587

 

 

$

59,049

 

 

$

268,178

 

Specialty

 

 

 

 

 

 

 

 

 

 

 

 

Income Before Income Taxes (a)

 

$

123,307

 

 

$

107,904

 

 

$

107,546

 

Interest Income, Net (b)

 

 

876

 

 

 

526

 

 

 

814

 

EBIT (c)

 

$

122,431

 

 

$

107,378

 

 

$

106,732

 

Corporate/Other

 

 

 

 

 

 

 

 

 

 

 

 

(Expense) Before Income Taxes (a)

 

$

(148,925

)

 

$

(165,632

)

 

$

(149,478

)

Interest (Expense), Net (b)

 

 

(73,761

)

 

 

(75,188

)

 

 

(76,101

)

EBIT (c)

 

$

(75,164

)

 

$

(90,444

)

 

$

(73,377

)

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

Income Before Income Taxes (a)

 

$

417,048

 

 

$

244,333

 

 

$

483,466

 

Interest (Expense), Net (b)

 

 

(84,105

)

 

 

(82,970

)

 

 

(81,318

)

EBIT (c)

 

$

501,153

 

 

$

327,303

 

 

$

564,784

 

Identifiable Assets

 

 

 

 

 

 

 

 

 

 

 

 

Industrial

 

$

2,422,799

 

 

$

2,382,784

 

 

$

2,206,062

 

Consumer

 

 

1,859,381

 

 

 

1,821,190

 

 

 

1,734,600

 

Specialty

 

 

740,952

 

 

 

759,822

 

 

 

754,757

 

Corporate/Other

 

 

248,690

 

 

 

126,653

 

 

 

69,550

 

Total

 

$

5,271,822

 

 

$

5,090,449

 

 

$

4,764,969

 

Capital Expenditures

 

 

 

 

 

 

 

 

 

 

 

 

Industrial

 

$

60,145

 

 

$

65,083

 

 

$

78,002

 

Consumer

 

 

38,921

 

 

 

45,690

 

 

 

27,269

 

Specialty

 

 

14,958

 

 

 

14,104

 

 

 

10,238

 

Corporate/Other

 

 

595

 

 

 

1,232

 

 

 

1,674

 

Total

 

$

114,619

 

 

$

126,109

 

 

$

117,183

 

Depreciation and Amortization

 

 

 

 

 

 

 

 

 

 

 

 

Industrial

 

$

57,267

 

 

$

51,529

 

 

$

47,697

 

Consumer

 

 

38,037

 

 

 

33,374

 

 

 

31,445

 

Specialty

 

 

27,457

 

 

 

26,453

 

 

 

25,646

 

Corporate/Other

 

 

5,738

 

 

 

5,417

 

 

 

6,251

 

Total

 

$

128,499

 

 

$

116,773

 

 

$

111,039

 

 

(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,

 

2018

 

 

2017

 

 

2016

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales (based on shipping location) (a)

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

3,432,034

 

 

$

3,269,400

 

 

$

3,155,810

 

Foreign

 

 

 

 

 

 

 

 

 

 

 

 

Canada

 

 

365,349

 

 

 

321,696

 

 

 

310,817

 

Europe

 

 

1,040,418

 

 

 

908,799

 

 

 

928,519

 

Other Foreign

 

 

483,842

 

 

 

458,280

 

 

 

418,503

 

Total Foreign

 

 

1,889,609

 

 

 

1,688,775

 

 

 

1,657,839

 

Total

 

$

5,321,643

 

 

$

4,958,175

 

 

$

4,813,649

 

Long-Lived Assets (b)

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

1,807,046

 

 

$

1,738,180

 

 

$

1,756,012

 

Foreign

 

 

 

 

 

 

 

 

 

 

 

 

Canada

 

 

139,259

 

 

 

137,211

 

 

 

111,524

 

Europe

 

 

361,317

 

 

 

349,979

 

 

 

271,796

 

United Kingdom

 

 

230,071

 

 

 

199,415

 

 

 

257,935

 

Other Foreign

 

 

241,301

 

 

 

248,435

 

 

 

212,583

 

Total Foreign

 

 

971,948

 

 

 

935,040

 

 

 

853,838

 

Total

 

$

2,778,994

 

 

$

2,673,220

 

 

$

2,609,850

 

 

(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.