During the first quarter of fiscal 2019, we made the determination to streamline certain businesses and management structures within our industrial reportable segment. As a result, our former tremco illbruck Group, Tremco Group and several components from our Performance Coatings Group, including our Euclid and Flowcrete businesses, were combined to form a new Construction Products Group. There were no changes in the composition of any of our reportable segments and, therefore, previously reported business segment information remains unchanged.

We operate a portfolio of businesses and product lines that manufacture and sell a variety of specialty paints, protective coatings and roofing systems, sealants and adhesives. We manage our portfolio by organizing our businesses and product lines into three reportable segments: the industrial reportable segment, the specialty reportable segment and the consumer reportable segment. Within each reportable segment, we aggregate operating segments or product lines that consist of individual companies or groups of companies and product lines, which generally address common markets, share similar economic characteristics, utilize similar technologies and can share manufacturing or distribution capabilities. Our six operating segments represent components of our business for which separate financial information is available that is utilized on a regular basis by our chief operating decision maker in determining how to allocate the assets of the company and evaluate performance. These six operating segments are each managed by an operating segment manager, who is responsible for the day-to-day operating decisions and performance evaluation of the operating segment’s underlying businesses. We evaluate the profit performance of our segments primarily based on income before income taxes, but also look to earnings (loss) before interest and taxes (“EBIT”) as a performance evaluation measure because interest expense is essentially related to acquisitions, as opposed to segment operations.

Our industrial reportable segment products are sold throughout North America and also account for the majority of our international sales. Our industrial product lines are sold directly to contractors, distributors and end-users, such as industrial manufacturing facilities, public institutions and other commercial customers. The industrial reportable segment comprises two separate operating segments – Construction Products Group and Performance Coatings Group. Products and services within this reportable segment include construction chemicals, roofing systems, weatherproofing and other sealants, and polymer flooring.

Our consumer reportable segment manufactures and markets professional use and do-it-yourself (“DIY”) products for a variety of mainly consumer applications, including home improvement and personal leisure activities. Our consumer segment’s major manufacturing and distribution operations are located primarily in North America, along with a few locations in Europe and other parts of the world. Products are primarily sold directly to mass merchandisers, home improvement centers, hardware stores, paint stores, craft shops, cosmetic companies and through distributors. This reportable segment comprises three operating segments: Rust-Oleum Group, DAP Group and SPG-Consumer Group. Products within this reportable segment include specialty, hobby and professional paints; nail enamels; caulks; adhesives; silicone sealants; cleaners; floor sealers and wood stains. Sales to The Home Depot, Inc. represented less than 10% of our consolidated net sales for fiscal 2019, 2018 and 2017, 29% of our consumer segment net sales for the fiscal year ended May 31, 2019 and 28% for each of the fiscal years ended May 31, 2018 and 2017.

Our specialty reportable segment products are sold throughout North America and a few international locations, primarily in Europe. Our specialty product lines are sold directly to contractors, distributors and end-users, such as industrial manufacturing facilities, public institutions and other commercial customers. The specialty reportable segment is a single operating segment, which offers products that include industrial cleaners, restoration services equipment, colorants, exterior finishes, edible coatings and specialty glazes for pharmaceutical and food industries, and other specialty OEM coatings.

In addition to our three reportable segments, there is a category of certain business activities and expenses, referred to as corporate/other, that does not constitute an operating segment. This category includes our corporate headquarters and related administrative expenses, results of our captive insurance companies, gains or losses on the sales of certain assets and other expenses not directly associated with any reportable segment. Assets related to the corporate/other category consist primarily of investments, prepaid expenses and headquarters’ property and equipment. These corporate and other assets and expenses reconcile reportable segment data to total consolidated income before income taxes, interest expense and earnings before interest and taxes; as well as identifiable assets, capital expenditures, and depreciation and amortization.

We reflect income from our joint ventures on the equity method, and receive royalties from our licensees.

Effective June 1, 2019, we realigned certain businesses and management structure to recognize how we allocate resources and analyze the operating performance of our operating segments. This realignment did not change our reportable segments at May 31, 2019. Rather, our periodic filings, beginning with our first quarter ending August 31, 2019, will include historical segment results reclassified to reflect the effect of this realignment. See Note A(20) of Notes to Consolidated Financial Statements.

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.

Year Ended May 31,	2019			2018			2017
(In thousands)
Net Sales
Industrial	$	2,889,822		$	2,814,755		$	2,564,202
Consumer		1,887,767			1,754,339			1,680,384
Specialty		786,962			752,549			713,589
Total	$	5,564,551		$	5,321,643		$	4,958,175
Income (Loss) Before Income Taxes
Industrial	$	243,234		$	270,792		$	243,335
Consumer		215,002			171,874			58,726
Specialty		101,441			123,307			107,904
Corporate/Other		(219,832	)		(148,925	)		(165,632	)
Total	$	339,845		$	417,048		$	244,333
Identifiable Assets
Industrial	$	2,322,511		$	2,422,799		$	2,382,784
Consumer		1,984,332			1,859,381			1,821,190
Specialty		860,125			740,952			759,822
Corporate/Other		274,387			248,690			126,653
Total	$	5,441,355		$	5,271,822		$	5,090,449
Capital Expenditures
Industrial	$	54,514		$	60,145		$	65,083
Consumer		54,444			38,921			45,690
Specialty		26,364			14,958			14,104
Corporate/Other		1,435			595			1,232
Total	$	136,757		$	114,619		$	126,109
Depreciation and Amortization
Industrial	$	62,435		$	57,267		$	51,529
Consumer		41,882			38,037			33,374
Specialty		32,379			27,457			26,453
Corporate/Other		5,046			5,738			5,417
Total	$	141,742		$	128,499		$	116,773

Year Ended May 31, 2019	Industrial Segment		Consumer Segment		Specialty Segment		Consolidated
(In thousands)
Net Sales (based on shipping location) (a)
United States	$	1,570,891	$	1,487,205	$	618,408	$	3,676,504
Foreign
Canada		229,386		117,305		43,508		390,199
Europe		717,659		218,021		93,344		1,029,024
Latin America		189,627		28,020		1,397		219,044
Asia Pacific		118,393		29,170		30,305		177,868
Other Foreign		63,866		8,046				71,912
Total Foreign		1,318,931		400,562		168,554		1,888,047
Total	$	2,889,822	$	1,887,767	$	786,962	$	5,564,551

Year Ended May 31, 2018	Industrial Segment		Consumer Segment		Specialty Segment		Consolidated
(In thousands)
Net Sales (based on shipping location) (a)
United States	$	1,480,189	$	1,351,065	$	600,780	$	3,432,034
Foreign
Canada		236,594		106,460		22,295		365,349
Europe		715,754		228,046		96,618		1,040,418
Latin America		197,859		27,834		1,514		227,207
Asia Pacific		112,712		32,493		31,342		176,547
Other Foreign		71,647		8,441				80,088
Total Foreign		1,334,566		403,274		151,769		1,889,609
Total	$	2,814,755	$	1,754,339	$	752,549	$	5,321,643

Year Ended May 31, 2017	Industrial Segment		Consumer Segment		Specialty Segment		Consolidated
(In thousands)
Net Sales (based on shipping location) (a)
United States	$	1,357,945	$	1,355,262	$	556,193	$	3,269,400
Foreign
Canada		216,218		86,773		18,705		321,696
Europe		625,399		174,304		109,096		908,799
Latin America		195,502		23,407		1,427		220,336
Asia Pacific		100,389		33,528		28,168		162,085
Other Foreign		68,749		7,110				75,859
Total Foreign		1,206,257		325,122		157,396		1,688,775
Total	$	2,564,202	$	1,680,384	$	713,589	$	4,958,175

Year Ended May 31,	2019		2018		2017
(In thousands)
Long-Lived Assets (b)
United States	$	1,859,628	$	1,807,046	$	1,738,180
Foreign
Canada		242,582		139,259		137,211
Europe		343,501		361,317		349,979
United Kingdom		217,414		230,071		199,415
Other Foreign		225,230		241,301		248,435
Total Foreign		1,028,727		971,948		935,040
Total	$	2,888,355	$	2,778,994	$	2,673,220

(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.