Effective June 1, 2019, we realigned certain businesses and management structure to recognize how we allocate resources and analyze the operating performance of our businesses. Among other things, the realignment of certain businesses occurred as a result of the 2020 MAP to Growth that was approved and initiated between May and August 2018. As we began to execute on our operating improvement initiatives, we identified ways to realign certain businesses, and concluded that moving to an expanded reporting structure could help us to better manage our assets and improve synergies across the enterprise.

This realignment changed our reportable segments beginning with our first quarter of fiscal 2020. As such we now report under four reportable segments instead of our three previous reportable segments. Our four reporting segments are: the CPG reportable segment, PCG reportable segment, Consumer reportable segment and Specialty reportable segment. In connection with the realignment, we

shifted our Kirker business out of Consumer into Specialty, and also shifted our Dryvit and Nudura businesses out of Specialty into CPG. The newly formed CPG also includes our Tremco, Tremco illbruck, Euclid Chemical, Viapol, Vandex and Flowcrete businesses. PCG includes Stonhard, Carboline, USL and Fibergrate businesses, while Consumer comprises the Rust-Oleum and DAP businesses.

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 four reportable segments as outlined above, which also represent our operating segments. Within each operating segment, we manage product lines and businesses which generally address common markets, share similar economic characteristics, utilize similar technologies and can share manufacturing or distribution capabilities. Our four 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 four 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”), and/or adjusted EBIT, as a performance evaluation measure because interest expense is essentially related to acquisitions, as opposed to segment operations.

Our CPG reportable segment products are sold throughout North America and also account for the majority of our international sales. Our construction product lines are sold directly to contractors, distributors and end-users, such as industrial manufacturing facilities, public institutions and other commercial customers. Products and services within this reportable segment include construction sealants and adhesives, coatings and chemicals, roofing systems, concrete admixture and repair products, building envelope solutions, insulated cladding, flooring systems, and weatherproofing solutions.

Our PCG reportable segment products are sold throughout North America, as well as internationally, and are sold directly to contractors, distributors and end-users, such as industrial manufacturing facilities, public institutions and other commercial customers. Products and services within this reportable segment include high-performance flooring solutions, corrosion control and fireproofing coatings, infrastructure repair systems, fiberglass reinforced plastic gratings and drainage systems.

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. Our consumer reportable segment products are primarily sold directly to mass merchandisers, home improvement centers, hardware stores, paint stores, craft shops and through distributors. The Consumer reportable segment offers products that include specialty, hobby and professional paints; caulks; adhesives; silicone sealants and wood stains.

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 offers products that include industrial cleaners, restoration services equipment, colorants, nail enamels, exterior finishes, edible coatings and specialty glazes for pharmaceutical and food industries, and other specialty original equipment manufacturer (“OEM”) coatings.

In addition to our four 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 and identifiable assets.

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

The following tables present a disaggregation of revenues by geography, and reflect the results of our reportable segments consistent with our management philosophy, by representing 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 February 29, 2020	CPG Segment		PCG Segment		Consumer Segment		Specialty Segment		Consolidated
(In thousands)
Net Sales (based on shipping location)
United States	$	190,741	$	151,012	$	319,838	$	119,526	$	781,117
Foreign
Canada		25,978		17,064		21,280		2,041		66,363
Europe		95,207		61,191		42,569		18,685		217,652
Latin America		38,803		8,946		6,987		397		55,133
Asia Pacific		18,390		5,705		6,159		6,816		37,070
Other Foreign		2,963		11,768		1,910		-		16,641
Total Foreign		181,341		104,674		78,905		27,939		392,859
Total	$	372,082	$	255,686	$	398,743	$	147,465	$	1,173,976

Three Months Ended February 28, 2019	CPG Segment		PCG Segment		Consumer Segment		Specialty Segment		Consolidated
(In thousands)
Net Sales (based on shipping location)
United States	$	170,959	$	147,553	$	298,022	$	124,273	$	740,807
Foreign
Canada		28,484		18,210		21,404		1,895		69,993
Europe		100,022		57,014		43,367		19,298		219,701
Latin America		35,735		8,685		6,781		306		51,507
Asia Pacific		20,087		8,328		6,903		7,988		43,306
Other Foreign		45		13,435		1,836		-		15,316
Total Foreign		184,373		105,672		80,291		29,487		399,823
Total	$	355,332	$	253,225	$	378,313	$	153,760	$	1,140,630

Nine Months Ended February 29, 2020	CPG Segment		PCG Segment		Consumer Segment		Specialty Segment		Consolidated
(In thousands)
Net Sales (based on shipping location)
United States	$	769,308	$	506,664	$	1,059,568	$	375,817	$	2,711,357
Foreign
Canada		122,620		57,345		80,860		6,824		267,649
Europe		327,057		195,650		142,319		60,470		725,496
Latin America		124,734		26,230		20,629		1,177		172,770
Asia Pacific		58,254		19,799		19,214		21,435		118,702
Other Foreign		5,724		39,951		6,384		-		52,059
Total Foreign		638,389		338,975		269,406		89,906		1,336,676
Total	$	1,407,697	$	845,639	$	1,328,974	$	465,723	$	4,048,033

Nine Months Ended February 28, 2019	CPG Segment		PCG Segment		Consumer Segment		Specialty Segment		Consolidated
(In thousands)
Net Sales (based on shipping location)
United States	$	690,142	$	494,528	$	1,003,493	$	404,704	$	2,592,867
Foreign
Canada		125,556		63,069		73,813		6,574		269,012
Europe		353,937		181,784		155,722		64,678		756,121
Latin America		110,028		26,877		20,183		976		158,064
Asia Pacific		59,775		27,852		21,733		23,560		132,920
Other Foreign		684		47,495		5,987		-		54,166
Total Foreign		649,980		347,077		277,438		95,788		1,370,283
Total	$	1,340,122	$	841,605	$	1,280,931	$	500,492	$	3,963,150