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Segment Information (Tables) | 12 Months Ended
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May 31, 2013
Reportable Segments Information | 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, |  | 2013 |  |  | 2012 |  |  | 2011 |
(In thousands) |  |  |  |  |  |  |  |  |
Net Sales |  |  |  |  |  |  |  |  |  |  |  |
Industrial |  | $ | 2,635,976 |  |  | $ | 2,535,238 |  |  | $ | 2,259,809 |
Consumer |  |  | 1,442,679 |  |  |  | 1,242,178 |  |  |  | 1,122,032 |
Total |  | $ | 4,078,655 |  |  | $ | 3,777,416 |  |  | $ | 3,381,841 |
Income (Loss) Before Income Taxes |  |  |  |  |  |  |  |  |  |  |  |
Industrial |  |  |  |  |  |  |  |  |  |  |  |
Income Before Income Taxes (a) |  | $ | 164,578 |  |  | $ | 278,676 |  |  | $ | 232,544 |
Interest (Expense), Net (b) |  |  | (10,318 | ) |  |  | (3,770 | ) |  |  | (3,304 | )
EBIT (c) |  | $ | 174,896 |  |  | $ | 282,446 |  |  | $ | 235,848 |
Consumer |  |  |  |  |  |  |  |  |  |  |  |
Income Before Income Taxes (a) |  | $ | 190,611 |  |  | $ | 160,099 |  |  | $ | 146,035 |
Interest (Expense), Net (b) |  |  | (10 | ) |  |  | 18 |  |  |  | 63 |
EBIT (c) |  | $ | 190,621 |  |  | $ | 160,081 |  |  | $ | 145,972 |
Corporate/Other |  |  |  |  |  |  |  |  |  |  |  |
(Expense) Before Income Taxes (a) |  | $ | (178,298 | ) |  | $ | (110,486 | ) |  | $ | (83,526 | )
Interest (Expense), Net (b) |  |  | (63,340 | ) |  |  | (64,107 | ) |  |  | (46,504 | )
EBIT (c) |  | $ | (114,958 | ) |  | $ | (46,379 | ) |  | $ | (37,022 | )
Consolidated |  |  |  |  |  |  |  |  |  |  |  |
Income Before Income Taxes (a) |  | $ | 176,891 |  |  | $ | 328,289 |  |  | $ | 295,053 |
Interest (Expense), Net (b) |  |  | (73,668 | ) |  |  | (67,859 | ) |  |  | (49,745 | )
EBIT (c) |  | $ | 250,559 |  |  | $ | 396,148 |  |  | $ | 344,798 |
Identifiable Assets |  |  |  |  |  |  |  |  |  |  |  |
Industrial |  | $ | 2,458,543 |  |  | $ | 2,195,702 |  |  | $ | 1,992,143 |
Consumer |  |  | 1,584,160 |  |  |  | 1,184,609 |  |  |  | 1,195,849 |
Corporate/Other |  |  | 72,823 |  |  |  | 181,502 |  |  |  | 327,037 |
Total |  | $ | 4,115,526 |  |  | $ | 3,561,813 |  |  | $ | 3,515,029 |
Capital Expenditures |  |  |  |  |  |  |  |  |  |  |  |
Industrial |  | $ | 50,025 |  |  | $ | 47,529 |  |  | $ | 29,687 |
Consumer |  |  | 35,081 |  |  |  | 17,156 |  |  |  | 9,665 |
Corporate/Other |  |  | 6,261 |  |  |  | 6,930 |  |  |  | 474 |
Total |  | $ | 91,367 |  |  | $ | 71,615 |  |  | $ | 39,826 |
Depreciation and Amortization |  |  |  |  |  |  |  |  |  |  |  |
Industrial |  | $ | 53,549 |  |  | $ | 48,701 |  |  | $ | 46,352 |
Consumer |  |  | 28,624 |  |  |  | 23,656 |  |  |  | 24,954 |
Corporate/Other |  |  | 1,571 |  |  |  | 1,341 |  |  |  | 1,447 |
Total |  | $ | 83,744 |  |  | $ | 73,698 |  |  | $ | 72,753 |
(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 corporate acquisitions, as opposed to segment operations. For that reason, we believe EBIT is also useful to investors as a metric in their investment decisions. EBIT should not be considered an alternative to, or more meaningful than, operating income as determined in accordance with GAAP, since EBIT omits the impact of interest and taxes in determining operating performance, which represent items necessary to our continued operations, given our level of indebtedness and ongoing tax obligations. 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, |  | 2013 |  |  | 2012 |  |  | 2011 |
(In thousands) |  |  |  |  |  |  |  |  |
Net Sales (based on shipping location) (a) |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 2,404,835 |  |  | $ | 2,219,680 |  |  | $ | 1,983,238 |
Foreign |  |  |  |  |  |  |  |  |  |  |  |
Canada |  |  | 350,579 |  |  |  | 346,238 |  |  |  | 330,613 |
Europe |  |  | 908,139 |  |  |  | 919,124 |  |  |  | 812,735 |
Other Foreign |  |  | 415,102 |  |  |  | 292,374 |  |  |  | 255,255 |
Total Foreign |  |  | 1,673,820 |  |  |  | 1,557,736 |  |  |  | 1,398,603 |
Total |  | $ | 4,078,655 |  |  | $ | 3,777,416 |  |  | $ | 3,381,841 |
Long-Lived Assets (b) |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 1,311,640 |  |  | $ | 1,124,403 |  |  | $ | 965,235 |
Foreign |  |  |  |  |  |  |  |  |  |  |  |
Canada |  |  | 126,172 |  |  |  | 128,392 |  |  |  | 137,380 |
Europe |  |  | 340,592 |  |  |  | 315,228 |  |  |  | 287,874 |
United Kingdom |  |  | 237,124 |  |  |  | 192,155 |  |  |  | 209,217 |
Other Foreign |  |  | 213,726 |  |  |  | 64,316 |  |  |  | 47,353 |
Total Foreign |  |  | 917,614 |  |  |  | 700,091 |  |  |  | 681,824 |
Total |  | $ | 2,229,254 |  |  | $ | 1,824,494 |  |  | $ | 1,647,059 |
(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.

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- Definition Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.1) -URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 1 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 131 -Paragraph 38 -Subparagraph b(1) -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=14024403&loc=d3e13816-109267 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8736-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8813-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 131 -Paragraph 27, 28 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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