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Segment Information (Tables) | 6 Months Ended
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Nov. 30, 2015
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 reportable segments.
|  | Three Months Ended |  |  | Six Months Ended |
|  | November 30, |  |  | November 30, |  |  | November 30, |  |  | November 30, |
|  | 2015 |  |  | 2014 |  |  | 2015 |  |  | 2014 |
|  | (In thousands) |  |  |  |  |  |  |  |  |
Net Sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Industrial Segment |  | $ | 610,201 |  |  | $ | 647,836 |  |  | $ | 1,273,530 |  |  | $ | 1,342,120 |
Specialty Segment |  |  | 186,729 |  |  |  | 70,511 |  |  |  | 370,369 |  |  |  | 150,113 |
Consumer Segment |  |  | 359,054 |  |  |  | 352,781 |  |  |  | 754,611 |  |  |  | 782,791 |
Consolidated |  | $ | 1,155,984 |  |  | $ | 1,071,128 |  |  | $ | 2,398,510 |  |  | $ | 2,275,024 |
Income Before Income Taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Industrial Segment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income Before Income Taxes (a) |  | $ | 62,962 |  |  | $ | 62,810 |  |  | $ | 145,713 |  |  | $ | 148,233 |
Interest (Expense), Net (b) |  |  | (1,535 | ) |  |  | (1,976 | ) |  |  | (3,034 | ) |  |  | (4,647 | )
EBIT (c) |  | $ | 64,497 |  |  | $ | 64,786 |  |  | $ | 148,747 |  |  | $ | 152,880 |
Specialty Segment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income Before Income Taxes (a) |  | $ | 29,324 |  |  | $ | 14,299 |  |  | $ | 57,530 |  |  | $ | 31,340 |
Interest Income, Net (b) |  |  | 199 |  |  |  | 78 |  |  |  | 395 |  |  |  | 116 |
EBIT (c) |  | $ | 29,125 |  |  | $ | 14,221 |  |  | $ | 57,135 |  |  | $ | 31,224 |
Consumer Segment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income Before Income Taxes (a) |  | $ | 65,429 |  |  | $ | 61,562 |  |  | $ | 131,552 |  |  | $ | 138,231 |
Interest Income (Expense), Net (b) |  |  | 42 |  |  |  | (4 | ) |  |  | 100 |  |  |  | (12 | )
EBIT (c) |  | $ | 65,387 |  |  | $ | 61,566 |  |  | $ | 131,452 |  |  | $ | 138,243 |
Corporate/Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(Expense) Before Income Taxes (a) |  | $ | (37,454 | ) |  | $ | (32,921 | ) |  | $ | (72,333 | ) |  | $ | (63,976 | )
Interest (Expense), Net (b) |  |  | (20,084 | ) |  |  | (12,444 | ) |  |  | (37,231 | ) |  |  | (25,415 | )
EBIT (c) |  | $ | (17,370 | ) |  | $ | (20,477 | ) |  | $ | (35,102 | ) |  | $ | (38,561 | )
Consolidated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income Before Income Taxes (a) |  | $ | 120,261 |  |  | $ | 105,750 |  |  | $ | 262,462 |  |  | $ | 253,828 |
Interest (Expense), Net (b) |  |  | (21,378 | ) |  |  | (14,346 | ) |  |  | (39,770 | ) |  |  | (29,958 | )
EBIT (c) |  | $ | 141,639 |  |  | $ | 120,096 |  |  | $ | 302,232 |  |  | $ | 283,786 |
|  | November 30, 2015 |  |  | May 31, 2015 |
Identifiable Assets |  |  |  |  |  |  |  |
Industrial Segment |  | $ | 1,944,190 |  |  | $ | 2,105,364 |
Specialty Segment |  |  | 791,719 |  |  |  | 798,893 |
Consumer Segment |  |  | 1,552,852 |  |  |  | 1,626,097 |
Corporate/Other |  |  | 229,471 |  |  |  | 163,886 |
Consolidated |  | $ | 4,518,232 |  |  | $ | 4,694,240 |
(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 income/(expense), 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 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 taxes 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 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.

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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 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8906-108599 Reference 2: 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=51669610&loc=d3e8813-108599 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=51669610&loc=d3e8721-108599 Reference 4: 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=35741047&loc=d3e13816-109267 Reference 5: 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=51669610&loc=d3e8736-108599 + Details
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