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Segment Information | 9 Months Ended
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Feb. 28, 2022
Segment Reporting [Abstract] |
Segment Information | NOTE 17 — SEGMENT INFORMATION We operate a portfolio of businesses and product lines that manufacture and sell a variety of specialty paints, protective coatings and roofing systems, flooring solutions, sealants, cleaners and adhesives. We manage our portfolio by organizing our businesses and product lines into four reportable segments as outlined below, 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”), as a performance evaluation measure because interest (income) expense, net (the combination of interest expense and investment income, net) is essentially related to corporate functions, 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 reportable 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; cleaners; sandpaper and other abrasives; silicone sealants and wood stains. Our SPG 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 SPG 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.
Three Months Ended February 28, 2022 |  | CPG Segment |  |  | PCG Segment |  |  | Consumer Segment |  |  | SPG Segment |  |  | Consolidated |
(In thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Sales (based on shipping location) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 259,606 |  |  | $ | 167,623 |  |  | $ | 403,524 |  |  | $ | 154,516 |  |  | $ | 985,269 |
Foreign |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Canada |  |  | 39,479 |  |  |  | 17,220 |  |  |  | 29,432 |  |  |  | 1,378 |  |  |  | 87,509 |
Europe |  |  | 114,226 |  |  |  | 54,057 |  |  |  | 46,695 |  |  |  | 24,121 |  |  |  | 239,099 |
Latin America |  |  | 47,459 |  |  |  | 7,720 |  |  |  | 7,707 |  |  |  | 368 |  |  |  | 63,254 |
Asia Pacific |  |  | 21,256 |  |  |  | 5,431 |  |  |  | 4,259 |  |  |  | 8,988 |  |  |  | 39,934 |
Other Foreign |  |  | - |  |  |  | 18,814 |  |  |  | - |  |  |  | - |  |  |  | 18,814 |
Total Foreign |  |  | 222,420 |  |  |  | 103,242 |  |  |  | 88,093 |  |  |  | 34,855 |  |  |  | 448,610 |
Total |  | $ | 482,026 |  |  | $ | 270,865 |  |  | $ | 491,617 |  |  | $ | 189,371 |  |  | $ | 1,433,879 |
Three Months Ended February 28, 2021 |  | CPG Segment |  |  | PCG Segment |  |  | Consumer Segment |  |  | SPG Segment |  |  | Consolidated |
(In thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Sales (based on shipping location) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 195,193 |  |  | $ | 132,075 |  |  | $ | 381,712 |  |  | $ | 139,862 |  |  | $ | 848,842 |
Foreign |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Canada |  |  | 32,853 |  |  |  | 16,303 |  |  |  | 31,833 |  |  |  | 2,244 |  |  |  | 83,233 |
Europe |  |  | 106,172 |  |  |  | 53,156 |  |  |  | 53,097 |  |  |  | 19,405 |  |  |  | 231,830 |
Latin America |  |  | 39,555 |  |  |  | 6,681 |  |  |  | 7,593 |  |  |  | 409 |  |  |  | 54,238 |
Asia Pacific |  |  | 19,020 |  |  |  | 5,640 |  |  |  | 3,507 |  |  |  | 7,241 |  |  |  | 35,408 |
Other Foreign |  |  | 3,176 |  |  |  | 12,668 |  |  |  | - |  |  |  | - |  |  |  | 15,844 |
Total Foreign |  |  | 200,776 |  |  |  | 94,448 |  |  |  | 96,030 |  |  |  | 29,299 |  |  |  | 420,553 |
Total |  | $ | 395,969 |  |  | $ | 226,523 |  |  | $ | 477,742 |  |  | $ | 169,161 |  |  | $ | 1,269,395 |
Nine Months Ended February 28, 2022 |  | CPG Segment |  |  | PCG Segment |  |  | Consumer Segment |  |  | SPG Segment |  |  | Consolidated |
(In thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Sales (based on shipping location) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 974,201 |  |  | $ | 531,655 |  |  | $ | 1,267,373 |  |  | $ | 457,115 |  |  | $ | 3,230,344 |
Foreign |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Canada |  |  | 184,940 |  |  |  | 54,355 |  |  |  | 93,714 |  |  |  | 5,609 |  |  |  | 338,618 |
Europe |  |  | 377,220 |  |  |  | 172,850 |  |  |  | 162,032 |  |  |  | 74,446 |  |  |  | 786,548 |
Latin America |  |  | 144,366 |  |  |  | 20,958 |  |  |  | 22,935 |  |  |  | 1,407 |  |  |  | 189,666 |
Asia Pacific |  |  | 59,811 |  |  |  | 17,579 |  |  |  | 13,169 |  |  |  | 26,473 |  |  |  | 117,032 |
Other Foreign |  |  | 40 |  |  |  | 61,590 |  |  |  | - |  |  |  | - |  |  |  | 61,630 |
Total Foreign |  |  | 766,377 |  |  |  | 327,332 |  |  |  | 291,850 |  |  |  | 107,935 |  |  |  | 1,493,494 |
Total |  | $ | 1,740,578 |  |  | $ | 858,987 |  |  | $ | 1,559,223 |  |  | $ | 565,050 |  |  | $ | 4,723,838 |
Nine Months Ended February 28, 2021 |  | CPG Segment |  |  | PCG Segment |  |  | Consumer Segment |  |  | SPG Segment |  |  | Consolidated |
(In thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Sales (based on shipping location) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 784,246 |  |  | $ | 436,617 |  |  | $ | 1,332,531 |  |  | $ | 413,571 |  |  | $ | 2,966,965 |
Foreign |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Canada |  |  | 137,181 |  |  |  | 51,613 |  |  |  | 110,201 |  |  |  | 6,373 |  |  |  | 305,368 |
Europe |  |  | 344,478 |  |  |  | 180,681 |  |  |  | 184,161 |  |  |  | 58,044 |  |  |  | 767,364 |
Latin America |  |  | 114,545 |  |  |  | 19,413 |  |  |  | 23,755 |  |  |  | 1,290 |  |  |  | 159,003 |
Asia Pacific |  |  | 57,607 |  |  |  | 16,323 |  |  |  | 15,770 |  |  |  | 23,961 |  |  |  | 113,661 |
Other Foreign |  |  | 9,122 |  |  |  | 40,498 |  |  |  | - |  |  |  | - |  |  |  | 49,620 |
Total Foreign |  |  | 662,933 |  |  |  | 308,528 |  |  |  | 333,887 |  |  |  | 89,668 |  |  |  | 1,395,016 |
Total |  | $ | 1,447,179 |  |  | $ | 745,145 |  |  | $ | 1,666,418 |  |  | $ | 503,239 |  |  | $ | 4,361,981 |
| Three Months Ended |  | Nine Months Ended |
(In thousands) | February 28, |  | February 28, |  | February 28, |  | February 28, |
Income (Loss) Before Income Taxes | 2022 |  | 2021 |  | 2022 |  | 2021 |
CPG Segment | $ | 31,498 |  | $ | 14,431 |  | $ | 276,223 |  | $ | 184,613 |
PCG Segment |  | 24,917 |  |  | 12,158 |  |  | 97,849 |  |  | 64,719 |
Consumer Segment |  | 16,893 |  |  | 42,724 |  |  | 95,912 |  |  | 263,813 |
SPG Segment |  | 25,881 |  |  | 24,560 |  |  | 71,028 |  |  | 73,415 |
Corporate/Other |  | (58,692 | ) |  | (38,013 | ) |  | (155,890 | ) |  | (122,375 | )
Consolidated | $ | 40,497 |  | $ | 55,860 |  | $ | 385,122 |  | $ | 464,185 |
(In thousands) |  | February 28, |  |  | May 31, |
Identifiable Assets |  | 2022 |  |  | 2021 |
CPG Segment |  | $ | 1,938,999 |  |  | $ | 1,815,303 |
PCG Segment |  |  | 1,092,037 |  |  |  | 1,051,334 |
Consumer Segment |  |  | 2,344,960 |  |  |  | 2,386,703 |
SPG Segment |  |  | 823,342 |  |  |  | 772,540 |
Corporate/Other |  |  | 131,264 |  |  |  | 227,089 |
Consolidated |  | $ | 6,330,602 |  |  | $ | 6,252,969 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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