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Segment Data (Tables) | 12 Months Ended
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May 31, 2023
Segment Reporting [Abstract] |
Schedule of Equity Income from Unconsolidated Joint Ventures Included in the Measurement of Segment Profit | For the periods presented, equity income from our unconsolidated joint ventures is included in the measurement of reportable segment profit as shown in the table below. The related investment balances are included in segment net assets in the same manner.
Steel Processing | Consumer Products |  | Building Products |  | Sustainable Energy Solutions |  | Other
Serviacero Worthington | N/A |  | WAVE |  | N/A |  | Workhorse
|  |  | ClarkDietrich |  |  |  |
Financial Information for Reportable Segments | The following tables present summarized financial information for our reportable segments for the past three fiscal years:
| 2023 |
(In thousands) | Steel Processing |  |  | Consumer Products |  |  | Building Products |  |  | Sustainable Energy Solutions |  |  | Other |  |  | Consolidated |
Net sales | $ | 3,497,896 |  |  | $ | 686,319 |  |  | $ | 586,059 |  |  | $ | 146,118 |  |  | $ | - |  |  | $ | 4,916,392 |
Capital expenditures |  | 45,133 |  |  |  | 13,635 |  |  |  | 17,819 |  |  |  | 6,495 |  |  |  | 3,284 |  |  |  | 86,366 |
Depreciation and amortization |  | 66,383 |  |  |  | 15,734 |  |  |  | 17,856 |  |  |  | 6,319 |  |  |  | 6,508 |  |  |  | 112,800 |
Impairment of long-lived assets |  | 2,112 |  |  |  | - |  |  |  | 484 |  |  |  | - |  |  |  | - |  |  |  | 2,596 |
Restructuring and other (income) expense, net |  | (4,204 | ) |  |  | 213 |  |  |  | 597 |  |  |  | - |  |  |  | (1,177 | ) |  |  | (4,571 | )
Separation costs |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 24,048 |  |  |  | 24,048 |
Miscellaneous income (expense), net |  | 3,270 |  |  |  | (205 | ) |  |  | 349 |  |  |  | 199 |  |  |  | (4,840 | ) |  |  | (1,227 | )
Equity in net income of unconsolidated affiliates |  | 7,725 |  |  |  | - |  |  |  | 166,427 |  |  |  | - |  |  |  | (13,165 | ) |  |  | 160,987 |
Adjusted EBIT (1) |  | 121,686 |  |  |  | 78,047 |  |  |  | 204,611 |  |  |  | 917 |  |  |  | (3,199 | ) |  |  | 402,062 |
(1) Excludes the following: • Impairment of long-lived assets because they do not occur in the ordinary course of our ongoing business operations, are inherently unpredictable in timing and amount, and are non-cash, so their exclusion facilitates the comparison of historical and current financial results; • Restructuring activities such as divestitures, closing or consolidating facilities, employee severance (including rationalizing headcount or other significant changes in personnel), and realignment of existing operations (including changes to management structure in response to underlying performance and/or changing market conditions; • A non-cash settlement charge of $4,774 in miscellaneous income (expense), net within Other related to the pension lift-out transaction associated with the Gerstenslager Plan and described further in “Note M – Employee Pension Plans;” • A loss of $16,059 for the settlement of final transaction costs within Other related to the sale of our 50% noncontrolling equity investment in ArtiFlex effective August 3, 2022; • Separation costs of $24,048 within Other related to direct and incremental costs incurred in connection with the anticipated Separation, including audit, advisory, and legal costs; • A pre-tax gain of $2,063 within Other related to a sale-leaseback transaction at Workhorse during fiscal 2023; and • Noncontrolling interest portion of impairment of long-lived assets and restructuring gains of $1,734 within Steel Processing.
| 2022 |
(In thousands) | Steel Processing |  |  | Consumer Products |  |  | Building Products |  |  | Sustainable Energy Solutions |  |  | Other |  |  | Consolidated |
Net sales | $ | 3,933,021 |  |  | $ | 636,478 |  |  | $ | 541,757 |  |  | $ | 130,954 |  |  | $ | 9 |  |  | $ | 5,242,219 |
Capital expenditures |  | 35,898 |  |  |  | 13,375 |  |  |  | 31,064 |  |  |  | 6,445 |  |  |  | 7,818 |  |  |  | 94,600 |
Depreciation and amortization |  | 55,771 |  |  |  | 10,919 |  |  |  | 18,112 |  |  |  | 6,554 |  |  |  | 7,471 |  |  |  | 98,827 |
Impairment of long-lived assets |  | 3,076 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3,076 |
Restructuring and other income, net |  | (14,480 | ) |  |  | - |  |  |  | (35 | ) |  |  | (143 | ) |  |  | (2,438 | ) |  |  | (17,096 | )
Miscellaneous income (expense), net |  | 862 |  |  |  | (76 | ) |  |  | 240 |  |  |  | 64 |  |  |  | 1,624 |  |  |  | 2,714 |
Equity in net income of unconsolidated affiliates |  | 29,787 |  |  |  | - |  |  |  | 176,498 |  |  |  | - |  |  |  | 7,356 |  |  |  | 213,641 |
Adjusted EBIT (2) |  | 203,272 |  |  |  | 94,302 |  |  |  | 216,608 |  |  |  | (6,236 | ) |  |  | 8,564 |  |  |  | 516,510 |
(2) Excludes the following: • Impairment of long-lived assets because they do not occur in the ordinary course of our ongoing business operations, are inherently unpredictable in timing and amount, and are non-cash, so their exclusion facilitates the comparison of historical and current financial results; • Restructuring activities such as divestitures, closing or consolidating facilities, employee severance (including rationalizing headcount or other significant changes in personnel), and realignment of existing operations (including changes to management structure in response to underlying performance and/or changing market conditions; • Noncontrolling interest portion of impairment of long-lived assets charges and restructuring income of $4,785.
| 2021 |
(In thousands) | Steel Processing |  |  | Consumer Products |  |  | Building Products |  |  | Sustainable Energy Solutions |  |  | Other |  |  | Consolidated |
Net sales | $ | 2,059,397 |  |  | $ | 523,697 |  |  | $ | 402,038 |  |  | $ | 134,890 |  |  | $ | 51,407 |  |  | $ | 3,171,429 |
Capital expenditures |  | 28,306 |  |  |  | 13,334 |  |  |  | 22,705 |  |  |  | 8,652 |  |  |  | 9,181 |  |  |  | 82,178 |
Depreciation and amortization |  | 40,870 |  |  |  | 10,145 |  |  |  | 17,321 |  |  |  | 6,699 |  |  |  | 12,619 |  |  |  | 87,654 |
Impairment of long-lived assets |  | - |  |  |  | 506 |  |  |  | 1,423 |  |  |  | - |  |  |  | 11,810 |  |  |  | 13,739 |
Restructuring and other expense, net |  | 1,883 |  |  |  | 41 |  |  |  | 256 |  |  |  | 10,293 |  |  |  | 43,624 |  |  |  | 56,097 |
Incremental expenses related to Nikola gains |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 50,624 |  |  |  | 50,624 |
Miscellaneous income (expense), net |  | (371 | ) |  |  | (512 | ) |  |  | 194 |  |  |  | 203 |  |  |  | 2,649 |  |  |  | 2,163 |
Equity in net income of unconsolidated affiliates |  | 15,965 |  |  |  | - |  |  |  | 103,447 |  |  |  | - |  |  |  | 3,913 |  |  |  | 123,325 |
Adjusted EBIT (3) |  | 208,175 |  |  |  | 74,936 |  |  |  | 117,904 |  |  |  | 4,961 |  |  |  | (10,505 | ) |  |  | 395,471 |
(3) Excludes the following: • Impairment of long-lived assets because they do not occur in the ordinary course of our ongoing business operations, are inherently unpredictable in timing and amount, and are non-cash, so their exclusion facilitates the comparison of historical and current financial results; • Restructuring activities such as divestitures, closing or consolidating facilities, employee severance (including rationalizing headcount or other significant changes in personnel), and realignment of existing operations (including changes to management structure in response to underlying performance and/or changing market conditions; • Noncontrolling interest portion of restructuring expense of $295; • Gain on investment in Nikola of $655,102 and incremental expenses related to Nikola gains of $50,624. Total assets for each of our reportable segments as of the end of the past two fiscal years were as follows:
| May 31, |  |  | May 31, |
(In thousands) | 2023 |  |  | 2022 |
Steel Processing | $ | 1,758,981 |  |  | $ | 2,082,522 |
Consumer Products |  | 615,430 |  |  |  | 577,026 |
Building Products |  | 635,650 |  |  |  | 681,188 |
Sustainable Energy Solutions |  | 129,872 |  |  |  | 114,084 |
Other |  | 510,985 |  |  |  | 188,203 |
Total Assets | $ | 3,650,918 |  |  | $ | 3,643,023 |
Net Sales by Geographic Region | The following table presents net sales by geographic region for the past three fiscal years:
(In thousands) | 2023 |  |  | 2022 |  |  | 2021 |
North America | $ | 4,268,082 |  |  | $ | 4,937,396 |  |  | $ | 2,956,962 |
International |  | 648,310 |  |  |  | 304,823 |  |  |  | 214,467 |
Total | $ | 4,916,392 |  |  | $ | 5,242,219 |  |  | $ | 3,171,429 |
Property, Plant and Equipment, Net by Geographic Region | The following table presents property, plant and equipment, net, by geographic region as of the end of the past two fiscal years:
(In thousands) | 2023 |  |  | 2022 |
North America | $ | 575,965 |  |  | $ | 595,261 |
International |  | 99,689 |  |  |  | 101,079 |
Total | $ | 675,654 |  |  | $ | 696,340 |

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