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v3.23.1

Segment Operations (Tables) | 9 Months Ended
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Feb. 28, 2023
Segment Reporting [Abstract] |
Financial Information for Operating Segments | The following table presents summarized financial information for our operating segments for the periods indicated.
| Three Months Ended February 28, 2023 |
(in thousands) | Steel Processing |  |  | Consumer Products |  |  | Building Products |  | Sustainable Energy Solutions |  |  | Other |  |  | Consolidated |
Net sales | $ | 757,007 |  |  | $ | 162,647 |  |  | $ | 151,876 |  | $ | 31,792 |  |  | $ | - |  |  | $ | 1,103,322 |
Impairment of long-lived assets |  | - |  |  |  | - |  |  |  | 484 |  |  | - |  |  |  | - |  |  |  | 484 |
Restructuring and other expense, net |  | 1 |  |  |  | 206 |  |  |  | 617 |  |  | - |  |  |  | - |  |  |  | 824 |
Separation costs |  | - |  |  |  | - |  |  |  | - |  |  | - |  |  |  | 6,347 |  |  |  | 6,347 |
Miscellaneous income (expense), net |  | 1,111 |  |  |  | (21 | ) |  |  | 130 |  |  | (37 | ) |  |  | 144 |  |  |  | 1,327 |
Equity income |  | (185 | ) |  |  | - |  |  |  | 37,836 |  |  | - |  |  |  | (725 | ) |  |  | 36,926 |
Adjusted EBIT (1) |  | 7,788 |  |  |  | 17,943 |  |  |  | 51,472 |  |  | (1,440 | ) |  |  | (4,443 | ) |  |  | 71,320 |
(1) Excludes the following: • A pre-tax benefit of $1,050,000 within selling, general, and administrative expense (“SG&A”) to reverse the compensation expense accrued during the first six months of fiscal 2023 for the anticipated payout under the first annual earnout period ending December 31, 2023 associated with the Level5 acquisition (see the discussion of this acquisition in “Note P – Acquisitions”); • Separation costs of $6,347,000 within Other related to direct and incremental costs incurred in connection with the anticipated Separation, including audit, advisory, and legal costs; and • A loss of $300,000 for the settlement of final transaction costs within Other related to the sale of our 50% noncontrolling equity investment in ArtiFlex.
| Three Months Ended February 28, 2022 |
(in thousands) | Steel Processing |  |  | Consumer Products |  |  | Building Products |  | Sustainable Energy Solutions |  |  | Other |  |  | Consolidated |
Net sales | $ | 1,052,562 |  |  | $ | 161,692 |  |  | $ | 132,944 |  | $ | 31,037 |  |  | $ | - |  |  | $ | 1,378,235 |
Impairment of long-lived assets |  | 3,076 |  |  |  | - |  |  |  | - |  |  | - |  |  |  | - |  |  |  | 3,076 |
Restructuring and other expense (income), net |  | 114 |  |  |  | - |  |  |  | (35 | ) |  | - |  |  |  | (583 | ) |  |  | (504 | )
Miscellaneous income, net |  | (12 | ) |  |  | (39 | ) |  |  | (3 | ) |  | (38 | ) |  |  | 485 |  |  |  | 393 |
Equity income |  | 4,692 |  |  |  | - |  |  |  | 39,978 |  |  | - |  |  |  | 2,796 |  |  |  | 47,466 |
Adjusted EBIT (2) |  | 7,116 |  |  |  | 26,674 |  |  |  | 49,570 |  |  | (2,801 | ) |  |  | 4,039 |  |  |  | 84,598 |
(2) Excludes the noncontrolling interest portion of the impairment of long-lived assets and restructuring expense within Steel Processing of $1,139,000.
| Nine Months Ended February 28, 2023 |
(in thousands) | Steel Processing |  |  | Consumer Products |  |  | Building Products |  | Sustainable Energy Solutions |  |  | Other |  |  | Consolidated |
Net sales | $ | 2,637,834 |  |  | $ | 505,145 |  |  | $ | 443,870 |  | $ | 100,679 |  |  | $ | - |  |  | $ | 3,687,528 |
Impairment of long-lived assets |  | 312 |  |  |  | - |  |  |  | 484 |  |  | - |  |  |  | - |  |  |  | 796 |
Restructuring and other expense (income), net |  | (4,204 | ) |  |  | 206 |  |  |  | 617 |  |  | - |  |  |  | (1,177 | ) |  |  | (4,558 | )
Separation costs |  | - |  |  |  | - |  |  |  | - |  |  | - |  |  |  | 15,593 |  |  |  | 15,593 |
Miscellaneous income (expense), net |  | 2,145 |  |  |  | (102 | ) |  |  | 428 |  |  | 19 |  |  |  | (4,844 | ) |  |  | (2,354 | )
Equity income |  | 3,491 |  |  |  | - |  |  |  | 116,809 |  |  | - |  |  |  | (14,805 | ) |  |  | 105,495 |
Adjusted EBIT (3)(4) |  | 25,450 |  |  |  | 52,350 |  |  |  | 145,431 |  |  | (1,690 | ) |  |  | (2,588 | ) |  |  | 218,953 |
(3) Excludes the following: • A non-cash settlement charge of $4,774,000 in miscellaneous income (expense), net within Other related to the pension lift-out transaction associated with The Gerstenslager Company Bargaining Unit Employees’ Pension Plan and described further in “Note K – Changes in Equity;” • A loss of $16,059,000 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; and • Separation costs of $15,593,000 within Other related to direct and incremental costs incurred in connection with the anticipated Separation, including audit, advisory, and legal costs. (4) Excludes the noncontrolling interest portion of the impairment of long-lived assets and restructuring income within Steel Processing of $1,734,000.
| Nine Months Ended February 28, 2022 |
(in thousands) | Steel Processing |  |  | Consumer Products |  |  | Building Products |  | Sustainable Energy Solutions |  |  | Other |  |  | Consolidated |
Net sales | $ | 2,813,214 |  |  | $ | 450,268 |  |  | $ | 368,813 |  | $ | 89,619 |  |  | $ | - |  |  | $ | 3,721,914 |
Impairment of long-lived assets |  | 3,076 |  |  |  | - |  |  |  | - |  |  | - |  |  |  | - |  |  |  | 3,076 |
Restructuring and other expense (income), net |  | (12,199 | ) |  |  | - |  |  |  | (35 | ) |  | (143 | ) |  |  | (2,405 | ) |  |  | (14,782 | )
Miscellaneous income, net |  | 35 |  |  |  | 169 |  |  |  | 141 |  |  | (16 | ) |  |  | 1,734 |  |  |  | 2,063 |
Equity income |  | 22,864 |  |  |  | - |  |  |  | 132,865 |  |  | - |  |  |  | 4,871 |  |  |  | 160,600 |
Adjusted EBIT (5) |  | 186,734 |  |  |  | 64,813 |  |  |  | 153,042 |  |  | (4,561 | ) |  |  | 5,517 |  |  |  | 405,545 |
(5) Excludes the noncontrolling interest portion of impairment of long-lived assets and restructuring income within Steel Processing of $4,888,000. Total assets for each of our reportable operating segments at the dates indicated were as follows:
| February 28, |  |  | May 31, |
(in thousands) | 2023 |  |  | 2022 |
Total assets |  |  |  |  |
Steel Processing | $ | 1,763,730 |  |  | $ | 2,082,522 |
Consumer Products |  | 636,896 |  |  |  | 577,026 |
Building Products |  | 647,582 |  |  |  | 681,188 |
Sustainable Energy Solutions |  | 121,689 |  |  |  | 114,084 |
Other |  | 327,775 |  |  |  | 188,203 |
Total assets | $ | 3,497,672 |  |  | $ | 3,643,023 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
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