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v3.23.4

Segment Operations (Tables) | 6 Months Ended
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Nov. 30, 2023
Segment Reporting [Abstract] |
Financial Information for Reportable Segments | The following table presents summarized financial information for our reportable segments for the periods indicated.
| Three Months Ended November 30, 2023 |
(In thousands) | Steel Processing |  |  | Consumer Products |  |  | Building Products |  | Sustainable Energy Solutions |  |  | Other |  |  | Consolidated |
Net sales | $ | 788,655 |  |  | $ | 147,738 |  |  | $ | 122,954 |  | $ | 27,537 |  |  | $ | 34 |  |  | $ | 1,086,918 |
Restructuring and other expense, net |  | - |  |  |  | - |  |  |  | - |  |  | - |  |  |  | 6 |  |  |  | 6 |
Separation costs |  | - |  |  |  | - |  |  |  | - |  |  | - |  |  |  | 21,952 |  |  |  | 21,952 |
Miscellaneous income (expense), net |  | 306 |  |  |  | 12 |  |  |  | 235 |  |  | 557 |  |  |  | (90 | ) |  |  | 1,020 |
Equity income |  | 3,778 |  |  |  | - |  |  |  | 35,177 |  |  | - |  |  |  | 3,491 |  |  |  | 42,446 |
Adjusted EBIT (1) |  | 6,762 |  |  |  | 9,510 |  |  |  | 40,284 |  |  | (2,617 | ) |  |  | (1,090 | ) |  |  | 52,849 |
(1) Excludes the following items in addition to impairment and restructuring activity: • Direct and incremental costs associated with the Separation as discussed in “Note A – Basis of Presentation”; and • Our share of the pre-tax gain realized by Workhorse in connection with the sale of the joint venture’s operations in Brazil of $2,780;
| Three Months Ended November 30, 2022 |
(In thousands) | Steel Processing |  |  | Consumer Products |  |  | Building Products |  | Sustainable Energy Solutions |  |  | Other |  |  | Consolidated |
Net sales | $ | 841,947 |  |  | $ | 153,795 |  |  | $ | 141,671 |  | $ | 38,128 |  |  | $ | - |  |  | $ | 1,175,541 |
Restructuring and other income, net |  | (4,282 | ) |  |  | - |  |  |  | - |  |  | - |  |  |  | - |  |  |  | (4,282 | )
Separation costs |  | - |  |  |  | - |  |  |  | - |  |  | - |  |  |  | 9,246 |  |  |  | 9,246 |
Miscellaneous income (expense), net |  | 850 |  |  |  | (47 | ) |  |  | 76 |  |  | 142 |  |  |  | 384 |  |  |  | 1,405 |
Equity income |  | 1,906 |  |  |  | - |  |  |  | 35,107 |  |  | - |  |  |  | (156 | ) |  |  | 36,857 |
Adjusted EBIT (2) |  | (17,249 | ) |  |  | 13,473 |  |  |  | 41,224 |  |  | 1,143 |  |  |  | (3,291 | ) |  |  | 35,300 |
(2) Excludes the following items in addition to impairment and restructuring activity: • Direct and incremental costs associated with the Separation as discussed in “Note A – Basis of Presentation”; • Incremental compensation expense of $525 within Consumer Products related to the earnout for the acquisition of Level5 Tools, LLC (“Level5”); and • Noncontrolling interest portion of impairment of long-lived assets of $1,850 within Steel Processing.
| Six Months Ended November 30, 2023 |
(in thousands) | Steel Processing |  |  | Consumer Products |  |  | Building Products |  | Sustainable Energy Solutions |  |  | Other |  |  | Consolidated |
Net sales | $ | 1,669,993 |  |  | $ | 297,151 |  |  | $ | 256,822 |  | $ | 56,174 |  |  | $ | 34 |  |  | $ | 2,280,174 |
Impairment of long-lived assets |  | 1,401 |  |  |  | - |  |  |  | - |  |  | - |  |  |  | - |  |  |  | 1,401 |
Restructuring and other expense, net |  | - |  |  |  | - |  |  |  | - |  |  | - |  |  |  | 6 |  |  |  | 6 |
Separation costs |  | - |  |  |  | - |  |  |  | - |  |  | - |  |  |  | 27,987 |  |  |  | 27,987 |
Miscellaneous income (expense), net |  | 1,018 |  |  |  | 43 |  |  |  | 292 |  |  | 838 |  |  |  | (160 | ) |  |  | 2,031 |
Loss on extinguishment of debt |  | - |  |  |  | - |  |  |  | - |  |  | - |  |  |  | (1,534 | ) |  |  | (1,534 | )
Equity income |  | 12,735 |  |  |  | - |  |  |  | 80,219 |  |  | - |  |  |  | 3,873 |  |  |  | 96,827 |
Adjusted EBIT (3) |  | 84,762 |  |  |  | 18,502 |  |  |  | 94,300 |  |  | (7,339 | ) |  |  | (959 | ) |  |  | 189,266 |
(3) Excludes the following in addition to impairment and restructuring activity: • Direct and incremental costs associated with the Separation as discussed in “Note A – Basis of Presentation”; • The pre-tax loss on extinguishment of debt resulting from the redemption of the 2026 Notes, in full, on July 28, 2023; and • Noncontrolling interest portion of impairment of long-lived assets of $519 within Steel Processing.
| Six Months Ended November 30, 2022 |
(in thousands) | Steel Processing |  |  | Consumer Products |  |  | Building Products |  | Sustainable Energy Solutions |  |  | Other |  |  | Consolidated |
Net sales | $ | 1,880,827 |  |  | $ | 342,497 |  |  | $ | 291,994 |  | $ | 68,888 |  |  | $ | - |  |  | $ | 2,584,206 |
Impairment of long-lived assets |  | 312 |  |  |  | - |  |  |  | - |  |  | - |  |  |  | - |  |  |  | 312 |
Restructuring and other income, net |  | (4,205 | ) |  |  | - |  |  |  | - |  |  | - |  |  |  | (1,177 | ) |  |  | (5,382 | )
Separation costs |  | - |  |  |  | - |  |  |  | - |  |  | - |  |  |  | 9,246 |  |  |  | 9,246 |
Miscellaneous income (expense), net |  | 1,035 |  |  |  | (82 | ) |  |  | 299 |  |  | 56 |  |  |  | (4,989 | ) |  |  | (3,681 | )
Equity income |  | 3,676 |  |  |  | - |  |  |  | 78,973 |  |  | - |  |  |  | (14,080 | ) |  |  | 68,569 |
Adjusted EBIT (4) |  | 17,663 |  |  |  | 34,406 |  |  |  | 93,959 |  |  | (250 | ) |  |  | 1,854 |  |  |  | 147,632 |
(4) Excludes the following in addition to impairment and restructuring activity: • Direct and incremental costs associated with the Separation as discussed in “Note A – Basis of Presentation.” • 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 Company Bargaining Unit Employees’ Pension Plan; • A loss of $15,759 within equity income related to the August 31, 2022, sale of our 50% noncontrolling interest in ArtiFlex; • Incremental compensation expense of $1,050 within Consumer Products related to the Level5 earnout agreement; and • Noncontrolling interest portion of the restructuring gain within Steel processing of $1,734 within Steel Processing. Total assets for each of our reportable segments at the dates indicated were as follows:
| November 30, |  |  | May 31, |
(In thousands) | 2023 |  |  | 2023 |
Total assets |  |  |  |  |
Steel Processing | $ | 1,834,226 |  |  | $ | 1,758,981 |
Consumer Products |  | 622,304 |  |  |  | 615,430 |
Building Products |  | 611,771 |  |  |  | 635,650 |
Sustainable Energy Solutions |  | 103,448 |  |  |  | 129,872 |
Other |  | 412,388 |  |  |  | 510,985 |
Total assets | $ | 3,584,137 |  |  | $ | 3,650,918 |

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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 -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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