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Segment Operations
 6 Months Ended
Nov. 30, 2019
Segment Reporting [Abstract]  
Segment Operations

NOTE O – Segment Operations

Effective November 1, 2019, the Company deconsolidated substantially all of the net assets of the Engineered Cabs business, which has historically been treated as a separate reporting segment.  The deconsolidated net assets included its two primary manufacturing facilities located in Greeneville, Tennessee and Watertown, South Dakota.  The remaining non-core assets of the Engineered Cabs business, including the fabricated products facility in Stow, Ohio, and the steel packaging facility in Greensburg, Indiana, were retained.  The retained Engineered Cabs assets no longer qualify as a separate operating or reportable segment.  Accordingly, the activity related to our former Engineered Cabs operating segment has been reported in the “Other” category.  Segment information reported in previous periods has been restated to conform to this new presentation.

The following table presents summarized financial information for our reportable segments as of the dates, and for the periods presented:

 

 

Three Months Ended November 30,

 

 

Six Months Ended November 30,

 

(in thousands)

2019

 

 

2018

 

 

2019

 

 

2018

 

Net sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Steel Processing

$

516,937

 

 

$

635,043

 

 

$

1,040,312

 

 

$

1,295,530

 

Pressure Cylinders

 

290,136

 

 

 

294,447

 

 

 

594,532

 

 

 

594,800

 

Other

 

20,564

 

 

 

28,736

 

 

 

48,652

 

 

 

56,003

 

Total net sales

$

827,637

 

 

$

958,226

 

 

$

1,683,496

 

 

$

1,946,333

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Steel Processing

$

17,172

 

 

$

25,016

 

 

$

23,340

 

 

$

64,676

 

Pressure Cylinders

 

15,647

 

 

 

14,758

 

 

 

45,270

 

 

 

29,491

 

Other

 

(701

)

 

 

(3,910

)

 

 

(51,080

)

 

 

(7,392

)

Total operating income

$

32,118

 

 

$

35,864

 

 

$

17,530

 

 

$

86,775

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Impairment of long-lived assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Steel Processing

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

Pressure Cylinders

 

-

 

 

 

-

 

 

 

-

 

 

 

2,381

 

Other

 

-

 

 

 

-

 

 

 

40,601

 

 

 

-

 

Total impairment of long-lived assets

$

-

 

 

$

-

 

 

$

40,601

 

 

$

2,381

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restructuring and other expense (income), net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Steel Processing

$

-

 

 

$

-

 

 

$

(26

)

 

$

(9

)

Pressure Cylinders

 

-

 

 

 

402

 

 

 

-

 

 

 

(525

)

Other

 

(50

)

 

 

-

 

 

 

431

 

 

 

-

 

Total restructuring and other expense (income), net

$

(50

)

 

$

402

 

 

$

405

 

 

$

(534

)

 

 

November 30,

 

 

May 31,

 

(in thousands)

2019

 

 

2019

 

Total assets

 

 

 

 

 

 

 

Steel Processing

$

868,597

 

 

$

924,966

 

Pressure Cylinders

 

1,143,256

 

 

 

1,123,115

 

Other

 

397,108

 

 

 

462,715

 

Total assets

$

2,408,961

 

 

$

2,510,796