Financial Information for Reportable Segments |
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) |
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
Net sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Steel Processing |
$ |
468,723 |
|
|
$ |
516,937 |
|
|
$ |
899,743 |
|
|
$ |
1,040,312 |
|
Pressure Cylinders |
|
262,284 |
|
|
|
290,136 |
|
|
|
533,188 |
|
|
|
594,532 |
|
Other |
|
85 |
|
|
|
20,564 |
|
|
|
1,070 |
|
|
|
48,652 |
|
Total net sales |
$ |
731,092 |
|
|
$ |
827,637 |
|
|
$ |
1,434,001 |
|
|
$ |
1,683,496 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Steel Processing |
$ |
37,824 |
|
|
$ |
17,172 |
|
|
$ |
51,441 |
|
|
$ |
23,340 |
|
Pressure Cylinders |
|
3,305 |
|
|
|
15,647 |
|
|
|
11,947 |
|
|
|
45,270 |
|
Other |
|
(322 |
) |
|
|
(1,919 |
) |
|
|
(1,081 |
) |
|
|
(47,051 |
) |
Segment operating income |
|
40,807 |
|
|
|
30,900 |
|
|
|
62,307 |
|
|
|
21,559 |
|
Unallocated corporate and other |
|
1,127 |
|
|
|
1,218 |
|
|
|
(983 |
) |
|
|
(4,029 |
) |
Incremental expenses related to Nikola gains |
|
(4,570 |
) |
|
|
- |
|
|
|
(54,081 |
) |
|
|
- |
|
Total operating income |
$ |
37,364 |
|
|
$ |
32,118 |
|
|
$ |
7,243 |
|
|
$ |
17,530 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment of long-lived assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pressure Cylinders |
$ |
3,815 |
|
|
$ |
- |
|
|
|
13,739 |
|
|
|
- |
|
Other |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
40,601 |
|
Total impairment of long-lived assets |
$ |
3,815 |
|
|
$ |
- |
|
|
$ |
13,739 |
|
|
$ |
40,601 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring and other expense (income), net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Steel Processing |
$ |
375 |
|
|
$ |
- |
|
|
$ |
1,846 |
|
|
$ |
(26 |
) |
Pressure Cylinders |
|
7,257 |
|
|
|
- |
|
|
|
7,571 |
|
|
|
- |
|
Other |
|
(36 |
) |
|
|
(50 |
) |
|
|
27 |
|
|
|
431 |
|
Total restructuring and other expense (income), net |
$ |
7,596 |
|
|
$ |
(50 |
) |
|
$ |
9,444 |
|
|
$ |
405 |
|
|
November 30, |
|
|
May 31, |
|
(in thousands) |
2020 |
|
|
2020 |
|
Total assets |
|
|
|
|
|
|
|
Steel Processing |
$ |
886,578 |
|
|
$ |
821,657 |
|
Pressure Cylinders |
|
1,016,404 |
|
|
|
1,104,603 |
|
Other (1) |
|
1,124,403 |
|
|
|
405,255 |
|
Total assets |
$ |
3,027,385 |
|
|
$ |
2,331,515 |
|
|
(1) |
The material changes in total assets primarily relate to the Company’s investment in Nikola. For additional information, refer to “NOTE C – Investment in Nikola”. |
|