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Segment Operations (Tables)
6 Months Ended
Nov. 30, 2020
Segment Reporting [Abstract]  
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”.