Segment Data (Tables)

12 Months Ended

May 31, 2021

Financial Information for Reportable Segments

The following table presents summarized financial information for our reportable business segments as of, and for the fiscal years ended, May 31:

(in thousands)	2021			2020			2019
Net sales
Steel Processing	$	2,059,397		$	1,859,670		$	2,435,818
Pressure Cylinders		1,110,973			1,148,424			1,207,798
Other		1,059			51,025			115,940
Total net sales	$	3,171,429		$	3,059,119		$	3,759,556

Operating income (loss)
Steel Processing	$	208,648		$	40,564		$	89,761
Pressure Cylinders		9,276			38,903			69,872
Other		(1,499	)		(54,968	)		(15,553	)
Segment operating income		216,425			24,499			144,080
Unallocated corporate and other		1,672			(2,010	)		684
Incremental expenses related to Nikola gains		(50,624	)		-			-
Total operating income	$	167,473		$	22,489		$	144,764

Depreciation and amortization
Steel Processing	$	40,870		$	40,819		$	40,374
Pressure Cylinders		38,885			42,565			42,403
Other		7,899			9,294			12,825
Total depreciation and amortization	$	87,654		$	92,678		$	95,602

Impairment of goodwill and long-lived assets
Steel Processing	$	-		$	1,839		$	3,269
Pressure Cylinders		13,739			37,153			4,548
Other		-			43,698			-
Total impairment of goodwill and long-lived assets	$	13,739		$	82,690		$	7,817

Restructuring and other expense (income), net
Steel Processing	$	1,883		$	3,501		$	(9	)
Pressure Cylinders		54,155			5,282			(11,009	)
Other		59			1,265			-
Total restructuring and other expense (income), net	$	56,097		$	10,048		$	(11,018	)

Total assets
Steel Processing	$	1,267,559		$	821,657		$	924,966
Pressure Cylinders		1,156,092			1,104,603			1,123,115
Other ⁽¹⁾		949,594			405,255			462,715
Total assets	$	3,373,245		$	2,331,515		$	2,510,796

Capital expenditures
Steel Processing	$	28,306		$	40,588		$	39,114
Pressure Cylinders		45,520			41,484			37,558
Other		8,352			13,431			7,827
Total capital expenditures	$	82,178		$	95,503		$	84,499

(1)

The increase in assets for Other primarily relates to cash proceeds the Company received from the sale of its shares of Nikola common stock. For additional information, refer to “Note C – Investment in Nikola.”

Net Sales by Geographic Region

The following table presents net sales by geographic region for the fiscal years ended May 31:

(in thousands)	2021		2020		2019
North America	$	2,956,962	$	2,912,777	$	3,559,650
International		214,467		146,342		199,906
Total	$	3,171,429	$	3,059,119	$	3,759,556

Property, Plant and Equipment, Net by Geographic Region

The following table presents property, plant and equipment, net, by geographic region as of May 31:

(in thousands)	2021		2020
North America	$	442,348	$	503,393
International		72,669		69,251
Total	$	515,017	$	572,644