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Goodwill | 3 Months Ended
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Aug. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill | NOTE 4 — GOODWILL Goodwill represents the excess of the purchase price paid over the fair value of net assets acquired in a business combination, including the amount assigned to identifiable intangible assets. Goodwill is assigned to reporting units that are expected to benefit from the synergies of the business combination as of the acquisition date. Once goodwill has been allocated to the reporting units, it no longer retains its identification with a particular acquisition and becomes identified with the reporting unit in its entirety. Accordingly, the fair value of the reporting unit as a whole is available to support the recoverability of its goodwill. We evaluate our reporting units when changes in our operating structure occur, and if necessary, reassign goodwill using a relative fair value allocation approach. We test our goodwill balances at least annually, or more frequently as impairment indicators arise, at the reporting unit level. Our annual impairment assessment date has been designated as the first day of our fourth fiscal quarter. One of our reporting units has been identified at the operating segment level. The remainder of our reporting units have been identified at the component level, which is one level below our operating segments. We follow the FASB guidance found in Accounting Standards Codification 350 that simplifies how an entity tests goodwill for impairment. It provides an option to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, and whether it is necessary to perform a quantitative goodwill impairment test. We assess qualitative factors in each of our reporting units that carry goodwill. We assess these qualitative factors to determine whether it is necessary to perform the quantitative goodwill impairment test. The quantitative process is required only if we conclude that it is more likely than not that a reporting unit’s fair value is less than its carrying amount. However, we have an unconditional option to bypass a qualitative assessment and proceed directly to performing the quantitative analysis. Effective June 1, 2025, we realigned certain businesses and management structures to recognize how we allocate resources and analyze the operating performance of our operating segments, as further discussed in Note 17, "Segment Information." As such, we will begin reporting under three reportable segments instead of our four previous reportable segments. Our three reportable segments will now be: CPG, PCG and Consumer. In connection with this realignment, we transferred our Legend Brands reporting unit from our Specialty Products Group ("SPG") to CPG, our Industrial Coatings Group and Food Group reporting units from SPG to PCG, and our Color Group reporting unit from SPG to Consumer. This realignment did not result in any changes to our designated reporting units. As a result, no goodwill impairment assessment was considered necessary as no indications of impairment were identified during the first quarter of fiscal 2026. The changes in the carrying amount of goodwi ll, by reportable segment, for the three months ended August 31, 2025, are as follows:
|  | CPG |  |  | PCG |  |  | Consumer |  |  | SPG |  |  |  |
(In thousands) |  | Segment |  |  | Segment |  |  | Segment |  |  | Segment |  |  | Total |
Balance as of May 31, 2025 |  | $ | 484,955 |  |  | $ | 223,673 |  |  | $ | 768,079 |  |  | $ | 140,919 |  |  | $ | 1,617,626 |
Transfers |  |  | 33,669 |  |  |  | 107,250 |  |  |  | - |  |  |  | (140,919 | ) |  |  | - |
Acquisitions and purchase price allocation adjustments |  |  | - |  |  |  | 333 |  |  |  | 30,329 |  |  |  | - |  |  |  | 30,662 |
Translation adjustments |  |  | 4,902 |  |  |  | 2,652 |  |  |  | 1,770 |  |  |  | - |  |  |  | 9,324 |
Balance as of August 31, 2025 |  | $ | 523,526 |  |  | $ | 333,908 |  |  | $ | 800,178 |  |  | $ | - |  |  | $ | 1,657,612 |

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