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v3.23.2

Goodwill and Other Long-Lived Assets (Tables) | 12 Months Ended
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May 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Summary of Changes in Carrying Amount of Goodwill | The following table summarizes the changes in the carrying amount of goodwill during fiscal 2023 and fiscal 2022 by reportable operating segment:
(In thousands) |  | Steel Processing |  |  | Consumer Products (1) |  |  | Building Products (1) |  |  | Sustainable Energy Solutions (1) |  |  | Total |
Balance at May 31, 2021 |  | $ | 20,218 |  |  | $ | 240,941 |  |  | $ | 72,273 |  |  | $ | 17,624 |  |  | $ | 351,056 |
Acquisitions and purchase accounting adjustments (2) |  |  | 60,115 |  |  |  | 432 |  |  |  | - |  |  |  | - |  |  |  | 60,547 |
Translation adjustments |  |  | (300 | ) |  |  | - |  |  |  | (6,865 | ) |  |  | (2,969 | ) |  |  | (10,134 | )
Balance at May 31, 2022 |  |  | 80,033 |  |  |  | 241,373 |  |  |  | 65,408 |  |  |  | 14,655 |  |  |  | 401,469 |
Acquisitions and purchase accounting adjustments (2) |  |  | (801 | ) |  |  | 15,947 |  |  |  | - |  |  |  | - |  |  |  | 15,146 |
Translation adjustments |  |  | (590 | ) |  |  | - |  |  |  | (195 | ) |  |  | (1,010 | ) |  |  | (1,795 | )
Balance at May 31, 2023 |  | $ | 78,642 |  |  | $ | 257,320 |  |  | $ | 65,213 |  |  | $ | 13,645 |  |  | $ | 414,820 |
(1) In connection with the realignment of the our legacy Pressure Cylinders business, as discussed further in “Note P - Segment Data”, the goodwill of our legacy Pressure Cylinders business unit was allocated to the new reporting units on a relative fair value basis. (2) For additional information regarding our acquisitions, refer to “Note Q - Acquisitions.”
Summary of Other Intangible Assets by Class | The following table summarizes other intangible assets by class as of the end of the prior two fiscal years:
|  | 2023 |  |  | 2022 |
|  |  |  |  | Accumulated |  |  |  |  |  | Accumulated |
(In thousands) |  | Cost |  |  | Amortization |  |  | Cost |  |  | Amortization |
Indefinite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |
Trademarks |  | $ | 113,401 |  |  | $ | - |  |  | $ | 99,901 |  |  | $ | - |
In-process research & development |  |  | 1,300 |  |  |  | - |  |  |  | 1,300 |  |  |  | - |
Total indefinite-lived intangible assets |  |  | 114,701 |  |  |  | - |  |  |  | 101,201 |  |  |  | - |
Definite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships |  | $ | 271,831 |  |  | $ | 98,295 |  |  | $ | 258,647 |  |  | $ | 83,776 |
Non-compete agreements |  |  | 4,668 |  |  |  | 4,385 |  |  |  | 4,388 |  |  |  | 4,195 |
Technology/know-how |  |  | 30,418 |  |  |  | 7,669 |  |  |  | 23,924 |  |  |  | 5,088 |
Other |  |  | 4,810 |  |  |  | 1,853 |  |  |  | 4,830 |  |  |  | 914 |
Total definite-lived intangible assets |  |  | 311,727 |  |  |  | 112,202 |  |  |  | 291,789 |  |  |  | 93,973 |
Total intangible assets |  | $ | 426,428 |  |  | $ | 112,202 |  |  | $ | 392,990 |  |  | $ | 93,973 |
Estimated Amortization Expense | Amortization expense for each of the next five fiscal years is estimated to be:
(In thousands) |  |  |
2024 |  | $ | 17,937 |
2025 |  | $ | 17,661 |
2026 |  | $ | 17,282 |
2027 |  | $ | 16,756 |
2028 |  | $ | 16,438 |

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