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Acquisitions | 3 Months Ended
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Aug. 31, 2025
Business Combination [Abstract] |
Acquisitions | Note M – Acquisitions On June 18, 2025, we acquired Elgen, a leading provider of HVAC parts and components, ductwork, and structural framing used primarily in commercial building applications across North America. The purchase price was $91,185, net of cash acquired. Elgen operates as part of the Building Products operating segment and its results have been included in our consolidated statements of earnings since the date of acquisition. Pro forma results, including the acquired business since the beginning of fiscal 2024, would not be materially different from reported results. The information included herein is based on the preliminary allocation of the purchase price using estimates of the fair value and useful lives of the assets acquired. The purchase price allocation is subject to further adjustment until all pertinent information regarding the assets acquired is fully evaluated by us, including but not limited to, the fair value accounting. The assets acquired and liabilities assumed were recognized at their estimated acquisition-date fair values, with goodwill representing the excess of the purchase price over the fair value of the net identifiable assets acquired. The purchase price includes the fair values of other assets that were not identifiable, not separately recognizable under accounting rules (e.g., assembled workforce) or of immaterial value. The purchase price also includes strategic and synergistic benefits (i.e., investment value) specific to us, which resulted in a purchase price in excess of the fair value of the identifiable net assets. This additional investment value resulted in goodwill, which is not expected to be deductible for income tax purposes. During the three months ended August 31, 2025, we incurred approximately $1,700 of acquisition related expenses related to the transaction, which are recorded in restructuring and other expense, net in our consolidated statement of earnings. In connection with the acquisition of Elgen, we identified and valued the following intangible assets:
|  |  |  |  |  |  |  |  | Useful Life
Category |  |  |  |  |  | Amount |  |  | (Years)
Customer relationships |  | $ | 17,800 |  |  | 15
Trade name |  |  | 7,900 |  |  | 10
Technological know-how |  |  | 7,000 |  |  | 10
Non-compete agreement |  |  |  |  |  |  | 1,700 |  |  | 5
Total acquired identifiable intangible assets |  | $ | 34,400 |  |  |
The following table summarizes the consideration paid and the final fair value assigned to the assets and liabilities assumed at the acquisition date.
|  |  |  |  |  |  |  | Preliminary |
|  |  |  |  |  |  |  | Valuation |
Cash and cash equivalents |  |  |  |  | $ | 1,093 |
Accounts receivable |  |  |  |  |  | 12,751 |
Inventory |  |  |  |  |  | 16,351 |
Other current assets |  |  |  |  |  | 1,605 |
Property, plant and equipment |  |  |  |  |  | 11,941 |
Operating lease assets |  |  |  |  |  | 21,196 |
Intangible assets |  |  |  |  |  | 34,400 |
Total identifiable assets |  |  |  |  |  | 99,337 |
Accounts payable |  |  |  |  |  | (11,364 | )
Current operating lease liability |  |  |  |  |  | (2,225 | )
Accrued expenses |  |  |  |  |  | (4,465 | )
Noncurrent operating lease liability |  |  |  |  |  | (19,041 | )
Deferred income taxes |  |  |  |  |  | (3,582 | )
Net identifiable assets |  |  |  |  |  | 58,660 |
Goodwill |  |  |  |  |  | 33,617 |
Total purchase price |  |  |  |  | $ | 92,277 |

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