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v3.26.1

Segment Data (Tables) | 12 Months Ended
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May 31, 2026
Segment Reporting [Abstract] |
Financial Information for Operating Segments | The following tables present financial information for both of our operating segments, consistent with the level of disaggregation regularly reviewed by the CODM for performance evaluation and resource allocation.
| 2026 |
|  |  |  |  |  |  | Total |  |  |  |  |  |  |  |  |  |
| Building |  |  | Consumer |  |  | Reportable |  |  |  |  |  | Unallocated |  |  |  |
| Products |  |  | Products |  |  | Segments |  |  | Other |  |  | Corporate |  |  | Consolidated |
Net sales | $ | 861,456 |  |  | $ | 519,836 |  |  | $ | 1,381,292 |  |  | $ | - |  |  | $ | - |  |  | $ | 1,381,292 |
Cost of goods sold |  | 665,637 |  |  |  | 337,266 |  |  |  | 1,002,903 |  |  |  | - |  |  |  | 114 |  |  |  | 1,003,017 |
SG&A |  | 144,486 |  |  |  | 110,975 |  |  |  | 255,461 |  |  |  | - |  |  |  | 39,505 |  |  |  | 294,966 |
Restructuring and other expense, net |  | 1,074 |  |  |  | 10 |  |  |  | 1,084 |  |  |  | - |  |  |  | 6,016 |  |  |  | 7,100 |
Other segment items (1) |  | 55 |  |  |  | 8 |  |  |  | 63 |  |  |  | 3,925 |  |  |  | 5,504 |  |  |  | 9,492 |
Equity in net income of unconsolidated affiliates |  | 139,940 |  |  |  | - |  |  |  | 139,940 |  |  |  | (5,309 | ) |  |  | - |  |  |  | 134,631 |
Earnings (loss) before income taxes from continuing operations | $ | 190,144 |  |  | $ | 71,577 |  |  | $ | 261,721 |  |  | $ | (9,234 | ) |  | $ | (51,139 | ) |  | $ | 201,348 |
Reconciling items to adjusted EBITDA from continuing operations (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of inventory step-up | $ | 5,151 |  |  | $ | - |  |  | $ | 5,151 |  |  | $ | - |  |  | $ | - |  |  | $ | 5,151 |
Depreciation and amortization |  | 40,684 |  |  |  | 15,789 |  |  |  | 56,473 |  |  |  | - |  |  |  | 799 |  |  |  | 57,272 |
Interest expense (income) |  | 383 |  |  |  | (6 | ) |  |  | 377 |  |  |  | - |  |  |  | 5,871 |  |  |  | 6,248 |
Stock-based compensation |  | 2,874 |  |  |  | 2,737 |  |  |  | 5,611 |  |  |  | - |  |  |  | 8,123 |  |  |  | 13,734 |
Restructuring and other expense, net |  | 1,074 |  |  |  | 10 |  |  |  | 1,084 |  |  |  | - |  |  |  | 6,016 |  |  |  | 7,100 |
Non-cash losses in miscellaneous expense, net |  | - |  |  |  | - |  |  |  | - |  |  |  | 3,925 |  |  |  | - |  |  |  | 3,925 |
Net loss attributable to noncontrolling interest |  | - |  |  |  | 1,050 |  |  |  | 1,050 |  |  |  | - |  |  |  | - |  |  |  | 1,050 |
Adjusted EBITDA from continuing operations | $ | 240,310 |  |  | $ | 91,157 |  |  | $ | 331,467 |  |  | $ | (5,309 | ) |  | $ | (30,330 | ) |  | $ | 295,828 |
| 2025 |
|  |  |  |  |  |  | Total |  |  |  |  |  |  |  |  |  |
| Building |  |  | Consumer |  |  | Reportable |  |  |  |  |  | Unallocated |  |  |  |
| Products |  |  | Products |  |  | Segments |  |  | Other |  |  | Corporate |  |  | Consolidated |
Net sales | $ | 654,137 |  |  | $ | 499,625 |  |  | $ | 1,153,762 |  |  | $ | - |  |  | $ | - |  |  | $ | 1,153,762 |
Cost of goods sold |  | 510,962 |  |  |  | 323,659 |  |  |  | 834,621 |  |  |  | - |  |  |  | 106 |  |  |  | 834,727 |
SG&A |  | 116,183 |  |  |  | 114,681 |  |  |  | 230,864 |  |  |  | - |  |  |  | 37,549 |  |  |  | 268,413 |
Impairment of long-lived assets |  | 763 |  |  |  | 50,050 |  |  |  | 50,813 |  |  |  | - |  |  |  | - |  |  |  | 50,813 |
Restructuring and other expense, net |  | 1,500 |  |  |  | - |  |  |  | 1,500 |  |  |  | - |  |  |  | 9,024 |  |  |  | 10,524 |
Other segment items (1) |  | (780 | ) |  |  | 27 |  |  |  | (753 | ) |  |  | 5,000 |  |  |  | 1,065 |  |  |  | 5,312 |
Equity in net income of unconsolidated affiliates |  | 150,895 |  |  |  | - |  |  |  | 150,895 |  |  |  | (6,059 | ) |  |  | - |  |  |  | 144,836 |
Earnings (loss) before income taxes from continuing operations | $ | 176,404 |  |  | $ | 11,208 |  |  | $ | 187,612 |  |  | $ | (11,059 | ) |  | $ | (47,744 | ) |  | $ | 128,809 |
Reconciling items to adjusted EBITDA from continuing operations (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of inventory step-up | $ | 1,477 |  |  | $ | - |  |  | $ | 1,477 |  |  | $ | - |  |  | $ | - |  |  | $ | 1,477 |
Depreciation and amortization |  | 30,070 |  |  |  | 17,418 |  |  |  | 47,488 |  |  |  | - |  |  |  | 774 |  |  |  | 48,262 |
Interest (income) expense |  | (78 | ) |  |  | - |  |  |  | (78 | ) |  |  | - |  |  |  | 2,168 |  |  |  | 2,090 |
Stock-based compensation |  | 2,695 |  |  |  | 2,917 |  |  |  | 5,612 |  |  |  | - |  |  |  | 7,909 |  |  |  | 13,521 |
Impairment of long-lived assets |  | 763 |  |  |  | 50,050 |  |  |  | 50,813 |  |  |  | - |  |  |  | - |  |  |  | 50,813 |
Restructuring and other expense, net |  | 1,500 |  |  |  | - |  |  |  | 1,500 |  |  |  | - |  |  |  | 9,024 |  |  |  | 10,524 |
Non-cash losses in miscellaneous expense, net |  | - |  |  |  | - |  |  |  | - |  |  |  | 5,000 |  |  |  | - |  |  |  | 5,000 |
Non-recurring loss in equity income |  | - |  |  |  | - |  |  |  | - |  |  |  | 3,387 |  |  |  | - |  |  |  | 3,387 |
Net loss attributable to noncontrolling interest |  | - |  |  |  | 1,083 |  |  |  | 1,083 |  |  |  | - |  |  |  | - |  |  |  | 1,083 |
Adjusted EBITDA from continuing operations | $ | 212,831 |  |  | $ | 82,676 |  |  | $ | 295,507 |  |  | $ | (2,672 | ) |  | $ | (27,869 | ) |  | $ | 264,966 |
| 2024 |
|  |  |  |  |  |  | Total |  |  |  |  |  |  |  |  |  |
| Building |  |  | Consumer |  |  | Reportable |  |  |  |  |  | Unallocated |  |  |  |
| Products |  |  | Products |  |  | Segments |  |  | Other |  |  | Corporate |  |  | Consolidated |
Net sales | $ | 618,973 |  |  | $ | 495,259 |  |  | $ | 1,114,232 |  |  | $ | 131,471 |  |  | $ | - |  |  | $ | 1,245,703 |
Cost of goods sold |  | 497,311 |  |  |  | 335,069 |  |  |  | 832,380 |  |  |  | 129,061 |  |  |  | (757 | ) |  |  | 960,684 |
SG&A |  | 107,009 |  |  |  | 113,960 |  |  |  | 220,969 |  |  |  | 16,259 |  |  |  | 46,243 |  |  |  | 283,471 |
Impairment of goodwill and long-lived assets |  | 772 |  |  |  | - |  |  |  | 772 |  |  |  | 32,203 |  |  |  | - |  |  |  | 32,975 |
Restructuring and other expense (income), net |  | 714 |  |  |  | (2,000 | ) |  |  | (1,286 | ) |  |  | 30,613 |  |  |  | - |  |  |  | 29,327 |
Separation costs |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 12,705 |  |  |  | 12,705 |
Other segment items (1) |  | (88 | ) |  |  | 78 |  |  |  | (10 | ) |  |  | 17,799 |  |  |  | 2,461 |  |  |  | 20,250 |
Equity in net income of unconsolidated affiliates |  | 163,126 |  |  |  | - |  |  |  | 163,126 |  |  |  | 4,590 |  |  |  | - |  |  |  | 167,716 |
Earnings (loss) before income taxes from continuing operations | $ | 176,381 |  |  | $ | 48,152 |  |  | $ | 224,533 |  |  | $ | (89,874 | ) |  | $ | (60,652 | ) |  | $ | 74,007 |
Reconciling items to adjusted EBITDA from continuing operations (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of inventory step-up | $ | - |  |  | $ | 50 |  |  | $ | 50 |  |  | $ | - |  |  | $ | - |  |  | $ | 50 |
Depreciation and amortization |  | 23,805 |  |  |  | 16,512 |  |  |  | 40,317 |  |  |  | 7,283 |  |  |  | 1,063 |  |  |  | 48,663 |
Interest expense |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,587 |  |  |  | 1,587 |
Stock-based compensation |  | 2,826 |  |  |  | 1,964 |  |  |  | 4,790 |  |  |  | - |  |  |  | 8,365 |  |  |  | 13,155 |
Corporate costs eliminated at separation |  | 4,650 |  |  |  | 4,707 |  |  |  | 9,357 |  |  |  | - |  |  |  | 9,986 |  |  |  | 19,343 |
Impairment of goodwill and long-lived assets |  | 772 |  |  |  | - |  |  |  | 772 |  |  |  | 32,203 |  |  |  | - |  |  |  | 32,975 |
Restructuring and other expense (income), net |  | 714 |  |  |  | (2,000 | ) |  |  | (1,286 | ) |  |  | 30,613 |  |  |  | - |  |  |  | 29,327 |
Separation costs |  | - |  |  |  |  |  |  | - |  |  |  | - |  |  |  | 12,705 |  |  |  | 12,705 |
Non-cash losses in miscellaneous income |  | - |  |  |  | - |  |  |  | - |  |  |  | 19,180 |  |  |  | - |  |  |  | 19,180 |
Non-recurring (gain) loss in equity income |  | 980 |  |  |  | - |  |  |  | 980 |  |  |  | (2,720 | ) |  |  | - |  |  |  | (1,740 | )
Loss on extinguishment on debt |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,534 |  |  |  | 1,534 |
Net loss attributable to noncontrolling interest |  | - |  |  |  | 263 |  |  |  | 263 |  |  |  | - |  |  |  | - |  |  |  | 263 |
Adjusted EBITDA from continuing operations | $ | 210,128 |  |  | $ | 69,648 |  |  | $ | 279,776 |  |  | $ | (3,315 | ) |  | $ | (25,412 | ) |  | $ | 251,049 |
(1) Except as noted herein, Other segment items consist of non-operating activity included in adjusted EBITDA from continuing operations. In fiscal 2026 Other segment items also included certain non-cash losses in Miscellaneous expense, net related to the divestiture of the composite assets of our SES joint venture, including the unrealized loss on the common shares of Hexagon Composites and Hexagon Purus that we received as consideration. These charges were excluded from adjusted EBITDA from continuing operations as shown in the Reconciling items to adjusted EBITDA from continuing operations section in the tables above for fiscal 2026. See “Use of Non-GAAP Financial Measures and Definitions” for additional information. (2) See “Use of Non-GAAP Financial Measures and Definitions” for additional information. Total assets for each of our operating segments as of the end of the past two fiscal years were as follows:
|  |  | May 31, |
|  |  | 2026 |  |  | 2025 |
Building Products |  |  | $ | 1,170,522 |  |  | $ | 795,837 |
Consumer Products |  |  |  | 535,693 |  |  |  | 531,187 |
Total reportable segments |  |  |  | 1,706,215 |  |  |  | 1,327,024 |
Unallocated Corporate and Other |  |  |  | 141,849 |  |  |  | 368,128 |
Total |  |  | $ | 1,848,064 |  |  | $ | 1,695,152 |
Property, Plant and Equipment, Net by Geographic Region | The following table presents property, plant and equipment, net, by geographic region as of the end of the past two fiscal years:
|  |  | May 31, |
|  |  | 2026 |  |  | 2025 |
United States |  |  | $ | 259,854 |  |  | $ | 223,117 |
International |  |  |  | 51,040 |  |  |  | 47,109 |
Total |  |  | $ | 310,894 |  |  | $ | 270,226 |
Net Sales by Geographic Region | The following table presents net sales by geographic region for the past three fiscal years:
| 2026 |  |  | 2025 |  |  | 2024 |
United States | $ | 1,216,926 |  |  | $ | 891,428 |  |  | $ | 923,556 |
International |  | 164,366 |  |  |  | 262,334 |  |  |  | 322,147 |
Total | $ | 1,381,292 |  |  | $ | 1,153,762 |  |  | $ | 1,245,703 |
Schedule of Capital Expenditures of Reportable Segments | The following table presents capital expenditures for each of our reportable segments for the past three fiscal years:
| 2026 |  |  | 2025 |  |  | 2024 |
Building Products | $ | 23,325 |  |  | $ | 15,050 |  |  | $ | 14,447 |
Consumer Products |  | 29,680 |  |  |  | 28,330 |  |  |  | 20,945 |
Total reportable segments |  | 53,005 |  |  |  | 43,380 |  |  |  | 35,392 |
Unallocated Corporate |  | 2,908 |  |  |  | 7,200 |  |  |  | 12,029 |
Total | $ | 55,913 |  |  | $ | 50,580 |  |  | $ | 47,421 |

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