Goodwill and Other Long-Lived Assets (Tables)

12 Months Ended

17 Months Ended

May 31, 2022

May 31, 2022

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 2022 and fiscal 2021 by reportable business segment:

(in thousands)	Steel Processing			Consumer Products (1)		Building  Products (1)			Sustainable  Energy Solutions (1)			Other			Total
Balance at May 31, 2020	$	19,695		$	207,373	$	67,120		$	13,690		$	13,556		$	321,434
Acquisitions and purchase accounting adjustments (2)		523			33,568		-			3,785			-			37,876
Divestitures (3)		-			-		-			-			(13,556	)		(13,556	)
Translation adjustments		-			-		5,153			149			-			5,302
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

(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”.

(3)Fiscal 2021 divestitures related to the sale of our SCI business located in Pomona, California, the sale of our cryogenic and hydrogen trailer business, including the Theodore, Alabama site, and sale of our cryo-science and microbulk storage unit business.

Summary of Other Intangible Assets by Class

The following table summarizes other intangible assets by class as of May 31, 2022 and 2021:

	2022				2021
			Accumulated				Accumulated
(in thousands)	Cost		Amortization		Cost		Amortization
Indefinite-lived intangible assets:
Trademarks	$	99,901	$	-	$	99,901	$	-
Total indefinite-lived intangible assets		99,901		-		99,901		-
Definite-lived intangible assets:
Customer relationships	$	258,647	$	83,776	$	198,234	$	72,499
Non-compete agreements		4,388		4,195		4,098		4,098
Technology / know-how		23,924		5,088		13,165		3,614
In-process research & development		1,300		-		-		-
Other		4,830		914		5,502		302
Total definite-lived intangible assets		293,089		93,973		220,999		80,513
Total intangible assets	$	392,990	$	93,973	$	320,900	$	80,513

Estimated Amortization Expense

Amortization expense for each of the next five fiscal years is estimated to be:

(in thousands)
2023	$	16,244
2024	$	16,244
2025	$	15,969
2026	$	15,683
2027	$	15,157