Goodwill and Other Long-Lived Assets (Tables)

12 Months Ended

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