Goodwill and Other Long-Lived Assets (Tables)

12 Months Ended

May 31, 2020

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 2020 and fiscal 2019 by reportable business segment:

(in thousands)	Steel Processing		Pressure Cylinders			Other			Total
Balance at May 31, 2018
Goodwill	$	7,899	$	341,299		$	172,178		$	521,376
Impairment losses		-		(4,015	)		(172,178	)		(176,193	)
		7,899		337,284			-			345,183
Acquisitions and purchase accounting adjustments (1)		-		777			-			777
Divestitures (2)		-		(7,260	)		-			(7,260	)
Translation adjustments		-		(4,093	)		-			(4,093	)
		-		(10,576	)		-			(10,576	)
Balance at May 31, 2019
Goodwill		7,899		330,723			172,178			510,800
Impairment losses		-		(4,015	)		(172,178	)		(176,193	)
		7,899		326,708			-			334,607
Acquisitions and purchase accounting adjustments (1)		11,796		(52	)		-			11,744
Divestitures (2)		-		(2,511	)		-			(2,511	)
Translation adjustments		-		(309	)		-			(309	)
Impairment losses (3)		-		(22,097	)		-			(22,097	)
		11,796		(24,969	)		-			(13,173	)
Balance at May 31, 2020
Goodwill		19,695		327,851			172,178			519,724
Impairment losses		-		(26,112	)		(172,178	)		(198,290	)
	$	19,695	$	301,739		$	-		$	321,434

(1) For additional information regarding the Company’s acquisitions, refer to “Note P – Acquisitions.”  

(2) Fiscal 2020 divestitures included the sale of the cryogenics business in Turkey.

(3) Fiscal 2020 impairment losses included $22,097,000 of goodwill impairment related to the oil & gas equipment reporting unit.

Summary of Other Intangible Assets by Class

The following table summarizes other intangible assets by class as of May 31, 2020 and 2019:

	2020				2019
			Accumulated				Accumulated
(in thousands)	Cost		Amortization		Cost		Amortization
Indefinite-lived intangible assets:
Trademarks	$	72,101	$	-	$	74,801	$	-
Total indefinite-lived intangible assets		72,101		-		74,801		-
Definite-lived intangible assets:
Customer relationships	$	170,887	$	73,207	$	174,150	$	69,258
Non-compete agreements		8,001		8,001		8,656		8,509
Technology / know-how		22,484		7,850		22,495		6,276
Other		3,716		3,716		3,716		3,716
Total definite-lived intangible assets		205,088		92,774		209,017		87,759
Total intangible assets	$	277,189	$	92,774	$	283,818	$	87,759

Estimated Amortization Expense

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

(in thousands)
2021	$	11,975
2022	$	10,345
2023	$	9,742
2024	$	9,742
2025	$	8,913