Goodwill and Other Long-Lived Assets (Tables)

12 Months Ended

May 31, 2021

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 2021 and fiscal 2020 by reportable business segment:

(in thousands)	Steel Processing		Pressure Cylinders			Other			Total
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
Acquisitions and purchase accounting adjustments (1)		523		37,353			-			37,876
Divestitures (2)		-		(13,556	)		-			(13,556	)
Translation adjustments		-		5,302			-			5,302
		523		29,099			-			29,622
Balance at May 31, 2021
Goodwill		20,218		356,950			172,178			549,346
Impairment losses		-		(26,112	)		(172,178	)		(198,290	)
	$	20,218	$	330,838		$	-		$	351,056

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

(2) Fiscal 2020 divestitures related to the sale of the Company’s cryogenics business in Turkey. Fiscal 2021 divestitures related to the sale of the Company’s Structural Composites Industries, LLC business located in Pomona, California and the sale of its cryogenic and hydrogen trailer business, including the Theodore, Alabama site, and the cryo-science and microbulk storage unit business.

(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, 2021 and 2020:

	2021				2020
			Accumulated				Accumulated
(in thousands)	Cost		Amortization		Cost		Amortization
Indefinite-lived intangible assets:
Trademarks	$	99,901	$	-	$	72,101	$	-
Total indefinite-lived intangible assets		99,901		-		72,101		-
Definite-lived intangible assets:
Customer relationships	$	198,234	$	72,499	$	170,887	$	73,207
Non-compete agreements		4,098		4,098		8,001		8,001
Technology / know-how		13,165		3,614		22,484		7,850
Other		5,502		302		3,716		3,716
Total definite-lived intangible assets		220,999		80,513		205,088		92,774
Total intangible assets	$	320,900	$	80,513	$	277,189	$	92,774

Estimated Amortization Expense

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

(in thousands)
2022	$	11,604
2023	$	11,517
2024	$	11,517
2025	$	11,338
2026	$	11,053