Goodwill and Other Long-Lived Assets (Tables)

12 Months Ended

May 31, 2024

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 2024 and fiscal 2023:

(In millions)	Total
Balance at May 31, 2022	$	80.0
Acquisitions and purchase accounting adjustments (1)		(0.8	)
Translation adjustments		(0.6	)
Balance at May 31, 2023		78.6
Acquisitions and purchase accounting adjustments (1)		1.1
Translation adjustments		(0.1	)
Balance at May 31, 2024	$	79.6

(1)For additional information regarding our acquisitions, refer to “Note O – 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:

	2024				2023
			Accumulated				Accumulated
(In millions)	Cost		Amortization		Cost		Amortization
Indefinite-lived intangible assets:
Trademarks	$	5.2	$	-	$	5.2	$	-
In-process research & development		1.3		-		1.3		-
Total indefinite-lived intangible assets		6.5		-		6.5		-
Definite-lived intangible assets:
Customer relationships	$	102.8	$	39.8	$	102.8	$	35.0
Non-compete agreements		2.0		2.0		2.0		1.9
Technology/know-how		11.0		3.5		11.0		2.0
Total definite-lived intangible assets		115.8		45.3		115.8		38.9
Total intangible assets	$	122.3	$	45.3	$	122.3	$	38.9

Estimated Amortization Expense

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

(In millions)
2025	$	6.1
2026	$	5.8
2027	$	5.8
2028	$	5.8
2029	$	5.5