Description of Business, The Separation, and Basis of Presentation (Tables)

12 Months Ended

May 31, 2026

Supplemental cash flow information was as follows for the prior three fiscal years:


(In millions)	2026		2025		2024
Interest paid, net of amount capitalized (1)	$	11.6	$	7.7	$	4.5

(1)

The amount of interest paid, net of amount capitalized in fiscal 2024 for the period prior to the Separation was not distinguishable for the Company. These amounts were combined with the Former Parent. Due to the legal organizational structure and capital structure, the amounts for the Company were indivisible from those that were included with the Former Parent.

Summary of Reconciliation of Cash and Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated and combined balance sheets that sum to the total of the same amounts shown in the consolidated and combined statements of cash flows as of May 31, 2026, 2025, and 2024:


(In millions)	2026		2025		2024
Reconciliation of cash, cash equivalents, and restricted cash, beginning of year
Cash and cash equivalents	$	38.0	$	40.2	$	32.7
Restricted cash		54.9		-		-
Total cash and cash equivalents and restricted cash	$	92.9	$	40.2	$	32.7

Reconciliation of cash, cash equivalents, and restricted cash, end of year
Cash and cash equivalents	$	84.6	$	38.0	$	40.2
Restricted cash		-		54.9		-
Total cash and cash equivalents and restricted cash	$	84.6	$	92.9	$	40.2

Summary of Concentration Percentage of Consolidated or Combined Net Sales

The following table summarizes the concentration percentage of consolidated and combined net sales for the periods presented:


(Percentage of net sales)	2026			2025			2024
End market – automotive		55	%		52	%		52	%
Detroit Three automakers		35	%		33	%		32	%
Largest automotive customers:
Customer A		14	%		12	%		15	%
Customer B		14	%		14	%		11	%

Equity Securities

As of May 31, 2026, the Company’s equity securities were comprised exclusively of Kloeckner shares. The fair value of these securities may fluctuate based on market conditions and issuer-specific developments.