v3.26.1
Acquisitions (Tables)
 12 Months Ended
May 31, 2026
Business Combination [Abstract]  
Summary of Consideration Transferred and Fair Values Assigned to Assets Acquired and Liabilities Assumed The following table summarizes the consideration transferred and the fair values assigned to the assets acquired and liabilities assumed at the acquisition date.

 

 

 

 

 

Measurement

 

 

 

 

 

 

Preliminary

 

 

Period

 

 

Final

 

(In millions)

 

Valuation

 

 

Adjustments

 

 

Valuation

 

Consideration Transferred

 

 

 

 

 

 

 

 

 

Cash Consideration

 

$

44.2

 

 

$

-

 

 

$

44.2

 

Contingent Consideration - Cash

 

 

4.7

 

 

 

(2.1

)

 

 

2.6

 

Subtotal

 

 

48.9

 

 

 

(2.1

)

 

 

46.8

 

 

 

 

 

 

 

 

 

 

Cash Capital Contribution

 

 

5.1

 

 

 

-

 

 

 

5.1

 

Contingent Capital Contribution - Cash

 

 

0.3

 

 

 

-

 

 

 

0.3

 

Subtotal

 

$

5.4

 

 

$

-

 

 

$

5.4

 

 

 

 

 

 

 

 

 

 

Contribution of Tempel’s electrical steel subsidiary in Nagold, Germany

 

 

12.0

 

 

 

-

 

 

 

12.0

 

Total Consideration Transferred

 

$

66.3

 

 

$

(2.1

)

 

 

64.2

 

 

 

 

 

 

 

 

 

 

Recognized amounts of identifiable assets acquired and liabilities assumed

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

42.6

 

 

$

-

 

 

$

42.6

 

Receivables

 

 

39.6

 

 

 

-

 

 

 

39.6

 

Inventories

 

 

40.4

 

 

 

 

 

 

40.4

 

Deferred income tax assets

 

 

3.2

 

 

 

-

 

 

 

3.2

 

Prepaid expenses

 

 

4.9

 

 

 

-

 

 

 

4.9

 

Operating lease right-of-use assets

 

 

16.5

 

 

 

-

 

 

 

16.5

 

Finance lease right-of-use assets

 

 

8.6

 

 

 

-

 

 

 

8.6

 

Property, plant and equipment

 

 

98.8

 

 

 

-

 

 

 

98.8

 

Intangible assets

 

 

24.0

 

 

 

-

 

 

 

24.0

 

Other Assets

 

 

1.0

 

 

 

-

 

 

 

1.0

 

Total identifiable assets

 

 

279.6

 

 

 

-

 

 

 

279.6

 

Accounts payable

 

 

(34.7

)

 

 

-

 

 

 

(34.7

)

Accrued compensation and related taxes

 

 

(9.3

)

 

 

-

 

 

 

(9.3

)

Current operating lease liabilities

 

 

(2.7

)

 

 

-

 

 

 

(2.7

)

Current finance lease liabilities

 

 

(2.4

)

 

 

-

 

 

 

(2.4

)

Noncurrent operating lease liabilities

 

 

(13.9

)

 

 

-

 

 

 

(13.9

)

Noncurrent finance lease liabilities

 

 

(6.2

)

 

 

-

 

 

 

(6.2

)

Current maturities of long-term debt and short-term debt

 

 

(25.9

)

 

 

-

 

 

 

(25.9

)

Deferred income tax liabilities

 

 

(16.9

)

 

 

0.5

 

 

 

(16.4

)

Long-term debt

 

 

(25.3

)

 

 

-

 

 

 

(25.3

)

Pension and other postretirement benefit obligations

 

 

(14.3

)

 

 

-

 

 

 

(14.3

)

Other non-current liabilities

 

 

(1.9

)

 

 

-

 

 

 

(1.9

)

Total identifiable liabilities

 

 

(153.5

)

 

 

0.5

 

 

 

(153.0

)

Sitem Group – Net identifiable assets

 

 

126.1

 

 

 

0.5

 

 

 

126.6

 

Goodwill

 

 

22.0

 

 

 

(4.5

)

 

 

17.5

 

Total – Sitem Group

 

$

148.1

 

 

 

(4.0

)

 

 

144.1

 

 

 

 

 

 

 

 

 

 

 

Redeemable NCI – Net Put option

 

 

(10.7

)

 

 

-

 

 

 

(10.7

)

Redeemable NCI

 

 

(71.1

)

 

 

1.9

 

 

 

(69.2

)

Total - Redeemable NCI

 

 

(81.8

)

 

 

1.9

 

 

 

(79.9

)

Total

 

$

66.3

 

 

$

(2.1

)

 

$

64.2

 
Summary of Purchase Price Allocation and Weighted Average Remaining Useful Lives for Identifiable Intangible Assets Acquired The following table summarizes the purchase price allocation and weighted average remaining useful lives for identifiable intangible assets acquired as of the acquisition date:

 

 

 

 

 

Weighted Average

 

 

 

 

 

 

 

Estimated Useful

 

Valuation

Category

 

Amount

 

 

Life (Years)

 

Methodology

Customer relationships

 

$

12.3

 

 

13

 

Multi-period Excess Earnings Method

Technological know-how

 

 

7.7

 

 

8

 

Relief-from-Royalty Method

Favorable right-of-use lease asset

 

 

2.7

 

 

7

 

Discounted Cash Flow Method

Software

 

 

1.3

 

 

3

 

Cost

Total acquired identifiable intangible assets

 

$

24.0

 

 

10

 

 
Summary of Pro Forma Information The pro forma information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place on June 1, 2024.

 

 

2026

 

 

2025

 

Net Sales

 

$

3,443.8

 

 

$

3,314.2

 

Net earnings attributable to controlling interest

 

$

9.2

 

 

$

103.7

 

Diluted earnings per share attributable to controlling interest

 

$

0.19

 

 

$

2.05