v3.26.1
Goodwill, Long-Lived Assets, and Other Assets (Tables)
 12 Months Ended
May 31, 2026
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 2026 and fiscal 2025:

(In millions)

 

Total

 

Balance at May 31, 2024

 

 

 

Goodwill

 

$

79.6

 

Accumulated impairment losses

 

 

-

 

 

 

79.6

 

Translation adjustments

 

 

-

 

 

 

-

 

Balance at May 31, 2025

 

 

 

Goodwill

 

 

79.6

 

Accumulated impairment losses

 

 

-

 

 

 

79.6

 

Acquisitions and purchase accounting adjustments (1)

 

 

17.5

 

Translation adjustments

 

 

1.2

 

Impairment losses (2)

 

 

(53.8

)

 

 

(35.1

)

Balance at May 31, 2026

 

 

 

Goodwill

 

 

98.3

 

Accumulated impairment losses

 

 

(53.8

)

 

 

$

44.5

 

 

 
(1)
For additional information regarding acquisitions, refer to “Note 2 – Acquisitions”.
(2)
A pre-tax goodwill impairment charge of $53.8 million that fully impaired the goodwill assigned to the Electrical Steel reporting unit.
Summary of Other Intangible Assets by Class The following table summarizes other intangible assets by class as of the fiscal years ended May 31:

 

 

 

2026

 

 

2025

 

 

 

 

 

 

Accumulated

 

 

 

 

 

Accumulated

 

(In millions)

 

Cost

 

 

Amortization

 

 

Cost

 

 

Amortization

 

Indefinite-lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

Trademarks

 

$

5.2

 

 

$

-

 

 

$

5.2

 

 

$

-

 

In-process research & development

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Total indefinite-lived intangible assets

 

 

5.2

 

 

 

-

 

 

 

5.2

 

 

 

-

 

Definite-lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

Customer relationships

 

$

112.8

 

 

$

52.8

 

 

$

100.0

 

 

$

43.5

 

Non-compete agreements

 

 

2.0

 

 

 

2.0

 

 

 

2.0

 

 

 

2.0

 

Technology/know-how

 

 

19.0

 

 

 

8.1

 

 

 

11.0

 

 

 

4.8

 

Other(1)

 

 

4.2

 

 

 

3.0

 

 

 

-

 

 

 

-

 

Total definite-lived intangible assets

 

 

138.0

 

 

 

65.9

 

 

 

113.0

 

 

 

50.3

 

Total intangible assets

 

$

143.2

 

 

$

65.9

 

 

$

118.2

 

 

$

50.3

 

 

 
(1)
Other amortizable intangible assets primarily include favorable lease-related intangible assets and acquired software.
Intangible Asset Estimated Amortization Expense

Intangible asset amortization expense for each of the next five fiscal years is estimated to be:

 

(In millions)

 

 

 

2027

 

$

7.9

 

2028

 

$

7.9

 

2029

 

$

7.2

 

2030

 

$

6.8

 

2031

 

$

6.5

 
Summary of Long-Lived Asset Impairment

The following table summarizes the long-lived asset impairment:

(In millions)

 

Total

 

Net carrying value

 

$

135.2

 

Estimated fair value

 

 

76.8

 

Pre-tax impairment charge

 

 

58.4

 

 

 

 

Allocated Pre-Tax Impairment Recognized:

 

 

 

Long-lived assets:

 

 

 

Fixed assets, net

 

$

41.2

 

Operating lease right-of-use assets and finance lease right-of-use assets

 

 

9.8

 

Other intangible assets, net

 

 

7.4

 

Total long-lived assets

 

$

58.4

 
Summary of Disposal Group

The disposal group consisted of the following:

 

 

 

 

 

 

 

 

 

 

Net Book

 

 

Impairment

 

(In millions)

 

Value

 

 

Recognized

 

Disposal Group:

 

 

 

 

 

 

Long-lived assets:

 

 

 

 

 

 

Finance lease assets and buildings and improvements, net

 

$

10.1

 

 

$

-

 

Machinery and equipment and other long-lived assets(1)

 

 

5.1

 

 

 

3.8

 

Other intangible assets, net

 

 

1.8

 

 

 

1.8

 

Total long-lived assets

 

 

17.0

 

 

 

5.6

 

Other assets:

 

 

 

 

 

 

Prepaid expenses and other current assets(2)

 

 

0.6

 

 

 

0.5

 

Total other assets

 

 

0.6

 

 

 

0.5

 

Total

 

$

17.6

 

 

$

6.1

 

 

 
(1)
Fair value was determined using unobservable Level 3 inputs.
(2)
Impairment recognized using applicable accounting guidance outside of long-lived asset guidance.