Goodwill and Other Long-Lived Assets (Tables)

12 Months Ended

May 31, 2019

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 2019 and fiscal 2018 by reportable business segment:

(in thousands)	Steel Processing		Pressure Cylinders			Engineered Cabs			Other			Total
Balance at May 31, 2017
Goodwill	$	7,899	$	234,123		$	44,933		$	127,245		$	414,200
Accumulated impairment losses		-		-			(44,933	)		(121,594	)		(166,527	)
		7,899		234,123			-			5,651			247,673
Acquisitions and purchase accounting adjustments (1)		-		103,437			-			-			103,437
Translation adjustments		-		3,739			-			-			3,739
Impairment losses (2)		-		(4,015	)		-			(5,651	)		(9,666	)
		-		103,161			-			(5,651	)		97,510
Balance at May 31, 2018
Goodwill		7,899		341,299			44,933			127,245			521,376
Accumulated impairment losses		-		(4,015	)		(44,933	)		(127,245	)		(176,193	)
		7,899		337,284			-			-			345,183
Acquisitions and purchase accounting adjustments (1)		-		777			-			-			777
Translation adjustments		-		(4,093	)		-			-			(4,093	)
Divestitures (3)		-		(7,260	)		-			-			(7,260	)
		-		(10,576	)		-			-			(10,576	)
Balance at May 31, 2019
Goodwill		7,899		330,723			44,933			127,245			510,800
Accumulated impairment losses		-		(4,015	)		(44,933	)		(127,245	)		(176,193	)
	$	7,899	$	326,708		$	-		$	-		$	334,607

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

(2) Fiscal 2018 impairment charges included $4,015,000 of goodwill allocated to oil & gas equipment assets prior to their disposal on July 31, 2018 and $5,651,000 related to the sale of a 65% stake in WEI on March 31, 2018.  

(3) Fiscal 2019 divestitures included the sale of the operating assets and real property related to the solder business and certain brazing assets.

Summary of Other Intangible Assets by Class

The following table summarizes other intangible assets by class as of May 31, 2019 and 2018:

	2019				2018
			Accumulated				Accumulated
(in thousands)	Cost		Amortization		Cost		Amortization
Indefinite-lived intangible assets:
Trademarks	$	74,801	$	-	$	76,701	$	-
Total indefinite-lived intangible assets		74,801		-		76,701		-
Definite-lived intangible assets:
Customer relationships	$	174,150	$	69,258	$	173,363	$	57,125
Non-compete agreements		8,656		8,509		8,669		8,137
Technology / know-how		22,495		6,276		26,411		5,856
Other		3,716		3,716		3,804		3,804
Total definite-lived intangible assets		209,017		87,759		212,247		74,922
Total intangible assets	$	283,818	$	87,759	$	288,948	$	74,922

Estimated Amortization Expense

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

(in thousands)
2020	$	13,031
2021	$	12,271
2022	$	10,641
2023	$	10,039
2024	$	10,039