Summary of Significant Accounting Policies (Tables)

12 Months Ended

May 31, 2022

Accounting Policies [Abstract]

Asset Acquired and Liabilities Assumed on Acquisition

Acquisitions are aggregated by year of purchase in the following table:

	Fiscal 2022 Acquisitions					Fiscal 2021 Acquisitions
(In thousands)	Weighted-Average Intangible Asset Amortization Life (In Years)	Total				Weighted-Average Intangible Asset Amortization Life (In Years)	Total
Current assets		$	9,604				$	50,310
Property, plant and equipment			71,658					27,012
Goodwill	N/A		30,747			N/A		41,654
Trade names - indefinite lives	N/A		1,050			N/A		16,694
Other intangible assets	13		21,010			20		53,894
Other long-term assets			2,316					6,831
Total Assets Acquired		$	136,385				$	196,395
Liabilities assumed			(7,159	)				(24,232	)
Net Assets Acquired		$	129,226		(1)		$	172,163		(2)

(1)Figure includes cash acquired of $1.8 million.

(2)Figure includes cash acquired of $6.4 million.

Property, Plant and Equipment

May 31,	2022		2021
(In thousands)
Land	$	88,137	$	93,455
Buildings and leasehold improvements		519,391		518,205
Machinery and equipment		1,525,387		1,355,822
Total property, plant and equipment, at cost		2,132,915		1,967,482
Less: allowance for depreciation and amortization		1,028,932		1,002,300
Property, plant and equipment, net	$	1,103,983	$	965,182

Useful Lives

Depreciation is computed primarily using the straight-line method over the following ranges of useful lives:

Buildings and leasehold improvements	1 to 50 years
Machinery and equipment	1 to 36 years

Major Classes of Inventories

Inventories were composed of the following major classes:

May 31,	2022		2021
(In thousands)
Raw materials and supplies	$	560,886	$	447,220
Finished goods		651,732		490,875
Total Inventory	$	1,212,618	$	938,095

Investment Expense (Income), Net

Investment expense (income), net, consists of the following components:

Year Ended May 31,	2022			2021			2020
(In thousands)
Interest (income)	$	(4,435	)	$	(3,555	)	$	(5,313	)
Net loss (gain) on marketable securities		17,706			(38,774	)		(1,629	)
Dividend (income)		(5,676	)		(2,121	)		(2,797	)
Investment expense (income), net	$	7,595		$	(44,450	)	$	(9,739	)

Net Loss (Gain) on Marketable Securities

Net Loss (Gain) on Marketable Securities

Year Ended May 31,	2022			2021			2020
(In thousands)
Unrealized losses (gains) on marketable equity securities	$	19,164		$	(16,133	)	$	(1,457	)
Realized (gains) on marketable equity securities		(1,488	)		(22,680	)		(237	)
Realized losses on available-for-sale debt securities		30			39			65
Net loss (gain) on marketable securities	$	17,706		$	(38,774	)	$	(1,629	)

Other (income) Expense, Net

Other (income) expense, net, consists of the following components:

Year Ended May 31,	2022			2021			2020
(In thousands)
Royalty (income) expense, net (a)	$	(915	)	$	(387	)	$	5,206
(Income) related to unconsolidated equity affiliates		(350	)		(516	)		(165	)
Pension non-service (credit) cost		(10,581	)		14,542			6,076
Loss on divestiture (b)		-			-			949
Other (income) expense, net	$	(11,846	)	$	13,639		$	12,066

(a)Includes a $5.3 million charge incurred during the fourth quarter of fiscal 2020 related to the termination of a licensing agreement within our Consumer reportable segment.

(b)Reflects the loss incurred upon divestiture of a contracting business located in Australia, which had reported through our PCG segment.