Summary of Significant Accounting Policies (Tables)

12 Months Ended

May 31, 2023

Accounting Policies [Abstract]

Asset Acquired and Liabilities Assumed on Acquisition

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

	Fiscal 2023 Acquisitions					Fiscal 2022 Acquisitions
(In thousands)	Weighted-Average Intangible Asset Amortization Life (In Years)	Total				Weighted-Average Intangible Asset Amortization Life (In Years)	Total
Current assets		$	17,508				$	9,604
Property, plant and equipment			3,605					71,658
Goodwill	N/A		25,407			N/A		30,747
Trade names - indefinite lives	N/A		3,168			N/A		1,050
Other intangible assets	10		14,965			13		21,010
Other long-term assets			1,647					2,316
Total Assets Acquired		$	66,300				$	136,385
Liabilities assumed			(12,287	)				(7,159	)
Net Assets Acquired		$	54,013		(1)		$	129,226		(2)

(1)Figure includes cash acquired of $6.5 million.

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

Property, Plant and Equipment

Property, Plant & Equipment

May 31,	2023		2022
(In thousands)
Land	$	92,954	$	88,137
Buildings and leasehold improvements		552,775		519,391
Machinery and equipment		1,687,187		1,525,387
Total property, plant and equipment, at cost		2,332,916		2,132,915
Less: allowance for depreciation and amortization		1,093,440		1,028,932
Property, plant and equipment, net	$	1,239,476	$	1,103,983

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,	2023		2022
(In thousands)
Raw materials and supplies	$	451,504	$	560,886
Finished goods		683,992		651,732
Total Inventory	$	1,135,496	$	1,212,618

Investment (Income) Expense, Net

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

Year Ended May 31,	2023			2022			2021
(In thousands)
Interest (income)	$	(9,250	)	$	(4,435	)	$	(3,555	)
Net loss (gain) on marketable securities		2,086			17,706			(38,774	)
Dividend (income)		(2,584	)		(5,676	)		(2,121	)
Investment (income) expense, net	$	(9,748	)	$	7,595		$	(44,450	)

Net Loss (Gain) on Marketable Securities

Net Loss (Gain) on Marketable Securities

Year Ended May 31,	2023			2022			2021
(In thousands)
Unrealized losses (gains) on marketable equity securities	$	2,667		$	19,164		$	(16,133	)
Realized (gains) on marketable equity securities		(551	)		(1,488	)		(22,680	)
Realized (gains) losses on available-for-sale debt securities		(30	)		30			39
Net loss (gain) on marketable securities	$	2,086		$	17,706		$	(38,774	)

Other Expense (Income), Net

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

Year Ended May 31,	2023			2022			2021
(In thousands)
Pension non-service costs (credits)	$	10,381		$	(10,581	)	$	14,542
Other		(604	)		(1,265	)		(903	)
Other expense (income), net	$	9,777		$	(11,846	)	$	13,639