Summary of Significant Accounting Policies (Tables)

12 Months Ended

May 31, 2024

Accounting Policies [Abstract]

Asset Acquired and Liabilities Assumed on Acquisition

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

	Fiscal 2024 Acquisitions					Fiscal 2023 Acquisitions
(In thousands)	Weighted-Average Intangible Asset Amortization Life (In Years)	Total				Weighted-Average Intangible Asset Amortization Life (In Years)	Total
Current assets		$	6,010				$	17,508
Property, plant and equipment			1,427					3,605
Goodwill	N/A		11,993			N/A		25,407
Trade names - indefinite lives	N/A		-			N/A		3,168
Other intangible assets	10		2,562			10		14,965
Other long-term assets			4					1,647
Total Assets Acquired		$	21,996				$	66,300
Liabilities assumed			(5,712	)				(12,287	)
Net Assets Acquired		$	16,284		(1)		$	54,013		(2)

(1)Figure includes cash acquired of $0.7 million.

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

Property, Plant and Equipment

Property, Plant & Equipment

May 31,	2024		2023
(In thousands)
Land	$	93,842	$	92,954
Buildings and leasehold improvements		674,580		552,775
Machinery and equipment		1,747,425		1,687,187
Total property, plant and equipment, at cost		2,515,847		2,332,916
Less: allowance for depreciation and amortization		1,184,784		1,093,440
Property, plant and equipment, net	$	1,331,063	$	1,239,476

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 40 years

Major Classes of Inventories

Inventories were composed of the following major classes:

May 31,	2024		2023
(In thousands)
Raw materials and supplies	$	354,428	$	451,504
Finished goods		602,037		683,992
Total Inventory	$	956,465	$	1,135,496

Investment (Income) Expense, Net

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

Year Ended May 31,	2024			2023			2022
(In thousands)
Interest (income)	$	(20,947	)	$	(9,250	)	$	(4,435	)
Net (gain) loss on marketable securities		(19,914	)		2,086			17,706
Dividend (income)		(4,113	)		(2,584	)		(5,676	)
Investment (income) expense, net	$	(44,974	)	$	(9,748	)	$	7,595

Net (Gain) Loss on Marketable Securities

Net (Gain) Loss on Marketable Securities

Year Ended May 31,	2024			2023			2022
(In thousands)
Unrealized (gains) losses on marketable equity securities	$	(19,703	)	$	2,667		$	19,164
Realized (gains) on marketable equity securities		(290	)		(551	)		(1,488	)
Realized losses (gains) on available-for-sale debt securities		79			(30	)		30
Net (gain) loss on marketable securities	$	(19,914	)	$	2,086		$	17,706

Other Expense (Income), Net

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

Year Ended May 31,	2024			2023			2022
(In thousands)
Pension non-service costs (credits)	$	11,046		$	10,381		$	(10,581	)
Other		(882	)		(604	)		(1,265	)
Other expense (income), net	$	10,164		$	9,777		$	(11,846	)