GOODWILL AND OTHER INTANGIBLE ASSETS

12 Months Ended

May 31, 2011

Goodwill And Intangible Assets Disclosure Abstract

Goodwill And Intangible Assets Disclosure Text Block

NOTE B – GOODWILL AND OTHER INTANGIBLE ASSETS

The changes in the carrying amount of goodwill, by reportable segment, for the years ended May 31, 2011 and 2010, are as follows:

		Industrial		Consumer
(In thousands)		Segment		Segment		Total

Balance as of June 1, 2009	$	480,289	$	375,877	$	856,166
Acquisitions		33,545		9,462		43,007
Purchase accounting adjustments (1)		(2,641)				(2,641)
Translation adjustments		(14,838)		(9,945)		(24,783)
Adjustment resulting from
deconsolidation of SPHC		(103,505)				(103,505)

Balance as of May 31, 2010		392,850		375,394		768,244
Acquisitions		16,265				16,265
Purchase accounting adjustments (1)		1,586				1,586
Translation adjustments		35,055		10,339		45,394

Balance as of May 31, 2011	$	445,756	$	385,733	$	831,489


(1) Relates primarily to other accruals and finalization of certain property, plant and equipment and intangibles valuations; and
current year adjustments to purchase price contingencies.

Total accumulated impairment losses were $14.9 million at May 31, 2011 and 2010, which was recorded during the fiscal year ended May 31, 2009 by our industrial reportable segment, as previously discussed.

Other intangible assets consist of the following major classes:
						Gross				Net Other
				Amortization		Carrying		Accumulated		Intangible
	(In thousands)			Period (In Years)		Amount		Amortization		Assets
	As of May 31, 2011
	Amortized intangible assets
		Formulae		3 to 33	$	172,536	$	97,185	$	75,351
		Customer-related intangibles		3 to 33		115,810		45,696		70,114
		Trademarks/names		4 to 40		27,961		10,591		17,370
		Other		1 to 40		44,910		23,784		21,126
			Total Amortized Intangibles			361,217		177,256		183,961
	Indefinite-lived intangible assets
		Trademarks/names				128,906				128,906
			Total Other Intangible Assets		$	490,123	$	177,256	$	312,867

	As of May 31, 2010
	Amortized intangible assets
		Formulae		4 to 33	$	168,667	$	88,789	$	79,878
		Customer-related intangibles		5 to 33		101,844		35,885		65,959
		Trademarks/names		3 to 40		21,553		8,029		13,524
		Other		1 to 40		41,661		19,719		21,942
			Total Amortized Intangibles			333,725		152,422		181,303
	Indefinite-lived intangible assets
		Trademarks/names				121,856				121,856
			Total Other Intangible Assets		$	455,581	$	152,422	$	303,159

The aggregate intangible asset amortization expense for the fiscal years ended May 31, 2011, 2010 and 2009 was $20.0 million, $22.2 million and $22.5 million, respectively. For the next five fiscal years, we estimate annual intangible asset amortization expense related to our existing intangible assets to approximate the following: 2012 - $20.5 million, 2013 — $19.2 million, 2014 — $17.7 million, 2015 — $16.9 million and 2016 — $16.4 million.

- Definition

Discloses the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain or loss on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss. This element may be used as a single block of text to include the entire intangible asset disclosure including data and tables.

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