SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

May 31, 2012

Asset Acquired and Liabilities Assumed on Acquisition

These acquisitions have been aggregated by year of purchase in the following table:

	Fiscal 2012 Acquisitions				Fiscal 2011 Acquisitions
(In thousands)	Weighted-Average Intangible Asset Amortization Life (In Years)	Total			Weighted-Average Intangible Asset Amortization Life (In Years)	Total
Current assets		$	84,693			$	15,221
Property, plant and equipment			30,096				3,016
Goodwill	N/A		55,177		N/A		16,265
Tradenames — indefinite lives	N/A		26,986		N/A		—
Other intangible assets	14		43,062		11		13,493
Other long-term assets			3,066				2
Total Assets Acquired		$	243,080			$	47,997
Liabilities assumed			(64,743	)			(9,776	)
Net Assets Acquired		$	178,337	(1)		$	38,221	(2)

(1) Figure includes cash acquired of $12.3 million.

(2) Figure includes cash acquired of $0.8 million.

Property, Plant and Equipment

May 31,	2012		2011
(In thousands)
Land	$	36,767	$	35,481
Buildings and leasehold improvements		291,026		277,268
Machinery and equipment		723,172		685,496
Total property, plant and equipment, at cost		1,050,965		998,245
Less: allowance for depreciation and amortization		632,133		608,218
Property, plant and equipment, net	$	418,832	$	390,027

Useful Lives

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

Land improvements	3 to 30 years
Buildings and improvements	3 to 50 years
Machinery and equipment	1 to 30 years

Major Classes of Inventories

Inventories were composed of the following major classes:

May 31,	2012		2011
(In thousands)
Raw material and supplies	$	160,869	$	142,133
Finished goods		329,109		320,987
Total Inventory	$	489,978	$	463,120

Investment (Income) Expenses, Net

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

Year Ended May 31,	2012			2011			2010
(In thousands)
Interest (income)	$	(5,031	)	$	(5,058	)	$	(4,035	)
Loss (gain) on sale of marketable securities		862			(9,675	)		(2,160	)
Other-than-temporary impairment on securities		1,604			693			260
Dividend (income)		(1,621	)		(1,642	)		(1,641	)
Investment (income) expense, net	$	(4,186	)	$	(15,682	)	$	(7,576	)

Other (Income), Net

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

Year Ended May 31,	2012			2011			2010
(In thousands)
Royalty (income), net	$	(1,520	)	$	(1,249	)	$	(2,829	)
Equity in (income) of unconsolidated affiliates		(8,079	)		(1,148	)		5
Other (income), net	$	(9,599	)	$	(2,397	)	$	(2,824	)