Summary of Significant Accounting Policies (Tables)

12 Months Ended

May 31, 2013

Asset Acquired and Liabilities Assumed on Acquisition

Final determinations of the purchase price allocation for these acquisitions have been completed, and are aggregated by year of purchase in the following table:

	Fiscal 2013 Acquisitions					Fiscal 2012 Acquisitions
(In thousands)	Weighted-Average Intangible Asset Amortization Life (In Years)		Total			Weighted-Average Intangible Asset Amortization Life (In Years)		Total
Current assets			$	67,397				$	84,693
Property, plant and equipment				46,306					30,096
Goodwill		N/A		260,789			N/A		55,177
Tradenames—indefinite lives		N/A		38,448			N/A		26,986
Other intangible assets		9		103,593			14		43,062
Other long-term assets				8,171					3,066
Total Assets Acquired			$	524,704				$	243,080
Liabilities assumed				(120,372	)				(64,743	)
Net Assets Acquired			$	404,332	(1)			$	178,337	(2)

(1) Figure includes cash acquired of $6.9 million.

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

Property, Plant and Equipment

May 31,	2013		2012
(In thousands)
Land	$	45,281	$	36,767
Buildings and leasehold improvements		311,869		291,026
Machinery and equipment		770,973		723,172
Total property, plant and equipment, at cost		1,128,123		1,050,965
Less: allowance for depreciation and amortization		635,760		632,133
Property, plant and equipment, net	$	492,363	$	418,832

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,	2013		2012
(In thousands)
Raw material and supplies	$	185,590	$	160,869
Finished goods		363,090		329,109
Total Inventory	$	548,680	$	489,978

Investment (Income), Net

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

Year Ended May 31,	2013			2012			2011
(In thousands)
Interest (income)	$	(6,814	)	$	(5,031	)	$	(5,058	)
Loss (gain) on sale of marketable securities		(11,664	)		862			(9,675	)
Other-than-temporary impairment on securities		14,279			1,604			693
Dividend (income)		(1,979	)		(1,621	)		(1,642	)
Investment (income), net	$	(6,178	)	$	(4,186	)	$	(15,682	)

Other Expense (Income), Net

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

Year Ended May 31,	2013			2012			2011
(In thousands)
Royalty (income), net	$	(2,069	)	$	(1,520	)	$	(1,249	)
Loss on Brazil operational repositioning		6,087
Loss on Kemrock conversion option		9,030
(Income) loss related to unconsolidated equity affiliates		44,671			(8,079	)		(1,148	)
Other expense (income), net	$	57,719		$	(9,599	)	$	(2,397	)