Summary of Significant Accounting Policies (Tables)

12 Months Ended

May 31, 2014

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 2014 Acquisitions					Fiscal 2013 Acquisitions
(In thousands)	Weighted- Average Intangible Asset Amortization Life (In Years)		Total			Weighted- Average Intangible Asset Amortization Life (In Years)		Total
Current assets			$	10,874				$	67,397
Property, plant and equipment				4,234					46,306
Goodwill		N/A		21,296			N/A		260,789
Tradenames - indefinite lives		N/A		2,000			N/A		38,448
Other intangible assets		14		19,462			9		103,593
Other long-term assets				—					8,171
Total Assets Acquired			$	57,866				$	524,704
Liabilities assumed				(18,361	)				(120,372	)
Net Assets Acquired			$	39,505	(1)			$	404,332	(2)

(1) Figure includes cash acquired of $0.3 million.

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

Property, Plant and Equipment

May 31,	2014		2013
(In thousands)
Land	$	50,245	$	45,281
Buildings and leasehold improvements		328,269		311,869
Machinery and equipment		813,162		770,973
Total property, plant and equipment, at cost		1,191,676		1,128,123
Less: allowance for depreciation and amortization		658,871		635,760
Property, plant and equipment, net	$	532,805	$	492,363

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,	2014		2013
(In thousands)
Raw material and supplies	$	213,981	$	185,590
Finished goods		399,663		363,090
Total Inventory	$	613,644	$	548,680

Investment (Income), Net

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

Year Ended May 31,	2014			2013			2012
(In thousands)
Interest (income)	$	(6,327	)	$	(6,814	)	$	(5,031	)
Loss (gain) on sale of marketable securities		(7,353	)		(11,664	)		862
Other-than-temporary impairment on securities		161			14,279			1,604
Dividend (income)		(2,196	)		(1,979	)		(1,621	)
Investment (income), net	$	(15,715	)	$	(6,178	)	$	(4,186	)

Other (Income) Expense, Net

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

Year Ended May 31,	2014			2013			2012
(In thousands)
Royalty (income), net	$	(1,195	)	$	(2,069	)	$	(1,520	)
Loss on Brazil operational repositioning		—			6,087
Loss on Kemrock conversion option		—			9,030
(Income) loss related to unconsolidated equity affiliates		(2,888	)		44,671			(8,079	)
Other (income) expense, net	$	(4,083	)	$	57,719		$	(9,599	)