Summary of Significant Accounting Policies (Tables)

12 Months Ended

May. 31, 2015

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 2015 Acquisitions					Fiscal 2014 Acquisitions
(In thousands)	Weighted- Average Intangible Asset Amortization Life (In Years)		Total			Weighted- Average Intangible Asset Amortization Life (In Years)		Total
Current assets			$	27,533				$	10,874
Property, plant and equipment				11,506					4,234
Goodwill		N/A		27,833			N/A		21,296
Tradenames - indefinite lives		N/A		7,209			N/A		2,000
Other intangible assets		14		26,781			14		19,462
Other long-term assets				202					—
Total Assets Acquired			$	101,064				$	57,866
Liabilities assumed				(28,363	)				(18,361	)
Net Assets Acquired			$	72,701	(1)			$	39,505	(2)

(1) Figure includes cash acquired of $2.8 million.

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

Property, Plant and Equipment

May 31,	2015		2014
(In thousands)
Land	$	58,555	$	50,245
Buildings and leasehold improvements		349,682		328,269
Machinery and equipment		850,067		813,162
Total property, plant and equipment, at cost		1,258,304		1,191,676
Less: allowance for depreciation and amortization		668,658		658,871
Property, plant and equipment, net	$	589,646	$	532,805

Useful Lives

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

Land improvements	3 to 40 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,	2015		2014
(In thousands)
Raw material and supplies	$	235,649	$	213,981
Finished goods		438,556		399,663
Total Inventory	$	674,205	$	613,644

Investment (Income), Net

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

Year Ended May 31,	2015			2014			2013
(In thousands)
Interest (income)	$	(8,304	)	$	(6,327	)	$	(6,814	)
(Gain) on sale of marketable securities		(8,692	)		(7,353	)		(11,664	)
Other-than-temporary impairment on securities		22			161			14,279
Dividend (income)		(1,603	)		(2,196	)		(1,979	)
Investment (income), net	$	(18,577	)	$	(15,715	)	$	(6,178	)

Other (Income) Expense, Net

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

Year Ended May 31,	2015			2014			2013
(In thousands)
Royalty (income), net	$	(1,843	)	$	(1,195	)	$	(2,069	)
Loss on Brazil operational repositioning		—			—			6,087
Loss on Kemrock conversion option		—			—			9,030
(Income) loss related to unconsolidated equity affiliates		(2,023	)		(2,888	)		44,671
Other (income) expense, net	$	(3,866	)	$	(4,083	)	$	57,719