Summary of Significant Accounting Policies (Tables)

12 Months Ended

May 31, 2016

Accounting Policies [Abstract]

Asset Acquired and Liabilities Assumed on Acquisition

Acquisitions are aggregated by year of purchase in the following table:

	Fiscal 2016 Acquisitions					Fiscal 2015 Acquisitions
(In thousands)	Weighted-Average Intangible Asset Amortization Life (In Years)	Total				Weighted-Average Intangible Asset Amortization Life (In Years)	Total
Current assets		$	20,094				$	27,533
Property, plant and equipment			4,771					11,506
Goodwill	N/A		29,762			N/A		27,833
Tradenames - indefinite lives	N/A		-			N/A		7,209
Other intangible assets	9		18,441			14		26,781
Other long-term assets			27					202
Total Assets Acquired		$	73,095				$	101,064
Liabilities assumed			(21,379	)				(28,363	)
Net Assets Acquired		$	51,716		(1)		$	72,701		(2)

(1) Figure includes cash acquired of $6.5 million.

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

Property, Plant and Equipment

May 31,	2016		2015
(In thousands)
Land	$	60,223	$	58,555
Buildings and leasehold improvements		363,036		349,682
Machinery and equipment		921,571		850,067
Total property, plant and equipment, at cost		1,344,830		1,258,304
Less:  allowance for depreciation and amortization		715,377		668,658
Property, plant and equipment, net	$	629,453	$	589,646

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	1 to 50 years
Machinery and equipment	1 to 32 years

Major Classes of Inventories

Inventories were composed of the following major classes:

May 31,	2016		2015
(In thousands)
Raw material and supplies	$	227,900	$	235,649
Finished goods		457,918		438,556
Total Inventory	$	685,818	$	674,205

Investment (Income), Net

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

Year Ended May 31,	2016			2015			2014
(In thousands)
Interest (income)	$	(5,975	)	$	(8,304	)	$	(6,327	)
(Gain) on sale of marketable securities		(6,457	)		(8,692	)		(7,353	)
Other-than-temporary impairment on securities		3,811			22			161
Dividend (income)		(1,744	)		(1,603	)		(2,196	)
Investment (income), net	$	(10,365	)	$	(18,577	)	$	(15,715	)

Other Expense (Income), Net

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

Year Ended May 31,	2016			2015			2014
(In thousands)
Royalty expense (income), net	$	2,039		$	(1,843	)	$	(1,195	)
Loss on litigation settlement		9,300			-			-
(Gain) on remeasurement of joint venture ownership		(7,972	)		-			-
(Income) loss related to unconsolidated equity affiliates		(2,080	)		(2,023	)		(2,888	)
Other expense (income), net	$	1,287		$	(3,866	)	$	(4,083	)