Summary of Significant Accounting Policies (Tables)

12 Months Ended

May 31, 2017

Accounting Policies [Abstract]

Asset Acquired and Liabilities Assumed on Acquisition

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

	Fiscal 2017 Acquisitions					Fiscal 2016 Acquisitions
(In thousands)	Weighted-Average Intangible Asset Amortization Life (In Years)	Total				Weighted-Average Intangible Asset Amortization Life (In Years)	Total
Current assets		$	78,565				$	20,094
Property, plant and equipment			59,630					4,771
Goodwill	N/A		75,361			N/A		29,762
Tradenames - indefinite lives	N/A		12,251			N/A		-
Other intangible assets	14		83,447			9		18,441
Other long-term assets			460					27
Total Assets Acquired		$	309,714				$	73,095
Liabilities assumed			(51,344	)				(21,379	)
Net Assets Acquired		$	258,370		(1)		$	51,716		(2)

(1) Figure includes cash acquired of $4.2 million.

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

Property, Plant and Equipment

May 31,	2017		2016
(In thousands)
Land	$	82,184	$	60,223
Buildings and leasehold improvements		427,304		363,036
Machinery and equipment		975,091		921,571
Total property, plant and equipment, at cost		1,484,579		1,344,830
Less:  allowance for depreciation and amortization		741,893		715,377
Property, plant and equipment, net	$	742,686	$	629,453

Useful Lives

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

Land improvements	1 to 50 years
Buildings and improvements	1 to 80 years
Machinery and equipment	1 to 30 years

Major Classes of Inventories

Inventories were composed of the following major classes:

May 31,	2017		2016
(In thousands)
Raw material and supplies	$	248,426	$	227,900
Finished goods		539,771		457,918
Total Inventory	$	788,197	$	685,818

Investment (Income), Net

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

Year Ended May 31,	2017			2016			2015
(In thousands)
Interest (income)	$	(4,620	)	$	(5,975	)	$	(8,304	)
(Gain) on sale of marketable securities		(8,174	)		(6,457	)		(8,692	)
Other-than-temporary impairment on securities		420			3,811			22
Dividend (income)		(1,610	)		(1,744	)		(1,603	)
Investment (income), net	$	(13,984	)	$	(10,365	)	$	(18,577	)

Other Expense (Income), Net

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

Year Ended May 31,	2017			2016			2015
(In thousands)
Royalty expense (income), net	$	2,680		$	2,039		$	(1,843	)
Loss on litigation settlement		-			9,300			-
(Gain) on remeasurement of joint venture ownership		-			(7,972	)		-
(Income) loss related to unconsolidated equity affiliates		(1,013	)		(2,080	)		(2,023	)
Other expense (income), net	$	1,667		$	1,287		$	(3,866	)