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Summary of Significant Accounting Policies (Tables)
 12 Months Ended
May 31, 2019
Accounting Policies [Abstract]  
Asset Acquired and Liabilities Assumed on Acquisition Acquisitions are aggregated by year of purchase in the following table:

 

 

Fiscal 2019 Acquisitions

 

 

 

Fiscal 2018 Acquisitions

(In thousands)

 

Weighted-Average

Intangible Asset

Amortization Life (In

Years)

 

Total

 

 

 

Weighted-Average

Intangible Asset

Amortization Life (In

Years)

 

Total

 

 

Current assets

 

 

 

$

29,734

 

 

 

 

 

$

28,939

 

 

Property, plant and equipment

 

 

 

 

22,607

 

 

 

 

 

 

10,875

 

 

Goodwill

 

N/A

 

 

77,459

 

 

 

N/A

 

 

43,656

 

 

Trade names - indefinite lives

 

N/A

 

 

14,033

 

 

 

N/A

 

 

15,096

 

 

Other intangible assets

 

10

 

 

59,748

 

 

 

12

 

 

36,450

 

 

Other long-term assets

 

 

 

 

3,095

 

 

 

 

 

 

81

 

 

Total Assets Acquired

 

 

 

$

206,676

 

 

 

 

 

$

135,097

 

 

Liabilities assumed

 

 

 

 

(36,083

)

 

 

 

 

 

(19,369

)

 

Net Assets Acquired

 

 

 

$

170,593

 

(1)

 

 

 

$

115,728

 

(2)

 

(1)

Figure includes cash acquired of $2.3 million.

(2)

Figure includes cash acquired of $3.3 million.
Property, Plant and Equipment

May 31,

 

2019

 

 

2018

 

(In thousands)

 

 

 

 

 

 

 

 

Land

 

$

88,638

 

 

$

85,007

 

Buildings and leasehold improvements

 

 

459,542

 

 

 

445,017

 

Machinery and equipment

 

 

1,114,679

 

 

 

1,045,851

 

Total property, plant and equipment, at cost

 

 

1,662,859

 

 

 

1,575,875

 

Less:  allowance for depreciation and amortization

 

 

843,648

 

 

 

795,569

 

Property, plant and equipment, net

 

$

819,211

 

 

$

780,306

 

 
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 50 years

Machinery and equipment

 

1 to 33 years

 
Major Classes of Inventories Inventories were composed of the following major classes:

May 31,

 

2019

 

 

2018

 

(In thousands)

 

 

 

 

 

 

 

 

Raw material and supplies

 

$

296,493

 

 

$

288,201

 

Finished goods

 

 

545,380

 

 

 

546,260

 

Total Inventory

 

$

841,873

 

 

$

834,461

 

 
Investment (Income), Net

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

 

Year Ended May 31,

 

2019

 

 

2018

 

 

2017

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

Interest (income)

 

$

(4,885

)

 

$

(5,003

)

 

$

(4,620

)

Net loss (gain) on marketable securities

 

 

8,366

 

 

 

(11,704

)

 

 

(8,174

)

Other-than-temporary impairment on securities

 

 

 

 

 

 

 

 

 

 

420

 

Dividend (income)

 

 

(4,211

)

 

 

(3,735

)

 

 

(1,610

)

Investment (income), net

 

$

(730

)

 

$

(20,442

)

 

$

(13,984

)
Other Expense (Income), Net

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

 

Year Ended May 31,

 

2019

 

 

2018

 

 

2017

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

Royalty expense (income), net

 

$

(96

)

 

$

404

 

 

$

2,680

 

(Income) related to unconsolidated equity affiliates

 

 

(332

)

 

 

(1,002

)

 

 

(1,013

)

Pension non-service costs

 

 

1,647

 

 

 

 

 

 

 

 

 

Loss on extinguishment of debt (a)

 

 

3,051

 

 

 

 

 

 

 

 

 

Other expense (income), net

 

$

4,270

 

 

$

(598

)

 

$

1,667

 

 

(a)

In connection with the redemption of all of our outstanding 2.25% convertible senior notes in November 2018, we recognized a loss of $3.1 million, due to the fair value remeasurement on the date of conversion.