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Summary of Significant Accounting Policies (Tables)

12 Months Ended

May 31, 2021

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

	Fiscal 2021 Acquisitions					Fiscal 2020 Acquisitions
(In thousands)	Weighted-Average Intangible Asset Amortization Life (In Years)	Total				Weighted-Average Intangible Asset Amortization Life (In Years)	Total
Current assets		$	50,310				$	10,649
Property, plant and equipment			27,012					1,694
Goodwill	N/A		41,654			N/A		28,291
Trade names - indefinite lives	N/A		16,694			N/A		1,555
Other intangible assets	20		53,894			16		31,046
Other long-term assets			6,831					56
Total Assets Acquired		$	196,395				$	73,291
Liabilities assumed			(24,232	)				(7,135	)
Net Assets Acquired		$	172,163		⁽¹⁾		$	66,156		⁽²⁾

(1)	Figure includes cash acquired of $6.4 million.

(2)	Figure includes cash acquired of $1.6 million.

May 31,	2021		2020
(In thousands)
Land	$	93,455	$	85,860
Buildings and leasehold improvements		518,205		469,483
Machinery and equipment		1,355,822		1,199,847
Total property, plant and equipment, at cost		1,967,482		1,755,190
Less: allowance for depreciation and amortization		1,002,300		905,504
Property, plant and equipment, net	$	965,182	$	849,686

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

Buildings and leasehold improvements		1 to 50 years
Machinery and equipment		1 to 40 years

Inventories were composed of the following major classes:

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

Year Ended May 31,	2021			2020			2019
(In thousands)
Interest (income)	$	(3,555	)	$	(5,313	)	$	(4,885	)
Net (gain) loss on marketable securities		(38,774	)		(1,629	)		8,366
Dividend (income)		(2,121	)		(2,797	)		(4,211	)
Investment (income), net	$	(44,450	)	$	(9,739	)	$	(730	)

Year Ended May 31,	2021			2020			2019
(In thousands)
Unrealized (gains) losses on marketable equity securities	$	(16,133	)	$	(1,457	)	$	5,827
Realized (gains) losses on marketable equity securities		(22,680	)		(237	)		2,322
Realized losses on available-for-sale debt securities		39			65			217
Net (gain) loss on marketable securities	$	(38,774	)	$	(1,629	)	$	8,366

Other expense, net, consists of the following components:

Year Ended May 31,	2021			2020			2019
(In thousands)
Royalty expense (income), net (a)	$	(387	)	$	5,206		$	(96	)
(Income) related to unconsolidated equity affiliates		(516	)		(165	)		(332	)
Pension non-service costs		14,542			6,076			1,647
Loss on extinguishment of debt (b)		-			-			3,051
Loss on divestiture (c)		-			949			-
Other expense, net	$	13,639		$	12,066		$	4,270

(a)	Includes a $5.3 million charge incurred during the fourth quarter of fiscal 2020 related to the termination of a licensing agreement within our Consumer reportable segment.

(b)	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.

(c)	Reflects the loss incurred upon divestiture of a contracting business located in Australia, which had reported through our PCG segment.