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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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May 31, 2013
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 2013 Acquisitions |  |  | Fiscal 2012 Acquisitions |
(In thousands) |  | Weighted-Average Intangible Asset Amortization Life (In Years) |  |  | Total |  |  | Weighted-Average Intangible Asset Amortization Life (In Years) |  |  | Total |
Current assets |  |  |  |  |  | $ | 67,397 |  |  |  |  |  |  | $ | 84,693 |
Property, plant and equipment |  |  |  |  |  |  | 46,306 |  |  |  |  |  |  |  | 30,096 |
Goodwill |  |  | N/A |  |  |  | 260,789 |  |  |  | N/A |  |  |  | 55,177 |
Tradenames—indefinite lives |  |  | N/A |  |  |  | 38,448 |  |  |  | N/A |  |  |  | 26,986 |
Other intangible assets |  |  | 9 |  |  |  | 103,593 |  |  |  | 14 |  |  |  | 43,062 |
Other long-term assets |  |  |  |  |  |  | 8,171 |  |  |  |  |  |  |  | 3,066 |
Total Assets Acquired |  |  |  |  |  | $ | 524,704 |  |  |  |  |  |  | $ | 243,080 |
Liabilities assumed |  |  |  |  |  |  | (120,372 | ) |  |  |  |  |  |  | (64,743 | )
Net Assets Acquired |  |  |  |  |  | $ | 404,332 | (1) |  |  |  |  |  | $ | 178,337 | (2)
(1) | Figure includes cash acquired of $6.9 million.
(2) | Figure includes cash acquired of $12.3 million.
Property, Plant and Equipment |
May 31, |  | 2013 |  |  | 2012 |
(In thousands) |  |  |  |  |  |
Land |  | $ | 45,281 |  |  | $ | 36,767 |
Buildings and leasehold improvements |  |  | 311,869 |  |  |  | 291,026 |
Machinery and equipment |  |  | 770,973 |  |  |  | 723,172 |
Total property, plant and equipment, at cost |  |  | 1,128,123 |  |  |  | 1,050,965 |
Less: allowance for depreciation and amortization |  |  | 635,760 |  |  |  | 632,133 |
Property, plant and equipment, net |  | $ | 492,363 |  |  | $ | 418,832 |
Useful Lives | Depreciation is computed primarily using the straight-line method over the following ranges of useful lives:
Land improvements |  |  | 3 to 30 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, |  | 2013 |  |  | 2012 |
(In thousands) |  |  |  |  |  |
Raw material and supplies |  | $ | 185,590 |  |  | $ | 160,869 |
Finished goods |  |  | 363,090 |  |  |  | 329,109 |
Total Inventory |  | $ | 548,680 |  |  | $ | 489,978 |
Investment (Income), Net | Investment (income), net, consists of the following components:
Year Ended May 31, |  | 2013 |  |  | 2012 |  |  | 2011 |
(In thousands) |  |  |  |  |  |  |  |  |
Interest (income) |  | $ | (6,814 | ) |  | $ | (5,031 | ) |  | $ | (5,058 | )
Loss (gain) on sale of marketable securities |  |  | (11,664 | ) |  |  | 862 |  |  |  | (9,675 | )
Other-than-temporary impairment on securities |  |  | 14,279 |  |  |  | 1,604 |  |  |  | 693 |
Dividend (income) |  |  | (1,979 | ) |  |  | (1,621 | ) |  |  | (1,642 | )
Investment (income), net |  | $ | (6,178 | ) |  | $ | (4,186 | ) |  | $ | (15,682 | )
Other Expense (Income), Net | Other expense (income), net, consists of the following components:
Year Ended May 31, |  | 2013 |  |  | 2012 |  |  | 2011 |
(In thousands) |  |  |  |  |  |  |  |  |
Royalty (income), net |  | $ | (2,069 | ) |  | $ | (1,520 | ) |  | $ | (1,249 | )
Loss on Brazil operational repositioning |  |  | 6,087 |  |  |  |  |  |  |  |  |
Loss on Kemrock conversion option |  |  | 9,030 |  |  |  |  |  |  |  |  |
(Income) loss related to unconsolidated equity affiliates |  |  | 44,671 |  |  |  | (8,079 | ) |  |  | (1,148 | )
Other expense (income), net |  | $ | 57,719 |  |  | $ | (9,599 | ) |  | $ | (2,397 | )

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