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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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May 31, 2014
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 2014 Acquisitions |  |  | Fiscal 2013 Acquisitions |
(In thousands) |  | Weighted- Average Intangible Asset Amortization Life (In Years) |  |  | Total |  |  | Weighted- Average Intangible Asset Amortization Life (In Years) |  |  | Total |
Current assets |  |  |  |  |  | $ | 10,874 |  |  |  |  |  |  | $ | 67,397 |
Property, plant and equipment |  |  |  |  |  |  | 4,234 |  |  |  |  |  |  |  | 46,306 |
Goodwill |  |  | N/A |  |  |  | 21,296 |  |  |  | N/A |  |  |  | 260,789 |
Tradenames - indefinite lives |  |  | N/A |  |  |  | 2,000 |  |  |  | N/A |  |  |  | 38,448 |
Other intangible assets |  |  | 14 |  |  |  | 19,462 |  |  |  | 9 |  |  |  | 103,593 |
Other long-term assets |  |  |  |  |  |  | — |  |  |  |  |  |  |  | 8,171 |
Total Assets Acquired |  |  |  |  |  | $ | 57,866 |  |  |  |  |  |  | $ | 524,704 |
Liabilities assumed |  |  |  |  |  |  | (18,361 | ) |  |  |  |  |  |  | (120,372 | )
Net Assets Acquired |  |  |  |  |  | $ | 39,505 | (1) |  |  |  |  |  | $ | 404,332 | (2)
(1) | Figure includes cash acquired of $0.3 million.
(2) | Figure includes cash acquired of $6.9 million.
Property, Plant and Equipment |
May 31, |  | 2014 |  |  | 2013 |
(In thousands) |  |  |  |  |  |
Land |  | $ | 50,245 |  |  | $ | 45,281 |
Buildings and leasehold improvements |  |  | 328,269 |  |  |  | 311,869 |
Machinery and equipment |  |  | 813,162 |  |  |  | 770,973 |
Total property, plant and equipment, at cost |  |  | 1,191,676 |  |  |  | 1,128,123 |
Less: allowance for depreciation and amortization |  |  | 658,871 |  |  |  | 635,760 |
Property, plant and equipment, net |  | $ | 532,805 |  |  | $ | 492,363 |
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, |  | 2014 |  |  | 2013 |
(In thousands) |  |  |  |  |  |  |  |
Raw material and supplies |  | $ | 213,981 |  |  | $ | 185,590 |
Finished goods |  |  | 399,663 |  |  |  | 363,090 |
Total Inventory |  | $ | 613,644 |  |  | $ | 548,680 |
Investment (Income), Net | Investment (income), net, consists of the following components:
Year Ended May 31, |  | 2014 |  |  | 2013 |  |  | 2012 |
(In thousands) |  |  |  |  |  |  |  |  |
Interest (income) |  | $ | (6,327 | ) |  | $ | (6,814 | ) |  | $ | (5,031 | )
Loss (gain) on sale of marketable securities |  |  | (7,353 | ) |  |  | (11,664 | ) |  |  | 862 |
Other-than-temporary impairment on securities |  |  | 161 |  |  |  | 14,279 |  |  |  | 1,604 |
Dividend (income) |  |  | (2,196 | ) |  |  | (1,979 | ) |  |  | (1,621 | )
Investment (income), net |  | $ | (15,715 | ) |  | $ | (6,178 | ) |  | $ | (4,186 | )
Other (Income) Expense, Net | Other (income) expense, net, consists of the following components:
Year Ended May 31, |  | 2014 |  |  | 2013 |  |  | 2012 |
(In thousands) |  |  |  |  |  |  |  |  |
Royalty (income), net |  | $ | (1,195 | ) |  | $ | (2,069 | ) |  | $ | (1,520 | )
Loss on Brazil operational repositioning |  |  | — |  |  |  | 6,087 |  |  |  |  |
Loss on Kemrock conversion option |  |  | — |  |  |  | 9,030 |  |  |  |  |
(Income) loss related to unconsolidated equity affiliates |  |  | (2,888 | ) |  |  | 44,671 |  |  |  | (8,079 | )
Other (income) expense, net |  | $ | (4,083 | ) |  | $ | 57,719 |  |  | $ | (9,599 | )

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