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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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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 | )

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