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

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