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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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May 31, 2020
Accounting Policies [Abstract] |
Asset Acquired and Liabilities Assumed on Acquisition | Acquisitions are aggregated by year of purchase in the following table:
|  | Fiscal 2020 Acquisitions |  |  | Fiscal 2019 Acquisitions |  |
(In thousands) |  | Weighted-Average Intangible Asset Amortization Life (In Years) |  | Total |  |  | Weighted-Average Intangible Asset Amortization Life (In Years) |  | Total |  |
Current assets |  |  |  | $ | 10,649 |  |  |  |  | $ | 29,737 |  |
Property, plant and equipment |  |  |  |  | 1,694 |  |  |  |  |  | 22,607 |  |
Goodwill |  | N/A |  |  | 28,291 |  |  | N/A |  |  | 75,142 |  |
Trade names - indefinite lives |  | N/A |  |  | 1,555 |  |  | N/A |  |  | 14,033 |  |
Other intangible assets |  | 16 |  |  | 31,046 |  |  | 10 |  |  | 59,748 |  |
Other long-term assets |  |  |  |  | 56 |  |  |  |  |  | 3,095 |  |
Total Assets Acquired |  |  |  | $ | 73,291 |  |  |  |  | $ | 204,362 |  |
Liabilities assumed |  |  |  |  | (7,135 | ) |  |  |  |  | (33,174 | ) |
Net Assets Acquired |  |  |  | $ | 66,156 |  | (1) |  |  | $ | 171,188 |  | (2)
(1) | Figure includes cash acquired of $1.6 million.
(2) | Figure includes cash acquired of $2.3 million.
Property, Plant and Equipment |
May 31, |  | 2020 |  |  | 2019 |
(In thousands) |  |  |  |  |  |  |  |
Land |  | $ | 85,860 |  |  | $ | 88,638 |
Buildings and leasehold improvements |  |  | 469,483 |  |  |  | 459,542 |
Machinery and equipment |  |  | 1,199,847 |  |  |  | 1,114,679 |
Total property, plant and equipment, at cost |  |  | 1,755,190 |  |  |  | 1,662,859 |
Less: allowance for depreciation and amortization |  |  | 905,504 |  |  |  | 843,648 |
Property, plant and equipment, net |  | $ | 849,686 |  |  | $ | 819,211 |
Useful Lives | 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
Major Classes of Inventories | Inventories were composed of the following major classes:
May 31, |  | 2020 |  |  | 2019 |
(In thousands) |  |  |  |  |  |  |  |
Raw material and supplies |  | $ | 282,579 |  |  | $ | 296,493 |
Finished goods |  |  | 527,869 |  |  |  | 545,380 |
Total Inventory |  | $ | 810,448 |  |  | $ | 841,873 |
Investment (Income), Net | Investment (income), net, consists of the following components:
Year Ended May 31, |  | 2020 |  |  | 2019 |  |  | 2018 |
(In thousands) |  |  |  |  |  |  |  |  |  |  |  |
Interest (income) |  | $ | (5,313 | ) |  | $ | (4,885 | ) |  | $ | (5,003 | )
Net loss (gain) on marketable securities |  |  | (1,629 | ) |  |  | 8,366 |  |  |  | (11,704 | )
Dividend (income) |  |  | (2,797 | ) |  |  | (4,211 | ) |  |  | (3,735 | )
Investment (income), net |  | $ | (9,739 | ) |  | $ | (730 | ) |  | $ | (20,442 | )
Other Expense (Income), Net | Other expense (income), net, consists of the following components:
Year Ended May 31, |  | 2020 |  |  | 2019 |  |  | 2018 |
(In thousands) |  |  |  |  |  |  |  |  |  |  |  |
Royalty expense (income), net (a) |  | $ | 5,206 |  |  | $ | (96 | ) |  | $ | 404 |
(Income) related to unconsolidated equity affiliates |  |  | (165 | ) |  |  | (332 | ) |  |  | (1,002 | )
Pension non-service costs |  |  | 6,076 |  |  |  | 1,647 |  |  |  | - |
Loss on extinguishment of debt (b) |  |  | - |  |  |  | 3,051 |  |  |  | - |
Loss on divestiture (c) |  |  | 949 |  |  |  | - |  |  |  | - |
Other expense (income), net |  | $ | 12,066 |  |  | $ | 4,270 |  |  | $ | (598 | )
(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) | Reflects the loss incurred upon divestiture of a contracting business located in Australia, which had reported through our PCG segment. 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.

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