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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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May 31, 2022
Accounting Policies [Abstract] |
Asset Acquired and Liabilities Assumed on Acquisition | Acquisitions are aggregated by year of purchase in the following table:
|  | Fiscal 2022 Acquisitions |  |  | Fiscal 2021 Acquisitions |  |
(In thousands) |  | Weighted-Average Intangible Asset Amortization Life (In Years) |  | Total |  |  | Weighted-Average Intangible Asset Amortization Life (In Years) |  | Total |  |
Current assets |  |  |  | $ | 9,604 |  |  |  |  | $ | 50,310 |  |
Property, plant and equipment |  |  |  |  | 71,658 |  |  |  |  |  | 27,012 |  |
Goodwill |  | N/A |  |  | 30,747 |  |  | N/A |  |  | 41,654 |  |
Trade names - indefinite lives |  | N/A |  |  | 1,050 |  |  | N/A |  |  | 16,694 |  |
Other intangible assets |  | 13 |  |  | 21,010 |  |  | 20 |  |  | 53,894 |  |
Other long-term assets |  |  |  |  | 2,316 |  |  |  |  |  | 6,831 |  |
Total Assets Acquired |  |  |  | $ | 136,385 |  |  |  |  | $ | 196,395 |  |
Liabilities assumed |  |  |  |  | (7,159 | ) |  |  |  |  | (24,232 | ) |
Net Assets Acquired |  |  |  | $ | 129,226 |  | (1) |  |  | $ | 172,163 |  | (2)
(1) Figure includes cash acquired of $1.8 million. (2) Figure includes cash acquired of $6.4 million.
Property, Plant and Equipment |
May 31, |  | 2022 |  |  | 2021 |
(In thousands) |  |  |  |  |  |
Land |  | $ | 88,137 |  |  | $ | 93,455 |
Buildings and leasehold improvements |  |  | 519,391 |  |  |  | 518,205 |
Machinery and equipment |  |  | 1,525,387 |  |  |  | 1,355,822 |
Total property, plant and equipment, at cost |  |  | 2,132,915 |  |  |  | 1,967,482 |
Less: allowance for depreciation and amortization |  |  | 1,028,932 |  |  |  | 1,002,300 |
Property, plant and equipment, net |  | $ | 1,103,983 |  |  | $ | 965,182 |
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 36 years
Major Classes of Inventories | Inventories were composed of the following major classes:
May 31, |  | 2022 |  |  | 2021 |
(In thousands) |  |  |  |  |  |
Raw materials and supplies |  | $ | 560,886 |  |  | $ | 447,220 |
Finished goods |  |  | 651,732 |  |  |  | 490,875 |
Total Inventory |  | $ | 1,212,618 |  |  | $ | 938,095 |
Investment Expense (Income), Net | Investment expense (income), net, consists of the following components:
Year Ended May 31, |  | 2022 |  |  | 2021 |  |  | 2020 |
(In thousands) |  |  |  |  |  |  |  |  |
Interest (income) |  | $ | (4,435 | ) |  | $ | (3,555 | ) |  | $ | (5,313 | )
Net loss (gain) on marketable securities |  |  | 17,706 |  |  |  | (38,774 | ) |  |  | (1,629 | )
Dividend (income) |  |  | (5,676 | ) |  |  | (2,121 | ) |  |  | (2,797 | )
Investment expense (income), net |  | $ | 7,595 |  |  | $ | (44,450 | ) |  | $ | (9,739 | )
Net Loss (Gain) on Marketable Securities | Net Loss (Gain) on Marketable Securities
Year Ended May 31, |  | 2022 |  |  | 2021 |  |  | 2020 |
(In thousands) |  |  |  |  |  |  |  |  |
Unrealized losses (gains) on marketable equity securities |  | $ | 19,164 |  |  | $ | (16,133 | ) |  | $ | (1,457 | )
Realized (gains) on marketable equity securities |  |  | (1,488 | ) |  |  | (22,680 | ) |  |  | (237 | )
Realized losses on available-for-sale debt securities |  |  | 30 |  |  |  | 39 |  |  |  | 65 |
Net loss (gain) on marketable securities |  | $ | 17,706 |  |  | $ | (38,774 | ) |  | $ | (1,629 | )
Other (income) Expense, Net | Other (income) expense, net, consists of the following components:
Year Ended May 31, |  | 2022 |  |  | 2021 |  |  | 2020 |
(In thousands) |  |  |  |  |  |  |  |  |
Royalty (income) expense, net (a) |  | $ | (915 | ) |  | $ | (387 | ) |  | $ | 5,206 |
(Income) related to unconsolidated equity affiliates |  |  | (350 | ) |  |  | (516 | ) |  |  | (165 | )
Pension non-service (credit) cost |  |  | (10,581 | ) |  |  | 14,542 |  |  |  | 6,076 |
Loss on divestiture (b) |  |  | - |  |  |  | - |  |  |  | 949 |
Other (income) expense, net |  | $ | (11,846 | ) |  | $ | 13,639 |  |  | $ | 12,066 |
(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.

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