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v3.23.2

Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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May 31, 2023
Accounting Policies [Abstract] |
Asset Acquired and Liabilities Assumed on Acquisition | Acquisitions are aggregated by year of purchase in the following table:
|  | Fiscal 2023 Acquisitions |  |  | Fiscal 2022 Acquisitions |  |
(In thousands) |  | Weighted-Average Intangible Asset Amortization Life (In Years) |  | Total |  |  | Weighted-Average Intangible Asset Amortization Life (In Years) |  | Total |  |
Current assets |  |  |  | $ | 17,508 |  |  |  |  | $ | 9,604 |  |
Property, plant and equipment |  |  |  |  | 3,605 |  |  |  |  |  | 71,658 |  |
Goodwill |  | N/A |  |  | 25,407 |  |  | N/A |  |  | 30,747 |  |
Trade names - indefinite lives |  | N/A |  |  | 3,168 |  |  | N/A |  |  | 1,050 |  |
Other intangible assets |  | 10 |  |  | 14,965 |  |  | 13 |  |  | 21,010 |  |
Other long-term assets |  |  |  |  | 1,647 |  |  |  |  |  | 2,316 |  |
Total Assets Acquired |  |  |  | $ | 66,300 |  |  |  |  | $ | 136,385 |  |
Liabilities assumed |  |  |  |  | (12,287 | ) |  |  |  |  | (7,159 | ) |
Net Assets Acquired |  |  |  | $ | 54,013 |  | (1) |  |  | $ | 129,226 |  | (2)
(1) Figure includes cash acquired of $6.5 million. (2) Figure includes cash acquired of $1.8 million.
Property, Plant and Equipment | Property, Plant & Equipment
May 31, |  | 2023 |  |  | 2022 |
(In thousands) |  |  |  |  |  |
Land |  | $ | 92,954 |  |  | $ | 88,137 |
Buildings and leasehold improvements |  |  | 552,775 |  |  |  | 519,391 |
Machinery and equipment |  |  | 1,687,187 |  |  |  | 1,525,387 |
Total property, plant and equipment, at cost |  |  | 2,332,916 |  |  |  | 2,132,915 |
Less: allowance for depreciation and amortization |  |  | 1,093,440 |  |  |  | 1,028,932 |
Property, plant and equipment, net |  | $ | 1,239,476 |  |  | $ | 1,103,983 |
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, |  | 2023 |  |  | 2022 |
(In thousands) |  |  |  |  |  |
Raw materials and supplies |  | $ | 451,504 |  |  | $ | 560,886 |
Finished goods |  |  | 683,992 |  |  |  | 651,732 |
Total Inventory |  | $ | 1,135,496 |  |  | $ | 1,212,618 |
Investment (Income) Expense, Net | Investment (income) expense, net, consists of the following components:
Year Ended May 31, |  | 2023 |  |  | 2022 |  |  | 2021 |
(In thousands) |  |  |  |  |  |  |  |  |
Interest (income) |  | $ | (9,250 | ) |  | $ | (4,435 | ) |  | $ | (3,555 | )
Net loss (gain) on marketable securities |  |  | 2,086 |  |  |  | 17,706 |  |  |  | (38,774 | )
Dividend (income) |  |  | (2,584 | ) |  |  | (5,676 | ) |  |  | (2,121 | )
Investment (income) expense, net |  | $ | (9,748 | ) |  | $ | 7,595 |  |  | $ | (44,450 | )
Net Loss (Gain) on Marketable Securities | Net Loss (Gain) on Marketable Securities
Year Ended May 31, |  | 2023 |  |  | 2022 |  |  | 2021 |
(In thousands) |  |  |  |  |  |  |  |  |
Unrealized losses (gains) on marketable equity securities |  | $ | 2,667 |  |  | $ | 19,164 |  |  | $ | (16,133 | )
Realized (gains) on marketable equity securities |  |  | (551 | ) |  |  | (1,488 | ) |  |  | (22,680 | )
Realized (gains) losses on available-for-sale debt securities |  |  | (30 | ) |  |  | 30 |  |  |  | 39 |
Net loss (gain) on marketable securities |  | $ | 2,086 |  |  | $ | 17,706 |  |  | $ | (38,774 | )
Other Expense (Income), Net | Other expense (income), net, consists of the following components:
Year Ended May 31, |  | 2023 |  |  | 2022 |  |  | 2021 |
(In thousands) |  |  |  |  |  |  |  |  |
Pension non-service costs (credits) |  | $ | 10,381 |  |  | $ | (10,581 | ) |  | $ | 14,542 |
Other |  |  | (604 | ) |  |  | (1,265 | ) |  |  | (903 | )
Other expense (income), net |  | $ | 9,777 |  |  | $ | (11,846 | ) |  | $ | 13,639 |

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