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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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May 31, 2024
Accounting Policies [Abstract] |
Asset Acquired and Liabilities Assumed on Acquisition | Acquisitions are aggregated by year of purchase in the following table:
|  | Fiscal 2024 Acquisitions |  |  | Fiscal 2023 Acquisitions |  |
(In thousands) |  | Weighted-Average Intangible Asset Amortization Life (In Years) |  | Total |  |  | Weighted-Average Intangible Asset Amortization Life (In Years) |  | Total |  |
Current assets |  |  |  | $ | 6,010 |  |  |  |  | $ | 17,508 |  |
Property, plant and equipment |  |  |  |  | 1,427 |  |  |  |  |  | 3,605 |  |
Goodwill |  | N/A |  |  | 11,993 |  |  | N/A |  |  | 25,407 |  |
Trade names - indefinite lives |  | N/A |  |  | - |  |  | N/A |  |  | 3,168 |  |
Other intangible assets |  | 10 |  |  | 2,562 |  |  | 10 |  |  | 14,965 |  |
Other long-term assets |  |  |  |  | 4 |  |  |  |  |  | 1,647 |  |
Total Assets Acquired |  |  |  | $ | 21,996 |  |  |  |  | $ | 66,300 |  |
Liabilities assumed |  |  |  |  | (5,712 | ) |  |  |  |  | (12,287 | ) |
Net Assets Acquired |  |  |  | $ | 16,284 |  | (1) |  |  | $ | 54,013 |  | (2)
(1) Figure includes cash acquired of $0.7 million. (2) Figure includes cash acquired of $6.5 million.
Property, Plant and Equipment | Property, Plant & Equipment
May 31, |  | 2024 |  |  | 2023 |
(In thousands) |  |  |  |  |  |
Land |  | $ | 93,842 |  |  | $ | 92,954 |
Buildings and leasehold improvements |  |  | 674,580 |  |  |  | 552,775 |
Machinery and equipment |  |  | 1,747,425 |  |  |  | 1,687,187 |
Total property, plant and equipment, at cost |  |  | 2,515,847 |  |  |  | 2,332,916 |
Less: allowance for depreciation and amortization |  |  | 1,184,784 |  |  |  | 1,093,440 |
Property, plant and equipment, net |  | $ | 1,331,063 |  |  | $ | 1,239,476 |
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, |  | 2024 |  |  | 2023 |
(In thousands) |  |  |  |  |  |
Raw materials and supplies |  | $ | 354,428 |  |  | $ | 451,504 |
Finished goods |  |  | 602,037 |  |  |  | 683,992 |
Total Inventory |  | $ | 956,465 |  |  | $ | 1,135,496 |
Investment (Income) Expense, Net | Investment (income) expense, net, consists of the following components:
Year Ended May 31, |  | 2024 |  |  | 2023 |  |  | 2022 |
(In thousands) |  |  |  |  |  |  |  |  |
Interest (income) |  | $ | (20,947 | ) |  | $ | (9,250 | ) |  | $ | (4,435 | )
Net (gain) loss on marketable securities |  |  | (19,914 | ) |  |  | 2,086 |  |  |  | 17,706 |
Dividend (income) |  |  | (4,113 | ) |  |  | (2,584 | ) |  |  | (5,676 | )
Investment (income) expense, net |  | $ | (44,974 | ) |  | $ | (9,748 | ) |  | $ | 7,595 |
Net (Gain) Loss on Marketable Securities | Net (Gain) Loss on Marketable Securities
Year Ended May 31, |  | 2024 |  |  | 2023 |  |  | 2022 |
(In thousands) |  |  |  |  |  |  |  |  |
Unrealized (gains) losses on marketable equity securities |  | $ | (19,703 | ) |  | $ | 2,667 |  |  | $ | 19,164 |
Realized (gains) on marketable equity securities |  |  | (290 | ) |  |  | (551 | ) |  |  | (1,488 | )
Realized losses (gains) on available-for-sale debt securities |  |  | 79 |  |  |  | (30 | ) |  |  | 30 |
Net (gain) loss on marketable securities |  | $ | (19,914 | ) |  | $ | 2,086 |  |  | $ | 17,706 |
Other Expense (Income), Net | Other expense (income), net, consists of the following components:
Year Ended May 31, |  | 2024 |  |  | 2023 |  |  | 2022 |
(In thousands) |  |  |  |  |  |  |  |  |
Pension non-service costs (credits) |  | $ | 11,046 |  |  | $ | 10,381 |  |  | $ | (10,581 | )
Other |  |  | (882 | ) |  |  | (604 | ) |  |  | (1,265 | )
Other expense (income), net |  | $ | 10,164 |  |  | $ | 9,777 |  |  | $ | (11,846 | )

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