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