Acquisitions and Dispositions (Tables)

12 Months Ended

May 31, 2016

Business Combinations [Abstract]

Summary of estimated fair value of assets acquired and liabilities assumed at the date of acquisition

The following table summarizes the estimated fair value of the assets acquired and liabilities assumed and any subsequent adjustments made during the fiscal year ended May 31, 2016:

	2016			2015
Number of entities	2			4
Cash paid	$	1,784		$	35,755
Subordinated notes issued	—			20,505
Contingent consideration	991			2,255
Consideration paid	$	2,775		$	58,515
Current net assets	$	180		$	2,770
Debt and other long-term liabilities	(546		)	(5,889		)
Property, plant and equipment	485			7,395
Deferred tax liability	(72		)	(2,467		)
Intangibles	—			10,394
Goodwill	2,728			46,312
Net assets acquired	$	2,775		$	58,515

Schedule of acquisition-related expense, net

In the course of its acquisition activities, the Company incurs costs in connection with due diligence, professional fees, and other expenses. Additionally, the Company adjusts the fair value of acquisition-related contingent consideration liabilities on a quarterly basis. These amounts are recorded as acquisition-related (benefit) expense, net, on the consolidated statements of income and were as follows for fiscal 2016, 2015 and 2014:

	For the year ended May 31,
	2016			2015			2014
Due diligence, professional fees and other transaction costs	$	629		$	215		$	1,280
Adjustments to fair value of contingent consideration liabilities	$	(2,082	)	$	(5,382	)	$	(3,937	)
Acquisition-related (benefit) expense, net	$	(1,453	)	$	(5,167	)	$	(2,657	)