Summary of Significant Accounting Policies (Tables)
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12 Months Ended |
May 31, 2024 |
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| Accounting Policies [Abstract] |
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| Asset Acquired and Liabilities Assumed on Acquisition |
Acquisitions are aggregated by year of purchase in the following table:
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Fiscal 2024 Acquisitions |
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Fiscal 2023 Acquisitions |
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(In thousands) |
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Weighted-Average
Intangible Asset
Amortization Life
(In Years) |
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Total |
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Weighted-Average
Intangible Asset
Amortization Life
(In Years) |
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Total |
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Current assets |
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|
|
$ |
6,010 |
|
|
|
|
$ |
17,508 |
|
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Property, plant and equipment |
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|
|
|
1,427 |
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|
|
|
|
3,605 |
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Goodwill |
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N/A |
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|
11,993 |
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|
N/A |
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|
25,407 |
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Trade names - indefinite lives |
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N/A |
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- |
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N/A |
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3,168 |
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|
Other intangible assets |
|
10 |
|
|
2,562 |
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|
10 |
|
|
14,965 |
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Other long-term assets |
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4 |
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1,647 |
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Total Assets Acquired |
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$ |
21,996 |
|
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$ |
66,300 |
|
|
Liabilities assumed |
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|
(5,712 |
) |
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|
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|
(12,287 |
) |
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Net Assets Acquired |
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|
$ |
16,284 |
|
(1) |
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|
$ |
54,013 |
|
(2) |
(1)Figure includes cash acquired of $0.7 million. (2)Figure includes cash acquired of $6.5 million.
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| Property, Plant and Equipment |
Property, Plant & Equipment
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May 31, |
|
2024 |
|
|
2023 |
|
(In thousands) |
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Land |
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$ |
93,842 |
|
|
$ |
92,954 |
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Buildings and leasehold improvements |
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|
674,580 |
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|
552,775 |
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Machinery and equipment |
|
|
1,747,425 |
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|
|
1,687,187 |
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Total property, plant and equipment, at cost |
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|
2,515,847 |
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|
2,332,916 |
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Less: allowance for depreciation and amortization |
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|
1,184,784 |
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|
1,093,440 |
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Property, plant and equipment, net |
|
$ |
1,331,063 |
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|
$ |
1,239,476 |
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|
| Useful Lives |
Depreciation is computed primarily using the straight-line method over the following ranges of useful lives:
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|
Buildings and leasehold improvements |
|
1 to 50 years |
Machinery and equipment |
|
1 to 40 years |
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| Major Classes of Inventories |
Inventories were composed of the following major classes:
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May 31, |
|
2024 |
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|
2023 |
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(In thousands) |
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Raw materials and supplies |
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$ |
354,428 |
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$ |
451,504 |
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Finished goods |
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|
602,037 |
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|
683,992 |
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Total Inventory |
|
$ |
956,465 |
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$ |
1,135,496 |
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| Investment (Income) Expense, Net |
Investment (income) expense, net, consists of the following components:
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Year Ended May 31, |
|
2024 |
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|
2023 |
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|
2022 |
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(In thousands) |
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Interest (income) |
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$ |
(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
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Year Ended May 31, |
|
2024 |
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|
2023 |
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|
2022 |
|
(In thousands) |
|
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Unrealized (gains) losses on marketable equity securities |
|
$ |
(19,703 |
) |
|
$ |
2,667 |
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|
$ |
19,164 |
|
Realized (gains) on marketable equity securities |
|
|
(290 |
) |
|
|
(551 |
) |
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|
(1,488 |
) |
Realized losses (gains) on available-for-sale debt securities |
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|
79 |
|
|
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(30 |
) |
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|
30 |
|
Net (gain) loss on marketable securities |
|
$ |
(19,914 |
) |
|
$ |
2,086 |
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$ |
17,706 |
|
|
| Other Expense (Income), Net |
Other expense (income), net, consists of the following components:
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Year Ended May 31, |
|
2024 |
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|
2023 |
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|
2022 |
|
(In thousands) |
|
|
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|
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Pension non-service costs (credits) |
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$ |
11,046 |
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$ |
10,381 |
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|
$ |
(10,581 |
) |
Other |
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|
(882 |
) |
|
|
(604 |
) |
|
|
(1,265 |
) |
Other expense (income), net |
|
$ |
10,164 |
|
|
$ |
9,777 |
|
|
$ |
(11,846 |
) |
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