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Income Taxes | 12 Months Ended
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May 31, 2025
Income Taxes |
Income Taxes | 8. Income Taxes The provision for income tax on income from continuing operations includes the following components: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Year Ended
​ | ​ | May 31,
​ |  | 2025 |  | 2024 |  | 2023
Current: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | $ | 20.7 | ​ | $ | 21.0 | ​ | $ | 25.9
State | ​ |  | 3.1 | ​ |  | 4.0 | ​ |  | 2.9
Foreign | ​ |  | 8.1 | ​ |  | 7.5 | ​ |  | 4.8
​ | ​ |  | 31.9 | ​ |  | 32.5 | ​ |  | 33.6
Deferred | ​ |  | (5.5) | ​ |  | (20.5) | ​ | ​ | (2.2)
​ | ​ | $ | 26.4 | ​ | $ | 12.0 | ​ | $ | 31.4
​ The reconciliation from the U.S. federal statutory income tax rate of 21.0% to our effective income tax rate is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Year Ended |
​ | ​ | May 31, | ​
​ |  | 2025 |  | 2024 |  | 2023 |
Provision for income tax at the federal statutory rate | ​ | 21.0 | % | 21.0 | % | 21.0 | %
FCPA settlement | ​ | 26.7 | ​ | — | ​ | — | ​
State income taxes, net of federal benefit | ​ | 10.1 | ​ | 5.0 | ​ | 2.6 | ​
Non-deductible compensation | ​ | 7.1 | ​ | 4.4 | ​ | 2.8 | ​
Tax benefit from stock-based compensation | ​ | (1.7) | ​ | (5.1) | ​ | (2.0) | ​
Pension settlement | ​ | — | ​ | (8.6) | ​ | — | ​
Other | ​ | 4.7 | ​ | 3.9 | ​ | 1.5 | ​
Effective income tax rate | ​ | 67.9 | % | 20.6 | % | 25.9 | %
​ Income before provision for income taxes includes the following components: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Year Ended
​ | ​ | May 31,
​ |  | 2025 |  | 2024 |  | 2023
Domestic | ​ | $ | (22.5) | ​ | $ | 14.6 | ​ | $ | 87.7
Foreign | ​ |  | 61.4 | ​ |  | 43.7 | ​ |  | 33.5
​ | ​ | $ | 38.9 | ​ | $ | 58.3 | ​ | $ | 121.2
​ Our foreign earnings are comprised primarily of the results of our operations in Canada, Thailand, and Europe. Deferred tax assets and liabilities result primarily from the differences in the timing of the recognition of transactions for financial reporting and income tax purposes. Our deferred tax assets and liabilities consist of the following components: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | May 31,
​ |  | 2025 |  | 2024
Deferred tax assets: | ​ | ​ |  | ​ | ​ |
Operating lease liabilities | ​ | $ | 25.4 | ​ | $ | 25.6
Employee and retirement benefits | ​ | ​ | 8.9 | ​ | ​ | 9.0
State net operating losses | ​ | ​ | 6.4 | ​ | ​ | 6.2
Other | ​ |  | 8.2 | ​ |  | 6.9
Total deferred tax assets | ​ | ​ | 48.9 | ​ | ​ | 47.7
Deferred tax liabilities: | ​ | ​ | ​ | ​ | ​ | ​
Intangible assets | ​ | ​ | (32.2) | ​ | ​ | (24.9)
ROU operating lease assets | ​ | ​ | (25.8) | ​ | ​ | (26.5)
Tangible assets | ​ | ​ | (5.0) | ​ | ​ | (15.2)
Other | ​ |  | (4.3) | ​ |  | (5.0)
Total deferred tax liabilities | ​ | ​ | (67.3) | ​ | ​ | (71.6)
Net deferred tax liabilities | ​ | $ | (18.4) | ​ | $ | (23.9)
​ As of May 31, 2025, we have determined that the realization of our deferred tax assets is more likely than not and that a valuation allowance is not required. Our net operating losses have carry forward periods that range from 5 to 20 years. Our history of operating earnings, our expectations for continued future earnings, the nature of certain of our deferred tax assets and the scheduled reversal of deferred tax liabilities, primarily related to depreciation, support the recoverability of the majority of the deferred tax assets. Income tax receivable was $5.6 million and $13.2 million at May 31, 2025 and 2024, respectively, and was included in Prepaid expenses and other current assets on the Consolidated Balance Sheet. Our federal income tax returns for fiscal years 2022 and subsequent are open for examination. Various states and foreign jurisdictions also remain open subject to their applicable statute of limitations.

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