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Sale of Receivables | 12 Months Ended
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May 31, 2025
Sale of Receivables |
Sale of Receivables | 5. Sale of Receivables On February 23, 2018, we entered into a Purchase Agreement with Citibank N.A. (“Purchaser”) for the sale, from time to time, of certain accounts receivable due from certain customers (the “Purchase Agreement”). Under the Purchase Agreement, the maximum amount of receivables sold is limited to $150 million and Purchaser may, but is not required to, purchase the eligible receivables we offer to sell. The term of the Purchase Agreement runs through February 22, 2025, but, the Purchase Agreement may be terminated earlier under certain circumstances. The term of the Purchase Agreement is automatically extended for annual terms unless either party provides advance notice that they do not intend to extend the term. We have no retained interests in the sold receivables, other than limited recourse obligations in certain circumstances, and only perform collection and administrative functions for the Purchaser. We account for these receivable transfers as sales under ASC 860, Transfers and Servicing, and de-recognize the sold receivables from our Consolidated Balance Sheets. Receivables sold under the Purchase Agreement during fiscal 2025, 2024, and 2023 were $209.2 million, $144.4 million, $171.6 million, respectively. Amounts remitted to the Purchaser on its behalf during fiscal 2025, 2024, and 2023 were $201.6 million, $143.5 million,and $173.8 million, respectively. As of May 31, 2025 and May 31, 2024, we had collected cash of $7.4 million and $0.9 million, respectively, which was not yet remitted to the Purchaser as of those dates and was classified as Restricted cash on our Consolidated Balance Sheets. We recognize discounts on the sale of our receivables and other fees related to the Purchase Agreement in Other expense, net on our Consolidated Statements of Income. During fiscal 2025, 2024, and 2023, we incurred discounts on the sale of our receivables and other fees of $0.9 million, $ 0.7 million, and $0.6 million, respectively.

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