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Income Taxes (Tables)

12 Months Ended

May 31, 2025

Income Taxes

Schedule of components of provision for income tax on income from continuing operations

​

​	​	​	​	​	​	​	​	​	​
​	​	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

Schedule of reconciliation of effective income tax rate

​

​	​	​	​	​	​	​	​
​	​	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	%

​

Schedule of income before provision for income taxes

​

​	​	​	​	​	​	​	​	​	​
​	​	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

Schedule of components of deferred tax assets and liabilities

​

​	​	​	​	​	​	​
​	​	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)

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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