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v3.26.1

Income Taxes (Tables) | 12 Months Ended
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May 31, 2026
Disclosure Text Block [Abstract] |
Income Before Income Taxes | Income before income taxes by source consists of the following amounts:
|  | Year Ended May 31, |
|  | 2026 |  |  | 2025 |  |  | 2024 |
U.S. |  | $ | (135.9 | ) |  | $ | (1,026.6 | ) |  | $ | (92.2 | )
Foreign |  |  | 126.9 |  |  |  | (106.5 | ) |  |  | 77.9 |
|  | $ | (9.0 | ) |  | $ | (1,133.1 | ) |  | $ | (14.3 | )
Provision for Income Taxes | The provision for income taxes consists of the following:
|  | Year Ended May 31, |
|  | 2026 |  |  | 2025 |  |  | 2024 |
Current |  |  |  |  |  |  |  |  |
Domestic |  |  |  |  |  |  |  |  |
Federal |  | $ | 1.0 |  |  | $ | (0.6 | ) |  | $ | 6.8 |
Change in tax-related uncertainties |  |  | 1.5 |  |  |  | 1.2 |  |  |  | 1.9 |
State |  |  | 1.0 |  |  |  | 1.0 |  |  |  | 1.5 |
Foreign |  |  | 19.7 |  |  |  | 14.1 |  |  |  | 14.4 |
Total Current |  |  | 23.2 |  |  |  | 15.7 |  |  |  | 24.6 |
Deferred |  |  |  |  |  |  |  |  |
Domestic |  |  |  |  |  |  |  |  |
Federal |  |  | (22.6 | ) |  |  | (37.7 | ) |  |  | (22.4 | )
State |  |  | (3.6 | ) |  |  | (3.4 | ) |  |  | (4.9 | )
Foreign |  |  | 1.9 |  |  |  | (15.7 | ) |  |  | (2.2 | )
Total Deferred |  |  | (24.3 | ) |  |  | (56.8 | ) |  |  | (29.5 | )
Income tax (benefit) expense |  | $ | (1.1 | ) |  | $ | (41.1 | ) |  | $ | (4.9 | )
Reconciliation of Income Taxes Computed at U.S. Federal Statutory Tax Rate to Income Tax Expense | The reconciliation of income taxes computed at the U.S. federal statutory tax rate to income tax expense, including the additional disclosure requirements as set forth in ASU 2023-09, which we adopted in fiscal year 2026 on a prospective basis is as follows:
|  | Year Ended May 31, 2026 |
|  | Amount |  |  | Percent |
Federal statutory income tax expense and rate |  | $ | (1.9 | ) |  |  | 21.0 | %
State and local income taxes, net of federal income tax effect (1) |  |  | (1.5 | ) |  |  | 16.4 | %
Non-U.S. tax effects |  |  |  |  |  |
Brazil |  |  |  |  |  |
Statutory tax rate difference |  |  | 1.6 |  |  |  | (17.7 | %)
Other |  |  | 0.4 |  |  |  | (4.2 | %)
Canada |  |  |  |  |  |
Changes in valuation allowances |  |  | (0.5 | ) |  |  | 5.0 | %
Other |  |  | 0.1 |  |  |  | (0.4 | %)
Ireland |  |  |  |  |  |
Statutory tax rate difference |  |  | (2.0 | ) |  |  | 22.0 | %
Pillar Two |  |  | 1.0 |  |  |  | (10.5 | %)
Other |  |  | (0.3 | ) |  |  | 3.1 | %
Mexico |  |  |  |  |  |
Statutory tax rate difference |  |  | 0.5 |  |  |  | (5.6 | %)
Switzerland |  |  |  |  |  |
Statutory tax rate difference |  |  | (5.9 | ) |  |  | 65.4 | %
Cantonal Tax |  |  | 3.4 |  |  |  | (37.0 | %)
Other |  |  | (0.5 | ) |  |  | 5.3 | %
United Kingdom |  |  |  |  |  |
Non-taxable gain adjustment |  |  | (5.0 | ) |  |  | 55.5 | %
Other |  |  | 0.3 |  |  |  | (3.7 | %)
Other foreign jurisdictions |  |  | 2.0 |  |  |  | (21.6 | %)
Effect of cross-border tax laws |  |  |  |  |  |
Global intangible low-taxed income (net of foreign tax credits) |  |  | (0.2 | ) |  |  | 1.7 | %
Subpart F (net of foreign tax credits) |  |  | 2.4 |  |  |  | (26.4 | %)
Tax credits |  |  |  |  |  |
R&D credits |  |  | (0.7 | ) |  |  | 7.7 | %
Equity- based compensation |  |  | 2.7 |  |  |  | (29.9 | %)
Officer compensation |  |  | 0.6 |  |  |  | (7.0 | %)
Changes in unrecognized tax benefits |  |  | 1.5 |  |  |  | (17.0 | %)
Other |  |  | 0.9 |  |  |  | (9.8 | %)
Income tax benefit |  | $ | (1.1 | ) |  |  | 12.4 | %
1 State and local taxes in California, Pennsylvania, and City of Lansing, Michigan accounted for the majority (greater than 50 percent) of the tax impact in this category. The reconciliation of income taxes computed at the U.S. federal statutory tax rate to income tax expense based on the applicable guidance prior to the adoption of ASU 2023-09 is as follows:
|  |  | Year Ended May 31 , |
|  |  | 2025 |  |  | 2024 |
Tax at U.S. statutory rate |  |  | $ | (237.9 | ) |  | $ | (3.0 | )
Permanent differences |  |  |  | (1.5 | ) |  |  | 0.3 |
Global intangible low-taxed income (GILTI) |  |  |  | 8.2 |  |  |  | 7.1 |
Foreign derived intangible income deduction (FDII) |  |  |  | (0.6 | ) |  |  | (0.4 | )
Foreign rate differential |  |  |  | (2.3 | ) |  |  | (4.0 | )
Goodwill impairment |  |  |  | 202.8 |  |  |  | — |
Subpart F income |  |  |  | 2.1 |  |  |  | 1.2 |
Tax-effect from stock-based compensation |  |  |  | 2.6 |  |  |  | 2.2 |
Provision for state income taxes, net of federal benefit |  |  |  | (1.9 | ) |  |  | (2.7 | )
Tax credits |  |  |  | (11.5 | ) |  |  | (7.7 | )
Impact of tax rate changes |  |  |  | (1.0 | ) |  |  | — |
Change in tax-related uncertainties |  |  |  | 1.3 |  |  |  | 1.9 |
Changes in valuation allowances |  |  |  | (0.1 | ) |  |  | (0.5 | )
Research expenditures deduction |  |  |  | (0.4 | ) |  |  | (0.3 | )
Other |  |  |  | (0.9 | ) |  |  | 1.0 |
Income tax (benefit) expense |  |  | $ | (41.1 | ) |  | $ | (4.9 | )
Significant Components of Deferred Income Tax Liabilities and Assets | Significant components of our deferred income tax liabilities and assets are as follows:
|  | Year Ended May 31, |
|  | 2026 |  |  | 2025 |
Deferred income tax liabilities |  |  |  |  |  |
Indefinite and long-lived assets |  | $ | (299.7 | ) |  | $ | (316.4 | )
Right of use asset |  |  | (4.1 | ) |  |  | (4.3 | )
Prepaid expenses |  |  | (1.6 | ) |  |  | (1.7 | )
|  |  | (305.4 | ) |  |  | (322.4 | )
Deferred income tax assets |  |  |  |  |  |
Interest expense not currently deductible |  |  | 30.4 |  |  |  | 25.7 |
Research and experimentation capitalization |  |  | 9.5 |  |  |  | 9.7 |
Stock options |  |  | 1.9 |  |  |  | 2.5 |
Inventories and accounts receivable |  |  | 8.1 |  |  |  | 8.5 |
Tax loss carryforwards |  |  | 5.5 |  |  |  | 6.6 |
Lease liability |  |  | 4.5 |  |  |  | 4.4 |
Accrued expenses and other |  |  | 8.5 |  |  |  | 3.3 |
Tax Credits |  |  | 0.9 |  |  |  | — |
|  |  | 69.3 |  |  |  | 60.7 |
Valuation allowance |  |  | (5.6 | ) |  |  | (1.4 | )
Net deferred income tax liabilities |  | $ | (241.7 | ) |  | $ | (263.1 | )
Net deferred income tax assets (jurisdictional) - other non-current assets |  | $ | 15.9 |  |  | $ | 17.8 |
Net deferred income tax liabilities (jurisdictional) |  |  | (257.6 | ) |  |  | (280.9 | )
Net deferred income tax liabilities |  | $ | (241.7 | ) |  | $ | (263.1 | )
Summary of net operating loss carryforwards | The Company has the following net operating loss carryforwards:
|  | As of May 31, 2026 |  |  | Expiry
U.S - Federal |  | $ | 0.1 |  |  | 2038
U.S - State |  |  | 32.3 |  |  | 2035 to indefinite
Foreign |  |  | 15.7 |  |  | 2028 to indefinite
Total net operating loss carryforwards |  | $ | 48.1 |  |  |
Schedule of income taxes paid | The following table provides additional detail on our income taxes paid, net of refunds, in 2026. Income taxes paid by jurisdiction include all jurisdictions that individually exceed 5% of our total income taxes paid, net of refunds received:
|  | Year Ended May 31, 2026 |
Income Taxes Paid by Taxing Authority |  |  |
U.S. federal |  | $ | (0.6 | )
U.S. state and local |  |  | 0.4 |
Non - U.S |  |  | 17.9 |
Total |  | $ | 17.7 |
Income Taxes Paid by Jurisdiction |  |  |
Brazil |  | $ | 4.7 |
Ireland |  |  | 3.7 |
Switzerland |  |  | 3.1 |
United Kingdom |  |  | 2.2 |
Colombia |  |  | 1.4 |
Other International |  |  | 2.6 |
Total |  | $ | 17.7 |
Sumary of reconciliation of our tax contingencies | The reconciliation of our unrecognized tax benefits is as follows:
|  | Year Ended May 31, |
|  | 2026 |  |  | 2025 |  |  | 2024 |
Beginning balance |  | $ | 3.8 |  |  | $ | 2.7 |  |  | $ | 0.9 |
Increase/(decrease) related to prior periods |  |  | (0.1 | ) |  |  | 0.1 |  |  |  | — |
Increase related to current period |  |  | 1.5 |  |  |  | 1.1 |  |  |  | 2.0 |
Lapses of applicable statute of limitations |  |  | (0.2 | ) |  |  | (0.1 | ) |  |  | (0.2 | )
Ending balance |  | $ | 5.0 |  |  | $ | 3.8 |  |  | $ | 2.7 |

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- Definition 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 Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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