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Taxes (Tables)

12 Months Ended

May 31, 2021

Income Tax And Non Income Tax Disclosure [Abstract]

Schedule of income from continuing operations

The components of Earnings (loss) before income taxes for the fiscal years ended May 31 were:

			2021									2020									2019
United States			$			(45.8)						$			(92.5)						$			8.7
Non-United States						27.6									2.8									17.3
Total			$			(18.2)						$			(89.7)						$			26.0

Schedule of income tax expense (benefit)

The provision (benefit) for income taxes for the fiscal years ended May 31 consisted of the following components: 

			2021									2020									2019
Current
Federal			$			2.3						$			(72.2)						$			(0.2)
State and local						(0.3)									(1.2)									4.8
Non-United States						6.0									2.1									2.8
Total Current			$			8.0						$			(71.3)						$			7.4
Deferred
Federal			$			(10.9)						$			27.3						$			1.1
State and local						(1.3)									(0.9)									3.1
Non-United States						(3.1)									(1.1)									(1.2)
Total Deferred			$			(15.3)						$			25.3						$			3.0
Total Current and Deferred			$			(7.3)						$			(46.0)						$			10.4

Schedule of effective income tax rate reconciliation

A reconciliation of the significant differences between the effective income tax rate and the federal statutory rate on Earnings (loss) before income taxes for the fiscal years ended May 31 was as follows:

			2021									2020									2019
Computed federal statutory provision						21.0		%							21.0		%							21.0		%
State income tax provision, net of federal income tax benefit						(10.4)									2.0									25.7
Difference in effective tax rates on earnings of foreign subsidiaries						7.0									1.8									(2.4)
Rate differential on net operating loss carrybacks						19.3									34.2									—
GILTI inclusion						(2.7)									(2.4)									3.4
Various tax credits						6.5									0.8									(3.1)
Valuation allowances						25.7									(1.1)									2.3
Uncertain positions						(14.6)									(2.3)									(6.3)
Equity and other compensation						(8.7)									(0.6)									2.4
Other, net						(3.0)									(2.1)									(3.0)
Effective tax rates						40.1		%							51.3		%							40.0		%
Total provision (benefit) for income taxes			$			(7.3)						$			(46.0)						$			10.4

Schedule of deferred tax assets and liabilities

The significant components for deferred income taxes for the fiscal years ended May 31 were as follows: 

			2021									2020
Deferred tax assets:
Tax uniform capitalization			$			8.6						$			10.4
Prepublication expenses						0.6									0.8
Inventory reserves						19.3									10.3
Allowance for credit losses						2.8									2.9
Deferred revenue						13.5									—
Other reserves						19.9									18.0
Postretirement, post employment and pension obligations						3.1									5.3
Tax carryforwards						39.7									51.1
Lease Liabilities						23.7									25.2
Other						14.1									11.9
Gross deferred tax assets			$			145.3						$			135.9
Valuation allowance						(23.1)									(31.3)
Total deferred tax assets			$			122.2						$			104.6
Deferred tax liabilities:
Depreciation and amortization						(74.3)									(65.8)
Lease Right of Use Assets						(20.2)									(24.4)
Other						(2.3)									(2.1)
Total deferred tax liability			$			(96.8)						$			(92.3)
Total net deferred tax assets			$			25.4						$			12.3

Schedule of unrecognized tax benefits rollforward

The table below presents a reconciliation of the unrecognized tax benefits for the fiscal years indicated: 

Gross unrecognized benefits at May 31, 2018			$			10.1
Decreases related to prior year tax positions						(1.1)
Increase related to prior year tax positions						0.2
Increases related to current year tax positions						0.7
Settlements during the period						(0.2)
Lapse of statute of limitation						(0.7)
Gross unrecognized benefits at May 31, 2019			$			9.0
Decreases related to prior year tax positions						(0.2)
Increase related to prior year tax positions						1.8
Increases related to current year tax positions						0.1
Settlements during the period						(0.2)
Lapse of statute of limitation						(0.3)
Gross unrecognized benefits at May 31, 2020			$			10.2
Decreases related to prior year tax positions						(0.2)
Increase related to prior year tax positions						2.6
Increases related to current year tax positions						0.2
Settlements during the period						(0.2)
Lapse of statute of limitation						(0.3)
Gross unrecognized benefits at May 31, 2021			$			12.3

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