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Description of the Business, Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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May 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Schedule of assumptions used in valuation of share-based compensation awards | The table set forth below provides the estimated fair value of options granted by the Company during fiscal years 2022, 2021 and 2020 and the significant weighted average assumptions used in determining such fair value under the Black-Scholes option-pricing model. The average expected life represents an estimate of the period of time stock options are expected to remain outstanding based on the historical exercise behavior of the option grantees. The risk-free interest rate was based on the U.S. Treasury yield curve corresponding to the expected life in effect at the time of the grant. The volatility was estimated based on historical volatility corresponding to the expected life.
| 2022 |  | 2021 |  | 2020
Estimated fair value of stock options granted | $ | 8.04 |  |  | $ | 3.80 |  |  | $ | 6.99 |
Assumptions: |  |  |  |  |
Expected dividend yield | 1.8 | % |  | 2.9 | % |  | 1.9 | %
Expected stock price volatility | 31.9 | % |  | 30.2 | % |  | 27.4 | %
Risk-free interest rate | 0.9 | % |  | 0.2 | % |  | 1.3 | %
Average expected life of options | 5 years |  | 4 years |  | 5 years
Schedule of Error Corrections and Prior Period Adjustments | The following table shows the adjusted Cost of goods sold and Selling, general and administrative expenses for those periods indicated:
|  | Fiscal Year Ended May 31, 2021 |  | Fiscal Year Ended May 31, 2020
Cost of goods sold: |  |  |  |  |  |
As previously reported |  | $ | 666.5 |  |  | $ | 751.0 |
Adjustment |  |  | (37.8) |  |  |  | (41.7) |
As adjusted |  | $ | 628.7 |  |  | $ | 709.3 |
Selling, general and administrative expenses: |  |  |  |  |  |
As previously reported |  | $ | 584.9 |  |  | $ | 722.5 |
Adjustment |  |  | 37.8 |  |  |  | 41.7 |
As adjusted |  | $ | 622.7 |  |  | $ | 764.2 |

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- Definition Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22663-107794 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22644-107794 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22658-107794 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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