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v3.23.2

Leases | 12 Months Ended
--- | ---
May 31, 2023
Leases [Abstract] |
Leases | LEASES The following table summarizes right-of-use assets and lease liabilities recorded on the Company's Consolidated Balance Sheet for the fiscal years ended May 31, 2023 and May 31, 2022:
| May 31, 2023 | May 31, 2022 |  | Location within Consolidated Balance Sheet
Operating leases | $ | 85.7 |  | $ | 81.9 |  |  | Operating lease right-of-use assets, net
Finance leases |  | 6.1 |  |  | 8.1 |  |  | Property, plant and equipment, net
Total lease assets | $ | 91.8 |  | $ | 90.0 |  |  |
Operating leases: |  |  |  |  |  |
Current portion | $ | 21.2 |  | $ | 20.8 |  |  | Current portion of operating lease liabilities
Non-current portion |  | 73.8 |  |  | 69.8 |  |  | Long-term operating lease liabilities
Total operating lease liabilities | $ | 95.0 |  | $ | 90.6 |  |  |
Finance leases: |  |  |  |  |  |
Current portion | $ | 2.2 |  | $ | 2.3 |  |  | Other accrued expenses
Non-current portion |  | 4.6 |  |  | 6.7 |  |  | Other noncurrent liabilities
Total finance lease liabilities | $ | 6.8 |  | $ | 9.0 |  |  |
Total lease liabilities | $ | 101.8 |  | $ | 99.6 |  |  |
In fiscal 2021, the Company recognized a pretax impairment charge of $9.6 related to operating lease right-of-use assets in connection with its plan to cease use of certain leased office space in New York City and consolidate into its company-owned New York headquarters building and its plan to permanently close 13 of its 54 book fair warehouses in the U.S. as part of a branch consolidation project. Refer to Note 4, "Asset Write Down", for further discussion regarding the impairment. The following table summarizes the lease expense activity for the fiscal years ended May 31:
|  |  |  |  |  |  | Location within Consolidated Statements of Operations
| 2023 | 2022 | 2021
Operating lease expense | $ | 26.6 |  | $ | 25.9 |  | $ | 28.3 |  | Selling, general and administrative expenses
Finance lease costs : |  |  |  |  |  |  |
Depreciation of leased assets |  | 2.1 |  |  | 2.2 |  |  | 2.3 |  | Depreciation and amortization
Accretion of lease liabilities |  | 0.3 |  |  | 0.4 |  |  | 0.4 |  | Interest expense
Total lease expense | $ | 29.0 |  | $ | 28.5 |  | $ | 31.0 |  |
The following table summarizes certain cash flows information related to the Company's leases for the fiscal years ended May 31:
| 2023 | 2022 | 2021
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows from operating leases | $ | 25.9 |  | $ | 31.4 |  | $ | 27.4 |
Operating cash flows from finance leases |  | 0.3 |  |  | 0.4 |  |  | 0.4 |
Financing cash flows from finance leases |  | 2.3 |  |  | 2.3 |  |  | 2.3 |
Noncash transactions: |  |  |  |  |  |
Lease assets obtained in exchange for new lease liabilities |  | 27.4 |  |  | 31.8 |  |  | 13.7 |
The following table provides the maturities of the Company's lease liabilities recorded on the Company's Consolidated Balance Sheet for the fiscal year ended May 31, 2023:
| Operating Leases |  | Finance Leases
Fiscal 2024 | $ | 25.4 |  |  | $ | 2.4 |
Fiscal 2025 |  | 20.6 |  |  |  | 1.6 |
Fiscal 2026 |  | 15.8 |  |  |  | 1.2 |
Fiscal 2027 |  | 13.6 |  |  |  | 1.1 |
Fiscal 2028 |  | 11.5 |  |  |  | 0.8 |
Thereafter |  | 25.4 |  |  |  | 0.3 |
Total lease payments | $ | 112.3 |  |  | $ | 7.4 |
Less: interest |  | (17.3) |  |  |  | (0.6) |
Total lease liabilities | $ | 95.0 |  |  | $ | 6.8 |
The following table summarizes the weighted-average remaining lease terms and weighted-average discount rates related to the Company's leases recorded on the Company's Consolidated Balance Sheet for the fiscal years ended May 31, 2023 and May 31, 2022:
| 2023 |  | 2022
Weighted-average remaining lease term (years): |  |  |
Operating Leases | 6.1 |  | 6.3
Finance Leases | 4.2 |  | 4.9
Weighted-average discount rate: |  |  |
Operating Leases | 5.1 | % |  | 4.3 | %
Finance Leases | 4.0 | % |  | 4.0 | %
Leases | LEASES The following table summarizes right-of-use assets and lease liabilities recorded on the Company's Consolidated Balance Sheet for the fiscal years ended May 31, 2023 and May 31, 2022:
| May 31, 2023 | May 31, 2022 |  | Location within Consolidated Balance Sheet
Operating leases | $ | 85.7 |  | $ | 81.9 |  |  | Operating lease right-of-use assets, net
Finance leases |  | 6.1 |  |  | 8.1 |  |  | Property, plant and equipment, net
Total lease assets | $ | 91.8 |  | $ | 90.0 |  |  |
Operating leases: |  |  |  |  |  |
Current portion | $ | 21.2 |  | $ | 20.8 |  |  | Current portion of operating lease liabilities
Non-current portion |  | 73.8 |  |  | 69.8 |  |  | Long-term operating lease liabilities
Total operating lease liabilities | $ | 95.0 |  | $ | 90.6 |  |  |
Finance leases: |  |  |  |  |  |
Current portion | $ | 2.2 |  | $ | 2.3 |  |  | Other accrued expenses
Non-current portion |  | 4.6 |  |  | 6.7 |  |  | Other noncurrent liabilities
Total finance lease liabilities | $ | 6.8 |  | $ | 9.0 |  |  |
Total lease liabilities | $ | 101.8 |  | $ | 99.6 |  |  |
In fiscal 2021, the Company recognized a pretax impairment charge of $9.6 related to operating lease right-of-use assets in connection with its plan to cease use of certain leased office space in New York City and consolidate into its company-owned New York headquarters building and its plan to permanently close 13 of its 54 book fair warehouses in the U.S. as part of a branch consolidation project. Refer to Note 4, "Asset Write Down", for further discussion regarding the impairment. The following table summarizes the lease expense activity for the fiscal years ended May 31:
|  |  |  |  |  |  | Location within Consolidated Statements of Operations
| 2023 | 2022 | 2021
Operating lease expense | $ | 26.6 |  | $ | 25.9 |  | $ | 28.3 |  | Selling, general and administrative expenses
Finance lease costs : |  |  |  |  |  |  |
Depreciation of leased assets |  | 2.1 |  |  | 2.2 |  |  | 2.3 |  | Depreciation and amortization
Accretion of lease liabilities |  | 0.3 |  |  | 0.4 |  |  | 0.4 |  | Interest expense
Total lease expense | $ | 29.0 |  | $ | 28.5 |  | $ | 31.0 |  |
The following table summarizes certain cash flows information related to the Company's leases for the fiscal years ended May 31:
| 2023 | 2022 | 2021
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows from operating leases | $ | 25.9 |  | $ | 31.4 |  | $ | 27.4 |
Operating cash flows from finance leases |  | 0.3 |  |  | 0.4 |  |  | 0.4 |
Financing cash flows from finance leases |  | 2.3 |  |  | 2.3 |  |  | 2.3 |
Noncash transactions: |  |  |  |  |  |
Lease assets obtained in exchange for new lease liabilities |  | 27.4 |  |  | 31.8 |  |  | 13.7 |
The following table provides the maturities of the Company's lease liabilities recorded on the Company's Consolidated Balance Sheet for the fiscal year ended May 31, 2023:
| Operating Leases |  | Finance Leases
Fiscal 2024 | $ | 25.4 |  |  | $ | 2.4 |
Fiscal 2025 |  | 20.6 |  |  |  | 1.6 |
Fiscal 2026 |  | 15.8 |  |  |  | 1.2 |
Fiscal 2027 |  | 13.6 |  |  |  | 1.1 |
Fiscal 2028 |  | 11.5 |  |  |  | 0.8 |
Thereafter |  | 25.4 |  |  |  | 0.3 |
Total lease payments | $ | 112.3 |  |  | $ | 7.4 |
Less: interest |  | (17.3) |  |  |  | (0.6) |
Total lease liabilities | $ | 95.0 |  |  | $ | 6.8 |
The following table summarizes the weighted-average remaining lease terms and weighted-average discount rates related to the Company's leases recorded on the Company's Consolidated Balance Sheet for the fiscal years ended May 31, 2023 and May 31, 2022:
| 2023 |  | 2022
Weighted-average remaining lease term (years): |  |  |
Operating Leases | 6.1 |  | 6.3
Finance Leases | 4.2 |  | 4.9
Weighted-average discount rate: |  |  |
Operating Leases | 5.1 | % |  | 4.3 | %
Finance Leases | 4.0 | % |  | 4.0 | %

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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