Treasury Stock

12 Months Ended

May 31, 2023

Equity, Attributable to Parent [Abstract]

TREASURY STOCK

The Company has authorizations from the Board of Directors to repurchase Common Stock, from time to time as conditions allow, on the open market or through negotiated private transactions, as summarized in the table below:


Authorizations	Amount
March 2020		50.0
December 2022		48.8
March 2023		50.0
Total current Board authorizations	$	148.8
Less repurchases made under the authorizations as of May 31, 2023	$	(127.2)
Remaining Board authorization at May 31, 2023	$	21.6

Remaining Board authorization at May 31, 2023 represents the amount remaining under the current $50.0 Board authorization for Common share repurchases announced on March 22, 2023, which is available for further repurchases, from time to time as conditions allow, on the open market or through negotiated private transactions. See Note 22, "Subsequent Events", for additional Board authorization for Common share repurchases.

Pursuant to a Board authorization on October 19, 2022, the Company commenced a modified Dutch auction tender offer on October 25, 2022, which expired on November 22, 2022. Pursuant to this offer, the Company purchased 533,793 of its Common shares at a price of $40.00 per share for a total cost of $23.3, including related fees and expenses. The Common shares purchased represented approximately 1.6% of the Common shares outstanding as of November 21, 2022. The Company funded the purchase of the shares in the tender offer using cash on hand.

During the twelve months ended May 31, 2023, there were $135.1 repurchases of the Company's Common Stock, which included the shares repurchased through the modified Dutch auction tender offer and excise tax on share repurchases of $0.6. The Company's repurchase program may be suspended at any time without prior notice.