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Taxes (Tables)

12 Months Ended

May 31, 2025

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:

			2025									2024									2023
United States			$			1.0						$			17.3						$			106.3
Non-United States						(2.3)									(1.1)									6.1
Total			$			(1.3)						$			16.2						$			112.4

Schedule of income tax expense (benefit)

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

			2025									2024									2023
Current
Federal			$			6.3						$			3.4						$			26.4
State and local						1.3									1.2									1.6
Non-United States						2.7									1.5									1.6
Total Current			$			10.3						$			6.1						$			29.6
Deferred
Federal			$			(9.1)						$			0.5						$			(6.6)
State and local						(0.4)									(1.3)									3.9
Non-United States						(0.2)									(1.2)									(1.0)
Total Deferred			$			(9.7)						$			(2.0)						$			(3.7)
Total Current and Deferred			$			0.6						$			4.1						$			25.9

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:

			2025									2024									2023
Computed federal statutory provision						21.0		%							21.0		%							21.0		%
State income tax provision, net of federal income tax benefit						(66.5)									(3.0)									4.6
Difference in effective tax rates on earnings of foreign subsidiaries						(61.4)									(0.1)									0.2
GILTI inclusion						—									0.1									0.4
Foreign derived intangible income deduction						—									—									(1.7)
Various tax credits						62.1									(6.6)									(1.5)
Valuation allowances, excluding state						93.8									2.9									—
Uncertain positions						40.7									0.4									(0.8)
Transaction costs						—									12.0									—
Equity and other compensation						51.6									(3.7)									1.9
Section 162(m) limitation						(83.5)									6.0									1.0
Return to provision and other adjustments						(132.8)									(5.1)									(1.3)
Permanent differences						29.0									1.3									(0.6)
Other, net						(0.2)									0.1									(0.2)
Effective tax rates						(46.2)		%							25.3		%							23.0		%
Total provision (benefit) for income taxes			$			0.6						$			4.1						$			25.9

Schedule of deferred tax assets and liabilities

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

			2025									2024
Deferred tax assets:
Tax uniform capitalization			$			12.2						$			8.9
Prepublication expenses						3.0									2.0
Inventory reserves						21.8									22.7
Allowance for credit losses						1.8									1.8
Deferred revenue						6.2									5.7
Stock based compensation						5.9									4.8
Other reserves						4.4									5.4
Postretirement, post employment and pension obligations						1.6									1.9
Tax carryforwards						32.4									30.1
Lease liabilities						27.7									28.7
Other						15.0									15.9
Gross deferred tax assets			$			132.0						$			127.9
Valuation allowance						(17.1)									(19.9)
Total deferred tax assets			$			114.9						$			108.0
Deferred tax liabilities:
Depreciation and amortization						(53.9)									(41.1)
Lease right-of-use assets						(24.4)									(25.5)
Research and development costs capitalized						(8.3)									(14.2)
Other						(3.7)									(4.1)
Total deferred tax liability			$			(90.3)						$			(84.9)
Total net deferred tax assets (1)			$			24.6						$			23.1

(1) Total net deferred tax assets includes $10.1 of deferred tax liabilities that were recorded in Other noncurrent liabilities on the Company's Consolidated Balance Sheet primarily due to foreign jurisdictions that cannot be netted.

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, 2022			$			3.1
Decreases related to prior year tax positions						(1.7)
Increase related to prior year tax positions						0.1
Increases related to current year tax positions						0.5
Settlements during the period						—
Lapse of statute of limitation						—
Gross unrecognized benefits at May 31, 2023			$			2.0
Decreases related to prior year tax positions						(0.8)
Increase related to prior year tax positions						0.7
Increases related to current year tax positions						0.1
Settlements during the period						(0.2)
Lapse of statute of limitation						—
Gross unrecognized benefits at May 31, 2024			$			1.8
Decreases related to prior year tax positions						—
Increase related to prior year tax positions						0.1
Increases related to current year tax positions						0.1
Settlements during the period						—
Lapse of statute of limitation						(0.8)
Gross unrecognized benefits at May 31, 2025			$			1.2

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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.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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