Income Taxes (Tables)

12 Months Ended

May 31, 2014

Income Taxes

Schedule of components of provision for income taxes on pre-tax income

	For the Year Ended May 31,
	2014			2013			2012
Current:
Federal	$	(0.5	)	$	(13.1	)	$	(9.8	)
State		0.2			(1.8	)		(0.5	)
Foreign		22.8			12.1			3.0
		22.5			(2.8	)		(7.3	)
Deferred		9.6			29.5			32.8
	$	32.1		$	26.7		$	25.5

Schedule of difference between the provision for income taxes on pre-tax income from the amount computed by applying the U.S. federal statutory tax rate

	For the Year Ended May 31,
	2014			2013			2012
Provision for income taxes at the federal statutory rate	$	36.9		$	28.8		$	32.7
State income taxes, net of federal benefit and refunds		0.2			(1.0	)		(3.5	)
Federal adjustments		(2.2	)		—			(3.3	)
Domestic Production Activities Deduction		(1.6	)		—			—
Research and development credit		(1.0	)		(1.1	)		(0.8	)
Noncontrolling interest		(0.1	)		(0.2	)		(0.1	)
Other		(0.1	)		0.2			0.5
Provision for income taxes	$	32.1		$	26.7		$	25.5

Schedule of components of deferred tax liabilities and assets

	May 31,
	2014			2013
Deferred tax assets-current attributable to:
Inventory costs	$	14.4		$	14.8
Employee benefits		7.9			8.3
Allowance for doubtful accounts		0.8			1.6
Advanced billings and other		7.0			(6.7	)
Total net deferred tax assets-current	$	30.1		$	18.0
Deferred tax assets-noncurrent attributable to:
Postretirement benefits	$	17.6		$	17.7
Bond hedge		0.8			1.7
Foreign intangible assets		37.5			41.5
AMT, NOL and FTC carrybacks		20.6			37.6
Other		3.0			1.0
Total deferred tax assets-noncurrent	$	79.5		$	99.5
Total deferred tax assets	$	109.6		$	117.5
Deferred tax liabilities attributable to:
Depreciation	$	(166.9	)	$	(163.5	)
Convertible notes		(2.1	)		(3.9	)
Capitalized program development costs		(34.1	)		(28.8	)
Foreign intangible assets		(37.5	)		(41.5	)
Other		(1.1	)		—
Total deferred tax liabilities	$	(241.7	)	$	(237.7	)
Net deferred tax liabilities	$	(132.1	)	$	(120.2	)