Financing Arrangements (Tables)

12 Months Ended

May 31, 2016

Financing Arrangements

Summary of carrying amount of debt

	May 31,
	2016			2015
Revolving Credit Facility expiring March 24, 2020 with interest payable monthly	$	110.0		$	50.0
Industrial revenue bond (secured by property, plant and equipment) due August 1, 2018 with interest payable monthly		25.0			25.0
Note payable due March 9, 2017 with floating interest rate, payable semi-annually on June 1 and December 1		10.0			20.0
Capital lease obligations		5.1			—
Convertible notes payable due March 1, 2016 with interest at 2.25% payable semi-annually on March 1 and September 1		—			48.0
Mortgage loan due August 1, 2015		—			11.0
Total debt		150.1			154.0
Current maturities of debt		(12.0	)		(69.0	)
Debt issuance costs, net		(2.0	)		(2.6	)
Long-term debt	$	136.1		$	82.4

Schedule of borrowing activity under the Credit Agreement

	For the Year Ended May 31,
	2016			2015			2014
Maximum amount borrowed	$	200.0		$	215.0		$	190.0
Average daily borrowings		134.2			140.7			135.8
Average interest rate during the year		1.41	%		1.69	%		1.77	%

Schedule of interest expense associated with the convertible notes

	For the Year Ended May 31,
	2016		2015		2014
Coupon interest	$	0.6	$	1.5	$	3.1
Amortization of deferred financing fees		0.1		0.1		0.3
Amortization of discount		1.3		2.4		5.1
Interest expense related to convertible notes	$	2.0	$	4.0	$	8.5