Income Taxes (Tables)

12 Months Ended

May 31, 2016

Income Taxes

Schedule of components of provision for income tax (benefit) on pre-tax income

	For the Year Ended May 31,
	2016		2015			2014
Current:
Federal	$	9.8	$	22.2		$	11.4
State		0.4		0.4			0.4
Foreign		3.8		1.5			0.8
		14.0		24.1			12.6
Deferred		4.8		(52.6	)		19.0
	$	18.8	$	(28.5	)	$	31.6

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,
	2016			2015			2014
Provision for income tax (benefit) at the federal statutory rate	$	20.8		$	(29.0	)	$	34.6
State income taxes, net of federal benefit and refunds		0.2			0.2			0.2
Federal adjustments		0.3			0.5			(2.0	)
Prior period adjustments		(2.5	)		—			—
Domestic Production Activities Deduction		—			(0.2	)		(1.2	)
Provision for income tax (benefit)	$	18.8		$	(28.5	)	$	31.6

Schedule of income (Loss) before provision for income tax (benefit)

	For the Year Ended May 31,
	2016		2015			2014
Domestic	$	46.1	$	(94.2	)	$	81.9
Foreign		13.2		11.2			16.9
	$	59.3	$	(83.0	)	$	98.8

Schedule of components of deferred tax liabilities and assets

	May 31,
	2016			2015
Deferred tax assets:
Inventory costs	$	16.9		$	35.4
Impairment of PSM assets		8.6			13.4
Advanced billings		11.0			14.3
Postretirement benefits		12.0			10.4
Employee benefits		9.8			12.0
Tax credits and incentives		2.3			—
Other		5.8			3.9
Total deferred tax assets		66.4			89.4
Valuation allowance		(4.7	)		(2.8	)
Total deferred tax assets net of valuation allowance		61.7			86.6
Deferred tax liabilities:
Tangible and intangible assets		(95.9	)		(132.4	)
Other		(0.1	)		(0.5	)
Total deferred tax liabilities		(96.0	)		(132.9	)
Net deferred tax liabilities	$	(34.3	)	$	(46.3	)

Reconciliation of unrecognized tax benefits

	For the Year Ended May 31,
	2016		2015		2014
Balance, beginning of year	$	2.2	$	2.2	$	—
Additions for tax positions of prior years		10.7		—		2.2
Balance, end of year	$	12.9	$	2.2	$	2.2