Financing Arrangements (Tables)

12 Months Ended

May 31, 2017

Financing Arrangements

Summary of carrying amount of debt

	May 31,
	2017			2016
Revolving Credit Facility expiring November 1, 2021 with interest payable monthly	$	131.0		$	110.0
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
Capital lease obligations		3.3			5.1
Total debt		159.3			150.1
Current maturities of debt		(2.0	)		(12.0	)
Debt issuance costs, net		(2.0	)		(2.0	)
Long-term debt	$	155.3		$	136.1

Schedule of borrowing activity under the Credit Agreement

	For the Year Ended May 31,
	2017			2016			2015
Maximum amount borrowed	$	217.0		$	200.0		$	215.0
Average daily borrowings		175.5			134.2			140.7
Average interest rate during the year		1.77	%		1.41	%		1.69	%

Schedule of interest expense associated with the convertible notes

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