Income Taxes (Tables)

12 Months Ended

May 31, 2017

Income Taxes

Schedule of components of provision for income tax (benefit) on income before taxes (benefit)

	For the Year Ended May 31,
	2017		2016		2015
Current:
Federal	$	20.2	$	10.6	$	11.4
State		0.2		0.4		0.4
Foreign		3.1		3.8		1.5
		23.5		14.8		13.3
Deferred		0.6		4.8		(52.6	)
	$	24.1	$	19.6	$	(39.3	)

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,
	2017			2016			2015
Provision for income tax (benefit) at the federal statutory rate	$	26.0		$	20.3		$	(39.6	)
State income taxes, net of federal benefit and refunds		0.2			0.2			0.2
Federal adjustments		0.1			0.4			0.1
State net operating losses		(5.7	)		(1.1	)		(0.1	)
Valuation allowance for state deferred tax assets		5.7			1.1			0.1
Prior period adjustments		—			(1.3	)		—
Effective settlement of prior tax position		(2.2	)		—			—
Provision for income tax (benefit)	$	24.1		$	19.6		$	(39.3	)

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

	For the Year Ended May 31,
	2017		2016		2015
Domestic	$	54.9	$	44.7	$	(124.4	)
Foreign		19.4		13.2		11.2
	$	74.3	$	57.9	$	(113.2	)

Schedule of components of deferred tax liabilities and assets

	May 31,
	2017			2016
Deferred tax assets:
Inventory costs	$	21.3		$	19.9
Impairments		5.6			9.4
Advanced billings		1.7			11.1
Postretirement benefits		6.8			12.0
Employee benefits		12.3			10.0
State NOLs, tax credits and incentives		9.4			6.5
Other		1.7			0.6
Total deferred tax assets		58.8			69.5
Valuation allowance		(10.4	)		(4.7	)
Total deferred tax assets net of valuation allowance		48.4			64.8
Deferred tax liabilities:
Tangible and intangible assets		(85.5	)		(99.0	)
Other		(0.1	)		(0.1	)
Total deferred tax liabilities		(85.6	)		(99.1	)
Net deferred tax liabilities	$	(37.2	)	$	(34.3	)

Reconciliation of unrecognized tax benefits

	For the Year Ended May 31,
	2017			2016		2015
Balance, beginning of year	$	12.9		$	2.2	$	2.2
Additions for tax positions of prior years		0.4			10.7		—
Effective settlement of prior tax position		(8.9	)		—		—
Balance, end of year	$	4.4		$	12.9	$	2.2