XML 72 R57.htm IDEA: XBRL DOCUMENT v3.7.0.1
Income Taxes (Details) - USD ($)
$ in Millions
3 Months Ended 12 Months Ended
May 31, 2017
Feb. 29, 2016
May 31, 2017
May 31, 2016
May 31, 2015
Current:          
Federal     $ 20.2 $ 10.6 $ 11.4
State     0.2 0.4 0.4
Foreign     3.1 3.8 1.5
Total current     23.5 14.8 13.3
Deferred     0.6 4.8 (52.6)
Provision for income tax (benefit)     $ 24.1 $ 19.6 $ (39.3)
U.S. federal statutory income tax rate (as a percent)     35.00% 35.00% 35.00%
Reasons for difference between the provision for income taxes on pre-tax income from the amount computed by applying the U.S. federal statutory tax rate          
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)
Income tax expense in discontinued operations $ (6.7) $ 2.8      
Income tax expense in continued operations     24.1 19.6 (39.3)
Income (Loss) before provision for income tax (benefit)     74.3 57.9 (113.2)
Deferred tax assets:          
Inventory costs 21.3   21.3 19.9  
Impairments 5.6   5.6 9.4  
Advanced billings 1.7   1.7 11.1  
Postretirement benefits 6.8   6.8 12.0  
Employee benefits 12.3   12.3 10.0  
State NOLs, tax credits and incentives 9.4   9.4 6.5  
Other 1.7   1.7 0.6  
Total deferred tax assets 58.8   58.8 69.5  
Valuation allowance (10.4)   (10.4) (4.7)  
Total deferred tax assets net of valuation allowance 48.4   48.4 64.8  
Deferred tax liabilities:          
Tangible and intangible assets (85.5)   (85.5) (99.0)  
Other (0.1)   (0.1) (0.1)  
Total deferred tax liabilities (85.6)   (85.6) (99.1)  
Net deferred tax liabilities (37.2)   (37.2) (34.3)  
Reconciliation of unrecognized tax benefits          
Beginning balance     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)    
End balance 4.4   $ 4.4 12.9 2.2
Unrecognized tax benefit resulting from statute lapse 2.2        
Minimum          
Deferred tax liabilities:          
Period for net operating losses carry forward (in years)     5 years    
Maximum          
Deferred tax liabilities:          
Period for net operating losses carry forward (in years)     20 years    
Accrued Liabilities          
Deferred tax liabilities:          
Income tax payable $ 12.3   $ 12.3 1.1  
Domestic          
Reasons for difference between the provision for income taxes on pre-tax income from the amount computed by applying the U.S. federal statutory tax rate          
Income (Loss) before provision for income tax (benefit)     54.9 44.7 (124.4)
Foreign          
Reasons for difference between the provision for income taxes on pre-tax income from the amount computed by applying the U.S. federal statutory tax rate          
Income (Loss) before provision for income tax (benefit)     $ 19.4 $ 13.2 $ 11.2
Immaterial errors          
Reasons for difference between the provision for income taxes on pre-tax income from the amount computed by applying the U.S. federal statutory tax rate          
Accrued Income Taxes   0.2      
Corrections          
Reasons for difference between the provision for income taxes on pre-tax income from the amount computed by applying the U.S. federal statutory tax rate          
Income tax expense in discontinued operations   1.5      
Income tax expense in continued operations   $ 1.3