Income Taxes (Tables)

12 Months Ended

May 31, 2019

Income Taxes

Schedule of components of provision for income tax on income from continuing operations

	For the Year Ended
	May 31,
	2019		2018		2017
Current:
Federal	$	4.8	$	14.6	$	9.3
State		0.1		0.1		0.2
Foreign		5.0		1.7		3.1
		9.9		16.4		12.6
Deferred		(5.0)		(12.9)		12.5
	$	4.9	$	3.5	$	25.1

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,
	2019		2018		2017
Provision for income tax at the federal statutory rate	$	18.7	$	22.5	$	27.0
Deferred tax re-measurement from the Tax Reform Act		—		(14.1)		—
Excess tax benefits from stock-based compensation		(2.7)		(2.9)		—
State net operating losses		(0.3)		1.3		5.7
Change in valuation allowance for state deferred tax assets		(6.9)		(3.4)		(5.7)
Effective settlement of prior tax positions		(4.7)		—		(2.2)
Other		0.8		0.1		0.3
Provision for income tax	$	4.9	$	3.5	$	25.1

Schedule of income before provision for income taxes

	For the Year Ended
	May 31,
	2019		2018		2017
Domestic	$	68.9	$	58.7	$	57.7
Foreign		20.1		18.5		19.4
	$	89.0	$	77.2	$	77.1

Schedule of components of deferred tax liabilities and assets

	May 31,
	2019		2018
Deferred tax assets:
Employee benefits	$	9.4	$	9.7
State net operating losses		9.0		8.6
Deferred revenue		7.7		1.1
Inventory costs		4.9		15.9
Postretirement benefits		3.7		2.2
Other		4.8		4.2
Total deferred tax assets		39.5		41.7
Valuation allowance		(0.1)		(7.0)
Total deferred tax assets net of valuation allowance		39.4		34.7
Deferred tax liabilities:
Tangible and intangible assets		(36.1)		(50.2)
Other		(0.2)		(0.2)
Total deferred tax liabilities		(36.3)		(50.4)
Net deferred tax assets (liabilities)	$	3.1	$	(15.7)

Reconciliation of unrecognized tax benefits

	For the Year Ended
	May 31,
	2019		2018		2017
Balance, beginning of year	$	4.4	$	4.4	$	12.9
Additions for tax positions of prior years		—		—		0.4
Effective settlement of prior tax position		(4.4)		—		(8.9)
Balance, end of year	$	—	$	4.4	$	4.4