Income Taxes (Tables)

12 Months Ended

May 31, 2020

Income Taxes

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

	For the Year Ended
	May 31,
	2020		2019		2018
Current:
Federal	$	1.4	$	4.8	$	14.6
State		0.9		0.1		0.1
Foreign		2.8		5.0		1.7
		5.1		9.9		16.4
Deferred		0.5		(5.0)		(12.9)
	$	5.6	$	4.9	$	3.5

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,
	2020		2019		2018
Provision for income tax at the federal statutory rate	$	6.4	$	18.7	$	22.5
Deferred tax re-measurement from the Tax Reform Act		—		—		(14.1)
Excess tax benefits from stock-based compensation		(2.1)		(2.7)		(2.9)
State income taxes, net of federal benefit		1.1		1.9		1.5
Change in valuation allowance for state deferred tax assets		(0.1)		(6.9)		(3.4)
Effective settlement of prior tax positions		—		(4.7)		—
Other		0.3		(1.4)		(0.1)
Provision for income tax	$	5.6	$	4.9	$	3.5

Schedule of income before provision for income taxes

	For the Year Ended
	May 31,
	2020		2019		2018
Domestic	$	23.6	$	68.9	$	58.7
Foreign		6.8		20.1		18.5
	$	30.4	$	89.0	$	77.2

Schedule of components of deferred tax liabilities and assets

	May 31,
	2020		2019
Deferred tax assets:
Operating lease liabilities	$	24.9	$	—
State net operating losses		9.4		9.0
Credits and incentives		8.2		—
Employee benefits		8.0		9.4
Deferred revenue		2.3		7.7
Inventory costs		2.8		4.9
Postretirement benefits		5.3		3.7
Other		4.0		4.8
Total deferred tax assets		64.9		39.5
Valuation allowance		—		(0.1)
Total deferred tax assets net of valuation allowance		64.9		39.4
Deferred tax liabilities:
Tangible and intangible assets		(35.0)		(36.1)
ROU operating lease assets		(26.2)		—
Other		(0.2)		(0.2)
Total deferred tax liabilities		(61.4)		(36.3)
Net deferred tax assets	$	3.5	$	3.1