Income Taxes (Tables)

12 Months Ended

May 31, 2025

Income Tax Disclosure [Abstract]

Earnings before Income Taxes

Earnings before income taxes for the prior three fiscal years included the following components:

(In millions)	2025		2024		2023
U.S. based operations	$	114.6	$	166.3	$	102.7
Non – U.S. based operations		33.5		49.9		26.0
Earnings before income taxes		148.1		216.2		128.7
Less: Net earnings attributable to noncontrolling interests (1)		8.6		15.4		12.6
Earnings before income taxes attributable to controlling interest	$	139.5	$	200.8	$	116.1

(1)Net earnings attributable to noncontrolling interests are not taxable to the Company.

Components of Income Tax Expense (Benefit)

Significant components of income tax expense (benefit) for the prior three fiscal years were as follows:

(In millions)	2025			2024			2023
Current
Federal	$	24.6		$	25.3		$	26.9
State and local		3.3			6.3			4.2
Foreign		4.0			13.4			7.6
Subtotal		31.9			45.0			38.7
Deferred
Federal		0.4			4.7			(8.6	)
State and local		0.2			(0.8	)		(0.6	)
Foreign		(3.7	)		(2.8	)		(0.5	)
Subtotal		(3.1	)		1.1			(9.7	)
Total	$	28.8		$	46.1		$	29.0

Reconciliation of Federal Statutory Corporate Income Tax Rate to Total Tax Provision

A reconciliation of the federal statutory corporate income tax rate to total tax provision for the prior three fiscal years follows:

	2025			2024			2023
Federal statutory corporate income tax rate		21.0	%		21.0	%		21.0	%
Non-U.S. income taxes at other than federal statutory rate		(4.6	)		0.6			1.7
State and local income taxes, net of federal tax benefit		1.9			2.2			2.2
Nondeductible executive compensation		1.8			0.6			1.7
Other		0.5			(1.4	)		(1.6	)
Effective tax rate attributable to controlling interest		20.6	%		23.0	%		25.0	%

Reconciliation of Unrecognized Tax Benefits

A tabular reconciliation of unrecognized tax benefits follows:

(In millions)	2025			2024			2023
Balance at beginning of the year	$	0.2		$	1.2		$	1.2
Decreases - tax positions taken in prior years		-			(1.0	)		-
Increases - current tax positions		-			-			-
Settlements		-			-			-
Lapse of statutes of limitations		(0.2	)		-			-
Balance at the end of the year	$	-		$	0.2		$	1.2

Deferred Tax Assets and Liabilities

The components of the Company’s deferred tax assets and liabilities as of May 31 were as follows:

(In millions)	2025			2024
Deferred tax assets
Accounts receivable	$	1.9		$	1.8
Inventories		2.8			2.8
Accrued expenses		7.1			9.2
Net operating loss carry forwards		4.5			2.8
Stock-based compensation		2.5			1.9
Operating lease liability		4.2			4.4
Derivative contracts		-			0.2
Other		2.4			1.5
Deferred tax assets before valuation allowance		25.4			24.6
Less: Valuation allowance		-			-
Total deferred tax assets		25.4			24.6
Deferred tax liabilities
Property, plant and equipment		(28.2	)		(28.7	)
Investment in affiliated company, principally due to undistributed earnings		(8.7	)		(10.5	)
Operating lease - ROU assets		(3.8	)		(4.2	)
Prepaid expenses		(0.8	)		-
Derivative contracts		(0.4	)		-
Other		(0.7	)		(0.6	)
Total deferred tax liability		(42.6	)		(44.0	)
Net deferred tax asset (liability)	$	(17.2	)	$	(19.4	)