Taxes (Tables)

12 Months Ended

May 31, 2022

Income Tax And Non Income Tax Disclosure [Abstract]

Schedule of income from continuing operations

The components of Earnings (loss) before income taxes for the fiscal years ended May 31 were:

	2022		2021		2020
United States	$	76.9	$	(45.8)	$	(92.5)
Non-United States		12.8		27.6		2.8
Total	$	89.7	$	(18.2)	$	(89.7)

Schedule of income tax expense (benefit)

The provision (benefit) for income taxes for the fiscal years ended May 31 consisted of the following components: 

	2022		2021		2020
Current
Federal	$	(2.1)	$	2.3	$	(72.2)
State and local		0.6		(0.3)		(1.2)
Non-United States		3.0		6.0		2.1
Total Current	$	1.5	$	8.0	$	(71.3)
Deferred
Federal	$	6.1	$	(10.9)	$	27.3
State and local		2.4		(1.3)		(0.9)
Non-United States		(1.3)		(3.1)		(1.1)
Total Deferred	$	7.2	$	(15.3)	$	25.3
Total Current and Deferred	$	8.7	$	(7.3)	$	(46.0)

Schedule of effective income tax rate reconciliation

A reconciliation of the significant differences between the effective income tax rate and the federal statutory rate on Earnings (loss) before income taxes for the fiscal years ended May 31 was as follows:

	2022			2021			2020
Computed federal statutory provision		21.0	%		21.0	%		21.0	%
State income tax provision, net of federal income tax benefit		3.1			(10.4)			2.0
Difference in effective tax rates on earnings of foreign subsidiaries		(0.2)			7.0			1.8
Rate differential on net operating loss carrybacks		—			19.3			34.2
GILTI inclusion		—			(2.7)			(2.4)
Various tax credits		(1.9)			6.5			0.8
Valuation allowances		0.2			25.7			(1.1)
Uncertain positions		(8.1)			(14.6)			(2.3)
Equity and other compensation		1.2			(8.7)			(0.6)
Return to provision adjustments		(4.4)			—			(0.7)
Other, net		(1.2)			(3.0)			(1.4)
Effective tax rates		9.7	%		40.1	%		51.3	%
Total provision (benefit) for income taxes	$	8.7		$	(7.3)		$	(46.0)

Schedule of deferred tax assets and liabilities

The significant components for deferred income taxes for the fiscal years ended May 31 were as follows: 

	2022		2021
Deferred tax assets:
Tax uniform capitalization	$	9.8	$	8.6
Prepublication expenses		0.6		0.6
Inventory reserves		21.3		19.3
Allowance for credit losses		4.0		2.8
Deferred revenue		2.5		13.5
Stock Based Compensation		8.0		9.1
Other reserves		8.4		10.8
Postretirement, post employment and pension obligations		2.3		3.1
Tax carryforwards		35.2		39.7
Lease liabilities		22.8		23.7
Other		15.7		14.1
Gross deferred tax assets	$	130.6	$	145.3
Valuation allowance		(23.1)		(23.1)
Total deferred tax assets	$	107.5	$	122.2
Deferred tax liabilities:
Depreciation and amortization		(66.4)		(74.3)
Lease Right of Use Assets		(20.7)		(20.2)
Other		(2.5)		(2.3)
Total deferred tax liability	$	(89.6)	$	(96.8)
Total net deferred tax assets	$	17.9	$	25.4

Schedule of unrecognized tax benefits rollforward

The table below presents a reconciliation of the unrecognized tax benefits for the fiscal years indicated: 

Gross unrecognized benefits at May 31, 2019	$	9.0
Decreases related to prior year tax positions		(0.2)
Increase related to prior year tax positions		1.8
Increases related to current year tax positions		0.1
Settlements during the period		(0.2)
Lapse of statute of limitation		(0.3)
Gross unrecognized benefits at May 31, 2020	$	10.2
Decreases related to prior year tax positions		(0.2)
Increase related to prior year tax positions		2.6
Increases related to current year tax positions		0.2
Settlements during the period		(0.2)
Lapse of statute of limitation		(0.3)
Gross unrecognized benefits at May 31, 2021	$	12.3
Decreases related to prior year tax positions		(6.8)
Increase related to prior year tax positions		0.5
Increases related to current year tax positions		0.6
Settlements during the period		(3.5)
Lapse of statute of limitation		—
Gross unrecognized benefits at May 31, 2022	$	3.1