v3.26.1
Leases
 12 Months Ended
May 31, 2026
Leases [Abstract]  
Leases LEASES
The following table summarizes right-of-use assets and lease liabilities recorded on the Company's Consolidated Balance Sheet for the fiscal years ended May 31, 2026 and May 31, 2025:

May 31, 2026May 31, 2025Location within Consolidated Balance Sheet
Operating leases$291.2 $103.9 Operating lease right-of-use assets, net
Finance leases14.1 6.0 Property, plant and equipment, net
Total lease assets$305.3 $109.9 
Operating leases:
Current portion$26.4 $26.8 
Operating lease liabilities, current
Noncurrent portion
280.6 91.5 
Operating lease liabilities, noncurrent
Total operating lease liabilities$307.0 $118.3 
Finance leases:
Current portion$3.2 $1.7 Other accrued expenses
Noncurrent portion
11.7 4.9 Other noncurrent liabilities
Total finance lease liabilities$14.9 $6.6 
Total lease liabilities$321.9 $124.9 

During fiscal 2026, the Company sold its headquarters in New York City and its primary distribution facility in Jefferson City, Missouri, and concurrently entered into a 15-year lease for a portion of its headquarters building and a 20-year lease for the distribution facility. These leases are classified as operating leases in accordance with ASC 842. Refer to Note 4, "Sale and Leaseback Transactions", for further details.
As part of the Company's efforts to rightsize its real estate footprint to reduce occupancy costs, the Company recognized pretax impairment charges of $0.6 and $3.9 for the fiscal years ended May 31, 2025 and 2024, respectively, related to operating lease right-of-use assets in connection with the early exit of certain leased office space. Refer to Note 5, "Asset Write Down", for further discussion regarding the impairment. The Company did not recognize any lease impairment charges during fiscal 2026.

The following table summarizes the lease expense activity for the fiscal years ended May 31:
Location within Consolidated Statements of Operations
202620252024
Operating lease expense$43.6 $31.7 $29.7 Selling, general and administrative expenses
Finance lease costs :
Depreciation of leased assets2.1 1.4 2.1 Depreciation and amortization
Accretion of lease liabilities0.7 0.6 0.3 Interest expense
Total lease expense$46.4 $33.7 $32.1 

The following table summarizes certain cash flows information related to the Company's leases for the fiscal years ended May 31:
202620252024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$41.9 $28.6 $30.2 
Operating cash flows from finance leases0.7 0.6 0.3 
Financing cash flows from finance leases2.1 1.7 2.3 
Noncash transactions:
Lease assets obtained in exchange for new lease liabilities$217.6 $25.0 $40.4 

The following table provides the maturities of the Company's lease liabilities recorded on the Company's Consolidated Balance Sheet for the fiscal year ended May 31, 2026:

Operating LeasesFinance Leases
Fiscal 2027$49.4 $3.9 
Fiscal 202848.6 3.2 
Fiscal 202941.4 2.7 
Fiscal 203036.9 2.4 
Fiscal 203135.5 2.2 
Thereafter335.5 2.8 
Total lease payments$547.3 $17.2 
Less: interest(240.3)(2.3)
Total lease liabilities$307.0 $14.9 
The following table summarizes the weighted-average remaining lease terms and weighted-average discount rates related to the Company's leases recorded on the Company's Consolidated Balance Sheets for the fiscal years ended May 31, 2026 and May 31, 2025:

20262025
Weighted-average remaining lease term (years):
Operating Leases11.55.3
Finance Leases5.84.5
Weighted-average discount rate:
Operating Leases8.3 %5.6 %
Finance Leases5.2 %5.0 %


Prior to the sale and leaseback transactions that occurred in December 2025, the Company owned leasable space in its headquarters in SoHo, New York City. The Company recognized rental income of $7.2, $11.2 and $9.7 for the fiscal years ended May 31, 2026, 2025, and 2024, respectively.
Leases LEASES
The following table summarizes right-of-use assets and lease liabilities recorded on the Company's Consolidated Balance Sheet for the fiscal years ended May 31, 2026 and May 31, 2025:

May 31, 2026May 31, 2025Location within Consolidated Balance Sheet
Operating leases$291.2 $103.9 Operating lease right-of-use assets, net
Finance leases14.1 6.0 Property, plant and equipment, net
Total lease assets$305.3 $109.9 
Operating leases:
Current portion$26.4 $26.8 
Operating lease liabilities, current
Noncurrent portion
280.6 91.5 
Operating lease liabilities, noncurrent
Total operating lease liabilities$307.0 $118.3 
Finance leases:
Current portion$3.2 $1.7 Other accrued expenses
Noncurrent portion
11.7 4.9 Other noncurrent liabilities
Total finance lease liabilities$14.9 $6.6 
Total lease liabilities$321.9 $124.9 

During fiscal 2026, the Company sold its headquarters in New York City and its primary distribution facility in Jefferson City, Missouri, and concurrently entered into a 15-year lease for a portion of its headquarters building and a 20-year lease for the distribution facility. These leases are classified as operating leases in accordance with ASC 842. Refer to Note 4, "Sale and Leaseback Transactions", for further details.
As part of the Company's efforts to rightsize its real estate footprint to reduce occupancy costs, the Company recognized pretax impairment charges of $0.6 and $3.9 for the fiscal years ended May 31, 2025 and 2024, respectively, related to operating lease right-of-use assets in connection with the early exit of certain leased office space. Refer to Note 5, "Asset Write Down", for further discussion regarding the impairment. The Company did not recognize any lease impairment charges during fiscal 2026.

The following table summarizes the lease expense activity for the fiscal years ended May 31:
Location within Consolidated Statements of Operations
202620252024
Operating lease expense$43.6 $31.7 $29.7 Selling, general and administrative expenses
Finance lease costs :
Depreciation of leased assets2.1 1.4 2.1 Depreciation and amortization
Accretion of lease liabilities0.7 0.6 0.3 Interest expense
Total lease expense$46.4 $33.7 $32.1 

The following table summarizes certain cash flows information related to the Company's leases for the fiscal years ended May 31:
202620252024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$41.9 $28.6 $30.2 
Operating cash flows from finance leases0.7 0.6 0.3 
Financing cash flows from finance leases2.1 1.7 2.3 
Noncash transactions:
Lease assets obtained in exchange for new lease liabilities$217.6 $25.0 $40.4 

The following table provides the maturities of the Company's lease liabilities recorded on the Company's Consolidated Balance Sheet for the fiscal year ended May 31, 2026:

Operating LeasesFinance Leases
Fiscal 2027$49.4 $3.9 
Fiscal 202848.6 3.2 
Fiscal 202941.4 2.7 
Fiscal 203036.9 2.4 
Fiscal 203135.5 2.2 
Thereafter335.5 2.8 
Total lease payments$547.3 $17.2 
Less: interest(240.3)(2.3)
Total lease liabilities$307.0 $14.9 
The following table summarizes the weighted-average remaining lease terms and weighted-average discount rates related to the Company's leases recorded on the Company's Consolidated Balance Sheets for the fiscal years ended May 31, 2026 and May 31, 2025:

20262025
Weighted-average remaining lease term (years):
Operating Leases11.55.3
Finance Leases5.84.5
Weighted-average discount rate:
Operating Leases8.3 %5.6 %
Finance Leases5.2 %5.0 %


Prior to the sale and leaseback transactions that occurred in December 2025, the Company owned leasable space in its headquarters in SoHo, New York City. The Company recognized rental income of $7.2, $11.2 and $9.7 for the fiscal years ended May 31, 2026, 2025, and 2024, respectively.