v3.26.1
Taxes (Tables)
 12 Months Ended
May 31, 2026
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:
202620252024
United States$81.6 $1.0 $17.3 
Non-United States3.6 (2.3)(1.1)
Total$85.2 $(1.3)$16.2 
Schedule of income tax expense (benefit)
The provision (benefit) for income taxes for the fiscal years ended May 31 consisted of the following components: 
 202620252024
Current   
Federal$10.9 $6.3 $3.4 
State and local11.2 1.3 1.2 
Non-United States4.4 2.7 1.5 
Total Current$26.5 $10.3 $6.1 
Deferred   
Federal$2.8 $(9.1)$0.5 
State and local(3.3)(0.4)(1.3)
Non-United States2.5 (0.2)(1.2)
Total Deferred$2.0 $(9.7)$(2.0)
 Total Current and Deferred$28.5 $0.6 $4.1 
Schedule of effective income tax rate reconciliation
In accordance with the prospective adoption of ASU 2023-09, the following table presents a reconciliation of the U.S. federal statutory income tax rate to the effective income tax rate for the fiscal year ended May 31, 2026, including both rate and dollar amount information:

 AmountRate
U.S. federal statutory income tax rate$17.9 21.0 %
State and local income tax, net of federal income tax benefit (1)
6.6 7.8 
Foreign tax effects
Australia
Sale of equity method investment4.1 4.8 
Permanent differences(1.3)(1.5)
Other(0.7)(0.8)
Canada
Foreign tax rate differential1.0 1.2 
Other1.0 1.2 
Other foreign jurisdictions1.8 2.1 
Tax credits
Research and development tax credit(1.2)(1.4)
Foreign tax credit(1.2)(1.4)
Changes in unrecognized tax benefits1.4 1.6 
Effect of cross-border tax laws0.0 0.0 
     Global intangible low-taxed income2.8 3.3 
     FDII(2.8)(3.3)
Nontaxable or nondeductible items
Charitable contributions(0.9)(1.1)
Equity and other compensation(1.0)(1.1)
Section 162(m) limitation2.1 2.5 
Sale of equity method investment(1.1)(1.3)
Other federal tax adjustments(1.0)(1.1)
Other nontaxable or nondeductible items 1.0 0.9 
Effective income tax rate$28.5 33.4  %
(1) State and local taxes in New York, New York City, and California represented the majority (greater than 50 percent) of the tax effect in this category.
Prior to the adoption of ASU 2023-09, the following table presents a reconciliation of the U.S. federal statutory income tax rate to the effective income tax rate for the fiscal years ended May 31:

 20252024
Computed federal statutory provision21.0 %21.0 %
State income tax provision, net of federal income tax benefit(66.5)(3.0)
Difference in effective tax rates on earnings of foreign subsidiaries(61.4)(0.1)
GILTI inclusion— 0.1 
Various tax credits62.1 (6.6)
Valuation allowances, excluding state
93.8 2.9 
Uncertain positions40.7 0.4 
Transaction costs
— 12.0 
Equity and other compensation51.6 (3.7)
Section 162(m) limitation
(83.5)6.0 
Return to provision and other adjustments
(132.8)(5.1)
Permanent differences
29.0 1.3 
Other, net(0.2)0.1 
Effective tax rates(46.2)%25.3 %
Total provision (benefit) for income taxes$0.6 $4.1 
Schedule of deferred tax assets and liabilities
The significant components for deferred income taxes for the fiscal years ended May 31 were as follows: 

20262025
Deferred tax assets:  
Tax uniform capitalization$12.8 $12.2 
Prepublication expenses3.9 3.0 
Inventory reserves19.2 21.8 
Allowance for credit losses2.0 1.8 
Deferred revenue6.1 6.2 
Stock based compensation4.6 5.9 
Other reserves5.2 4.4 
Postretirement, post employment and pension obligations1.6 1.6 
Tax carryforwards30.5 32.4 
Lease liabilities76.5 27.7 
Other13.5 15.0 
Gross deferred tax assets$175.9 $132.0 
Valuation allowance(21.6)(17.1)
Total deferred tax assets$154.3 $114.9 
Deferred tax liabilities:  
Depreciation and amortization(35.4)(53.9)
Lease right-of-use assets(73.0)(24.4)
Research and development costs capitalized(20.6)(8.3)
Other(2.0)(3.7)
Total deferred tax liabilities$(131.0)$(90.3)
Total net deferred tax assets (1)
$23.3 $24.6 
(1) Total net deferred tax assets include $8.5 and $10.1 as of May 31, 2026 and May 31, 2025, respectively, of deferred tax liabilities that were recorded in Other noncurrent liabilities on the Company's Consolidated Balance Sheet primarily due to foreign jurisdictions that cannot be netted.
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, 2023$2.0 
Decreases related to prior year tax positions(0.8)
Increase related to prior year tax positions0.7 
Increases related to current year tax positions0.1 
Settlements during the period(0.2)
Lapse of statute of limitation— 
Gross unrecognized benefits at May 31, 2024$1.8 
Decreases related to prior year tax positions— 
Increase related to prior year tax positions0.1 
Increases related to current year tax positions0.1 
Settlements during the period— 
Lapse of statute of limitation(0.8)
Gross unrecognized benefits at May 31, 2025$1.2 
Decreases related to prior year tax positions— 
Increase related to prior year tax positions1.9 
Increases related to current year tax positions0.1 
Settlements during the period— 
Lapse of statute of limitation(0.6)
Gross unrecognized benefits at May 31, 2026$2.6 
Schedule of Cash Flow, Supplemental Disclosures
The following table presents cash paid for income taxes, net of refunds received, by jurisdiction for the fiscal year ended May 31, 2026:

Federal$30.7
State
New York2.5
Other7.5
Other foreign jurisdictions2.7
Total cash paid for income taxes, net of refunds received$43.4