v3.26.1
Revenue Recognition (Tables)
12 Months Ended
May 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue by Product Class and Over Time

The following table summarizes net sales by product class for fiscal 2026, fiscal 2025, and fiscal 2024:

 

(In millions)

2026

 

 

2025

 

 

2024

 

Product class

 

 

 

 

 

 

 

 

Direct

$

3,323.7

 

 

$

2,943.4

 

 

$

3,269.4

 

Toll

 

120.1

 

 

 

149.9

 

 

 

161.2

 

Total

$

3,443.8

 

 

$

3,093.3

 

 

$

3,430.6

 

Summary of Unbilled Receivable and Contract Assets

The following table summarizes the unbilled receivables and contract assets at the end of fiscal 2026 and fiscal 2025:

 

(In millions)

Balance Sheet Classification

 

2026

 

 

2025

 

Unbilled receivables

Receivables

 

$

4.2

 

 

$

4.0

 

Contract assets

Prepaid expenses and other current assets

 

$

12.7

 

 

$

7.0

 

Summary of Changes in Contract Liabilities

The following table summarizes the changes in contract liabilities during fiscal 2026 and fiscal 2025:

 

(In millions)

 

 

Balance at May 31, 2024

$

7.6

 

Unearned revenue from cash received during the period

 

6.5

 

Revenue recognized related to contract liability balance

 

(8.9

)

Balance at May 31, 2025

 

5.2

 

Unearned revenue from cash received during the period

 

6.2

 

Revenue recognized related to contract liability balance

 

(3.8

)

Balance at May 31, 2026

$

7.6