v3.26.1
Segment Information and Geographic Data (Tables)
12 Months Ended
May 31, 2026
Segment Reporting [Abstract]  
Schedule of Significant Expenses Provided to CODM for Reportable Segment

The following table presents the significant expenses that are regularly provided to the CODM for the one reportable segment and the required disclosable amounts that are included in consolidated and combined net earnings for the past three fiscal years.

 

 

Fiscal Years Ended May 31,

 

(In millions)

2026

 

 

2025

 

 

2024

 

Net sales

$

3,443.8

 

 

$

3,093.3

 

 

$

3,430.6

 

Cost of goods sold:

 

 

 

 

 

 

 

 

Material cost

 

2,331.1

 

 

 

2,082.0

 

 

 

2,366.9

 

Direct labor, manufacturing expenses, and other (1)

 

709.4

 

 

 

622.7

 

 

 

623.9

 

Total cost of goods sold

 

3,040.5

 

 

 

2,704.7

 

 

 

2,990.8

 

Gross margin

 

403.3

 

 

 

388.6

 

 

 

439.8

 

Selling, general and administrative expense

 

297.4

 

 

 

231.6

 

 

 

224.4

 

Impairment of goodwill

 

53.8

 

 

 

-

 

 

 

-

 

Impairment of long-lived assets and other assets

 

60.5

 

 

 

7.4

 

 

 

1.4

 

Restructuring and other (income) expense, net

 

(7.0

)

 

 

2.6

 

 

 

-

 

Separation costs

 

-

 

 

 

-

 

 

 

19.5

 

Operating income (loss)

 

(1.4

)

 

 

147.0

 

 

 

194.5

 

Other income (expense):

 

 

 

 

 

 

 

 

Miscellaneous income, net

 

16.6

 

 

 

3.8

 

 

 

5.3

 

Interest expense, net

 

(28.4

)

 

 

(7.1

)

 

 

(6.0

)

Equity in net income of unconsolidated affiliate

 

20.3

 

 

 

4.4

 

 

 

22.4

 

Earnings before income taxes

 

7.1

 

 

 

148.1

 

 

 

216.2

 

Income tax expense

 

20.0

 

 

 

28.8

 

 

 

46.1

 

Net earnings (loss)

 

(12.9

)

 

 

119.3

 

 

 

170.1

 

Net earnings (loss) attributable to noncontrolling interests

 

(21.4

)

 

 

8.6

 

 

 

15.4

 

Net earnings attributable to controlling interest

$

8.5

 

 

$

110.7

 

 

$

154.7

 

 

(1)
Includes expenses related to manufacturing profit sharing and bonus.
Schedule of Net Sales by Geographic Region The following table presents net sales by geographic region for the past three fiscal years:

 

(In millions)

2026

 

 

2025

 

 

2024

 

United States

$

2,560.8

 

 

$

2,436.3

 

 

$

2,752.0

 

Canada

 

392.1

 

 

 

330.8

 

 

 

392.6

 

Mexico

 

208.0

 

 

 

207.7

 

 

 

181.3

 

Rest of world

 

282.9

 

 

 

118.5

 

 

 

104.7

 

Total

$

3,443.8

 

 

$

3,093.3

 

 

$

3,430.6

 

Schedule of Long-Lived Assets, Excluding Investment in Affiliate and Deferred Tax Assets, by Geographic Region

The following table presents long-lived assets, excluding intangible assets, equity securities, investments in unconsolidated affiliates and deferred tax assets, by geographic region as of the end of the past two fiscal years:

 

(In millions)

2026

 

 

2025

 

United States

$

394.0

 

 

$

403.5

 

Canada

 

108.0

 

 

 

80.1

 

Mexico

 

99.6

 

 

 

84.2

 

Rest of world

 

133.0

 

 

 

53.0

 

Total

$

734.6

 

 

$

620.8