Annual report pursuant to Section 13 and 15(d)

Property and Equipment, Net of Accumulated Depreciation

v3.24.2
Property and Equipment, Net of Accumulated Depreciation
 12 Months Ended
May 31, 2024
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net of Accumulated Depreciation

Note J — Property and Equipment, Net of Accumulated Depreciation

 

The components of property and equipment, at cost, consisted of the following:

 

 

 

May 31,

 

In millions

 

2024

 

 

2023

 

Land and improvements

 

$

 

9.0

 

 

$

 

9.0

 

Buildings and improvements

 

 

 

131.4

 

 

 

 

130.5

 

Data processing equipment

 

 

 

213.3

 

 

 

 

214.5

 

Software (1)

 

 

 

1,010.1

 

 

 

 

927.3

 

Furniture, fixtures, and equipment

 

 

 

71.9

 

 

 

 

77.2

 

Leasehold improvements

 

 

 

47.6

 

 

 

 

67.3

 

Construction in progress (1)

 

 

 

60.7

 

 

 

 

51.7

 

Total property and equipment, gross

 

 

 

1,544.0

 

 

 

 

1,477.5

 

Less: Accumulated depreciation

 

 

 

1,132.3

 

 

 

 

1,081.2

 

Property and equipment, net of accumulated depreciation

 

$

 

411.7

 

 

$

 

396.3

 

 

(1)
Software includes both purchased software and costs capitalized related to internally developed software placed in service. Capitalized costs related to internally developed software that has not yet been placed in service is included in construction in progress.

 

Depreciation expense was $127.5 million, $128.4 million, and $133.7 million for fiscal 2024, 2023, and 2022, respectively.

 

During the fourth quarter, the Company reprioritized certain technology investments and disposed of certain leasehold improvements, furniture, and fixtures associated with abandoned leased properties and recorded losses on disposal of $17.1 million and $4.1 million, respectively. The losses are included in selling, general and administrative expenses on the Consolidated Statements of Income and Comprehensive Income.