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Property and Equipment, Net of Accumulated Depreciation
 12 Months Ended
May 31, 2023
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net of Accumulated Depreciation

Note I — Property and Equipment, Net of Accumulated Depreciation

 

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

 

 

 

May 31,

 

In millions

 

2023

 

 

2022

 

Land and improvements

 

$

 

9.0

 

 

$

 

10.3

 

Buildings and improvements

 

 

 

130.5

 

 

 

 

157.1

 

Data processing equipment

 

 

 

214.5

 

 

 

 

217.4

 

Software (1)

 

 

 

927.3

 

 

 

 

832.1

 

Furniture, fixtures, and equipment

 

 

 

77.2

 

 

 

 

97.7

 

Leasehold improvements

 

 

 

67.3

 

 

 

 

91.7

 

Construction in progress (1)

 

 

 

51.7

 

 

 

 

50.7

 

Total property and equipment, gross

 

 

 

1,477.5

 

 

 

 

1,457.0

 

Less: Accumulated depreciation

 

 

 

1,081.2

 

 

 

 

1,055.7

 

Property and equipment, net of accumulated depreciation

 

$

 

396.3

 

 

$

 

401.3

 

 

(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 $128.4 million, $133.7 million, and $123.4 million for fiscal 2023, 2022, and 2021, respectively.