Pension and Postretirement

3 Months Ended

Feb. 29, 2020

Postemployment Benefits [Abstract]

Postemployment Benefits Disclosure

Pensions and Postretirement Benefits

During the first quarter of 2020, we incurred settlement expense of approximately $11.6 million related to lump-sum distributions to participants in our U.S. RIP, SIP, and U.K. RIP plans. We also converted to termination accounting for our U.K. RIP at the end of the first quarter, which resulted in an expense recognition of actuarial loss in excess of corridor of approximately $9.6 million.

In March 2020, we transferred our U.S. RIP annuity liability to a third-party insurer, and we expect to transfer our U.K. RIP liability to a third-party insurer by the end of the second quarter of 2020.