Employee Benefit Plans (Tables)

12 Months Ended

May 31, 2020

Employee Benefit Plans

Schedule of change to the entity's projected benefit obligation and the fair value of plan assets for pension plans

	May 31,
	2020		2019
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	149.2	$	146.5
Service cost		2.8		2.3
Interest cost		3.8		4.3
Participant contributions		0.3		0.4
Net actuarial loss		10.1		6.5
Benefits and administrative payments		(4.9)		(6.9)
Settlements		(2.2)		(0.6)
Foreign currency translation adjustment		—		(3.3)
Projected benefit obligation at end of year	$	159.1	$	149.2
Change in the fair value of plan assets:
Fair value of plan assets at beginning of year	$	129.9	$	134.5
Actual return on plan assets		8.6		2.8
Employer contributions		0.4		2.6
Participant contributions		—		0.4
Benefits and administrative payments, including settlements		(7.1)		(7.5)
Foreign currency translation adjustment		—		(2.9)
Fair value of plan assets at end of year	$	131.8	$	129.9
Funded status at end of year	$	(27.3)	$	(19.3)

Schedule of amounts recognized in the Consolidated Balance Sheets

	May 31,
	2020		2019
Accrued liabilities	$	(0.4)	$	(0.4)
Other liabilities		(26.9)		(18.9)
Funded status at end of year	$	(27.3)	$	(19.3)
Accumulated other comprehensive loss	$	63.5	$	58.7

Schedule of components of pension expense charged to the consolidated statement of income

	For the Year Ended
	May 31,
	2020		2019		2018
Service cost	$	2.8	$	2.3	$	2.4
Interest cost		3.8		4.3		4.3
Expected return on plan assets		(6.8)		(7.1)		(7.3)
Curtailment		—		—		0.3
Settlements		1.5		0.1		—
Amortization of prior service credit		—		(0.1)		—
Recognized net actuarial loss		2.0		1.8		2.3
	$	3.3	$	1.3	$	2.0

Schedule of key weighted-average assumptions used in the measurement of the entity's projected benefit obligations

	May 31,
	2020		2019
Discount rate:
Domestic plans	2.83	%	3.67	%
International plan	1.20		1.50
Rate of compensation increase:
Domestic plans	n/a		n/a
International plans	3.00	%	3.00	%

Schedule of the weighted average assumptions used to determine net periodic pension expense

	For the Year Ended
	May 31,
	2020		2019		2018
Discount rate:
Domestic plans	3.67	%	4.05	%	3.82	%
International plan	1.50		1.90		2.00
Expected long-term rate on plan assets:
Domestic plans	7.25	%	7.25	%	7.25	%
International plan	2.90		3.60		4.00

Schedule of actual asset allocation and target allocations

	May 31,				Target Asset
	2020		2019		Allocation
Equity securities	60	%	59	%	45 – 75	%
Fixed income securities	20		22		15 – 45	%
Other	20		19		0 – 25	%
	100	%	100	%

Schedule of fair value of pension plan assets

The following table sets forth by level, within the fair value hierarchy, pension plan assets at their fair value as of May 31, 2020:

	Level 1(1)		Level 2(2)		Level 3(3)		Total
Equity securities:
U.S. mutual funds	$	31.5	$	—	$	—	$	31.5
International mutual funds		7.6		—		—		7.6
Fixed income:
Government securities and corporate bond mutual funds		8.4		4.7		—		13.1
Funds-of-funds		—		54.6		8.5		63.1
Hedge funds		—		—		4.3		4.3
Insurance annuities		—		—		11.7		11.7
Cash and cash equivalents		0.5		—		—		0.5
Total investments	$	48.0	$	59.3	$	24.5	$	131.8

The following table sets forth by level, within the fair value hierarchy, pension plan assets at their fair value as of May 31, 2019:

	Level 1(1)		Level 2(2)		Level 3(3)		Total
Equity securities:
U.S. mutual funds	$	31.1	$	—	$	—	$	31.1
International mutual funds		8.4		—		—		8.4
Fixed income:
Government securities and corporate bond mutual funds		9.0		5.9		—		14.9
Funds-of-funds		—		53.0		7.9		60.9
Hedge funds		—		—		4.2		4.2
Insurance annuities		—		—		9.9		9.9
Cash and cash equivalents		0.5		—		—		0.5
Total investments	$	49.0	$	58.9	$	22.0	$	129.9

(1) Quoted prices in active markets for identical assets that we have the ability to access as of the reporting date.

(2) Inputs other than quoted prices included within Level 1 that are directly observable for the asset or indirectly observable through corroboration with observable market data.

(3) Unobservable inputs, such as internally developed pricing models or third party valuations for the asset due to little or no market activity for the asset.

Schedule of reconciliation of Level 3 pension assets measured at fair value

	Hedge Funds		Fund-of-funds		Insurance Annuities		Total
Balance as of May 31, 2018	$	4.4	$	7.7	$	7.8	$	19.9
Purchases		—		—		2.1		2.1
Return on plan assets related to assets still held at May 31, 2019		(0.2)		0.2		—		—
Balance as of May 31, 2019		4.2		7.9		9.9		22.0
Purchases		—		—		1.8		1.8
Sales		(0.1)		—		—		(0.1)
Return on plan assets related to assets still held at May 31, 2020		0.2		0.6		—		0.8
Balance as of May 31, 2020	$	4.3	$	8.5	$	11.7	$	24.5

Schedule of estimated future pension payments

	Fiscal Year
											2026 to
	2021		2022		2023		2024		2025		2030
Estimated future pension payments	$	6.7	$	6.1	$	6.4	$	5.8	$	6.9	$	35.4