Employee Benefit Plans (Tables)

12 Months Ended

May 31, 2024

Employee Benefit Plans

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

The change to our projected benefit obligation and the fair value of our plan assets for our Netherlands plan for the two years ended May 31, 2024 was as follows:

	For the Year Ended May 31,
	2024		2023
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	51.3	$	56.4
Service cost		0.2		0.2
Interest cost		1.9		1.5
Net actuarial loss ( gain)		0.4		(4.6)
Benefits and administrative payments		(2.0)		(1.5)
Foreign currency translation adjustment		0.9		(0.7)
Projected benefit obligation at end of year	$	52.7	$	51.3
Change in the fair value of plan assets:
Fair value of plan assets at beginning of year	$	50.2	$	57.2
Actual return on plan assets		2.2		(4.8)
Benefits and administrative payments		(2.0)		(1.5)
Foreign currency translation adjustment		1.0		(0.7)
Fair value of plan assets at end of year	$	51.4	$	50.2
Funded status at end of year	$	(1.3)	$	(1.1)
Accumulated other comprehensive loss	$	6.8	$	6.3
Accumulated benefit obligation	$	50.6	$	48.6

The funded status of our Netherlands plan is recognized in Other liabilities on our Consolidated Balance Sheets.

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

	For the Year Ended May 31,
	2024		2023		2022
Service cost	$	0.2	$	0.2	$	1.2
Interest cost		1.9		1.5		1.0
Expected return on plan assets		(2.4)		(2.1)		(2.5)
Recognized net actuarial loss		—		—		0.2
	$	(0.3)	$	(0.4)	$	(0.1)

Schedule of fair value of pension plan assets

The assets of the Netherlands Plan are primarily invested in funds-of-funds where each fund holds a portfolio of equity and fixed income mutual funds. To develop our expected rate of return assumption, we use long-term historical return information for our targeted asset mix and current market conditions as of the measurement date. The expected return for each asset class is weighted based on the target asset allocation to develop the expected long-term rate of return on plan assets assumption.

The following table sets forth by level, within the fair value hierarchy, the Netherlands Plan assets at their fair value as of May 31, 2024:

	Level 2(1)		Level 3(2)		Total
Funds-of-funds	$	40.7	$	—	$	40.7
Insurance annuities		—		10.7		10.7
	$	40.7	$	10.7	$	51.4

The following table sets forth by level, within the fair value hierarchy, the Netherlands Plan assets at their fair value as of May 31, 2023:

	Level 2(1)		Level 3(2)		Total
Funds-of-funds	$	39.9	$	—	$	39.9
Insurance annuities		—		10.3		10.3
	$	39.9	$	10.3	$	50.2

(1) Inputs other than quoted prices in active markets for identical assets that are directly observable for the asset or indirectly observable through corroboration with observable market data.

(2) 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 estimated future pension payments

	Fiscal Year
											2030 to
	2025		2026		2027		2028		2029		2034
Estimated future pension payments	$	2.1	$	2.2	$	2.2	$	2.3	$	2.3	$	12.0