Changes in Equity

9 Months Ended

Feb. 29, 2024

Equity [Abstract]

Changes in Equity

Note J – Changes in Equity

The following tables summarize the changes in equity by component and in total for the periods presented:

	Controlling Interest
									Net			Accumulated			Total
									Investment			Other			Shareholders’
			Additional						by the			Comprehensive			Equity -			Non-
	Common		Paid-in			Retained			Former			Income (Loss),			Controlling			controlling			Total
(In millions)	Shares		Capital			Earnings			Parent			Net of Tax			Interest			Interests			Equity
Balance at May 31, 2023	$	-	$	-		$	-		$	1,031.1		$	(2.1	)	$	1,029.0		$	125.6		$	1,154.6
Net earnings		-		-			-			58.5			-			58.5			3.6			62.1
Other comprehensive loss		-		-			-			-			(8.2	)		(8.2	)		-			(8.2	)
Transfers from the Former Parent, net		-		-			-			40.8			-			40.8			-			40.8
Dividends to noncontrolling interests		-		-			-			-			-			-			(1.9	)		(1.9	)
Balance at August 31, 2023	$	-	$	-		$	-		$	1,130.4		$	(10.3	)	$	1,120.1		$	127.3		$	1,247.4
Net earnings (loss)		-		-			-			(6.0	)		-			(6.0	)		3.9			(2.1	)
Other comprehensive income		-		-			-			-			11.1			11.1			-			11.1
Transfers to the Former Parent, net		-		-			-			(84.9	)		-			(84.9	)		-			(84.9	)
Dividends to noncontrolling interests		-		-			-			-			-			-			-			-
Balance at November 30, 2023	$	-	$	-		$	-		$	1,039.5		$	0.8		$	1,040.3		$	131.2		$	1,171.5
Net earnings		-		-			49.0			-			-			49.0			3.4			52.4
Other comprehensive loss		-		-			-			-			(7.1	)		(7.1	)		-			(7.1	)
Distribution to the Former Parent in connection with the Separation		-		(150.0	)		-			-			-			(150.0	)		-			(150.0	)
Transfers from the Former Parent, net		-		11.4			-			-			-			11.4			-			11.4
Transfer of Net Investment by Former Parent to Additional Paid-in Capital		-		1,039.5			-			(1,039.5	)		-			-			-			-
Common shares issued, net of withholding tax		-		(0.1	)		-			-			-			(0.1	)		-			(0.1	)
Stock-based compensation		-		2.2			-			-			-			2.2			-			2.2
Cash dividends declared		-		-			(8.1	)		-			-			(8.1	)		-			(8.1	)
Dividends to noncontrolling interest		-		-			-			-			-			-			(1.9	)		(1.9	)
Balance at February 29, 2024	$	-	$	903.0		$	40.9		$	-		$	(6.3	)	$	937.6		$	132.7		$	1,070.3

	Controlling Interest
							Net			Accumulated			Total
							Investment			Other			Shareholders’
			Additional				by the			Comprehensive			Equity -			Non-
	Common		Paid-in		Retained		Former			Income (Loss),			Controlling			controlling			Total
(In millions)	Shares		Capital		Earnings		Parent			Net of Tax			Interest			Interests			Equity
Balance at May 31, 2022	$	-	$	-	$	-	$	1,131.3		$	1.8		$	1,133.1		$	133.2		$	1,266.3
Net earnings		-		-		-		30.1			-			30.1			1.2			31.3
Other comprehensive loss		-		-		-		-			(13.3	)		(13.3	)		-			(13.3	)
Transfers from the Former Parent, net		-		-		-		38.9			-			38.9			-			38.9
Dividends to noncontrolling interests		-		-		-		-			-			-			-			-
Balance at August 31, 2022	$	-	$	-	$	-	$	1,200.3		$	(11.5	)	$	1,188.8		$	134.4		$	1,323.2
Net earnings (loss)		-		-		-		(15.8	)		-			(15.8	)		3.3			(12.5	)
Other comprehensive loss		-		-		-		-			(3.5	)		(3.5	)		-			(3.5	)
Transfers to the Former Parent, net		-		-		-		(72.2	)		-			(72.2	)		-			(72.2	)
Dividends to noncontrolling interests		-		-		-		-			-			-			(11.8	)		(11.8	)
Balance at November 30, 2022	$	-	$	-	$	-	$	1,112.3		$	(15.0	)	$	1,097.3		$	125.9		$	1,223.2
Net earnings		-		-		-		5.4			-			5.4			3.9			9.3
Other comprehensive income		-		-		-		-			24.7			24.7			-			24.7
Transfers to the Former Parent, net		-		-		-		(96.3	)		-			(96.3	)		-			(96.3	)
Dividends to noncontrolling interests		-		-		-		-			-			-			-			-
Balance at February 28, 2023	$	-	$	-	$	-	$	1,021.4		$	9.7		$	1,031.1		$	129.8		$	1,160.9

As a result of the Separation, during the second quarter of fiscal 2024, the Company performed a stock split that resulted in the issuance of 49.3 million common shares, all of which were held by the Former Parent at November 30, 2023. During the third quarter of fiscal 2024, immaterial incremental activity occurred. As of February 29, 2024, the Company had 49.3 million common shares issued and outstanding. For additional information, see “Note A – Description of Business, The Separation, Agreements with the Former Parent and Separation Costs, and Basis of Presentation.”

The following table summarizes the changes in accumulated other comprehensive income (“AOCI”) for the periods presented:

									Accumulated
	Foreign			Pension					Other
	Currency			Liability		Cash Flow			Comprehensive
(In millions)	Translation			Adjustment		Hedges			Loss
Balance at May 31, 2023	$	(10.6	)	$	6.0	$	2.5		$	(2.1	)
Other comprehensive income (loss) before reclassifications		(0.7	)		-		2.7			2.0
Reclassification adjustments to net earnings (1)		-			-		(7.3	)		(7.3	)
Income tax effect		-			-		1.1			1.1
Balance at February 29, 2024	$	(11.3	)	$	6.0	$	(1.0	)	$	(6.3	)

									Accumulated
	Foreign			Pension					Other
	Currency			Liability		Cash Flow			Comprehensive
(In millions)	Translation			Adjustment		Hedges			Income
Balance at May 31, 2022	$	(3.8	)	$	6.6	$	(1.0	)	$	1.8
Other comprehensive income (loss) before reclassifications		(5.9	)		-		4.7			(1.2	)
Reclassification adjustments to net earnings (1)		-			-		13.3			13.3
Income tax effect		-			-		(4.2	)		(4.2	)
Balance at February 28, 2023	$	(9.7	)	$	6.6	$	12.8		$	9.7

The consolidated and combined statement of earnings classification of amounts reclassified to net income include:

(1)Cash flow hedges – See the disclosure in “Note N – Derivative Financial Instruments and Hedging Activities.”