Changes in Equity (Tables)

9 Months Ended

Feb. 29, 2024

Equity [Abstract]

Summary of Changes in Equity by Component and in Total

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

Summary of Changes in Accumulated Other Comprehensive Income

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.”