Comprehensive Income (Loss)

12 Months Ended

May 31, 2024

Equity [Abstract]

Comprehensive Income (Loss)

Note I – Comprehensive Income (Loss)

Other Comprehensive Income (Loss): The following table summarizes the tax effects of each component of other comprehensive income (loss) for the prior three fiscal years:

	2024									2023									2022
(In millions)	Before- Tax			Tax			Net-of- Tax			Before- Tax			Tax			Net-of- Tax			Before- Tax			Tax			Net-of- Tax
Foreign currency translation	$	(1.3	)	$	-		$	(1.3	)	$	(6.8	)	$	-		$	(6.8	)	$	(3.3	)	$	-		$	(3.3	)
Pension liability adjustment		3.1			(0.7	)		2.4			(0.8	)		0.1			(0.7	)		8.6			(2.0	)		6.6
Cash flow hedges		(6.7	)		1.6			(5.1	)		4.5			(1.0	)		3.5			(52.1	)		12.3			(39.8	)
Other comprehensive loss	$	(4.9	)	$	0.9		$	(4.0	)	$	(3.1	)	$	(0.9	)	$	(4.0	)	$	(46.8	)	$	10.3		$	(36.5	)

Accumulated Other Comprehensive Income (Loss): The components of the changes in AOCI at the end of the prior three fiscal years were as follows:

										Accumulated
	Foreign			Pension			Cash			Other
	Currency			Liability			Flow			Comprehensive
(In millions)	Translation			Adjustment			Hedges			Income (Loss)
Balance at May 31, 2022	$	(3.8	)	$	6.7		$	(1.0	)	$	1.9
Other comprehensive loss before reclassifications		(6.8	)		(1.0	)		(10.1	)		(17.9	)
Reclassification adjustments to income (a)		-			0.2			14.6			14.8
Income tax effect		-			0.1			(1.0	)		(0.9	)
Balance at May 31, 2023	$	(10.6	)	$	6.0		$	2.5		$	(2.1	)
Other comprehensive income (loss) before reclassifications		(1.3	)		3.5			1.6			3.8
Reclassification adjustments to income (a)		-			(0.4	)		(8.3	)		(8.7	)
Income tax effect		-			(0.7	)		1.6			0.9
Balance at May 31, 2024	$	(11.9	)	$	8.4		$	(2.6	)	$	(6.1	)

(a)The statement of earnings classification of amounts reclassified to net income include:

(1)Pension liability adjustment – As disclosed in “Note L – Employee Retirement Plans”; and

(2)Cash flow hedges – disclosed in “Note P – Derivative Financial Instruments and Hedging Activities.”