Leases (Tables)

12 Months Ended

May 31, 2024

Leases [Abstract]

Schedule of Components of Lease Expense

The components of lease expense for fiscal 2024 and fiscal 2023 were as follows:

(In millions)	2024		2023
Operating lease expense	$	10.1	$	9.5
Short-term lease expense		2.6		1.8
Variable lease expense		-		0.3
Total lease expense	$	12.7	$	11.6

Other Information Related to Company' s Leases

Other information related to our leases, as of and for the fiscal years ended May 31, 2024 and May 31, 2023, is provided below:

	Operating Leases
(Dollars in millions)	2024			2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows	$	9.3		$	5.7
Financing cash flows	$	-		$	-
ROU assets obtained in exchange for lease liabilities	$	6.7		$	12.1
Weighted-average remaining lease term (in years)		13.53			14.63
Weighted-average discount rate		3.48	%		3.35	%

Schedule of Future Minimum Lease Payments for Non-Cancelable Operating Leases

Future minimum lease payments for non-cancelable operating leases having an initial or remaining term in excess of one year at May 31, 2024, were as follows:

(In millions)	Operating Leases
2025	$	9.9
2026		8.8
2027		7.3
2028		6.9
2029		6.2
Thereafter		55.5
Total		94.6
Less: imputed interest		(18.7	)
Present value of lease liabilities	$	75.9