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Equity (Tables)
 6 Months Ended
Nov. 30, 2024
Equity [Abstract]  
Summary of Changes in Accumulated Other Comprehensive Income (Loss)

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

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

Foreign

 

 

Pension

 

 

 

 

 

Other

 

 

 

Currency

 

 

Liability

 

 

Cash Flow

 

 

Comprehensive

 

(In millions)

 

Translation

 

 

Adjustment

 

 

Hedges

 

 

Loss

 

Balance at May 31, 2024

 

$

(11.9

)

 

$

8.4

 

 

$

(2.6

)

 

$

(6.1

)

Other comprehensive loss before reclassifications

 

 

(2.7

)

 

 

(4.0

)

 

 

(5.3

)

 

 

(12.0

)

Reclassification adjustments to net earnings (1)

 

 

-

 

 

 

2.7

 

 

 

5.3

 

 

 

8.0

 

Income tax effect

 

 

-

 

 

 

0.3

 

 

 

-

 

 

 

0.3

 

Balance at November 30, 2024

 

$

(14.6

)

 

$

7.4

 

 

$

(2.6

)

 

$

(9.8

)

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

Foreign

 

 

Pension

 

 

 

 

 

Other

 

 

 

Currency

 

 

Liability

 

 

Cash Flow

 

 

Comprehensive

 

(In millions)

 

Translation

 

 

Adjustment

 

 

Hedges

 

 

Income (Loss)

 

Balance at May 31, 2023

 

$

(10.6

)

 

$

6.0

 

 

$

2.5

 

 

$

(2.1

)

Other comprehensive income (loss) before reclassifications

 

 

(0.3

)

 

 

-

 

 

 

11.4

 

 

 

11.1

 

Reclassification adjustments to net earnings (1)

 

 

-

 

 

 

-

 

 

 

(7.2

)

 

 

(7.2

)

Income tax effect

 

 

-

 

 

 

-

 

 

 

(1.0

)

 

 

(1.0

)

Balance at November 30, 2023

 

$

(10.9

)

 

$

6.0

 

 

$

5.7

 

 

$

0.8

 

 

(1)
The consolidated and combined statement of earnings classification of amounts reclassified to net income include:
a.
Cash flow hedges – See the disclosure in “Note 13 – Derivative Financial Instruments and Hedging Activities”; and
b.
Pension liability adjustment – During the second quarter of fiscal 2025, the Company, through its wholly-owned subsidiary, Tempel, purchased (using pension plan assets) an annuity contract from a third-party insurance company to transfer approximately 25% of the total projected benefit obligation of the Tempel Employees Pension Plan as of the purchase date. As a result of this transaction: 1) the Company recognized a non-cash settlement gain of $2.7 million within miscellaneous income (expense), net; 2) the Company was relieved of all responsibility for these pension obligations; and 3) the insurance company is now required to pay and administer the retirement benefits owed to 472 beneficiaries.