XML 60 R52.htm IDEA: XBRL DOCUMENT v3.24.4
Equity - Summary of Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Nov. 30, 2024
Nov. 30, 2023
Nov. 30, 2024
Nov. 30, 2023
Accumulated Other Comprehensive Income Loss [Line Items]        
Balance $ 1,143.2 $ 1,247.4 $ 1,117.5 $ 1,154.6
Income tax effect 0.3 (3.2) 0.3 (1.0)
Balance 1,145.1 1,171.5 1,145.1 1,171.5
Foreign Currency Translation        
Accumulated Other Comprehensive Income Loss [Line Items]        
Balance     (11.9) (10.6)
Other comprehensive income (loss) before reclassifications     (2.7) (0.3)
Reclassification adjustments to net earnings [1]     0.0 0.0
Income tax effect     0.0 0.0
Balance (14.6) (10.9) (14.6) (10.9)
Pension Liability Adjustment        
Accumulated Other Comprehensive Income Loss [Line Items]        
Balance     8.4 6.0
Other comprehensive income (loss) before reclassifications     (4.0) 0.0
Reclassification adjustments to net earnings [1]     2.7 0.0
Income tax effect     0.3 0.0
Balance 7.4 6.0 7.4 6.0
Cash Flow Hedges        
Accumulated Other Comprehensive Income Loss [Line Items]        
Balance     (2.6) 2.5
Other comprehensive income (loss) before reclassifications     (5.3) 11.4
Reclassification adjustments to net earnings [1]     5.3 (7.2)
Income tax effect     0.0 (1.0)
Balance (2.6) 5.7 (2.6) 5.7
Accumulated Other Comprehensive Loss        
Accumulated Other Comprehensive Income Loss [Line Items]        
Balance (3.9) (10.3) (6.1) (2.1)
Other comprehensive income (loss) before reclassifications     (12.0) 11.1
Reclassification adjustments to net earnings [1]     8.0 (7.2)
Income tax effect     0.3 (1.0)
Balance $ (9.8) $ 0.8 $ (9.8) $ 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.