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Employee Retirement Plans (Tables)
 12 Months Ended
May 31, 2025
Schedule of Defined Contribution Plan Expense

The following table summarizes the defined contribution plan expense for the prior three fiscal years:

 

(In millions)

 

2025

 

 

2024

 

 

2023

 

Defined contribution plan expense

 

$

12.4

 

 

$

12.3

 

 

$

9.8

 
Components of Net Periodic Pension Income for Defined Benefit Pension Plans

The following table summarizes the components of net periodic pension income for the Company’s defined benefit pension plans for the prior three fiscal years:

 

(In millions)

 

2025

 

 

2024

 

 

2023

 

Defined benefit plans:

 

 

 

 

 

 

 

 

 

Interest cost

 

$

2.9

 

 

$

3.6

 

 

$

3.4

 

Expected return on plan assets

 

 

(3.0

)

 

 

(4.0

)

 

 

(3.9

)

Net amortization and deferral costs

 

 

(0.3

)

 

 

(0.3

)

 

 

(0.1

)

Settlement gain

 

 

(2.7

)

 

 

-

 

 

 

-

 

Net periodic benefit income

 

$

(3.1

)

 

$

(0.7

)

 

$

(0.6

)

 
Weighted-Average Assumptions Used used to Determine Unfunded Benefit Obligation and Net Periodic Benefit Cost

The following weighted-average assumptions were used to determine the unfunded benefit obligation and net periodic benefit cost:

 

 

 

2025

 

 

2024

 

 

2023

 

Benefit obligation:

 

 

 

 

 

 

 

 

 

Discount rate

 

 

5.36

%

 

 

5.52

%

 

 

4.80

%

Net periodic pension cost:

 

 

 

 

 

 

 

 

 

Discount rate

 

 

5.48

%

 

 

4.76

%

 

 

4.32

%

Expected long-term rate of return

 

 

6.50

%

 

 

6.50

%

 

 

6.50

%

 
Reconciliation of the Changes in the Projected Benefit Obligation and Fair Value of Plan Assets and the Funded Status for Defined-benefit Plans

The following tables provide a reconciliation of the changes in the projected benefit obligation and the fair value of plan assets and the funded status for the Company’s defined benefit plans:

 

 

 

Pension Benefits

 

 

Other Benefits

 

(In millions)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Change in benefit obligation

 

 

 

 

 

 

 

 

 

 

 

 

Benefit obligation, beginning of year

 

$

71.1

 

 

$

76.9

 

 

$

3.1

 

 

$

3.4

 

Service cost

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Interest cost

 

 

2.9

 

 

 

3.6

 

 

 

0.2

 

 

 

0.2

 

Plan amendments

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Actuarial (gain)/loss

 

 

(1.3

)

 

 

(5.0

)

 

 

(0.1

)

 

 

(0.2

)

Benefits paid

 

 

(3.3

)

 

 

(5.4

)

 

 

(0.2

)

 

 

(0.3

)

Settlements

 

 

(20.0

)

 

 

-

 

 

 

-

 

 

 

-

 

Benefit obligations acquired

 

 

-

 

 

 

1.0

 

 

 

-

 

 

 

-

 

Benefits obligation, end of year

 

$

49.4

 

 

$

71.1

 

 

$

3.0

 

 

$

3.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in plan assets

 

 

 

 

 

 

 

 

 

 

 

 

Fair value, beginning of year

 

$

53.5

 

 

$

54.9

 

 

$

-

 

 

$

-

 

Actual return on plan assets

 

 

3.5

 

 

 

2.3

 

 

 

-

 

 

 

-

 

Company contributions

 

 

5.2

 

 

 

1.6

 

 

 

0.2

 

 

 

0.3

 

Benefits paid

 

 

(3.3

)

 

 

(5.4

)

 

 

(0.2

)

 

 

(0.3

)

Settlements

 

 

(20.0

)

 

 

-

 

 

 

-

 

 

 

-

 

Plan assets acquired

 

 

-

 

 

 

0.1

 

 

 

-

 

 

 

-

 

Fair value, end of year

 

 

38.9

 

 

 

53.5

 

 

 

-

 

 

 

-

 

Funded status

 

$

(10.5

)

 

$

(17.6

)

 

$

(3.0

)

 

$

(3.1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Amounts recognized in the consolidated
  balance sheets consist of:

 

 

 

 

 

 

 

 

 

 

Accrued compensation, contributions to employee benefit plans and related taxes

 

$

-

 

 

$

-

 

 

$

(0.3

)

 

$

(0.3

)

Other liabilities

 

$

(10.5

)

 

$

(17.6

)

 

$

(2.7

)

 

$

(2.8

)

AOCI

 

 

(8.1

)

 

 

(9.3

)

 

 

(1.5

)

 

 

(1.6

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Amounts recognized in AOCI consist of:

 

 

 

 

 

 

 

 

 

 

Net (gain)/loss

 

$

(8.1

)

 

$

(9.3

)

 

$

(1.2

)

 

$

(1.2

)

Net prior service credit

 

 

-

 

 

 

-

 

 

 

(0.3

)

 

 

(0.4

)

Total

 

$

(8.1

)

 

$

(9.3

)

 

$

(1.5

)

 

$

(1.6

)
Other Changes in Plan Assets And Benefit Obligations Recognized in OCI

The following table shows other changes in plan assets and benefit obligations recognized in OCI during the prior two fiscal years:

 

 

 

Pension Benefits

 

 

Other Benefits

 

(In millions)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Net (gain)/loss

 

$

(1.7

)

 

$

(3.4

)

 

$

(0.1

)

 

$

(0.2

)

Amortization of net gain/(loss)

 

 

0.3

 

 

 

0.3

 

 

 

0.2

 

 

 

0.1

 

Settlement gain

 

 

2.7

 

 

 

-

 

 

 

-

 

 

 

-

 

Total recognized in other comprehensive loss/(income)

 

$

1.3

 

 

$

(3.1

)

 

$

0.1

 

 

$

(0.1

)

Total recognized in net periodic benefit cost (income) and OCI

 

$

(1.9

)

 

$

(3.8

)

 

$

0.1

 

 

$

-

 

 
Plan Assets for Defined Benefit Plan

Plan assets for the defined benefit plans consisted principally of the following as of the respective measurement dates:

 

 

 

May 31,

 

 

May 31,

 

 

 

2025

 

 

2024

 

Asset category:

 

 

 

 

 

 

Equity securities

 

 

17

%

 

 

30

%

Fixed-income funds

 

 

69

%

 

 

46

%

Hedge funds

 

 

7

%

 

 

16

%

Other

 

 

7

%

 

 

8

%

Total

 

 

100

%

 

 

100

%
Estimated Future Benefits Expected to be Paid

The following estimated future benefits, which reflect expected future service, as appropriate, are expected to be paid under the defined benefit and other postretirement plans during future fiscal years as follows:

 

(In millions)

 

Pension Benefits

 

 

Other Benefits

 

2026

 

$

4.6

 

 

$

0.3

 

2027

 

$

4.2

 

 

$

0.3

 

2028

 

$

4.1

 

 

$

0.3

 

2029

 

$

3.8

 

 

$

0.3

 

2030

 

$

3.9

 

 

$

0.2

 

2031-2035

 

$

18.4

 

 

$

1.1

 
Fair Value, Measurements, Recurring  
Plan Assets for Defined Benefit Plan

The following table sets forth, by level within the fair value hierarchy, a summary of the defined benefit plans’ assets measured at fair value on a recurring basis at May 31, 2025:

 

 

 

 

 

 

Quoted

 

 

Significant

 

 

 

 

 

 

 

 

 

Prices

 

 

Other

 

 

Significant

 

 

 

 

 

 

in Active

 

 

Observable

 

 

Unobservable

 

 

 

 

 

 

Markets

 

 

Inputs

 

 

Inputs

 

(In millions)

 

Fair Value

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

Investment:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

2.8

 

 

$

2.8

 

 

$

-

 

 

$

-

 

Fixed-income funds

 

 

26.9

 

 

 

26.9

 

 

 

-

 

 

 

-

 

Equity funds

 

 

6.4

 

 

 

6.4

 

 

 

-

 

 

 

-

 

Commingled fund investments measured at net asset value (1):

 

 

 

 

 

 

 

 

 

 

 

 

Hedge funds

 

 

2.8

 

 

 

-

 

 

 

-

 

 

 

-

 

Total

 

$

38.9

 

 

$

36.1

 

 

$

-

 

 

$

-

 

 

 
(1)
Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy.

The following table sets forth, by level within the fair value hierarchy, a summary of the defined benefit plans’ assets measured at fair value on a recurring basis at May 31, 2024:

 

 

 

 

 

 

Quoted

 

 

Significant

 

 

 

 

 

 

 

 

 

Prices

 

 

Other

 

 

Significant

 

 

 

 

 

 

in Active

 

 

Observable

 

 

Unobservable

 

 

 

 

 

 

Markets

 

 

Inputs

 

 

Inputs

 

(In millions)

 

Fair Value

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

Investment:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

4.3

 

 

$

4.3

 

 

$

-

 

 

$

-

 

Fixed-income funds

 

 

24.7

 

 

 

24.7

 

 

 

-

 

 

 

-

 

Equity funds

 

 

16.2

 

 

 

16.2

 

 

 

-

 

 

 

-

 

Commingled fund investments measured at net asset value (1):

 

 

 

 

 

 

 

 

 

 

 

 

Hedge funds

 

 

8.3

 

 

 

-

 

 

 

-

 

 

 

-

 

Total

 

$

53.5

 

 

$

45.2

 

 

$

-

 

 

$

-

 

 

 
(1)
Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy.