Employee Benefit Plans (Tables)

12 Months Ended

May 31, 2018

The following table sets forth the weighted average actuarial assumptions utilized to determine the benefit obligations for the U.S. Pension Plan and the UK Pension Plan (collectively the “Pension Plans”), including the Postretirement Benefits, at May 31:



	U.S. Pension Plan						UK Pension Plan						Postretirement Benefits
	2018		2017		2016		2018		2017		2016		2018			2017			2016
Weighted average assumptions used to determine benefit obligations:
Discount rate	—	%	2.4	%	3.5	%	2.6	%	2.5	%	3.5	%	4.0	%		3.7	%		3.7	%
Rate of compensation increase	—		—		—		3.9	%	4.1	%	3.8	%	—			—			—
Weighted average assumptions used to determine net periodic benefit cost:
Discount rate ⁽¹⁾	2.3	%	3.5	%	3.8	%	2.5	%	3.5	%	3.5	%	3.7	%		3.7	%		3.8	%
Expected short-term return on plan assets ⁽²⁾	4.8	%	4.8	%	—		—		—		—		—		—	—		—	—
Expected long-term return on plan assets	—		—		4.8	%	3.4	%	3.9	%	4.2	%	—			—			—
Rate of compensation increase	—		—		—		4.1	%	3.8	%	4.1	%	—			—			—

⁽¹⁾The fiscal 2018 U.S. Pension Plan discount rate is for the period of June 1, 2017 through the plan settlement date.

⁽²⁾The fiscal 2018 U.S. Pension Plan expected short-term return on plan assets is for the period of June 1, 2017 through the plan settlement date.

Schedule of changes in projected benefit obligations

The following table sets forth the change in benefit obligation for the Pension Plans and Postretirement Benefits at May 31:



	U.S. Pension Plan						UK Pension Plan						Postretirement Benefits
	2018			2017			2018			2017			2018			2017
Change in benefit obligation:
Benefit obligation at beginning of year	$	127.8		$	125.0		$	41.7		$	39.8		$	28.8		$	38.3
Service cost	—			—			—			—			0.0			0.0
Interest cost	1.9			3.2			1.1			1.2			0.8			0.9
Plan participants’ contributions	—			—			—			—			0.4			0.2
Actuarial losses (gains)	1.7			9.2			(2.0		)	6.3			(2.4		)	(8.2		)
Foreign currency translation	—			—			1.3			(4.3		)	—			—
Settlement	(125.2		)	—			—			—			—			—
Benefits paid, including expenses	(6.2		)	(9.6		)	(2.1		)	(1.3		)	(0.8		)	(2.4		)
Benefit obligation at end of year	$	—		$	127.8		$	40.0		$	41.7		$	26.8		$	28.8

Schedule of changes in fair value of plan assets

The following table sets forth the change in plan assets for the Pension Plans and Postretirement Benefits at May 31:



	U.S. Pension Plan						UK Pension Plan						Postretirement Benefits
	2018			2017			2018			2017			2018			2017
Change in plan assets:
Fair value of plan assets at beginning of year	$	132.5		$	135.1		$	29.2		$	29.1		$	—		$	—
Actual return on plan assets	0.5			7.0			1.7			3.5			—			—
Employer contributions	—			—			1.1			1.1			2.0			2.2
Settlement	(125.2		)	—			—			—			—			—
Benefits paid, including expenses	(6.2		)	(9.6		)	(2.1		)	(1.3		)	(2.4		)	(2.4		)
Plan participants’ contributions	—			—			—			—			0.4			0.2
Foreign currency translation	—			—			0.9			(3.2		)	—			—
Fair value of plan assets at end of year	$	1.6		$	132.5		$	30.8		$	29.2		$	—		$	—

Schedule of amounts recognized in balance sheets

The following table sets forth the net funded status of the Pension Plans and Postretirement Benefits and the related amounts recognized on the Company’s Consolidated Balance Sheets at May 31:



	U.S. Pension Plan				UK Pension Plan						Postretirement Benefits
	2018		2017		2018			2017			2018			2017
Current assets	$	1.6	$	4.7	$	—		$	—		$	—		$	—
Non-current assets	—		—		—			—			—			—
Current liabilities	—		—		—			—			(2.2		)	(2.1		)
Non-current liabilities	—		—		(9.2		)	(12.5		)	(24.6		)	(26.7		)
Net funded balance	$	1.6	$	4.7	$	(9.2	)	$	(12.5	)	$	(26.8	)	$	(28.8	)

Schedule of amounts recognized in other comprehensive income (loss)

The following amounts were recognized in Accumulated other comprehensive income (loss) for the Pension Plans and Postretirement Benefits in the Company’s Consolidated Balance Sheets at May 31:



	2018											2017
	U.S. Pension Plan		UK Pension Plan			Post - Retirement Benefits			Total			U.S. Pension Plan			UK Pension Plan			Post - Retirement Benefits			Total
Net actuarial gain (loss)	$	—	$	(12.5	)	$	(1.3	)	$	(13.8	)	$	(51.3	)	$	(16.3	)	$	(3.3	)	$	(70.9	)
Amount recognized in Accumulated comprehensive income (loss) before tax	—		(12.5		)	(1.3		)	(13.8		)	(51.3		)	(16.3		)	(3.3		)	(70.9		)

Schedule of accumulated benefit obligations in excess of fair value of plan assets

The following table sets forth the projected benefit obligations, accumulated benefit obligations and the fair value of plan assets with respect to the Pension Plans as of May 31:



	U.S. Pension Plan				UK Pension Plan
	2018		2017		2018		2017
Projected benefit obligations	$	—	$	127.8	$	40.0	$	41.7
Accumulated benefit obligations	—		127.8		39.4		40.9
Fair value of plan assets	1.6		132.5		30.8		29.2

Schedule of net benefit costs

The following table sets forth the net periodic (benefit) cost for the Pension Plans and Postretirement Benefits for the fiscal years ended May 31:



	U.S. Pension Plan									UK Pension Plan									Postretirement Benefits
	2018			2017			2016			2018			2017			2016			2018		2017		2016
Components of net (benefit) cost:
Service cost	$	—		$	—		$	—		$	—		$	—		$	—		$	0.0	$	0.0	$	0.0
Interest cost	1.9			3.2			4.6			1.1			1.2			1.5			0.8		0.9		1.4
Expected return on assets	(4.1		)	(6.1		)	(6.5		)	(1.0		)	(1.0		)	(1.3		)	—		—		—
Net amortization and deferrals	—			—			—			—			—			—			—		—		(0.1		)
Settlement charge	57.3			—			—			—			—			—			—		—		—
Amortization of net actuarial loss	0.9			0.9			0.8			1.2			0.8			0.9			0.1		0.4		2.8
Net periodic (benefit) cost	$	56.0		$	(2.0	)	$	(1.1	)	$	1.3		$	1.0		$	1.1		$	0.9	$	1.3	$	4.1

Schedule of plan asset allocations

The following table sets forth the total weighted average asset allocations for the Pension Plans by asset category at May 31:



	U.S. Pension Plan				UK Pension Plan
	2018		2017		2018		2017
Equity securities	—	%	13.4	%	38.6	%	38.8	%
Debt securities	—	%	76.5	%	—	%	32.8	%
Cash and cash equivalents	100.0	%	—	%	2.6	%	0.0	%
Liability-driven instruments	—	%	—	%	32.8	%	—	%
Real estate	—	%	—	%	7.5	%	6.9	%
Other	—	%	10.1	%	18.5	%	21.5	%
	100.0	%	100.0	%	100.0	%	100.0	%

The following table sets forth the targeted weighted average asset allocations for the UK Pension Plan included in the Company’s investment policy:



	UK Pension Plan
Equity securities	38	%
Liability-driven instruments and other	55	%
Real estate	7	%
Total	100	%

The following table sets forth the measurement of the Company’s Pension Plans’ assets at fair value by asset category at the respective dates:



	Assets at Fair Value as of May 31, 2018
	U.S. Pension Plan		UK Pension Plan		U.S. Pension Plan		UK Pension Plan		U.S. Pension Plan		UK Pension Plan		Total
	Level 1				Level 2				Level 3
Cash and cash equivalents	$	1.6	$	0.8	$	—	$	—	$	—	$	—	$	2.4
Equity securities:
U.S. ⁽¹⁾	—		1.5		—		—		—		—		1.5
International ⁽²⁾	—		10.4		—		—		—		—		10.4
Pooled, Common and Collective Funds ⁽³⁾	—		—		—		10.1		—		—		10.1
Annuities	—		—		—		—		—		5.7		5.7
Real estate ⁽⁶⁾	—		—		—		2.3		—		—		2.3
Total	$	1.6	$	12.7	$	—	$	12.4	$	—	$	5.7	$	32.4



	Assets at Fair Value as of May 31, 2017
	U.S. Pension Plan		UK Pension Plan		U.S. Pension Plan		UK Pension Plan		U.S. Pension Plan		UK Pension Plan		Total
	Level 1				Level 2				Level 3
Cash and cash equivalents	$	18.4	$	0.5	$	—	$	—	$	—	$	—	$	18.9
Equity securities:
U.S.⁽¹⁾	12.7		1.0		—		—		—		—		13.7
International ⁽²⁾	—		10.3		—		—		—		—		10.3
Pooled, Common and Collective Funds ^{(3) (4)}	—		—		101.4		—		—		—		101.4
Fixed Income ⁽⁵⁾	—		—		—		9.6		—		—		9.6
Annuities	—		—		—		—		—		5.8		5.8
Real estate ⁽⁶⁾	—		—		—		2.0		—		—		2.0
Total	$	31.1	$	11.8	$	101.4	$	11.6	$	—	$	5.8	$	161.7


(1)	Funds which invest in a diversified portfolio of publicly traded U.S. common stocks of large-cap, medium-cap and small-cap companies. There are no restrictions on these investments.


(2)	Funds which invest in a diversified portfolio of publicly traded common stocks of non-U.S. companies, primarily in Europe and Asia. There are no restrictions on these investments.


(3)	Funds which invest in UK government bonds and bond index-linked investments and interest rate and inflation swaps. There are no restrictions on these investments.


(4)	Funds which invest in bond index funds available to certain qualified retirement plans but not traded openly in any public exchanges. There are no restrictions on these investments.


(5)	Funds which invest in a diversified portfolio of publicly traded government bonds, corporate bonds and mortgage-backed securities. There are no restrictions on these investments.


(6)	Represents assets of a non-U.S. entity plan invested in a fund whose underlying investments are comprised of properties. The fund has publicly available quoted market prices and there are no restrictions on these investments.

Schedule of changes in level 3 plan assets

The following table summarizes the changes in fair value of these Level 3 assets for the fiscal years ended May 31, 2018 and 2017:



Balance at May 31, 2016	$	5.5
Actual Return on Plan Assets:
Relating to assets still held at May 31, 2016	1.2
Relating to assets sold during the year	—
Purchases, sales and settlements, net	—
Transfers in and/or out of Level 3	(0.3		)
Foreign currency translation	(0.6		)
Balance at May 31, 2017	$	5.8
Actual Return on Plan Assets:
Relating to assets still held at May 31, 2017	(0.3		)
Relating to assets sold during the year	—
Purchases, sales and settlements, net	—
Transfers in and/or out of Level 3	—
Foreign currency translation	0.2
Balance at May 31, 2018	$	5.7

Schedule of expected benefit payments

The following table sets forth the expected future benefit payments under the UK Pension Plan and the Postretirement Benefits by fiscal year:



	UK Pension Plan		Postretirement
	Pension benefits		Benefit payments		Medicare subsidy receipts
2019	$	1.1	$	2.1	$	0.2
2020	1.0		2.1		0.2
2021	0.9		2.2		0.2
2022	1.4		2.2		0.2
2023	1.3		2.2		0.2
2024-2028	7.7		10.4		1.3

Schedule of health care cost trend rates

Assumed health care cost trend rates at May 31:



	2018		2017
Health care cost trend rate assumed for the next fiscal year	6.8	%	7.0	%
Rate to which the cost trend is assumed to decline (the ultimate trend rate)	5.0	%	5.0	%
Year that the rate reaches the ultimate trend rate	2026		2024

Schedule of effect of one-percentage-point change in assumed health care cost trend rates

A one percentage point change in assumed health care cost trend rates would have the following effects:



	2018			2017
Total service and interest cost - 1% increase	$	0.1		$	0.1
Total service and interest cost - 1% decrease	(0.1		)	(0.1		)
Postretirement benefit obligation - 1% increase	2.8			3.0
Postretirement benefit obligation - 1% decrease	(2.4		)	(2.6		)