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Employee Benefit Plans (Tables)
 12 Months Ended
May 31, 2020
Retirement Benefits [Abstract]  
Schedule of assumptions used
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
 
2020 *
 
2019 *
 
2018
 
2020
 
2019
 
2018
 
2020
 
2019
 
2018
Weighted average assumptions used to determine benefit obligations:
 
 
 
 
 
 
 

 
 

 
 

 
 

 
 

 
 

Discount rate
*
 
*
 
—
%
 
1.7
%
 
2.3
%
 
2.6
%
 
2.7
%
 
3.6
%
 
4.0
%
Rate of compensation increase
*
 
*
 
—

 
3.6
%
 
4.1
%
 
3.9
%
 
—

 
—

 
—

Weighted average assumptions used to determine net periodic benefit cost:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Discount rate (1)
*
 
*
 
2.3
%
 
2.4
%
 
2.4
%
 
2.5
%
 
3.2
%
 
3.7
%
 
3.7
%
Expected short-term return on plan assets (2)

*
 
*
 
4.8
%
 
—

 
—

 
—

 
—


—


—

Expected long-term return on plan assets
*
 
*
 
—

 
3.1
%
 
3.4
%
 
3.4
%
 
—

 
—

 
—

Rate of compensation increase
*
 
*
 
—

 
4.1
%
 
3.9
%
 
4.1
%
 
—

 
—

 
—



* The U.S. Pension Plan was terminated in fiscal 2018.
(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 UK Pension Plan and Postretirement Benefits at May 31: 
 
UK Pension Plan
 
Postretirement Benefits
 
2020
 
2019
 
2020
 
2019
Change in benefit obligation:
 
 
 
 
 

 
 
 
 
 
 

Benefit obligation at beginning of year
$
40.9

 
$
40.0

 
$
23.4

 
$
26.8

Service cost
 
—

 
 
—

 
 
—

 
 
0.0

Interest cost
 
0.9

 
 
0.9

 
 
0.6

 
 
0.8

Plan participants’ contributions
 
—

 
 
—

 
 
0.2

 
 
0.4

Actuarial losses (gains)
 
2.4

 
 
3.1

 
 
(1.3
)
 
 
0.1

Foreign currency translation
 
(1.1
)
 
 
(2.0
)
 
 
—

 
 
—

Plan amendments

 
—

 
 
0.1

 
 
—

 
 
(2.7
)
Benefits paid, including expenses
 
(1.4
)
 
 
(1.2
)
 
 
(2.1
)
 
 
(2.0
)
Benefit obligation at end of year
$
41.7

 
$
40.9

 
$
20.8

 
$
23.4
Schedule of changes in fair value of plan assets
The following table sets forth the change in plan assets for the UK Pension Plan at May 31:
 
UK Pension Plan
 
2020
 
2019
Change in plan assets:
 
 

 
 
 

Fair value of plan assets at beginning of year
$
31.8

 
$
30.8

Actual return on plan assets
 
6.0

 
 
2.8

Employer contributions
 
1.1

 
 
1.0

Benefits paid, including expenses
 
(1.4
)
 
 
(1.2
)
Foreign currency translation
 
(0.9
)
 
 
(1.6
)
Fair value of plan assets at end of year
$
36.6

 
$
31.8
Schedule of amounts recognized in balance sheets
The following table sets forth the net funded status of the UK Pension Plan and Postretirement Benefits and the related amounts recognized on the Company’s Consolidated Balance Sheets at May 31:
 
UK Pension Plan
 
Postretirement Benefits
 
2020
 
2019
 
2020
 
2019
Current liabilities
$
—

 
$
—

 
$
(1.5
)
 
$
(1.8
)
Non-current liabilities
 
(5.1
)
 
 
(9.1
)
 
 
(19.3
)
 
 
(21.6
)
Net funded balance
$
(5.1
)
 
$
(9.1
)
 
$
(20.8
)
 
$
(23.4
)
Schedule of amounts recognized in other comprehensive income (loss)
The following amounts were recognized in Accumulated other comprehensive income (loss) for the UK Pension Plan and Postretirement Benefits on the Company’s Consolidated Balance Sheets at May 31:
 
2020
 
2019
 
UK Pension
Plan
 
Post -
Retirement
Benefits
 
Total
 
UK Pension
Plan
 
Post -
Retirement
Benefits
 
Total
Net actuarial gain (loss)
$
(9.6
)
 
$
1.3

 
$
(8.3
)
 
$
(13.0
)
 
$
0.5

 
$
(12.5
)
Amount recognized in
 Accumulated comprehensive
 income (loss) before tax
 
(9.6
)
 
 
1.2

 
 
(8.4
)
 
 
(13.0
)
 
 
0.0

 
 
(13.0
)
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 UK Pension Plan as of May 31:
 
UK Pension Plan
 
2020
 
2019
Projected benefit obligations
$
41.7

 
$
40.9

Accumulated benefit obligations
 
41.4

 
 
40.2

Fair value of plan assets
 
36.6

 
 
31.8
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
 
2020 *
 
2019 *
 
2018
 
2020
 
2019
 
2018
 
2020
 
2019
 
2018
Components of net (benefit)
 cost:
 
 
 
 
 
 
 
 
 

 
 
 

 
 
 

 
 
 

 
 
 

 
 
 

Service cost
*

 
*

 
$
—

 
$
—

 
$
—

 
$
—

 
$
0.0

 
$
0.0

 
$
0.0

Interest cost
*

 
*

 
 
1.9

 
 
0.9

 
 
0.9

 
 
1.1

 
 
0.6

 
 
0.8

 
 
0.8

Expected return on assets
*

 
*

 
 
(4.1
)
 
 
(1.0
)
 
 
(1.0
)
 
 
(1.0
)
 
 
—

 
 
—

 
 
—

Settlement charge
*

 
*

 
 
57.3

 
 
—

 
 
—

 
 
—

 
 
—

 
 
—

 
 
—

Amortization of net actuarial (gain) loss
*

 
*

 
 
0.9

 
 
1.0

 
 
0.8

 
 
1.2

 
 
(0.2
)
 
 
(0.1
)
 
 
0.1

Net periodic (benefit) cost
$
—

 
$
—

 
$
56.0

 
$
0.9

 
$
0.7

 
$
1.3

 
$
0.4

 
$
0.7

 
$
0.9
Schedule of plan asset allocations
The following table sets forth the total weighted average asset allocations for the UK Pension Plans by asset category at May 31:
 
 
UK Pension Plan
 
 
2020
 
2019
Equity securities
 
28.6
%
 
35.0
%
Cash and cash equivalents
 
2.2
%
 
3.0
%
Liability-driven instruments
 
48.0
%
 
38.0
%
Real estate
 
6.1
%
 
7.0
%
Other
 
15.1
%
 
17.0
%
 
 
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
 
29
%
Cash and cash equivalents
 
2
%
Liability-driven instruments and other
 
63
%
Real estate
 
6
%
Total
 
100
%

The following table sets forth the measurement of the Company’s Pension Plan assets at fair value by asset category at the respective dates:
 
Assets at Fair Value as of May 31, 2020
 
UK Pension Plan
 
Level 1
 
Level 2
 
Level 3
 
Total
Cash and cash equivalents
$
0.8

 
$
—

 
$
—

 
$
0.8

Equity securities:
 
 
 
 
 
 
 
 
 
 
 

  U.S. (1)
 
3.7

 
 
—

 
 
—

 
 
3.7

  International (2)
 
6.8

 
 
—

 
 
—

 
 
6.8

Pooled, Common and Collective Funds (3) (4)
 
—

 
 
17.5

 
 
—

 
 
17.5

Annuities
 
—

 
 
—

 
 
5.6

 
 
5.6

Real estate (5)
 
2.2

 
 
—

 
 
—

 
 
2.2

Total
$
13.5

 
$
17.5

 
$
5.6

 
$
36.6


 
Assets at Fair Value as of May 31, 2019
 
UK Pension Plan
 
Level 1
 
Level 2
 
Level 3
 
Total
Cash and cash equivalents
$
0.9

 
$
—

 
$
—

 
$
0.9

Equity securities:
 
 
 
 
 

 
 
 

 
 
 

  U.S. (1)
 
1.1

 
 
—

 
 
—

 
 
1.1

  International (2)
 
10.0

 
 
—

 
 
—

 
 
10.0

Pooled, Common and
 Collective Funds (3) (4)
 
—

 
 
12.0

 
 
—

 
 
12.0

Annuities
 
—

 
 
—

 
 
5.5

 
 
5.5

Real estate (5)
 
2.3

 
 
—

 
 
—

 
 
2.3

Total
$
14.3

 
$
12.0

 
$
5.5

 
$
31.8


(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 on any
public exchanges. There are no restrictions on these investments.
(5)    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, 2020 and 2019:
Balance at May 31, 2018
$
5.7

Actual Return on Plan Assets:
 
 

Relating to assets still held at May 31, 2019
 
0.1

Relating to assets sold during the year
 
—

Purchases, sales and settlements, net
 
—

Transfers in and/or out of Level 3
 
—

Foreign currency translation
 
(0.3
)
Balance at May 31, 2019
$
5.5

Actual Return on Plan Assets:
 
 

Relating to assets still held at May 31, 2020
 
0.2

Relating to assets sold during the year
 
—

Purchases, sales and settlements, net
 
—

Transfers in and/or out of Level 3
 
—

Foreign currency translation
 
(0.1
)
Balance at May 31, 2020
$
5.6
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
2021
$
0.9

 
$
1.7

 
$
0.1

2022
 
1.1

 
 
1.6

 
 
0.1

2023
 
0.9

 
 
1.6

 
 
0.1

2024
 
1.3

 
 
1.6

 
 
0.1

2025

 
1.5

 
 
1.6

 
 
0.2

2026 and thereafter
 
7.4

 
 
7.0

 
 
0.6
Schedule of health care cost trend rates
Assumed health care cost trend rates at May 31:
 
2020
 
2019
Health care cost trend rate assumed for the next fiscal year
6.3
%
 
6.5
%
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

 
2026
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:
 
2020
 
2019
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
 
1.9

 
 
2.1

Postretirement benefit obligation - 1% decrease
 
(1.7
)
 
 
(1.9
)