XML 67 R48.htm IDEA: XBRL DOCUMENT v3.24.2
Employee Benefit Plans (Tables)
 12 Months Ended
May 31, 2024
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 UK Pension Plan and the US Postretirement Benefits at May 31:
 UK Pension PlanUS Postretirement Benefits
 202420232022202420232022
Weighted average assumptions used to determine benefit obligations:      
Discount rate5.2 %5.4 %3.5 %5.5 %5.3 %4.3 %
Rate of compensation increase4.1 %4.0 %4.1 %— — — 
Weighted average assumptions used to determine net periodic benefit cost:
Discount rate5.5 %1.9 %1.6 %5.2 %3.9 %1.7 %
Expected long-term return on plan assets5.6 %4.4 %3.1 %— — — 
Rate of compensation increase4.0 %4.1 %4.1 %— — — 
Schedule of changes in projected benefit obligations
The following table sets forth the change in benefit obligation for the UK Pension Plan and US Postretirement Benefits at May 31: 
 UK Pension PlanUS Postretirement Benefits
 2024202320242023
Change in benefit obligation:    
Benefit obligation at beginning of year$25.1 $31.9 $8.0 $9.4 
Interest cost1.3 1.0 0.3 0.3 
Plan participants’ contributions— — 0.10.0
Actuarial losses (gains)0.9 (6.7)(0.3)(0.8)
Foreign currency translation0.7 (0.3)— — 
Benefits paid, including expenses(1.3)(0.8)(0.9)(0.9)
Benefit obligation at end of year$26.7 $25.1 $7.2 $8.0 
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
 20242023
Change in plan assets:  
Fair value of plan assets at beginning of year$19.6 $30.4 
Actual return on plan assets1.4 (10.9)
Employer contributions1.2 1.1 
Benefits paid, including expenses(1.3)(0.8)
Foreign currency translation0.5 (0.2)
Fair value of plan assets at end of year$21.4 $19.6 
Schedule of amounts recognized in balance sheets
The following table sets forth the net funded status of the UK Pension Plan and US Postretirement Benefits and the related amounts recognized on the Company’s Consolidated Balance Sheets at May 31:
 UK Pension PlanUS Postretirement Benefits
 2024202320242023
Current liabilities$— $— $(1.0)$(1.0)
Non-current liabilities(5.3)(5.5)(6.2)(7.0)
Net funded balance$(5.3)$(5.5)$(7.2)$(8.0)
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 US Postretirement Benefits on the Company’s Consolidated Balance Sheets at May 31:
 20242023
 UK Pension
Plan		US Postretirement
Benefits		TotalUK Pension
Plan		US Postretirement
Benefits		Total
Actuarial gain (loss)$(11.8)$1.5 $(10.3)$(12.4)$1.3 $(11.1)
Prior service credit (cost)0.0 6.7 6.7 0.0 7.5 7.5 
Amount recognized in
 Accumulated comprehensive
 income (loss) net of tax		(11.8)6.2 (5.6)(12.4)6.6 (5.8)
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
 20242023
Projected benefit obligations$26.7 $25.1 
Accumulated benefit obligations26.7 25.0 
Fair value of plan assets21.4 19.6 
Schedule of net benefit costs
The following table sets forth the net periodic benefit (cost) for the UK Pension Plan and US Postretirement Benefits for the fiscal years ended May 31:
 UK Pension PlanUS Postretirement Benefits
 202420232022202420232022
Components of net (benefit) cost:      
Interest cost1.3 1.0 0.8 0.3 0.3 0.2 
Expected return on assets(1.1)(1.3)(1.2)— — — 
Amortization of prior service (credit) loss0.0 0.0 0.0 (0.8)(0.8)(0.8)
Amortization of net actuarial (gain) loss1.3 0.5 0.9 0.0— — 
Net periodic (benefit) cost$1.5 $0.2 $0.5 $(0.5)$(0.5)$(0.6)
Schedule of plan asset allocations he following table sets forth the total weighted average asset allocations for the UK Pension Plan by asset category at May 31:
UK Pension Plan
20242023
Equity securities— %29.6 %
Debt securities37.3 %— %
Cash and cash equivalents 4.1 %5.1 %
Liability-driven instruments43.5 %41.7 %
Real estate— %6.8 %
Other15.1 %16.8 %
 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
Debt securities
37 %
Cash and cash equivalents 4 %
Liability-driven instruments44 %
Real estate— %
Other 15 %
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, 2024
UK Pension Plan
 Level 1Level 2Level 3Total
Cash and cash equivalents$0.9 $— $— $0.9 
Pooled, Common and Collective Funds (1) (2)
— 9.3 — 9.3 
Fixed Income (3)
— 8.0 — 8.0 
Annuities— — 3.2 3.2 
Total$0.9 $17.3 $3.2 $21.4 
 Assets at Fair Value as of May 31, 2023
UK Pension Plan
 Level 1Level 2Level 3Total
Cash and cash equivalents$1.0 $— $— $1.0 
Equity securities:   
  U.S. (4)
1.1 — — 1.1 
  International (5)
4.7 — — 4.7 
Pooled, Common and Collective Funds (1) (2)
— 8.2 — 8.2 
Annuities— — 3.3 3.3 
Real estate (6)
1.3 — — 1.3 
Total$8.1 $8.2 $3.3 $19.6 

(1)    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.
(2)    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.
(3)    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.
(4)    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.
(5)    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.
(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, 2024 and 2023:

Balance at May 31, 2022$4.2 
Actual Return on Plan Assets: 
Relating to assets held at May 31, 2022
(0.9)
Relating to assets sold during the year— 
Purchases, sales and settlements, net— 
Transfers in and/or out of Level 3— 
Foreign currency translation0.0 
Balance at May 31, 2023$3.3 
Actual Return on Plan Assets: 
Relating to assets held at May 31, 2023
(0.1)
Relating to assets sold during the year— 
Purchases, sales and settlements, net— 
Transfers in and/or out of Level 3— 
Foreign currency translation0.0 
Balance at May 31, 2024$3.2 
Schedule of expected benefit payments
The following table sets forth the expected future benefit payments under the UK Pension Plan and the US Postretirement Benefits by fiscal year:
 UK Pension Plan US Postretirement Benefits
 Pension benefits Benefit
payments		Medicare
subsidy
receipts
2025$1.5 $1.0 $0.0 
20261.4 0.9 0.0 
20271.4 0.9 0.0 
20281.5 0.8 0.0 
20291.5 0.7 0.0 
2030 - 20348.0 2.9 0.1 
Schedule of health care cost trend rates
Assumed health care cost trend rates at May 31:
20242023
Health care cost trend rate assumed for the next fiscal year6.3 %6.0 %
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 rate20302028