Pensions and Other Postretirement Benefits

9 Months Ended

Jan. 31, 2025

Retirement Benefits [Abstract]

Pensions and Other Postretirement Benefits

The following table summarizes our net periodic benefit cost for defined benefit pension and other postretirement benefit plans.

	Three Months Ended January 31,
	Defined Benefit Pension Plans				Other Postretirement Benefits
	2025		2024		2025		2024
Service cost	$	0.1	$	0.2	$	0.2	$	0.2
Interest cost	4.5		4.5		0.7		0.7
Expected return on plan assets	(3.1)		(4.0)		—		—
Amortization of net actuarial loss (gain)	1.1		1.0		(0.5)		(0.4)
Amortization of prior service cost (credit)	—		—		(0.2)		(0.1)
Net periodic benefit cost	$	2.6	$	1.7	$	0.2	$	0.4

	Nine Months Ended January 31,
	Defined Benefit Pension Plans				Other Postretirement Benefits
	2025		2024		2025		2024
Service cost	$	0.5	$	0.7	$	0.5	$	0.6
Interest cost	13.3		13.8		2.0		2.0
Expected return on plan assets	(9.3)		(12.2)		—		—
Amortization of net actuarial loss (gain)	3.3		2.7		(1.5)		(1.2)
Amortization of prior service cost (credit)	0.1		0.1		(0.5)		(0.4)
Settlement loss (gain)	—		3.2		—		—
Net periodic benefit cost	$	7.9	$	8.3	$	0.5	$	1.0

In 2021, we transferred obligations related to our Canadian defined benefit pension plan to an insurance company through the purchase of an irrevocable group annuity contract (the “Canadian Buy-Out Contract”). The group annuity contract was purchased using assets from the pension trust. During the first quarter of 2024, we received corporate approval to proceed with distribution of the surplus that remains within the Canadian defined benefit pension plan. As a result, we recognized a noncash pre-tax settlement charge of $3.2 related to the acceleration of prior service cost for the portion of the plan surplus to be allocated to plan members, which is subject to regulatory approval before a payout can be made. The settlement charge was included within other income (expense) – net in the Condensed Statement of Consolidated Income. We did not recognize any charges related to the Canadian Buy-Out Contract during the three and nine months ended January 31, 2025.

During the first nine months of 2025, we made contributions of $1.0 to our U.S. qualified defined benefit pension plans. Additionally, we made direct benefit payments of $2.7 and $2.8 for the nine months ended January 31, 2025 and 2024, respectively.