XML 32 R16.htm IDEA: XBRL DOCUMENT
v3.21.2

Leases | 12 Months Ended
--- | ---
May 31, 2021
Leases [Abstract] |
Leases | Note I: Leases The Company’s lease portfolio consists primarily of operating leases for office space and equipment and has remaining terms from less than one year up to ten years, with contractual terms expiring from 2021 to 2031. Lease contracts may include one or more renewal options that allow the Company to extend the lease term, typically from one year to five years per each renewal option. The exercise of lease options is generally at the discretion of the Company. None of the Company’s leases contain residual value guarantees, substantial restrictions, or covenants. Supplemental balance sheet information related to the Company’s leases were as follows:
|  | May 31,
$ in millions |  | 2021 |  | 2020
Operating lease right-of-use assets, net of accumulated amortization |  | $ | 103.0 |  | $ | 114.8
Operating lease liabilities, current(1) |  |  | 28.9 |  |  | 37.2
Operating lease liabilities, non-current |  |  | 92.4 |  |  | 96.9
Weighted average remaining lease term (in years) |  |  | 5.2 |  |  | 4.6
Weighted average discount rate |  |  | 1.81% |  |  | 2.06%
(1) The current portion of operating lease liabilities is reported in the other current liabilities line item on the Company’s Consolidated Balance Sheets. The components of lease expense were as follows:
|  | Year ended May 31,
In millions |  | 2021 |  | 2020
Fixed payment operating lease expense |  | $ | 34.6 |  | $ | 38.2
Variable payment operating lease expense |  |  | 8.3 |  |  | 8.6
Short-term lease expense |  |  | 0.1 |  |  | 0.2
Fixed payment lease expense was $34.6 million, $38.2 million, and $42.9 million for fiscal years 2021, 2020, and 2019, respectively. During the three months ended August 31, 2020, the Company ceased the use of certain leased property and accelerated the amortization of operating lease right-of-use assets, resulting in an additional $24.4 million of expense. The accelerated amortization expense recognized subsequent to August 31, 2020 is immaterial. This expense was included in selling, general and administrative expenses on the Consolidated Statements of Income and Comprehensive Income. The related lease liabilities will be satisfied under the original terms of the lease arrangements, unless buy-outs can be negotiated. Supplemental cash flow information related to the Company’s leases were as follows:
|  | Year ended May 31,
In millions |  | 2021 |  | 2020
Cash paid for amounts included in the measurement of lease liabilities |  | $ | 32.2 |  | $ | 41.6
Amortization of ROU assets |  |  | 29.2 |  |  | 34.4
ROU assets obtained in exchange for new operating lease liabilities |  |  | 26.8 |  |  | 21.5
Lease incentives received in the form of tenant allowances and free rent |  |  | 0.8 |  |  | 6.1
Lease incentives received in the form of tenant allowances and free rent was $0.8 million, $6.1 million, and $3.5 million for fiscal years 2021, 2020, and 2019, respectively. Future lease payments are as follows:
|  | May 31,
In millions |  | 2021
2022 |  | $ | 31.5
2023 |  |  | 25.4
2024 |  |  | 21.5
2025 |  |  | 18.2
2026 |  |  | 11.4
Thereafter |  |  | 19.4
Total future lease payments |  |  | 127.4
Less: Imputed interest |  |  | 6.1
Total operating lease liabilities |  | $ | 121.3
Current portion |  | $ | 28.9
Non-current portion |  | $ | 92.4
As of May 31, 2021, the Company has entered into four lease agreements that have not yet commenced for terms up to ten years. These leases will require lease payments over their terms of approximately $13.9 million.

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration