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Leases (Tables) | 12 Months Ended
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May 31, 2023
Leases [Abstract] |
Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to the Company’s leases were as follows:
|  | May 31, |
$ in millions |  | 2023 |  |  | 2022 |
Operating lease right-of-use assets, net of accumulated amortization |  | $ |  | 61.5 |  |  | $ |  | 78.7 |
Operating lease liabilities, current(1) |  |  |  | 20.3 |  |  |  |  | 25.1 |
Operating lease liabilities, non-current |  |  |  | 57.3 |  |  |  |  | 74.8 |
Weighted average remaining lease term (in years) |  |  |  | 4.7 |  |  |  |  | 5.1 |
Weighted average discount rate |  |  |  | 2.21 | % |  |  |  | 1.94 | %
(1) The current portion of operating lease liabilities is reported in the other current liabilities line item on the Company’s Consolidated Balance Sheets.
Components of Lease Expense | The components of lease expense were as follows:
|  | Year ended May 31, |
In millions |  | 2023 |  |  | 2022 |  |  |  | 2021 |
Fixed payment operating lease expense |  | $ |  | 20.8 |  |  | $ |  | 27.2 |  |  | $ |  | 34.6 |
Variable payment operating lease expense |  |  |  | 6.2 |  |  |  |  | 6.9 |  |  |  |  | 8.3 |
Short-term lease expense |  |  |  | 0.0 |  |  |  |  | - |  |  |  |  | 0.1 |
Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to the Company’s leases were as follows:
|  | Year ended May 31, |
In millions |  | 2023 |  |  | 2022 |  |  |  | 2021 |
Cash paid for amounts included in the measurement of lease liabilities |  | $ |  | 21.7 |  |  | $ |  | 32.4 |  |  | $ |  | 32.2 |
Amortization of ROU assets |  |  |  | 17.6 |  |  |  |  | 22.7 |  |  |  |  | 29.2 |
ROU assets obtained in exchange for new operating lease liabilities |  |  |  | 1.3 |  |  |  |  | 15.8 |  |  |  |  | 26.8 |
Lease incentives received in the form of tenant allowances and free rent |  |  |  | 0.8 |  |  |  |  | 9.1 |  |  |  |  | 0.8 |
Future Lease Payments | Future lease payments are as follows:
|  | May 31, |
In millions |  | 2023 |
2023 |  | $ |  | 21.8 |
2024 |  |  |  | 19.5 |
2025 |  |  |  | 13.6 |
2026 |  |  |  | 9.9 |
2027 |  |  |  | 7.8 |
Thereafter |  |  |  | 9.1 |
Total future lease payments |  |  |  | 81.7 |
Less: imputed interest |  |  |  | 4.1 |
Total operating lease liabilities |  | $ |  | 77.6 |
Current portion |  | $ |  | 20.3 |
Non-current portion |  | $ |  | 57.3 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=128292326&loc=SL77918686-209980 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=128292326&loc=SL77918701-209980 + Details
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