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Fair Value Measurements (Tables) | 12 Months Ended
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May 31, 2025
Fair Value Disclosures [Abstract] |
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The Company’s financial assets and liabilities measured at fair value on a recurring basis were as follows:
|  | May 31, 2025 |
|  |  |  |  |  | Quoted |  |  | Significant |  |  |  |  |
|  |  |  |  |  | prices in |  |  | other |  |  | Significant |
|  | Carrying |  |  | active |  |  | observable |  |  | unobservable |
|  | value |  |  | markets |  |  | inputs |  |  | inputs |
In millions |  | (Fair value) |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Restricted and unrestricted cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | $ |  | 4.7 |  |  | $ |  | — |  |  | $ |  | 4.7 |  |  | $ |  | — |
Municipal bonds |  |  |  | 0.4 |  |  |  |  | — |  |  |  |  | 0.4 |  |  |  |  | — |
U.S. government agency and treasury securities |  |  |  | 615.5 |  |  |  |  | — |  |  |  |  | 615.5 |  |  |  |  | — |
Money market securities |  |  |  | 42.8 |  |  |  |  | 42.8 |  |  |  |  | — |  |  |  |  | — |
Total restricted and unrestricted cash equivalents |  | $ |  | 663.4 |  |  | $ |  | 42.8 |  |  | $ |  | 620.6 |  |  | $ |  | — |
AFS securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset-backed securities |  | $ |  | 159.2 |  |  | $ |  | — |  |  | $ |  | 159.2 |  |  | $ |  | — |
Corporate bonds |  |  |  | 1,644.0 |  |  |  |  | — |  |  |  |  | 1,644.0 |  |  |  |  | — |
Municipal bonds |  |  |  | 973.5 |  |  |  |  | — |  |  |  |  | 973.5 |  |  |  |  | — |
U.S. government agency and treasury securities |  |  |  | 978.8 |  |  |  |  | — |  |  |  |  | 978.8 |  |  |  |  | — |
Total AFS securities |  | $ |  | 3,755.5 |  |  | $ |  | — |  |  | $ |  | 3,755.5 |  |  | $ |  | — |
Other |  | $ |  | 34.5 |  |  | $ |  | 34.5 |  |  | $ |  | — |  |  | $ |  | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other long-term liabilities |  | $ |  | 34.5 |  |  | $ |  | 34.5 |  |  | $ |  | — |  |  | $ |  | — |
|  | May 31, 2024 |
|  |  |  |  |  | Quoted |  |  | Significant |  |  |  |  |
|  |  |  |  |  | prices in |  |  | other |  |  | Significant |
|  | Carrying |  |  | active |  |  | observable |  |  | unobservable |
|  | value |  |  | markets |  |  | inputs |  |  | inputs |
In millions |  | (Fair value) |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Restricted and unrestricted cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency and treasury securities |  | $ |  | 386.4 |  |  | $ |  | — |  |  | $ |  | 386.4 |  |  | $ |  | — |
Money market securities |  |  |  | 31.4 |  |  |  |  | 31.4 |  |  |  |  | — |  |  |  |  | — |
Total restricted and unrestricted cash equivalents |  | $ |  | 417.8 |  |  | $ |  | 31.4 |  |  | $ |  | 386.4 |  |  | $ |  | — |
AFS securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset-backed securities |  | $ |  | 134.7 |  |  | $ |  | — |  |  | $ |  | 134.7 |  |  | $ |  | — |
Corporate bonds |  |  |  | 1,368.8 |  |  |  |  | — |  |  |  |  | 1,368.8 |  |  |  |  | — |
Municipal bonds |  |  |  | 973.4 |  |  |  |  | — |  |  |  |  | 973.4 |  |  |  |  | — |
U.S. government agency and treasury securities |  |  |  | 852.7 |  |  |  |  | — |  |  |  |  | 852.7 |  |  |  |  | — |
Total AFS securities |  | $ |  | 3,329.6 |  |  | $ |  | — |  |  | $ |  | 3,329.6 |  |  | $ |  | — |
Other |  | $ |  | 33.9 |  |  | $ |  | 33.9 |  |  | $ |  | — |  |  | $ |  | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other long-term liabilities |  | $ |  | 33.9 |  |  | $ |  | 33.9 |  |  | $ |  | — |  |  | $ |  | — |
Schedule of Amortized Cost and Fair Value of Borrowings | The Company’s long-term borrowings are accounted for on a historical cost basis. The amortized cost and fair value of these borrowings were as follows:
|  | May 31, 2025 |  |  | May 31, 2024 |
|  | Amortized |  |  | Fair |  |  | Amortized |  |  | Fair |
In millions |  | cost |  |  | value |  |  | cost |  |  | value |
Senior Notes, Series A |  | $ |  | 399.8 |  |  | $ |  | 398.3 |  |  | $ |  | 399.5 |  |  | $ |  | 391.8 |
Senior Notes, Series B |  |  |  | 399.3 |  |  |  |  | 395.5 |  |  |  |  | 399.1 |  |  |  |  | 386.0 |
5-Year Fixed Rate Bonds |  |  |  | 1,484.8 |  |  |  |  | 1,505.1 |  |  |  |  | — |  |  |  |  | — |
7-Year Fixed Rate Bonds |  |  |  | 1,482.7 |  |  |  |  | 1,504.9 |  |  |  |  | — |  |  |  |  | — |
10-Year Fixed Rate Bonds |  |  |  | 1,181.6 |  |  |  |  | 1,201.9 |  |  |  |  | — |  |  |  |  | — |
Total long-term borrowings, net of debt issuance costs |  | $ |  | 4,948.2 |  |  | $ |  | 5,005.7 |  |  | $ |  | 798.6 |  |  | $ |  | 777.8 |

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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