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Employee Benefit Plans (Tables)

12 Months Ended

May 31, 2019

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 U.S. Pension Plan and the UK Pension Plan (collectively the “Pension Plans”), including the Postretirement Benefits, at May 31:

	U.S. Pension Plan								UK Pension Plan									Postretirement Benefits
	2019 *		2018			2017			2019			2018			2017			2019				2018				2017
Weighted average assumptions used to determine benefit obligations:
Discount rate	*		—	%		2.4	%		2.3	%		2.6	%		2.5	%		3.6	%			4.0	%			3.7	%
Rate of compensation increase	*		—			—			4.1	%		3.9	%		4.1	%		—				—				—
Weighted average assumptions used to determine net periodic benefit cost:
Discount rate (1)	*		2.3	%		3.5	%		2.4	%		2.5	%		3.5	%		3.7	%			3.7	%			3.7	%
Expected short-term return on plan assets (2)	*		4.8	%		4.8			—			—			—			—		—		—		—		—
Expected long-term return on plan assets	*		—			—			3.4	%		3.4	%		3.9	%		—				—				—
Rate of compensation increase	*		—			—			3.9	%		4.1	%		3.8	%		—				—				—

^* The U.S. Pension Plan was terminated in fiscal 2018.

⁽¹⁾ The fiscal 2018 U.S. Pension Plan discount rate is for the period of June 1, 2017 through the plan settlement date.

⁽²⁾ The fiscal 2018 U.S. Pension Plan expected short-term return on plan assets is for the period of June 1, 2017 through the plan settlement date.

Schedule of changes in projected benefit obligations

The following table sets forth the change in benefit obligation for the Pension Plans and Postretirement Benefits at May 31: 

	U.S. Pension Plan								UK Pension Plan								Postretirement Benefits
	2019 *				2018				2019				2018				2019				2018
Change in benefit obligation:
Benefit obligation at beginning of year	*				$	127.8			$	40.0			$	41.7			$	26.8			$	28.8
Service cost	*				—				—				—				0.0				0.0
Interest cost	*				1.9				0.9				1.1				0.8				0.8
Plan participants’ contributions	*				—				—				—				0.4				0.4
Actuarial losses (gains)	*				1.7				3.1				(2.0		)		0.1				(2.4		)
Foreign currency translation	*				—				(2.0		)		1.3				—				—
Settlement	*				(125.2		)		—				—				—				—
Plan amendments	*				—				0.1				—				(2.7		)		—
Benefits paid, including expenses	*				(6.2		)		(1.2		)		(2.1		)		(2.0		)		(0.8		)
Benefit obligation at end of year	$	—			$	—			$	40.9			$	40.0			$	23.4			$	26.8

Schedule of changes in fair value of plan assets

The following table sets forth the change in plan assets for the Pension Plans and Postretirement Benefits at May 31:

	U.S. Pension Plan								UK Pension Plan								Postretirement Benefits
	2019 *				2018				2019				2018				2019				2018
Change in plan assets:
Fair value of plan assets at beginning of year	*				$	132.5			$	30.8			$	29.2			$	—			$	—
Actual return on plan assets	*				0.5				2.8				1.7				—				—
Employer contributions	*				—				1.0				1.1				—				2.0
Settlement	*				(125.2		)		—				—				—				—
Benefits paid, including expenses	*				(6.2		)		(1.2		)		(2.1		)		—				(2.4		)
Plan participants’ contributions	*				—				—				—				—				0.4
Foreign currency translation	*				—				(1.6		)		0.9				—				—
Fair value of plan assets at end of year	$	—			$	1.6			$	31.8			$	30.8			$	—			$	—

Schedule of amounts recognized in balance sheets

The following table sets forth the net funded status of the Pension Plans and Postretirement Benefits and the related amounts recognized on the Company’s Consolidated Balance Sheets at May 31:

	U.S. Pension Plan								UK Pension Plan								Postretirement Benefits
	2019 *				2018				2019				2018				2019				2018
Current assets	*				$	1.6			$	—			$	—			$	—			$	—
Current liabilities	*				—				—				—				(1.8		)		(2.2		)
Non-current liabilities	*				—				(9.1		)		(9.2		)		(21.6		)		(24.6		)
Net funded balance	$	—			$	1.6			$	(9.1	)		$	(9.2	)		$	(23.4	)		$	(26.8	)

Schedule of amounts recognized in other comprehensive income (loss)

The following amounts were recognized in Accumulated other comprehensive income (loss) for the Pension Plans and Postretirement Benefits in the Company’s Consolidated Balance Sheets at May 31:

	2019														2018
	U.S. Pension Plan *		UK Pension Plan				Post - Retirement Benefits				Total				U.S. Pension Plan				UK Pension Plan				Post - Retirement Benefits				Total
Net actuarial gain (loss)	*		$	(13.0	)		$	0.5			$	(12.5	)		$	—			$	(12.5	)		$	(1.3	)		$	(13.8	)
Amount recognized in  Accumulated comprehensive  income (loss) before tax	*		(13.0		)		0.0				(13.0		)		—				(12.5		)		(2.4		)		(14.9		)

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 Pension Plans as of May 31:

	U.S. Pension Plan						UK Pension Plan
	2019 *		2018				2019				2018
Projected benefit obligations	*		$	—			$	40.9			$	40.0
Accumulated benefit obligations	*		—				40.2				39.4
Fair value of plan assets	*		1.6				31.8				30.8

Schedule of net benefit costs

The following table sets forth the net periodic benefit (cost) for the Pension Plans and Postretirement Benefits for the fiscal years ended May 31:

	U.S. Pension Plan												UK Pension Plan												Postretirement Benefits
	2019 *				2018				2017				2019				2018				2017				2019				2018				2017
Components of net (benefit)  cost:
Service cost	*				$	—			$	—			$	—			$	—			$	—			$	0.0			$	0.0			$	0.0
Interest cost	*				1.9				3.2				0.9				1.1				1.2				0.8				0.8				0.9
Expected return on assets	*				(4.1		)		(6.1		)		(1.0		)		(1.0		)		(1.0		)		—				—				—
Settlement charge	*				57.3				—				—				—				—				—				—				—
Amortization of net actuarial (gain) loss	*				0.9				0.9				0.8				1.2				0.8				(0.1		)		0.1				0.4
Net periodic (benefit) cost	$	—			$	56.0			$	(2.0	)		$	0.7			$	1.3			$	1.0			$	0.7			$	0.9			$	1.3

Schedule of plan asset allocations

The following table sets forth the total weighted average asset allocations for the Pension Plans by asset category at May 31:

	U.S. Pension Plan						UK Pension Plan
	2019 *			2018			2019			2018
Equity securities	*			—	%		35.0	%		38.6	%
Cash and cash equivalents	*			100.0	%		3.0	%		2.6	%
Liability-driven instruments	*			—	%		38.0	%		32.8	%
Real estate	*			—	%		7.0	%		7.5	%
Other	*			—	%		17.0	%		18.5	%
	—	%		100.0	%		100.0	%		100.0	%

^* The U.S. Pension Plan was terminated in fiscal 2018.

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
Equity securities		35	%
Cash and cash equivalents		3	%
Liability-driven instruments and other		55	%
Real estate		7	%
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, 2019
	U.S. Pension Plan *				UK Pension Plan				U.S. Pension Plan (1)				UK Pension Plan				U.S. Pension Plan (1)				UK Pension Plan				Total
	Level 1								Level 2								Level 3
Cash and cash equivalents	*				$	0.9			*				$	—			*				$	—			$	0.9
Equity securities:
U.S. (2)	*				1.1				*				—				*				—				1.1
International (3)	*				10.0				*				—				*				—				10.0
Pooled, Common and  Collective Funds (4) (5)	*				—				*				12.0				*				—				12.0
Annuities	*				—				*				—				*				5.5				5.5
Real estate (6)	*				2.3				*				—				*				—				2.3
Total	$	—			$	14.3			$	—			$	12.0			$	—			$	5.5			$	31.8

	Assets at Fair Value as of May 31, 2018
	U.S. Pension Plan				UK Pension Plan				U.S. Pension Plan				UK Pension Plan				U.S. Pension Plan				UK Pension Plan				Total
	Level 1								Level 2								Level 3
Cash and cash equivalents	$	1.6			$	0.8			$	—			$	—			$	—			$	—			$	2.4
Equity securities:
U.S. (1)	—				1.5				—				—				—				—				1.5
International (2)	—				10.4				—				—				—				—				10.4
Pooled, Common and  Collective Funds (3) (4)	—				—				—				10.1				—				—				10.1
Annuities	—				—				—				—				—				5.7				5.7
Real estate (5)	—				2.3				—				—				—				—				2.3
Total	$	1.6			$	15.0			$	—			$	10.1			$	—			$	5.7			$	32.4

*     The U.S. Pension Plan was terminated in fiscal 2018.

(1)    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.

(2)    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.

(3)    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.

(4)    Funds which invest in bond index funds available to certain qualified retirement plans but not traded openly in any

public exchanges. There are no restrictions on these investments.

(5)    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, 2019 and 2018:

Balance at May 31, 2017	$	5.8
Actual Return on Plan Assets:
Relating to assets still held at May 31, 2017	(0.3		)
Relating to assets sold during the year	—
Purchases, sales and settlements, net	—
Transfers in and/or out of Level 3	—
Foreign currency translation	0.2
Balance at May 31, 2018	$	5.7
Actual Return on Plan Assets:
Relating to assets still held at May 31, 2018	0.1
Relating to assets sold during the year	—
Purchases, sales and settlements, net	—
Transfers in and/or out of Level 3	—
Foreign currency translation	(0.3		)
Balance at May 31, 2019	$	5.5

Schedule of expected benefit payments

The following table sets forth the expected future benefit payments under the UK Pension Plan and the Postretirement Benefits by fiscal year:

	UK Pension Plan				Postretirement
	Pension benefits				Benefit payments				Medicare subsidy receipts
2020	$	1.0			$	1.9			$	0.1
2021	0.9				1.9				0.1
2022	0.9				1.9				0.1
2023	1.3				1.9				0.2
2024	1.2				1.9				0.2
2025 and thereafter	10.2				8.5				0.8

Schedule of health care cost trend rates

Assumed health care cost trend rates at May 31:

	2019			2018
Health care cost trend rate assumed for the next fiscal year	6.5	%		6.8	%
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 rate	2026			2026

Schedule of effect of one-percentage-point change in assumed health care cost trend rates

A one percentage point change in assumed health care cost trend rates would have the following effects:

	2019				2018
Total service and interest cost - 1% increase	$	0.1			$	0.1
Total service and interest cost - 1% decrease	(0.1		)		(0.1		)
Postretirement benefit obligation - 1% increase	2.1				2.8
Postretirement benefit obligation - 1% decrease	(1.9		)		(2.4		)

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