XML 58 R44.htm IDEA: XBRL DOCUMENT
v3.22.2

Employee Benefit Plans (Tables) | 12 Months Ended
--- | ---
May 31, 2022
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 UK Pension Plan and the US Postretirement Benefits at May 31:
|  | UK Pension Plan |  | US Postretirement Benefits
|  | 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020
Weighted average assumptions used to determine benefit obligations: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  | 3.5 | % |  | 2.0 | % |  | 1.7 | % |  | 4.3 | % |  | 2.5 | % |  | 2.7 | %
Rate of compensation increase |  | 4.1 | % |  | 4.1 | % |  | 3.6 | % |  | — |  |  | — |  |  | — |
Weighted average assumptions used to determine net periodic benefit cost: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  | 1.6 | % |  | 2.1 | % |  | 2.4 | % |  | 1.7 | % |  | 1.5 | % |  | 3.2 | %
Expected long-term return on plan assets |  | 3.1 | % |  | 2.2 | % |  | 3.1 | % |  | — |  |  | — |  |  | — |
Rate of compensation increase |  | 4.1 | % |  | 3.6 | % |  | 4.1 | % |  | — |  |  | — |  |  | — |
Schedule of changes in projected benefit obligations | The following table sets forth the change in benefit obligation for the UK Pension Plan and US Postretirement Benefits at May 31:
|  | UK Pension Plan |  | US Postretirement Benefits
|  | 2022 |  | 2021 |  | 2022 |  | 2021
Change in benefit obligation: |  |  |  |  |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 47.0 |  |  | $ | 41.7 |  |  | $ | 12.1 |  |  | $ | 20.8 |
Interest cost |  |  | 0.8 |  |  |  | 0.7 |  |  |  | 0.2 |  |  |  | 0.3 |
Plan participants’ contributions |  |  | — |  |  |  | — |  |  |  | 0.1 |  |  |  | 0.1 |
Actuarial losses (gains) |  |  | (9.6) |  |  |  | (0.3) |  |  |  | (1.9) |  |  |  | 0.3 |
Foreign currency translation |  |  | (5.3) |  |  |  | 6.4 |  |  |  | — |  |  |  | — |
Plan amendments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (7.6) |
Benefits paid, including expenses |  |  | (1.0) |  |  |  | (1.5) |  |  |  | (1.1) |  |  |  | (1.8) |
Benefit obligation at end of year |  | $ | 31.9 |  |  | $ | 47.0 |  |  | $ | 9.4 |  |  | $ | 12.1 |
Schedule of changes in fair value of plan assets | The following table sets forth the change in plan assets for the UK Pension Plan at May 31:
|  | UK Pension Plan |  |
|  | 2022 |  | 2021 |  |  |  |  |
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 40.8 |  |  | $ | 36.6 |  |  |  |  |  |
Actual return on plan assets |  |  | (6.2) |  |  |  | (0.8) |  |  |  |  |  |
Employer contributions |  |  | 1.6 |  |  |  | 1.1 |  |  |  |  |  |
Benefits paid, including expenses |  |  | (1.1) |  |  |  | (1.5) |  |  |  |  |  |
Foreign currency translation |  |  | (4.7) |  |  |  | 5.4 |  |  |  |  |  |
Fair value of plan assets at end of year |  | $ | 30.4 |  |  | $ | 40.8 |  |  |  |  |  |
Schedule of amounts recognized in balance sheets | The following table sets forth the net funded status of the UK Pension Plan and US Postretirement Benefits and the related amounts recognized on the Company’s Consolidated Balance Sheets at May 31:
| UK Pension Plan |  | US Postretirement Benefits
| 2022 |  | 2021 |  | 2022 |  | 2021
Current liabilities | $ | — |  |  | $ | — |  |  | $ | (1.1) |  |  | $ | (1.3) |
Non-current liabilities |  | (1.5) |  |  |  | (6.2) |  |  |  | (8.3) |  |  |  | (10.8) |
Net funded balance | $ | (1.5) |  |  | $ | (6.2) |  |  | $ | (9.4) |  |  | $ | (12.1) |
Schedule of amounts recognized in other comprehensive income (loss) | The following amounts were recognized in Accumulated other comprehensive income (loss) for the UK Pension Plan and US Postretirement Benefits on the Company’s Consolidated Balance Sheets at May 31:
| 2022 |  | 2021
|  | UK Pension Plan |  | US Postretirement Benefits |  | Total |  | UK Pension Plan |  | US Postretirement Benefits |  | Total
Actuarial gain (loss) |  | $ | (7.4) |  |  | $ | 0.4 |  |  | $ | (7.0) |  |  | $ | (10.4) |  |  | $ | (1.4) |  |  | $ | (11.8) |
Prior service credit (cost) |  |  | 0.0 |  |  |  | 8.4 |  |  |  | 8.4 |  |  |  | (0.0) |  |  |  | 9.2 |  |  |  | 9.2 |
Amount recognized in Accumulated comprehensive income (loss) net of tax |  |  | (7.4) |  |  |  | 6.6 |  |  |  | (0.8) |  |  |  | (10.4) |  |  |  | 5.8 |  |  |  | (4.6) |
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 UK Pension Plan as of May 31:
|  | UK Pension Plan
|  | 2022 |  | 2021
Projected benefit obligations |  | $ | 31.9 |  |  | $ | 47.0 |
Accumulated benefit obligations |  |  | 31.6 |  |  |  | 46.5 |
Fair value of plan assets |  |  | 30.4 |  |  |  | 40.8 |
Schedule of net benefit costs | The following table sets forth the net periodic benefit (cost) for the UK Pension Plan and US Postretirement Benefits for the fiscal years ended May 31:
|  | UK Pension Plan |  | US Postretirement Benefits
|  | 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020
Components of net (benefit) cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest cost |  |  | 0.8 |  |  |  | 0.7 |  |  |  | 0.9 |  |  |  | 0.2 |  |  |  | 0.3 |  |  |  | 0.6 |
Expected return on assets |  |  | (1.2) |  |  |  | (0.9) |  |  |  | (1.0) |  |  |  | — |  |  |  | — |  |  |  | — |
Amortization of prior service (credit) loss |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | (0.8) |  |  |  | (0.6) |  |  |  | (0.2) |
Amortization of net actuarial (gain) loss |  |  | 0.9 |  |  |  | 0.6 |  |  |  | 1.0 |  |  |  | 0.0 |  |  |  | — |  |  |  | — |
Net periodic (benefit) cost |  | $ | 0.5 |  |  | $ | 0.4 |  |  | $ | 0.9 |  |  | $ | (0.6) |  |  | $ | (0.3) |  |  | $ | 0.4 |
Schedule of plan asset allocations | The following table sets forth the total weighted average asset allocations for the UK Pension Plan by asset category at May 31:
|  | UK Pension Plan
|  | 2022 |  | 2021
Equity securities |  | 56.1 | % |  | 47.1 | %
Cash and cash equivalents |  | 1.1 | % |  | 2.3 | %
Liability-driven instruments |  | 23.2 | % |  | 31.8 | %
Real estate |  | 5.7 | % |  | 4.2 | %
Other |  | 13.9 | % |  | 14.6 | %
|  | 100.0 | % |  | 100.0 | %
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 |  | 56 | %
Cash and cash equivalents |  | 1 | %
Liability-driven instruments |  | 23 | %
Real estate |  | 6 | %
Other |  | 14 | %
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, 2022
| UK Pension Plan
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash and cash equivalents | $ | 0.3 |  |  | $ | — |  |  | $ | — |  |  | $ | 0.3 |
Equity securities: |  |  |  |  |  |  |  |  |  |  |
U.S. (1) |  | 2.4 |  |  |  | — |  |  |  | — |  |  |  | 2.4 |
International (2) |  | 14.7 |  |  |  | — |  |  |  | — |  |  |  | 14.7 |
Pooled, Common and Collective Funds (3) (4) |  | — |  |  |  | 7.1 |  |  |  | — |  |  |  | 7.1 |
Annuities |  | — |  |  |  | — |  |  |  | 4.2 |  |  |  | 4.2 |
Real estate (5) |  | 1.7 |  |  |  | — |  |  |  | — |  |  |  | 1.7 |
Total | $ | 19.1 |  |  | $ | 7.1 |  |  | $ | 4.2 |  |  | $ | 30.4 |
| Assets at Fair Value as of May 31, 2021
| UK Pension Plan
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash and cash equivalents | $ | 0.9 |  |  | $ | — |  |  | $ | — |  |  | $ | 0.9 |
Equity securities: |  |  |  |  |  |  |  |  |  |  |
U.S. (1) |  | 4.7 |  |  |  | — |  |  |  | — |  |  |  | 4.7 |
International (2) |  | 14.5 |  |  |  | — |  |  |  | — |  |  |  | 14.5 |
Pooled, Common and Collective Funds (3) (4) |  | — |  |  |  | 13.0 |  |  |  | — |  |  |  | 13.0 |
Annuities |  | — |  |  |  | — |  |  |  | 6.0 |  |  |  | 6.0 |
Real estate (5) |  | 1.7 |  |  |  | — |  |  |  | — |  |  |  | 1.7 |
Total | $ | 21.8 |  |  | $ | 13.0 |  |  | $ | 6.0 |  |  | $ | 40.8 |
(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 on 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, 2022 and 2021:
Balance at May 31, 2020 | $ | 5.6 |
Actual Return on Plan Assets: |  |
Relating to assets still held at May 31, 2021 |  | (0.4) |
Relating to assets sold during the year |  | — |
Purchases, sales and settlements, net |  | — |
Transfers in and/or out of Level 3 |  | — |
Foreign currency translation |  | 0.8 |
Balance at May 31, 2021 | $ | 6.0 |
Actual Return on Plan Assets: |  |
Relating to assets still held at May 31, 2022 |  | (1.2) |
Relating to assets sold during the year |  | — |
Purchases, sales and settlements, net |  | — |
Transfers in and/or out of Level 3 |  | — |
Foreign currency translation |  | (0.6) |
Balance at May 31, 2022 | $ | 4.2 |
Schedule of expected benefit payments | The following table sets forth the expected future benefit payments under the UK Pension Plan and the US Postretirement Benefits by fiscal year:
| UK Pension Plan |  | US Postretirement Benefits
| Pension benefits |  | Benefit payments |  | Medicare subsidy receipts
2023 | $ | 0.9 |  |  | $ | 1.2 |  |  | $ | 0.1 |
2024 |  | 1.3 |  |  |  | 1.1 |  |  |  | 0.0 |
2025 |  | 1.5 |  |  |  | 1.0 |  |  |  | 0.0 |
2026 |  | 1.5 |  |  |  | 0.9 |  |  |  | 0.0 |
2027 |  | 1.5 |  |  |  | 0.9 |  |  |  | 0.0 |
2028 - 2032 |  | 7.7 |  |  |  | 3.5 |  |  |  | 0.1 |
Schedule of health care cost trend rates | Assumed health care cost trend rates at May 31:
| 2022 |  | 2021
Health care cost trend rate assumed for the next fiscal year | 5.8 | % |  | 6.0 | %
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

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

X
- Definition Tabular disclosure of benefit obligation and plan assets of defined benefit plan with accumulated benefit obligation in excess of plan assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e2417-114920 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e2417-114920 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921 + Details
Name: | us-gaap_ScheduleOfAccumulatedBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amounts that are recognized in the balance sheet (or statement of financial position) for pension plans and/or other employee benefit plans, showing separately the assets and current and noncurrent liabilities (if applicable) recognized. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAmountsRecognizedInBalanceSheetTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the net gain (loss) and net prior service cost or credit recognized in other comprehensive income (loss) for the period for pension plans and/or other employee benefit plans, and reclassification adjustments of other comprehensive income (loss) for the period, as those amounts, including amortization of the net transition asset or obligation, are recognized as components of net periodic benefit cost. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (k) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation of beginning and ending balances of the fair value of plan assets of pension plans and/or other employee benefit plans showing separately, if applicable, the effects during the period attributable to each of the following: actual return on plan assets, foreign currency exchange rate changes, contributions by the employer, contributions by plan participants, benefits paid, business combinations, divestitures, and settlements. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfChangesInFairValueOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in the benefit obligation of pension plans and/or other employee benefit plans from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfChangesInProjectedBenefitObligationsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the effect of fair value measurements using significant unobservable inputs (Level 3) on changes in plan assets of pension plans and/or other employee benefit plans for the period. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(iv)(02) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfEffectOfSignificantUnobservableInputsChangesInPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the assumed health care cost trend rates for the next year used to measure the expected cost of benefits covered by the plans, including the ultimate trend rate(s) and when that rate is expected to be achieved. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (l) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfHealthCareCostTrendRatesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration