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Employee Benefit Plans (Tables) | 12 Months Ended
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May 31, 2023
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
|  | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Weighted average assumptions used to determine benefit obligations: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  | 5.4 | % |  | 3.5 | % |  | 2.0 | % |  | 5.3 | % |  | 4.3 | % |  | 2.5 | %
Rate of compensation increase |  | 4.0 | % |  | 4.1 | % |  | 4.1 | % |  | — |  |  | — |  |  | — |
Weighted average assumptions used to determine net periodic benefit cost: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  | 1.9 | % |  | 1.6 | % |  | 2.1 | % |  | 3.9 | % |  | 1.7 | % |  | 1.5 | %
Expected long-term return on plan assets |  | 4.4 | % |  | 3.1 | % |  | 2.2 | % |  | — |  |  | — |  |  | — |
Rate of compensation increase |  | 4.1 | % |  | 4.1 | % |  | 3.6 | % |  | — |  |  | — |  |  | — |
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
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Change in benefit obligation: |  |  |  |  |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 31.9 |  |  | $ | 47.0 |  |  | $ | 9.4 |  |  | $ | 12.1 |
Interest cost |  |  | 1.0 |  |  |  | 0.8 |  |  |  | 0.3 |  |  |  | 0.2 |
Plan participants’ contributions |  |  | — |  |  |  | — |  |  |  | 0.0 |  |  | 0.1 |
Actuarial losses (gains) |  |  | (6.7) |  |  |  | (9.6) |  |  |  | (0.8) |  |  |  | (1.9) |
Foreign currency translation |  |  | (0.3) |  |  |  | (5.3) |  |  |  | — |  |  |  | — |
Benefits paid, including expenses |  |  | (0.8) |  |  |  | (1.0) |  |  |  | (0.9) |  |  |  | (1.1) |
Benefit obligation at end of year |  | $ | 25.1 |  |  | $ | 31.9 |  |  | $ | 8.0 |  |  | $ | 9.4 |
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
|  | 2023 |  | 2022
Change in plan assets: |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 30.4 |  |  | $ | 40.8 |
Actual return on plan assets |  |  | (10.9) |  |  |  | (6.2) |
Employer contributions |  |  | 1.1 |  |  |  | 1.6 |
Benefits paid, including expenses |  |  | (0.8) |  |  |  | (1.1) |
Foreign currency translation |  |  | (0.2) |  |  |  | (4.7) |
Fair value of plan assets at end of year |  | $ | 19.6 |  |  | $ | 30.4 |
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
| 2023 |  | 2022 |  | 2023 |  | 2022
Current liabilities | $ | — |  |  | $ | — |  |  | $ | (1.0) |  |  | $ | (1.1) |
Non-current liabilities |  | (5.5) |  |  |  | (1.5) |  |  |  | (7.0) |  |  |  | (8.3) |
Net funded balance | $ | (5.5) |  |  | $ | (1.5) |  |  | $ | (8.0) |  |  | $ | (9.4) |
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:
| 2023 |  | 2022
|  | UK Pension Plan |  | US Postretirement Benefits |  | Total |  | UK Pension Plan |  | US Postretirement Benefits |  | Total
Actuarial gain (loss) |  | $ | (12.4) |  |  | $ | 1.3 |  |  | $ | (11.1) |  |  | $ | (7.4) |  |  | $ | 0.4 |  |  | $ | (7.0) |
Prior service credit (cost) |  |  | 0.0 |  |  |  | 7.5 |  |  |  | 7.5 |  |  |  | (0.0) |  |  |  | 8.4 |  |  |  | 8.4 |
Amount recognized in Accumulated comprehensive income (loss) net of tax |  |  | (12.4) |  |  |  | 6.6 |  |  |  | (5.8) |  |  |  | (7.4) |  |  |  | 6.6 |  |  |  | (0.8) |
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
|  | 2023 |  | 2022
Projected benefit obligations |  | $ | 25.1 |  |  | $ | 31.9 |
Accumulated benefit obligations |  |  | 25.0 |  |  |  | 31.6 |
Fair value of plan assets |  |  | 19.6 |  |  |  | 30.4 |
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
|  | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Components of net (benefit) cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest cost |  |  | 1.0 |  |  |  | 0.8 |  |  |  | 0.7 |  |  |  | 0.3 |  |  |  | 0.2 |  |  |  | 0.3 |
Expected return on assets |  |  | (1.3) |  |  |  | (1.2) |  |  |  | (0.9) |  |  |  | — |  |  |  | — |  |  |  | — |
Amortization of prior service (credit) loss |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | (0.8) |  |  |  | (0.8) |  |  |  | (0.6) |
Amortization of net actuarial (gain) loss |  |  | 0.5 |  |  |  | 0.9 |  |  |  | 0.6 |  |  |  | — |  |  |  | — |  |  |  | — |
Net periodic (benefit) cost |  | $ | 0.2 |  |  | $ | 0.5 |  |  | $ | 0.4 |  |  | $ | (0.5) |  |  | $ | (0.6) |  |  | $ | (0.3) |
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
|  | 2023 |  | 2022
Equity securities |  | 29.6 | % |  | 56.1 | %
Cash and cash equivalents |  | 5.1 | % |  | 1.1 | %
Liability-driven instruments |  | 41.7 | % |  | 23.2 | %
Real estate |  | 6.8 | % |  | 5.7 | %
Other |  | 16.8 | % |  | 13.9 | %
|  | 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 |  | 30 | %
Cash and cash equivalents |  | 5 | %
Liability-driven instruments |  | 42 | %
Real estate |  | 7 | %
Other |  | 16 | %
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, 2023
| UK Pension Plan
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash and cash equivalents | $ | 1.0 |  |  | $ | — |  |  | $ | — |  |  | $ | 1.0 |
Equity securities: |  |  |  |  |  |  |  |  |  |  |
U.S. (1) |  | 1.1 |  |  |  | — |  |  |  | — |  |  |  | 1.1 |
International (2) |  | 4.7 |  |  |  | — |  |  |  | — |  |  |  | 4.7 |
Pooled, Common and Collective Funds (3) (4) |  | — |  |  |  | 8.2 |  |  |  | — |  |  |  | 8.2 |
Annuities |  | — |  |  |  | — |  |  |  | 3.3 |  |  |  | 3.3 |
Real estate (5) |  | 1.3 |  |  |  | — |  |  |  | — |  |  |  | 1.3 |
Total | $ | 8.1 |  |  | $ | 8.2 |  |  | $ | 3.3 |  |  | $ | 19.6 |
| 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 |
(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, 2023 and 2022:
Balance at May 31, 2021 | $ | 6.0 |
Actual Return on Plan Assets: |  |
Relating to assets still held at May 31, 2021 |  | (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 |
Actual Return on Plan Assets: |  |
Relating to assets still held at May 31, 2022 |  | (0.9) |
Relating to assets sold during the year |  | — |
Purchases, sales and settlements, net |  | — |
Transfers in and/or out of Level 3 |  | — |
Foreign currency translation |  | (0.0) |
Balance at May 31, 2023 | $ | 3.3 |
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
2024 | $ | 1.2 |  |  | $ | 1.1 |  |  | $ | 0.0 |
2025 |  | 1.5 |  |  |  | 1.0 |  |  |  | 0.0 |
2026 |  | 1.4 |  |  |  | 0.9 |  |  |  | 0.0 |
2027 |  | 1.4 |  |  |  | 0.9 |  |  |  | 0.0 |
2028 |  | 1.4 |  |  |  | 0.8 |  |  |  | 0.0 |
2029 - 2033 |  | 7.6 |  |  |  | 3.1 |  |  |  | 0.1 |
Schedule of health care cost trend rates | Assumed health care cost trend rates at May 31:
| 2023 |  | 2022
Health care cost trend rate assumed for the next fiscal year | 6.0 | % |  | 5.8 | %
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 | 2028 |  | 2026

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