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Employee Benefit Plans (Tables) | 12 Months Ended
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May 31, 2025
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
|  | 2025 |  | 2024 |  | 2023 |  | 2025 |  | 2024 |  | 2023
Weighted average assumptions used to determine benefit obligations: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  | 5.8 | % |  | 5.2 | % |  | 5.4 | % |  | 5.4 | % |  | 5.5 | % |  | 5.3 | %
Rate of compensation increase |  | 3.8 | % |  | 4.1 | % |  | 4.0 | % |  | — |  |  | — |  |  | — |
Weighted average assumptions used to determine net periodic benefit cost: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  | 5.1 | % |  | 5.5 | % |  | 1.9 | % |  | 5.4 | % |  | 5.2 | % |  | 3.9 | %
Expected long-term return on plan assets |  | 4.9 | % |  | 5.6 | % |  | 4.4 | % |  | — |  |  | — |  |  | — |
Rate of compensation increase |  | 4.1 | % |  | 4.0 | % |  | 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 the US Postretirement Benefits at May 31:
|  | UK Pension Plan |  | US Postretirement Benefits
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Change in benefit obligation: |  |  |  |  |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 26.7 |  |  | $ | 25.1 |  |  | $ | 7.2 |  |  | $ | 8.0 |
Interest cost |  |  | 1.3 |  |  |  | 1.3 |  |  |  | 0.3 |  |  |  | 0.3 |
Plan participants’ contributions |  |  | — |  |  |  | — |  |  |  | 0.0 |  |  | 0.1
Actuarial losses (gains) |  |  | (2.6) |  |  |  | 0.9 |  |  |  | (0.0) |  |  |  | (0.3) |
Foreign currency translation |  |  | 1.5 |  |  |  | 0.7 |  |  |  | — |  |  |  | — |
Benefits paid, including expenses |  |  | (1.6) |  |  |  | (1.3) |  |  |  | (1.0) |  |  |  | (0.9) |
Benefit obligation at end of year |  | $ | 25.3 |  |  | $ | 26.7 |  |  | $ | 6.5 |  |  | $ | 7.2 |
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
|  | 2025 |  | 2024
Change in plan assets: |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 21.4 |  |  | $ | 19.6 |
Actual return on plan assets |  |  | (2.2) |  |  |  | 1.4 |
Employer contributions |  |  | 1.3 |  |  |  | 1.2 |
Benefits paid, including expenses |  |  | (1.6) |  |  |  | (1.3) |
Foreign currency translation |  |  | 1.2 |  |  |  | 0.5 |
Fair value of plan assets at end of year |  | $ | 20.1 |  |  | $ | 21.4 |
Schedule of amounts recognized in balance sheets | The following table sets forth the net funded status of the UK Pension Plan and the US Postretirement Benefits and the related amounts recognized on the Company’s Consolidated Balance Sheets at May 31:
| UK Pension Plan |  | US Postretirement Benefits
| 2025 |  | 2024 |  | 2025 |  | 2024
Current liabilities | $ | — |  |  | $ | — |  |  | $ | (0.9) |  |  | $ | (1.0) |
Noncurrent liabilities |  | (5.2) |  |  |  | (5.3) |  |  |  | (5.6) |  |  |  | (6.2) |
Net funded balance | $ | (5.2) |  |  | $ | (5.3) |  |  | $ | (6.5) |  |  | $ | (7.2) |
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 the US Postretirement Benefits on the Company’s Consolidated Balance Sheets at May 31:
| 2025 |  | 2024
|  | UK Pension Plan |  | US Postretirement Benefits |  | Total |  | UK Pension Plan |  | US Postretirement Benefits |  | Total
Actuarial gain (loss) |  | $ | (11.0) |  |  | $ | 1.4 |  |  | $ | (9.6) |  |  | $ | (11.8) |  |  | $ | 1.5 |  |  | $ | (10.3) |
Prior service credit (cost) |  |  | 0.0 |  |  |  | 5.9 |  |  |  | 5.9 |  |  |  | 0.0 |  |  |  | 6.7 |  |  |  | 6.7 |
Amount recognized in Accumulated comprehensive income (loss) net of tax |  |  | (11.0) |  |  |  | 5.5 |  |  |  | (5.5) |  |  |  | (11.8) |  |  |  | 6.2 |  |  |  | (5.6) |
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
|  | 2025 |  | 2024
Projected benefit obligations |  | $ | 25.3 |  |  | $ | 26.7 |
Accumulated benefit obligations |  |  | 25.2 |  |  |  | 26.7 |
Fair value of plan assets |  |  | 20.1 |  |  |  | 21.4 |
Schedule of net benefit costs | The following table sets forth the net periodic benefit (cost) for the UK Pension Plan and the US Postretirement Benefits for the fiscal years ended May 31:
|  | UK Pension Plan |  | US Postretirement Benefits
|  | 2025 |  | 2024 |  | 2023 |  | 2025 |  | 2024 |  | 2023
Components of net (benefit) cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest cost |  | $ | 1.3 |  |  | $ | 1.3 |  |  | $ | 1.0 |  |  | $ | 0.3 |  |  | $ | 0.3 |  |  | $ | 0.3 |
Expected return on assets |  |  | (1.0) |  |  |  | (1.1) |  |  |  | (1.3) |  |  |  | — |  |  |  | — |  |  |  | — |
Amortization of prior service (credit) loss |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | (0.8) |  |  |  | (0.8) |  |  |  | (0.8) |
Amortization of net actuarial (gain) loss |  |  | 1.4 |  |  |  | 1.3 |  |  |  | 0.5 |  |  |  | (0.1) |  |  |  | 0.0 |  |  |  | — |
Net periodic (benefit) cost |  | $ | 1.7 |  |  | $ | 1.5 |  |  | $ | 0.2 |  |  | $ | (0.6) |  |  | $ | (0.5) |  |  | $ | (0.5) |
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
|  | 2025 |  | 2024
Debt securities |  | 42.7 | % |  | 37.3 | %
Cash and cash equivalents |  | 4.2 | % |  | 4.1 | %
Liability-driven instruments |  | 37.8 | % |  | 43.5 | %
Other |  | 15.3 | % |  | 15.1 | %
|  | 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
Debt securities |  | 45 | %
Cash and cash equivalents |  | 0 | %
Liability-driven instruments |  | 45 | %
Other |  | 10 | %
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, 2025
| UK Pension Plan
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash and cash equivalents | $ | 0.8 |  |  | $ | — |  |  | $ | — |  |  | $ | 0.8 |
Pooled, Common and Collective Funds (1) (2) |  | — |  |  |  | 7.6 |  |  |  | — |  |  |  | 7.6 |
Fixed Income (3) |  | — |  |  |  | 8.6 |  |  |  | — |  |  |  | 8.6 |
Annuities |  | — |  |  |  | — |  |  |  | 3.1 |  |  |  | 3.1 |
Total | $ | 0.8 |  |  | $ | 16.2 |  |  | $ | 3.1 |  |  | $ | 20.1 |
| Assets at Fair Value as of May 31, 2024
| UK Pension Plan
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash and cash equivalents | $ | 0.9 |  |  | $ | — |  |  | $ | — |  |  | $ | 0.9 |
Pooled, Common and Collective Funds (1) (2) |  | — |  |  |  | 9.3 |  |  |  | — |  |  |  | 9.3 |
Fixed Income (3) |  | — |  |  |  | 8.0 |  |  |  | — |  |  |  | 8.0 |
Annuities |  | — |  |  |  | — |  |  |  | 3.2 |  |  |  | 3.2 |
Total | $ | 0.9 |  |  | $ | 17.3 |  |  | $ | 3.2 |  |  | $ | 21.4 |
(1) 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. (2) 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. (3) Funds which invest in a diversified portfolio of publicly traded government bonds, corporate bonds and mortgage-backed securities. 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, 2025 and 2024:
Balance at May 31, 2023 | $ | 3.3 |
Actual Return on Plan Assets: |  |
Relating to assets held at May 31, 2023 |  | (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 |  | 0.0 |
Balance at May 31, 2024 | $ | 3.2 |
Actual Return on Plan Assets: |  |
Relating to assets held at May 31, 2024 |  | (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, 2025 | $ | 3.1 |
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
2026 | $ | 1.5 |  |  | $ | 0.9 |  |  | $ | 0.0 |
2027 |  | 1.5 |  |  |  | 0.8 |  |  |  | 0.0 |
2028 |  | 1.5 |  |  |  | 0.8 |  |  |  | 0.0 |
2029 |  | 1.6 |  |  |  | 0.7 |  |  |  | 0.0 |
2030 |  | 1.6 |  |  |  | 0.7 |  |  |  | 0.0 |
2031 - 2035 |  | 8.7 |  |  |  | 2.6 |  |  |  | 0.1 |
Schedule of health care cost trend rates | Assumed health care cost trend rates at May 31:
| 2025 |  | 2024
Health care cost trend rate assumed for the next fiscal year | 6.3 | % |  | 6.3 | %
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 | 2031 |  | 2030

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- 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 -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-5 + Details
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