Employee Retirement Plans (Tables)

12 Months Ended

May 31, 2026

Schedule of Defined Contribution Plan Expense

The following table summarizes the defined contribution plan expense for the prior three fiscal years:


(In millions)	2026		2025		2024
Defined contribution plan expense	$	13.0	$	12.4	$	12.3

Components of Net Periodic Pension Income for Defined Benefit Pension Plans Along with Assumptions used to Determine Benefit Obligation and Net Periodic Benefit Cost

The following table summarizes the components of net periodic pension income for the Company’s defined benefit pension plans along with the assumptions used to determine the benefit obligation and net periodic benefit cost for the prior three fiscal years:


	Year Ended May 31, 2026									Year Ended May 31, 2025									Year Ended May 31, 2024
	Pension Benefits									Pension Benefits									Pension Benefits
(In millions)	U.S.			Non-U.S.			Other Benefits			U.S.			Non-U.S.			Other Benefits			U.S.			Non-U.S.			Other Benefits
Defined benefit plans components of expense:
Service cost	$	-		$	1.4		$	-		$	-		$	-		$	-		$	-		$	-		$	-
Interest cost		2.5			0.6			0.2			2.8			0.1			0.2			3.5			0.1			0.2
Expected return on plan assets		(2.7	)		(1.6	)		-			(3.0	)		-			-			(4.0	)		-			-
Net amortization and deferral costs		(0.3	)		-			(0.2	)		(0.3	)		-			(0.2	)		(0.3	)		-			(0.1	)
Settlement gain		-			(0.3	)		-			(2.7	)		-			-			-			-			-
Curtailment gain		-			(1.1	)		-			-			-			-			-			-			-
Net periodic benefit income	$	(0.5	)	$	(1.0	)	$	-		$	(3.2	)	$	0.1		$	-		$	(0.8	)	$	0.1		$	0.1
Weighted-average assumptions used to determine benefit obligations
Discount rate		5.4	%		1.3	%		5.4	%		5.4	%		3.8	%		5.4	%		5.6	%		3.5	%		5.6	%
Compensation rate increase(1)	N/A				1.5	%	N/A			N/A			N/A			N/A			N/A			N/A			N/A
Interest crediting rate(1)	N/A				2.0	%	N/A			N/A			N/A			N/A			N/A			N/A			N/A
Weighted-average assumptions used to determine net expenses
Discount rate		5.4	%		1.0	%		5.4	%		5.6	%		2.5	%		5.6	%		4.8	%		2.5	%		4.8	%
Expected rate of return on plan assets		6.5	%		4.7	%	N/A				6.5	%	N/A			N/A				6.5	%	N/A			N/A
Compensation rate increase(1)	N/A				1.5	%	N/A			N/A			N/A			N/A			N/A			N/A			N/A
Interest crediting rate(1)	N/A				2.0	%	N/A			N/A			N/A			N/A			N/A			N/A			N/A

(1)

Relates to only the Stanzwerk AG pension plan, which was assumed in connection with the Sitem Group acquisition.

Reconciliation of the Changes in the Projected Benefit Obligation and Fair Value of Plan Assets and the Funded Status for Defined-benefit Plans

The following tables provide a reconciliation of the changes in the projected benefit obligation and the fair value of plan assets and the funded status for the Company’s defined benefit plans:


	Year Ended May 31, 2026									Year Ended May 31, 2025
	Pension Benefits									Pension Benefits
(In millions)	U.S.			Non-U.S.			Other Benefits			U.S.			Non-U.S.			Other Benefits
Change in benefit obligation
Benefit obligation, beginning of year	$	48.2		$	1.2		$	3.0		$	70.0		$	1.1		$	3.1
Service cost		-			1.4			-			-			-			-
Interest cost		2.5			0.6			0.2			2.8			0.1			0.2
Plan amendments		-			-			-			-			-			-
Actuarial (gain)/loss		(0.1	)		(3.0	)		-			(1.3	)		-			(0.1	)
Benefits paid (1)		(3.5	)		0.7			(0.2	)		(3.3	)		-			(0.2	)
Administrative expenses paid		-			(0.1	)		-			-			-			-
Foreign currency translation adjustment		-			2.2			-			-			-			-
Settlements		-			(5.1	)		-			(20.0	)		-			-
Curtailments		-			(3.3	)		-			-			-			-
Participant contributions		-			1.2			-			-			-			-
Benefit obligations acquired		-			52.0			-			-			-			-
Benefit obligations, end of year	$	47.1		$	47.8		$	3.0		$	48.2		$	1.2		$	3.0

Change in plan assets
Fair value, beginning of year	$	38.8		$	0.1		$	-		$	53.4		$	0.1		$	-
Actual return on plan assets		2.2			1.3			-			3.5			-			-
Company contributions		0.5			1.2			0.2			5.2			-			0.2
Benefits paid (1)		(3.5	)		0.7			(0.2	)		(3.3	)		-			(0.2	)
Administrative expenses paid		-			(0.1	)		-			-			-			-
Foreign currency translation adjustment		-			1.8			-			-			-			-
Settlements		-			(5.1	)		-			(20.0	)		-			-
Participant contributions		-			1.2			-			-			-			-
Plan assets acquired		-			37.7			-			-			-			-
Fair value, end of year		38.0			38.8			-			38.8			0.1			-
Funded status	$	(9.1	)	$	(9.0	)	$	(3.0	)	$	(9.4	)	$	(1.1	)	$	(3.0	)

Amounts recognized in the consolidated balance sheets consist of:
Accrued compensation, contributions to employee benefit plans and related taxes	$	-		$	-		$	(0.3	)	$	-		$	-		$	(0.3	)
Other liabilities		(9.1	)		(9.0	)		(2.7	)		(9.4	)		(1.1	)		(2.7	)
AOCI		(7.4	)		(4.7	)		(1.3	)		(8.1	)		-			(1.5	)
Less: amount attributable to Redeemable NCI		-			(2.3	)		-			-			-			-
AOCI attributable to controlling interest		(7.4	)		(2.4	)		(1.3	)		(8.1	)		-			(1.5	)

Amounts recognized in AOCI consist of:
Net (gain)/loss	$	(7.4	)	$	(2.4	)	$	(1.0	)	$	(8.1	)	$	-		$	(1.2	)
Net prior service credit		-			-			(0.3	)		-			-			(0.3	)
Total	$	(7.4	)	$	(2.4	)	$	(1.3	)	$	(8.1	)	$	-		$	(1.5	)

(1)

The fiscal 2026 non-U.S. benefits paid amount reflects both benefit payments and insurance-related transactions. During the year, insurance reserves were transferred to the plan in an amount that exceeded annuity benefit payments and insurance premiums, resulting in a net increase in the line item.

The accumulated benefit obligation for all of the defined benefit pension and OPEB plan obligations was $94.9 million and $52.4 million as of May 31, 2026, and May 31, 2025, respectively.

Other Changes in Plan Assets And Benefit Obligations Recognized in OCI

The following table shows other changes in plan assets and benefit obligations recognized in OCI during the prior two fiscal years:


	Year Ended May 31, 2026							Year Ended May 31, 2025
	Pension Benefits							Pension Benefits
(In millions)	U.S.		Non-U.S.			Other Benefits		U.S.			Non-U.S.		Other Benefits
Net (gain)/loss	$	0.4	$	(5.0	)	$	-	$	(1.7	)	$	-	$	(0.1	)
Amortization of net gain/(loss)		0.3		-			0.2		0.3			-		0.2
Settlement gain		-		0.3			-		2.7			-		-
Total recognized in other comprehensive loss/(income)	$	0.7	$	(4.7	)	$	0.2	$	1.3		$	-	$	0.1
Total recognized in net periodic benefit cost (income) and OCI	$	0.2	$	(5.7	)	$	0.2	$	(1.9	)	$	-	$	0.1

Plan Assets for Defined Benefit Plan

Plan assets for the defined benefit plans consisted principally of the following as of the respective measurement dates:


	May 31, 2026						May 31, 2025
	U.S.			Non-U.S.			U.S.			Non-U.S.
Asset category:
Equity securities		0	%		35	%		17	%		0	%
Fixed-income funds		87	%		29	%		69	%		0	%
Real estate funds		0	%		24	%		0	%		0	%
Hedge funds		3	%		0	%		7	%		0	%
Other (1)		10	%		12	%		7	%		100	%
Total		100	%		100	%		100	%		100	%

(1)

Includes cash and cash equivalents and other alternative investments.

Estimated Future Benefits Expected to be Paid

The following estimated future benefits, which reflect expected future service, as appropriate, are expected to be paid under the defined benefit and other postretirement plans during future fiscal years as follows:


	Pension Benefits
(In millions)	U.S.		Non-U.S.		Other Benefits
2027 (1)	$	5.4	$	8.2	$	0.3
2028	$	4.4	$	2.3	$	0.3
2029	$	3.9	$	2.1	$	0.3
2030	$	3.8	$	1.8	$	0.3
2031	$	3.7	$	2.0	$	0.3
2032-2036	$	17.8	$	11.3	$	1.1

(1)

Estimated Non-U.S. pension benefit payments for fiscal 2027 include approximately $5.8 million of payments related to employees affected by the restructuring initiative associated with the acquired Stanzwerk AG pension plan.

Fair Value, Measurements, Recurring

Plan Assets for Defined Benefit Plan

The following table sets forth, by level within the fair value hierarchy, a summary of the defined benefit plans’ assets measured at fair value on a recurring basis at May 31, 2026, and May 31, 2025:


	May 31, 2026						May 31, 2025
(In millions)	Fair Value		Level 1		Level 2		Fair Value		Level 1		Level 2
U.S. Plan Assets
Investment:
Cash and cash equivalents	$	3.9	$	3.9	$	-	$	2.7	$	2.7	$	-
Fixed-income funds		33.1		33.1		-		26.9		26.9		-
Equity funds		-		-		-		6.4		6.4		-
Commingled fund investments measured at net asset value (1):
Hedge funds		1.0		-		-		2.8		-		-
Total U.S. plan assets	$	38.0	$	37.0	$	-	$	38.8	$	36.0	$	-

Non-U.S. Plan Assets
Investment:
Cash and cash equivalents	$	0.5	$	0.5	$	-	$	0.1	$	0.1	$	-
Fixed-income funds		11.2		11.2		-		-		-		-
Equity funds		13.5		13.5		-		-		-		-
Real estate funds		9.3		9.3		-		-		-		-
Other		4.3		-		4.3		-		-		-
Total Non-U.S. plan assets	$	38.8	$	34.5	$	4.3	$	0.1	$	0.1	$	-
Total plan assets	$	76.8	$	71.5	$	4.3	$	38.9	$	36.1	$	-

(1)

Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy.