Note 9 – Other Comprehensive Income (Loss) Other Comprehensive Income (Loss): The following table summarizes the tax effects on each component of OCI for the periods presented:
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Three Months Ended |
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August 31, 2026 |
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August 31, 2025 |
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(In millions) |
Before-Tax |
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Tax |
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Net-of-Tax |
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Before-Tax |
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Tax |
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Net-of-Tax |
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Currency translation adjustments: |
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Foreign currency translation, net |
$ |
(23.4 |
) |
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$ |
- |
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$ |
(23.4 |
) |
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$ |
1.1 |
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$ |
- |
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$ |
1.1 |
|
Net investment hedge |
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(5.7 |
) |
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1.3 |
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(4.4 |
) |
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- |
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- |
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- |
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Pension liability adjustment |
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(1.2 |
) |
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- |
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(1.2 |
) |
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- |
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- |
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- |
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Cash flow hedges |
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0.2 |
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- |
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0.2 |
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- |
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- |
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- |
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Other comprehensive income (loss) |
$ |
(30.1 |
) |
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$ |
1.3 |
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$ |
(28.8 |
) |
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$ |
1.1 |
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$ |
- |
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$ |
1.1 |
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Accumulated Other Comprehensive Income (Loss): The following table summarizes the changes in AOCI for the periods presented:
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Currency Translation Adjustments |
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Foreign |
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Total |
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Currency |
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Net |
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Foreign |
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Pension |
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Translation, |
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Investment |
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Currency |
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Liability |
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Cash Flow |
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(In millions) |
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Net |
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Hedge |
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Translation |
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Adjustment |
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Hedges |
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AOCI |
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Balance at May 31, 2026 |
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$ |
(6.2 |
) |
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$ |
(1.3 |
) |
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$ |
(7.5 |
) |
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$ |
9.0 |
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$ |
2.4 |
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$ |
3.9 |
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OCI, before reclassifications |
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(14.7 |
) |
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(5.7 |
) |
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(20.4 |
) |
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- |
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1.3 |
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(19.1 |
) |
Reclassification adjustments to net earnings (1) |
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- |
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- |
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- |
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(0.6 |
) |
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(1.1 |
) |
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(1.7 |
) |
Income tax effect |
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- |
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1.3 |
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1.3 |
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- |
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- |
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1.3 |
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Balance at August 31, 2026 |
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$ |
(20.9 |
) |
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$ |
(5.7 |
) |
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$ |
(26.6 |
) |
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$ |
8.4 |
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$ |
2.6 |
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$ |
(15.6 |
) |
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Currency Translation Adjustments |
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Foreign |
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Total |
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Currency |
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Net |
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Foreign |
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Pension |
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Translation, |
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Investment |
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Currency |
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Liability |
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Cash Flow |
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(In millions) |
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Net |
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Hedge |
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Translation |
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Adjustment |
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Hedges |
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AOCI |
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Balance at May 31, 2025 |
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$ |
(10.7 |
) |
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$ |
- |
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$ |
(10.7 |
) |
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$ |
7.3 |
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$ |
(0.6 |
) |
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$ |
(4.0 |
) |
OCI, before reclassifications |
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0.6 |
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- |
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0.6 |
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- |
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0.4 |
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1.0 |
|
Reclassification adjustments to net earnings (1) |
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- |
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- |
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- |
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- |
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(0.4 |
) |
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(0.4 |
) |
Income tax effect |
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- |
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- |
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- |
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- |
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- |
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- |
|
Balance at August 31, 2025 |
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$ |
(10.1 |
) |
|
$ |
- |
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$ |
(10.1 |
) |
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$ |
7.3 |
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$ |
(0.6 |
) |
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$ |
(3.4 |
) |
(1)The consolidated statements of earnings classification of amounts reclassified to net earnings include: a.Cash flow hedges – See the disclosure in “Note 14 – Derivative Financial Instruments and Hedging Activities”. b.Pension liability adjustment - During the first quarter of fiscal 2027, the Company recognized a $1.2 million curtailment gain related to the Stanzwerk AG pension plan resulting from a restructuring initiative that significantly reduced expected future service for certain plan participants. A portion of the curtailment gain will be recognized in future periods as affected employees terminate employment. |