Annual report pursuant to Section 13 and 15(d)

Leases (Tables)

v3.24.2
Leases (Tables)
 12 Months Ended
May 31, 2024
Leases [Abstract]  
Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to the Company’s leases were as follows:

 

 

 

May 31,

 

$ in millions

 

2024

 

 

2023

 

Operating lease ROU assets, net of accumulated amortization

 

$

 

46.9

 

 

$

 

61.5

 

Operating lease liabilities, current(1)

 

 

 

19.2

 

 

 

 

20.3

 

Operating lease liabilities, non-current

 

 

 

49.0

 

 

 

 

57.3

 

 

 

 

 

 

 

 

 

 

Weighted average remaining lease term (in years)

 

 

 

4.3

 

 

 

 

4.7

 

Weighted average discount rate

 

 

 

3.23

%

 

 

 

2.21

%

 

(1)
The current portion of operating lease liabilities is reported in the other current liabilities line item on the Company’s Consolidated Balance Sheets.
Components of Lease Expense

The components of lease expense were as follows:

 

 

 

Year ended May 31,

 

In millions

 

2024

 

 

2023

 

 

 

2022

 

Fixed payment operating lease expense

 

$

 

28.7

 

 

$

 

20.8

 

 

$

 

27.2

 

Variable payment operating lease expense

 

 

 

5.8

 

 

 

 

6.2

 

 

 

 

6.9

 

Short-term lease expense

 

 

 

0.0

 

 

 

 

0.0

 

 

 

 

-

 

 
Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to the Company’s leases were as follows:

 

 

 

Year ended May 31,

 

In millions

 

2024

 

 

2023

 

 

 

2022

 

Cash paid for amounts included in the measurement of lease liabilities

 

$

 

20.9

 

 

$

 

21.7

 

 

$

 

32.4

 

Amortization of ROU assets

 

 

 

25.8

 

 

 

 

17.6

 

 

 

 

22.7

 

ROU assets obtained in exchange for new operating lease liabilities

 

 

 

7.2

 

 

 

 

1.3

 

 

 

 

15.8

 

Lease incentives received in the form of tenant allowances and free rent

 

 

 

0.8

 

 

 

 

0.8

 

 

 

 

9.1

 

 
Future Lease Payments

Future lease payments are as follows:

 

 

 

May 31,

 

In millions

 

2024

 

2025

 

$

 

21.2

 

2026

 

 

 

16.1

 

2027

 

 

 

12.7

 

2028

 

 

 

10.7

 

2029

 

 

 

7.4

 

Thereafter

 

 

 

5.1

 

Total future lease payments

 

 

 

73.2

 

Less: imputed interest

 

 

 

5.0

 

Total operating lease liabilities

 

$

 

68.2

 

Current portion

 

$

 

19.2

 

Non-current portion

 

$

 

49.0