Annual report pursuant to Section 13 and 15(d)

Leases (Tables)

v3.23.2
Leases (Tables)
 12 Months Ended
May 31, 2023
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

 

2023

 

 

2022

 

Operating lease right-of-use assets, net of accumulated amortization

 

$

 

61.5

 

 

$

 

78.7

 

Operating lease liabilities, current(1)

 

 

 

20.3

 

 

 

 

25.1

 

Operating lease liabilities, non-current

 

 

 

57.3

 

 

 

 

74.8

 

 

 

 

 

 

 

 

 

 

Weighted average remaining lease term (in years)

 

 

 

4.7

 

 

 

 

5.1

 

Weighted average discount rate

 

 

 

2.21

%

 

 

 

1.94

%
(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

 

2023

 

 

2022

 

 

 

2021

 

Fixed payment operating lease expense

 

$

 

20.8

 

 

$

 

27.2

 

 

$

 

34.6

 

Variable payment operating lease expense

 

 

 

6.2

 

 

 

 

6.9

 

 

 

 

8.3

 

Short-term lease expense

 

 

 

0.0

 

 

 

 

-

 

 

 

 

0.1

 

 
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

 

2023

 

 

2022

 

 

 

2021

 

Cash paid for amounts included in the measurement of lease liabilities

 

$

 

21.7

 

 

$

 

32.4

 

 

$

 

32.2

 

Amortization of ROU assets

 

 

 

17.6

 

 

 

 

22.7

 

 

 

 

29.2

 

ROU assets obtained in exchange for new operating lease liabilities

 

 

 

1.3

 

 

 

 

15.8

 

 

 

 

26.8

 

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

 

 

 

0.8

 

 

 

 

9.1

 

 

 

 

0.8

 

 

 
Future Lease Payments

Future lease payments are as follows:

 

 

 

May 31,

 

In millions

 

2023

 

2023

 

$

 

21.8

 

2024

 

 

 

19.5

 

2025

 

 

 

13.6

 

2026

 

 

 

9.9

 

2027

 

 

 

7.8

 

Thereafter

 

 

 

9.1

 

Total future lease payments

 

 

 

81.7

 

Less: imputed interest

 

 

 

4.1

 

Total operating lease liabilities

 

$

 

77.6

 

Current portion

 

$

 

20.3

 

Non-current portion

 

$

 

57.3