Employee Benefit and Retirement Plans

6 Months Ended

May 31, 2021

Retirement Benefits [Abstract]

EMPLOYEE BENEFIT AND RETIREMENT PLANS

EMPLOYEE BENEFIT AND RETIREMENT PLANS

We sponsor defined benefit pension plans in the U.S. and certain foreign locations. In addition, we sponsor defined contribution plans in the U.S. We also contribute to defined contribution plans in locations outside the U.S., including government-sponsored retirement plans. We also currently provide postretirement medical and life insurance benefits to certain U.S. employees and retirees. During fiscal years 2018 and 2017, we made significant changes to our employee benefit and retirement plans that froze the accrual of future benefits under certain defined benefit pension plans in the U.S. and certain foreign locations. Although our defined benefit plans in the U.S., United Kingdom and Canada have been frozen, employees who are participants in the plans retained benefits accumulated up to the date of the freeze, based on credited service and eligible earnings, in accordance with the terms of the plans.

The following table presents the components of our pension expense (income) of the defined benefit plans for the three months ended May 31, 2021 and 2020 (in millions):

	United States				International
	2021		2020		2021		2020
Defined benefit plans
Service cost	$	1.0	$	0.8	$	0.2	$	0.3
Interest costs	6.5		7.4		1.8		1.8
Expected return on plan assets	(10.3)		(10.2)		(3.5)		(3.7)
Amortization of prior service costs	0.1		0.1		0.1		—
Amortization of net actuarial losses	2.7		1.9		0.5		0.5
Settlement loss	—		—		0.4		0.5
Total pension expense (income)	$	—	$	—	$	(0.5)	$	(0.6)

The following table presents the components of our pension expense (income) of the defined benefit plans for the six months ended May 31, 2021 and 2020 (in millions):

	United States				International
	2021		2020		2021		2020
Defined benefit plans
Service cost	$	1.9	$	1.6	$	0.5	$	0.5
Interest costs	13.0		14.7		3.5		3.7
Expected return on plan assets	(20.6)		(20.3)		(7.0)		(7.5)
Amortization of prior service costs	0.2		0.2		0.1		—
Amortization of net actuarial losses	5.5		3.9		1.1		1.0
Settlement loss	—		—		0.4		0.5
Total pension expense (income)	$	—	$	0.1	$	(1.4)	$	(1.8)

During the six months ended May 31, 2021 and 2020, we contributed $5.2 million and $4.4 million, respectively, to our pension plans. Total contributions to our pension plans in fiscal year 2020 were $11.9 million.

The following table presents the components of our other postretirement benefits expense (income) (in millions):

	Three months ended May 31,				Six months ended May 31,
	2021		2020		2021		2020
Other postretirement benefits
Service cost	$	0.5	$	0.4	$	1.0	$	0.9
Interest costs	0.4		0.5		0.8		1.0
Amortization of prior service credits	(0.1)		(1.2)		(0.2)		(2.3)
Amortization of net actuarial gains	—		—		—		(0.1)
Total other postretirement benefits expense (income)	$	0.8	$	(0.3)	$	1.6	$	(0.5)

All of the amounts in the tables above for pension expense and other postretirement benefits expense, other than service cost, were included in the income statement caption "Other income, net" within our consolidated income statements. The aggregate amount of pension and other postretirement benefits (income) expenses, excluding service cost components, were $(1.4) million and $(2.4) million for the three months ended May 31, 2021 and 2020, respectively and $(3.2) million and $(5.2) million for the six months ended May 31, 2021 and 2020, respectively.