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Employee Benefit Plans (Tables) | 12 Months Ended
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May 31, 2018
Retirement Benefits [Abstract] |
Obligations and Funded Status |
Obligations and Funded Status at May 31: |  |  |  |
(in thousands) |  | 2018 |  | 2017
Change in benefit obligation: |  |  |  |
Projected benefit obligation, beginning of year |  | $ | 87,387 |  |  | $ | — |
Projected benefit obligation acquired in G&K acquisition |  | — |  |  | 84,553 |
Interest cost |  | 2,818 |  |  | 562 |
Actuarial (gain) loss |  | (940 | ) |  | 2,750 |
Benefits paid |  | (2,924 | ) |  | (478 | )
Projected benefit obligation, end of year |  | $ | 86,341 |  |  | $ | 87,387 |
Change in plan assets: |  |  |  |  |  |
Fair value of plan assets, beginning of year |  | $ | 59,396 |  |  | $ | — |
Plan assets acquired in G&K acquisition |  | — |  |  | 57,747 |
Actual return on plan assets |  | 2,309 |  |  | 2,127 |
Benefits paid |  | (2,924 | ) |  | (478 | )
Fair value of plan assets, end of year |  | $ | 58,781 |  |  | $ | 59,396 |
Funded status-net amount recognized |  | $ | (27,560 | ) |  | $ | (27,991 | )
Components of Net Periodic Benefit Cost |
Components of Net Periodic Benefit Cost |  |  |  |
(in thousands) |  | 2018 |  | 2017
Interest cost |  | $ | 2,818 |  |  | $ | 562 |
Expected return on assets |  | (2,832 | ) |  | (590 | )
Amortization of net loss |  | — |  |  | — |
Net periodic benefit cost |  | $ | (14 | ) |  | $ | (28 | )
Weighted Average Assumptions Used to Determine Benefit Obligations | The following weighted average assumptions were used to determine benefit obligations for the Pension Plan at May 31, 2018 and 2017:
|  | 2018 |  | 2017
Discount rate |  | 3.95 | % |  | 3.79 | %
Rate of compensation increase |  | N/A |  |  | N/A |
The following weighted average assumptions were used to determine net periodic benefit cost for the Pension Plan for the fiscal year ended May 31, 2018 and 2017:
|  | 2018 |  | 2017
Discount rate |  | 3.79 | % |  | 4.00 | %
Expected return on plan assets |  | 4.90 | % |  | 5.40 | %
Rate of compensation increase |  | N/A |  |  | N/A |
Asset allocations in the pension plan | The asset allocations in the Pension Plan at May 31, 2018 and 2017 are as follows:
|  | 2018 |  | 2018 |  | 2017
|  | Target Asset Allocation |  | Actual Asset Allocation |  | Actual Asset Allocation
International equity |  | 8.0 | % |  | 7.9 | % |  | 8.3 | %
Large cap equity |  | 26.0 | % |  | 26.5 | % |  | 26.3 | %
Small cap equity |  | 5.0 | % |  | 5.6 | % |  | 5.3 | %
Absolute return strategy funds |  | 16.0 | % |  | 15.8 | % |  | 16.2 | %
Fixed income |  | 45.0 | % |  | 44.2 | % |  | 43.6 | %
Long/short equity fund |  | — | % |  | — | % |  | 0.3 | %
Total |  | 100 | % |  | 100 | % |  | 100 | %
Pension plan investments using the fair value hierarchy | Information on the Pension Plan investments as of May 31, 2018 and 2017, using the fair value hierarchy discussed in Note 1 entitled Significant Accounting Polices, is as follows:
|  | May 31, 2018
(in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash equivalents |  | $ | 487 |  |  | $ | — |  |  | $ | — |  |  | $ | 487 |
U.S. government securities |  | 2,426 |  |  | 3,458 |  |  | — |  |  | 5,884 |
Corporate debt |  | — |  |  | 19,826 |  |  | — |  |  | 19,826 |
Mutual funds: |  |  |  |  |  |  |  |  |  |  |  |
U.S. securities |  | 27,901 |  |  | — |  |  | — |  |  | 27,901 |
International securities |  | 4,683 |  |  | — |  |  | — |  |  | 4,683 |
Total |  | $ | 35,497 |  |  | $ | 23,284 |  |  | $ | — |  |  | $ | 58,781 |
|  | May 31, 2017
(in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash equivalents |  | $ | 629 |  |  | $ | — |  |  | $ | — |  |  | $ | 629 |
U.S. government securities |  | 1,874 |  |  | 3,401 |  |  | — |  |  | 5,275 |
Corporate debt |  | — |  |  | 20,210 |  |  | — |  |  | 20,210 |
Mutual funds: |  |  |  |  |  |  |  |
U.S. securities |  | 28,353 |  |  | — |  |  | — |  |  | 28,353 |
International securities |  | 4,929 |  |  | — |  |  | — |  |  | 4,929 |
Total |  | $ | 35,785 |  |  | $ | 23,611 |  |  | $ | — |  |  | $ | 59,396 |

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- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of the assumptions used to determine for pension plans and/or other employee benefit plans the benefit obligation and net benefit cost, including assumed discount rates, rate increase in compensation increase, and expected long-term rates of return on plan assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (k) -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920 + Details
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