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Employee Benefit Plans (Tables) | 12 Months Ended
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May 31, 2020
Retirement Benefits [Abstract] |
Obligations and Funded Status |
Obligations and Funded Status at May 31: (In thousands) | 2020 |  | 2019
Change in benefit obligation: |  |  |
Projected benefit obligation, beginning of year | $ | 91,935 |  |  | $ | 86,341 |
Interest cost | 2,881 |  |  | 3,124 |
Actuarial loss | 13,662 |  |  | 5,455 |
Benefits paid | (3,121) |  |  | (2,985) |
Projected benefit obligation, end of year | $ | 105,357 |  |  | $ | 91,935 |
Change in plan assets: |  |  |
Fair value of plan assets, beginning of year | $ | 62,267 |  |  | $ | 58,781 |
Actual return on plan assets | 7,097 |  |  | 2,437 |
Employer contributions | 2,098 |  |  | 4,034 |
Benefits paid | (3,121) |  |  | (2,985) |
Fair value of plan assets, end of year | $ | 68,341 |  |  | $ | 62,267 |
Funded status-net amount recognized | $ | (37,016) |  |  | $ | (29,668) |
Components of Net Periodic Pension (Benefit) Cost |
Components of Net Periodic Pension (Benefit) Cost (In thousands) | 2020 |  | 2019
Interest cost | $ | 2,881 |  |  | $ | 3,124 |
Expected return on assets | (2,961) |  |  | (2,882) |
Net periodic pension (benefit) cost | $ | (80) |  |  | $ | 242 |
Weighted Average Assumptions Used to Determine Benefit Obligations | The following weighted average assumptions were used to determine benefit obligations for the Pension Plan for the fiscal years ended May 31 :
| 2020 |  | 2019
Discount rate | 2.54 | % |  | 3.54 | %
Rate of compensation increase | N/A |  | N/A
The following weighted average assumptions were used to determine net periodic pension (benefit) cost for the Pension Plan for the fiscal years ended May 31:
| 2020 |  | 2019
Discount rate | 3.54 | % |  | 3.95 | %
Expected return on plan assets | 4.80 | % |  | 4.90 | %
Rate of compensation increase | N/A |  | N/A
Asset Allocations in the Pension Plan | The asset allocations in the Pension Plan at May 31, 2020 and 2019 are as follows:
| 2020 |  | 2020 |  | 2019
| Target Asset Allocation |  | Actual Asset Allocation |  | Actual Asset Allocation
Large cap equity | 26.0 | % |  | 25.0 | % |  | 26.4 | %
Small cap equity | 5.0 | % |  | 4.4 | % |  | 5.3 | %
International equity | 8.0 | % |  | 6.7 | % |  | 7.8 | %
Fixed income | 45.0 | % |  | 51.5 | % |  | 45.0 | %
Absolute return strategy funds | 16.0 | % |  | 11.9 | % |  | 13.3 | %
Cash | — | % |  | 0.5 | % |  | 2.2 | %
Total | 100.0 | % |  | 100.0 | % |  | 100.0 | %
Information on the Pension Plan investments as of May 31, 2020 and 2019, using the fair value hierarchy discussed in Note 1 entitled Significant Accounting Polices, is as follows:
| May 31, 2020 |  |  |  |  |  |
(In thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash equivalents | $ | 585 |  |  | $ | — |  |  | $ | — |  |  | $ | 585 |
U.S. government securities | 2,733 |  |  | 4,327 |  |  | — |  |  | 7,060 |
Corporate debt | — |  |  | 27,666 |  |  | — |  |  | 27,666 |
Mutual funds: |  |  |  |  |  |  |
U.S. securities | 28,455 |  |  | — |  |  | — |  |  | 28,455 |
International securities | 4,575 |  |  | — |  |  | — |  |  | 4,575 |
Total | $ | 36,348 |  |  | $ | 31,993 |  |  | $ | — |  |  | $ | 68,341 |
| May 31, 2019 |  |  |  |  |  |
(In thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash equivalents | $ | 1,379 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,379 |
U.S. government securities | 2,113 |  |  | 3,974 |  |  | — |  |  | 6,087 |
Corporate debt | — |  |  | 21,970 |  |  | — |  |  | 21,970 |
Mutual funds: |  |  |  |  |  |  |
U.S. securities | 27,984 |  |  | — |  |  | — |  |  | 27,984 |
International securities | 4,847 |  |  | — |  |  | — |  |  | 4,847 |
Total | $ | 36,323 |  |  | $ | 25,944 |  |  | $ | — |  |  | $ | 62,267 |

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