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v3.22.2

Employee Benefit Plans (Tables) | 12 Months Ended
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May 31, 2022
Retirement Benefits [Abstract] |
Obligations and Funded Status |
Obligations and Funded Status at May 31: (In thousands) | 2022 |  | 2021
Change in benefit obligation: |  |  |
Projected benefit obligation, beginning of year | $ | 99,728 |  |  | $ | 105,357 |
Interest cost | 2,148 |  |  | 2,050 |
Actuarial gain | (14,044) |  |  | (4,460) |
Benefits paid | (3,286) |  |  | (3,219) |
Projected benefit obligation, end of year | $ | 84,546 |  |  | $ | 99,728 |
Change in plan assets: |  |  |
Fair value of plan assets, beginning of year | $ | 78,244 |  |  | $ | 68,341 |
Actual (loss) return on plan assets | (8,322) |  |  | 9,509 |
Employer contributions | 87 |  |  | 3,613 |
Benefits paid | (3,286) |  |  | (3,219) |
Fair value of plan assets, end of year | $ | 66,723 |  |  | $ | 78,244 |
Funded status-net amount recognized | $ | (17,823) |  |  | $ | (21,484) |
Components of Net Periodic Pension (Benefit) Cost | The components of net periodic pension benefit are summarized as follows for the fiscal years ended May 31:
(In thousands) | 2022 |  | 2021
Interest cost | $ | 2,148 |  |  | $ | 2,050 |
Expected return on assets | (3,651) |  |  | (2,924) |
Amortization of net loss | — |  |  | 222 |
Net periodic pension benefit | $ | (1,503) |  |  | $ | (652) |
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:
| 2022 |  | 2021
Discount rate | 4.11 | % |  | 2.83 | %
The following weighted average assumptions were used to determine net periodic pension benefit for the Pension Plan for the fiscal years ended May 31:
| 2022 |  | 2021
Discount rate | 2.83 | % |  | 2.54 | %
Expected return on plan assets | 4.80 | % |  | 4.25 | %
Asset Allocations in the Pension Plan | The asset allocations in the Pension Plan are as follows at May 31:
| 2022 |  | 2022 |  | 2021
| Target Asset Allocation |  | Actual Asset Allocation |  | Actual Asset Allocation
Large cap equity | 26.0 | % |  | 29.1 | % |  | 29.8 | %
Small cap equity | 5.0 | % |  | 6.2 | % |  | 6.0 | %
International equity | 8.0 | % |  | 8.2 | % |  | 8.3 | %
Fixed income | 45.0 | % |  | 43.2 | % |  | 44.1 | %
Absolute return strategy funds | 16.0 | % |  | 12.7 | % |  | 11.3 | %
Cash | — | % |  | 0.6 | % |  | 0.5 | %
Total | 100.0 | % |  | 100.0 | % |  | 100.0 | %
Information on the Pension Plan assets, using the fair value hierarchy discussed in Note 1 entitled Significant Accounting Polices, is as follows as of May 31:
| 2022 |  |  | 2021
(In thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total |  |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash equivalents | $ | 503 |  |  | $ | — |  |  | $ | — |  |  | $ | 503 |  |  |  | $ | 556 |  |  | $ | — |  |  | $ | — |  |  | $ | 556 |
U.S. government securities | 2,839 |  |  | 3,178 |  |  | — |  |  | 6,017 |  |  |  | 3,066 |  |  | 4,500 |  |  | — |  |  | 7,566 |
Corporate debt | — |  |  | 22,681 |  |  | — |  |  | 22,681 |  |  |  | — |  |  | 26,762 |  |  | — |  |  | 26,762 |
Mutual funds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. securities | 32,016 |  |  | — |  |  | — |  |  | 32,016 |  |  |  | 36,909 |  |  | — |  |  | — |  |  | 36,909 |
International securities | 5,506 |  |  | — |  |  | — |  |  | 5,506 |  |  |  | 6,451 |  |  | — |  |  | — |  |  | 6,451 |
Total | $ | 40,864 |  |  | $ | 25,859 |  |  | $ | — |  |  | $ | 66,723 |  |  |  | $ | 46,982 |  |  | $ | 31,262 |  |  | $ | — |  |  | $ | 78,244 |

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