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v3.24.2

Employee Benefit Plans (Tables) | 12 Months Ended
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May 31, 2024
Retirement Benefits [Abstract] |
Schedule of Obligations and Funded Status | Information on the Pension Plan obligations and funded status are presented in the following table at May 31:
(In thousands) | 2024 |  | 2023
Change in benefit obligation: |  |  |
Projected benefit obligation, beginning of year | $ | 77,739 |  |  | $ | 84,546 |
Interest cost | 3,423 |  |  | 3,089 |
Actuarial gain | (3,052) |  |  | (6,556) |
Benefits paid | (3,128) |  |  | (3,340) |
Plan settlements (1) | (10,671) |  |  | — |
Projected benefit obligation, end of year | $ | 64,311 |  |  | $ | 77,739 |
Change in plan assets: |  |  |
Fair value of plan assets, beginning of year | $ | 60,038 |  |  | $ | 66,723 |
Actual gain (loss) on plan assets | 1,212 |  |  | (3,345) |
Employer contributions | 821 |  |  | — |
Benefits paid | (3,128) |  |  | (3,340) |
Plan settlements (1) | (10,671) |  |  | — |
Fair value of plan assets, end of year | $ | 48,272 |  |  | $ | 60,038 |
Funded status-net amount recognized | $ | (16,039) |  |  | $ | (17,701) |
(1)Plan settlements in fiscal 2024 are the result of lump-sum payments to participants exiting the Pension Plan.
Schedule of Components of Net Periodic Pension (Benefit) Cost | The components of net periodic pension cost (benefit) are summarized as follows for the fiscal years ended May 31:
(In thousands) | 2024 |  | 2023
Interest cost | $ | 3,423 |  |  | $ | 3,089 |
Expected return on assets | (2,521) |  |  | (3,350) |
Plan settlements loss | 461 |  |  | — |
Net periodic pension cost (benefit) | $ | 1,363 |  |  | $ | (261) |
Schedule of Weighted Average Assumptions Used to Determine Benefit Obligations | The following weighted average assumptions were used to determine the PBO for the Pension Plan for the fiscal years ended May 31:
| 2024 |  | 2023
Discount rate | 5.36 | % |  | 4.89 | %
The following weighted average assumptions were used to determine net periodic pension cost (benefit) for the Pension Plan for the fiscal years ended May 31:
| 2024 |  | 2023
Discount rate | 4.89 | % |  | 4.11 | %
Expected return on plan assets | 4.90 | % |  | 5.20 | %
Schedule of Asset Allocations in the Pension Plan | The asset allocations in the Pension Plan are as follows at May 31:
| 2024 |  | 2024 |  | 2023
| Target Asset Allocation |  | Actual Asset Allocation |  | Actual Asset Allocation
Large cap equity | 26.0 | % |  | 25.7 | % |  | 27.3 | %
Small cap equity | 5.0 | % |  | 4.5 | % |  | 5.2 | %
International equity | 8.0 | % |  | 7.9 | % |  | 8.8 | %
Fixed income | 45.0 | % |  | 45.9 | % |  | 44.8 | %
Absolute return strategy funds | 16.0 | % |  | 12.5 | % |  | 13.6 | %
Cash | 0.0 | % |  | 3.5 | % |  | 0.3 | %
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:
| 2024 |  |  | 2023
(In thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total |  |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash equivalents | $ | 1,813 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,813 |  |  |  | $ | 211 |  |  | $ | — |  |  | $ | — |  |  | $ | 211 |
U.S. government securities | 1,155 |  |  | 3,199 |  |  | — |  |  | 4,354 |  |  |  | 2,983 |  |  | 2,280 |  |  | — |  |  | 5,263 |
Corporate debt | — |  |  | 17,288 |  |  | — |  |  | 17,288 |  |  |  | — |  |  | 21,437 |  |  | — |  |  | 21,437 |
Municipal obligations | — |  |  | 143 |  |  | — |  |  | 143 |  |  |  | — |  |  | 151 |  |  | — |  |  | 151 |
Mutual funds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. securities | 20,881 |  |  | — |  |  | — |  |  | 20,881 |  |  |  | 27,681 |  |  | — |  |  | — |  |  | 27,681 |
International securities | 3,793 |  |  | — |  |  | — |  |  | 3,793 |  |  |  | 5,295 |  |  | — |  |  | — |  |  | 5,295 |
Total | $ | 27,642 |  |  | $ | 20,630 |  |  | $ | — |  |  | $ | 48,272 |  |  |  | $ | 36,170 |  |  | $ | 23,868 |  |  | $ | — |  |  | $ | 60,038 |

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