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Pension Plans | 9 Months Ended
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Feb. 28, 2018
Compensation And Retirement Disclosure [Abstract] |
Pension Plans | NOTE 13 — PENSION PLANS We offer defined benefit pension plans, defined contribution pension plans, as well as several unfunded health care benefit plans primarily for certain of our retired employees. The following tables provide the retirement-related benefit plans’ impact on income before income taxes for the three and nine month periods ended February 28, 2018 and 2017:
|  | U.S. Plans |  |  | Non-U.S. Plans |
|  | Three Months Ended |  |  | Three Months Ended |
|  | February 28, |  |  | February 28, |  |  | February 28, |  |  | February 28, |
Pension Benefits |  | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
(In thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 9,465 |  |  | $ | 9,401 |  |  | $ | 1,175 |  |  | $ | 1,127 |
Interest cost |  |  | 4,379 |  |  |  | 4,331 |  |  |  | 1,145 |  |  |  | 1,224 |
Expected return on plan assets |  |  | (8,086 | ) |  |  | (6,252 | ) |  |  | (1,978 | ) |  |  | (1,886 | )
Amortization of: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Prior service cost (credit) |  |  | 29 |  |  |  | 54 |  |  |  | (6 | ) |  |  |  |
Net actuarial losses recognized |  |  | 3,618 |  |  |  | 5,540 |  |  |  | 451 |  |  |  | 573 |
Net Periodic Benefit Cost |  | $ | 9,405 |  |  | $ | 13,074 |  |  | $ | 787 |  |  | $ | 1,038 |
|  | U.S. Plans |  |  | Non-U.S. Plans |
|  | Three Months Ended |  |  | Three Months Ended |
|  | February 28, |  |  | February 28, |  |  | February 28, |  |  | February 28, |
Postretirement Benefits |  | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
(In thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | - |  |  | $ | - |  |  | $ | 311 |  |  | $ | 284 |
Interest cost |  |  | 43 |  |  |  | 57 |  |  |  | 224 |  |  |  | 222 |
Amortization of: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Prior service (credit) |  |  | (55 | ) |  |  | (58 | ) |  |  |  |  |  |  |  |
Net actuarial losses recognized |  |  | 6 |  |  |  |  |  |  |  | 79 |  |  |  | 60 |
Net Periodic Benefit (Credit) Cost |  | $ | (6 | ) |  | $ | (1 | ) |  | $ | 614 |  |  | $ | 566 |
|  | U.S. Plans |  |  | Non-U.S. Plans |
|  | Nine Months Ended |  |  | Nine Months Ended |
|  | February 28, |  |  | February 28, |  |  | February 28, |  |  | February 28, |
Pension Benefits |  | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
(In thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 28,395 |  |  | $ | 28,203 |  |  | $ | 3,525 |  |  | $ | 3,381 |
Interest cost |  |  | 13,137 |  |  |  | 12,993 |  |  |  | 3,435 |  |  |  | 3,672 |
Expected return on plan assets |  |  | (24,258 | ) |  |  | (18,756 | ) |  |  | (5,934 | ) |  |  | (5,658 | )
Amortization of: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Prior service cost |  |  | 87 |  |  |  | 162 |  |  |  | (18 | ) |  |  | - |
Net actuarial losses recognized |  |  | 10,854 |  |  |  | 16,620 |  |  |  | 1,353 |  |  |  | 1,719 |
Net Periodic Benefit Cost |  | $ | 28,215 |  |  | $ | 39,222 |  |  | $ | 2,361 |  |  | $ | 3,114 |
|  | U.S. Plans |  |  | Non-U.S. Plans |
|  | Nine Months Ended |  |  | Nine Months Ended |
|  | February 28, |  |  | February 28, |  |  | February 28, |  |  | February 28, |
Postretirement Benefits |  | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
(In thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | - |  |  | $ | - |  |  | $ | 933 |  |  | $ | 852 |
Interest cost |  |  | 129 |  |  |  | 171 |  |  |  | 672 |  |  |  | 666 |
Amortization of: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Prior service (credit) |  |  | (165 | ) |  |  | (174 | ) |  |  | - |  |  |  | - |
Net actuarial losses recognized |  |  | 18 |  |  |  | - |  |  |  | 237 |  |  |  | 180 |
Net Periodic Benefit (Credit) Cost |  | $ | (18 | ) |  | $ | (3 | ) |  | $ | 1,842 |  |  | $ | 1,698 |
The decrease in pension and postretirement benefit cost from fiscal 2017 to 2018 reflects the impact of increased asset values, which we expect will generate higher returns, and a change in estimate for lump sum valuations. We expect that pension expense will fluctuate on a year-to-year basis, depending upon the investment performance of plan assets and potential changes in interest rates, but such changes are not expected to be material to our consolidated financial results. We previously disclosed in our financial statements for the fiscal year ended May 31, 2017 that we expected to contribute approximately $1.0 million to our retirement plans in the U.S. and approximately $7.0 million to plans outside the U.S. during the current fiscal year. As of February 28, 2018, we contributed an additional $52.8 million to the pension plans in the U.S., which will increase our total expected U.S. contributions for fiscal 2018 to $53.8 million.

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- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
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