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Pension Plans | 6 Months Ended
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Nov. 30, 2020
Compensation And Retirement Disclosure [Abstract] |
Pension Plans | NOTE 12 — PENSION PLANS We offer defined benefit pension plans, defined contribution pension plans, and various postretirement benefit plans. The following tables provide the retirement-related benefit plans’ impact on income before income taxes for the three and six months ended November 30, 2020 and 2019:
|  | U.S. Plans |  |  | Non-U.S. Plans |
|  | Three Months Ended |  |  | Three Months Ended |
(In thousands) |  | November 30, |  |  | November 30, |  |  | November 30, |  |  | November 30, |
Pension Benefits |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Service cost |  | $ | 11,130 |  |  | $ | 9,856 |  |  | $ | 1,406 |  |  | $ | 1,391 |
Interest cost |  |  | 3,806 |  |  |  | 5,104 |  |  |  | 1,122 |  |  |  | 1,193 |
Expected return on plan assets |  |  | (8,279 | ) |  |  | (8,573 | ) |  |  | (1,607 | ) |  |  | (1,834 | )
Amortization of: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Prior service cost (credit) |  |  | 2 |  |  |  | 2 |  |  |  | (35 | ) |  |  | (9 | )
Net actuarial losses recognized |  |  | 7,501 |  |  |  | 4,629 |  |  |  | 526 |  |  |  | 523 |
Net Periodic Benefit Cost |  | $ | 14,160 |  |  | $ | 11,018 |  |  | $ | 1,412 |  |  | $ | 1,264 |
|  | U.S. Plans |  |  | Non-U.S. Plans |
|  | Three Months Ended |  |  | Three Months Ended |
(In thousands) |  | November 30, |  |  | November 30, |  |  | November 30, |  |  | November 30, |
Postretirement Benefits |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Service cost |  | $ | - |  |  | $ | - |  |  | $ | 431 |  |  | $ | 429 |
Interest cost |  |  | 19 |  |  |  | 37 |  |  |  | 283 |  |  |  | 282 |
Amortization of: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Prior service (credit) |  |  | (42 | ) |  |  | (55 | ) |  |  | - |  |  |  | - |
Net actuarial (gains) losses recognized |  |  | 10 |  |  |  | (16 | ) |  |  | 130 |  |  |  | 158 |
Net Periodic Benefit (Credit) Cost |  | $ | (13 | ) |  | $ | (34 | ) |  | $ | 844 |  |  | $ | 869 |
|  | U.S. Plans |  |  | Non-U.S. Plans |
|  | Six Months Ended |  |  | Six Months Ended |
(In thousands) |  | November 30, |  |  | November 30, |  |  | November 30, |  |  | November 30, |
Pension Benefits |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Service cost |  | $ | 22,260 |  |  | $ | 19,712 |  |  | $ | 2,812 |  |  | $ | 2,782 |
Interest cost |  |  | 7,612 |  |  |  | 10,208 |  |  |  | 2,244 |  |  |  | 2,386 |
Expected return on plan assets |  |  | (16,558 | ) |  |  | (17,146 | ) |  |  | (3,214 | ) |  |  | (3,668 | )
Amortization of: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Prior service cost (credit) |  |  | 4 |  |  |  | 4 |  |  |  | (70 | ) |  |  | (18 | )
Net actuarial losses recognized |  |  | 15,002 |  |  |  | 9,258 |  |  |  | 1,052 |  |  |  | 1,046 |
Net Periodic Benefit Cost |  | $ | 28,320 |  |  | $ | 22,036 |  |  | $ | 2,824 |  |  | $ | 2,528 |
|  | U.S. Plans |  |  | Non-U.S. Plans |
|  | Six Months Ended |  |  | Six Months Ended |
(In thousands) |  | November 30, |  |  | November 30, |  |  | November 30, |  |  | November 30, |
Postretirement Benefits |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Service cost |  | $ | - |  |  | $ | - |  |  | $ | 862 |  |  | $ | 858 |
Interest cost |  |  | 38 |  |  |  | 74 |  |  |  | 566 |  |  |  | 564 |
Amortization of: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Prior service (credit) |  |  | (84 | ) |  |  | (110 | ) |  |  | - |  |  |  | - |
Net actuarial (gains) losses recognized |  |  | 20 |  |  |  | (32 | ) |  |  | 260 |  |  |  | 316 |
Net Periodic Benefit (Credit) Cost |  | $ | (26 | ) |  | $ | (68 | ) |  | $ | 1,688 |  |  | $ | 1,738 |
Due to lower discount rates, net periodic pension and U.S. postretirement cost for fiscal 2021 is higher than our fiscal 2020 expense. 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, and these fluctuations may have a material impact on our consolidated financial results in the future. We previously disclosed in our financial statements for the fiscal year ended May 31, 2020 that we expected to contribute approximately $8,000 to our retirement plans in the U.S. and approximately $6.7 million to plans outside the U.S. during the current fiscal year, and as of November 30, 2020, those amounts remain unchanged. During the year, we will evaluate whether to make additional contributions.

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