XML 33 R23.htm IDEA: XBRL DOCUMENT
v3.22.1

Pension Plans | 9 Months Ended
--- | ---
Feb. 28, 2022
Retirement Benefits [Abstract] |
Pension Plans | NOTE 14 — 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 nine months ended February 28, 2022 and 2021:
| U.S. Plans |  | Non-U.S. Plans |
| Three Months Ended |  | Three Months Ended |
(In thousands) | February 28, |  | February 28, |  | February 28, |  | February 28, |
Pension Benefits | 2022 |  | 2021 |  | 2022 |  | 2021 |
Service cost | $ | 11,914 |  | $ | 11,130 |  | $ | 1,348 |  | $ | 1,406 |
Interest cost |  | 3,842 |  |  | 3,806 |  |  | 1,282 |  |  | 1,122 |
Expected return on plan assets |  | (10,386 | ) |  | (8,279 | ) |  | (2,073 | ) |  | (1,607 | )
Amortization of: |  |  |  |  |  |  |  |
Prior service cost (credit) |  | 1 |  |  | 2 |  |  | (38 | ) |  | (35 | )
Net actuarial losses recognized |  | 4,225 |  |  | 7,501 |  |  | 114 |  |  | 526 |
Net Periodic Benefit Cost | $ | 9,596 |  | $ | 14,160 |  | $ | 633 |  | $ | 1,412 |
| U.S. Plans |  | Non-U.S. Plans |
| Three Months Ended |  | Three Months Ended |
(In thousands) | February 28, |  | February 28, |  | February 28, |  | February 28, |
Postretirement Benefits | 2022 |  | 2021 |  | 2022 |  | 2021 |
Service cost | $ | - |  | $ | - |  | $ | 432 |  | $ | 431 |
Interest cost |  | 10 |  |  | 19 |  |  | 299 |  |  | 283 |
Amortization of: |  |  |  |  |  |  |  |
Prior service (credit) |  | (40 | ) |  | (42 | ) |  | - |  |  | - |
Net actuarial losses recognized |  | 15 |  |  | 10 |  |  | 32 |  |  | 130 |
Net Periodic Benefit (Credit) Cost | $ | (15 | ) | $ | (13 | ) | $ | 763 |  | $ | 844 |
| U.S. Plans |  | Non-U.S. Plans |
| Nine Months Ended |  | Nine Months Ended |
(In thousands) | February 28, |  | February 28, |  | February 28, |  | February 28, |
Pension Benefits | 2022 |  | 2021 |  | 2022 |  | 2021 |
Service cost | $ | 35,742 |  | $ | 33,390 |  | $ | 4,044 |  | $ | 4,218 |
Interest cost |  | 11,526 |  |  | 11,418 |  |  | 3,846 |  |  | 3,366 |
Expected return on plan assets |  | (31,158 | ) |  | (24,837 | ) |  | (6,219 | ) |  | (4,821 | )
Amortization of: |  |  |  |  |  |  |  |
Prior service cost (credit) |  | 3 |  |  | 6 |  |  | (114 | ) |  | (105 | )
Net actuarial losses recognized |  | 12,675 |  |  | 22,503 |  |  | 342 |  |  | 1,578 |
Net Periodic Benefit Cost | $ | 28,788 |  | $ | 42,480 |  | $ | 1,899 |  | $ | 4,236 |
| U.S. Plans |  | Non-U.S. Plans |
| Nine Months Ended |  | Nine Months Ended |
(In thousands) | February 28, |  | February 28, |  | February 28, |  | February 28, |
Postretirement Benefits | 2022 |  | 2021 |  | 2022 |  | 2021 |
Service cost | $ | - |  | $ | - |  | $ | 1,296 |  | $ | 1,293 |
Interest cost |  | 30 |  |  | 57 |  |  | 897 |  |  | 849 |
Amortization of: |  |  |  |  |  |  |  |
Prior service (credit) |  | (120 | ) |  | (126 | ) |  | - |  |  | - |
Net actuarial losses recognized |  | 45 |  |  | 30 |  |  | 96 |  |  | 390 |
Net Periodic Benefit (Credit) Cost | $ | (45 | ) | $ | (39 | ) | $ | 2,289 |  | $ | 2,532 |
Due to strong asset returns for the year ending May 31, 2021, as well as contributions made during the year, net periodic pension and U.S. postretirement cost for fiscal 2022 is lower than our fiscal 2021 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, 2021 that we expected to contribute approximately $1.0 million to our retirement plans in the U.S. and approximately $5.0 million to plans outside the U.S. during the current fiscal year and that we will evaluate whether to make additional contributions throughout fiscal 2022. As a result, we contributed $64.6 million, to the pension plans in the U.S. during the current quarter, which will result in total expected U.S. contributions of $65.6 million.

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for retirement benefits. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section S99 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=21916913&loc=d3e273930-122802 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(i) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (o) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (p) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 70 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=49170846&loc=d3e28014-114942 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 60 -Section 50 -Paragraph 3 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=6414203&loc=d3e39689-114964 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(iv)(03) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (q) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (r)(1) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(iii) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (l) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (r)(2) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration