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Pension Plans | 3 Months Ended
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Aug. 31, 2022
Retirement Benefits [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 months ended August 31, 2022 and 2021:
| U.S. Plans |  | Non-U.S. Plans |
| Three Months Ended |  | Three Months Ended |
(In thousands) | August 31, |  | August 31, |  | August 31, |  | August 31, |
Pension Benefits | 2022 |  | 2021 |  | 2022 |  | 2021 |
Service cost | $ | 10,890 |  | $ | 11,914 |  | $ | 951 |  | $ | 1,348 |
Interest cost |  | 7,173 |  |  | 3,842 |  |  | 1,728 |  |  | 1,282 |
Expected return on plan assets |  | (9,536 | ) |  | (10,386 | ) |  | (1,727 | ) |  | (2,073 | )
Amortization of: |  |  |  |  |  |  |  |
Prior service cost (credit) |  | - |  |  | 1 |  |  | (27 | ) |  | (38 | )
Net actuarial losses recognized |  | 4,487 |  |  | 4,225 |  |  | 125 |  |  | 114 |
Net Periodic Benefit Cost | $ | 13,014 |  | $ | 9,596 |  | $ | 1,050 |  | $ | 633 |
| U.S. Plans |  | Non-U.S. Plans |
| Three Months Ended |  | Three Months Ended |
(In thousands) | August 31, |  | August 31, |  | August 31, |  | August 31, |
Postretirement Benefits | 2022 |  | 2021 |  | 2022 |  | 2021 |
Service cost | $ | - |  | $ | - |  | $ | 287 |  | $ | 432 |
Interest cost |  | 21 |  |  | 10 |  |  | 368 |  |  | 299 |
Amortization of: |  |  |  |  |  |  |  |
Prior service (credit) |  | (30 | ) |  | (40 | ) |  | - |  |  | - |
Net actuarial losses (gains) recognized |  | 11 |  |  | 15 |  |  | (14 | ) |  | 32 |
Net Periodic Benefit Cost (Credit) | $ | 2 |  | $ | (15 | ) | $ | 641 |  | $ | 763 |
Due to a reduction in return on plan assets and higher interest costs which are only partially offset by a reduction in service cost due to higher discount rates, net periodic pension cost for fiscal 2023 is higher than our fiscal 2022 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, 2022 that we are required to contribute approximately $1.3 million to our retirement plans in the U.S. and approximately $4.9 million to plans outside the U.S. during the current fiscal year. Throughout fiscal 2023, we will evaluate whether to make additional contributions.

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