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Pension Plans | 12 Months Ended
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May 31, 2023
Retirement Benefits [Abstract] |
Pension Plans | NOTE N — PENSION PLANS We sponsor several pension plans for our associates, including our principal plan (the “Retirement Plan”), which is a non-contributory defined benefit pension plan covering substantially all domestic non-union associates. Pension benefits are provided for certain domestic union associates through separate plans. Associates of our foreign subsidiaries receive pension coverage, to the extent deemed appropriate, through plans that are governed by local statutory requirements. The Retirement Plan provides benefits that are based upon years of service and average compensation with accrued benefits vesting after five years. Benefits for union associates are generally based upon years of service, or a combination of years of service and average compensation. Our pension funding policy considers contributions in an amount on an annual basis that can be deducted for federal income tax purposes, using a different actuarial cost method and different assumptions from those used for financial reporting. For the fiscal year ending May 31, 2024, we are required to contribute approximately $0.7 million to the retirement plans in the United States and approximately $5.7 million to our foreign plans. During the year, we will evaluate whether to make additional contributions. During fiscal 2023, we contributed $63.6 million to the pension plans in the United States which was in excess of the required contribution of $1.3 million but serves to improve the funded status of the plans. Net periodic pension cost consisted of the following for the year ended May 31:
|  | U.S. Plans |  |  | Non-U.S. Plans |
(In thousands) |  | 2023 |  | 2022 |  | 2021 |  |  | 2023 |  | 2022 |  | 2021 |
Service cost |  | $ | 43,558 |  | $ | 47,655 |  | $ | 44,520 |  |  | $ | 3,633 |  | $ | 5,023 |  | $ | 6,355 |
Interest cost |  |  | 28,692 |  |  | 15,366 |  |  | 15,223 |  |  |  | 6,619 |  |  | 4,948 |  |  | 5,308 |
Expected return on plan assets |  |  | (38,144 | ) |  | (41,544 | ) |  | (33,115 | ) |  |  | (6,581 | ) |  | (7,691 | ) |  | (7,286 | )
Amortization of: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Prior service cost (credit) |  |  | 1 |  |  | 5 |  |  | 8 |  |  |  | (116 | ) |  | (139 | ) |  | (150 | )
Net actuarial losses recognized |  |  | 17,948 |  |  | 16,900 |  |  | 30,005 |  |  |  | 473 |  |  | 465 |  |  | 2,377 |
Curtailment/settlement (gains) losses |  |  | (3 | ) |  | 16 |  |  | - |  |  |  | 188 |  |  | 7 |  |  | 356 |
Net Pension Cost |  | $ | 52,052 |  | $ | 38,398 |  | $ | 56,641 |  |  | $ | 4,216 |  | $ | 2,613 |  | $ | 6,960 |
The changes in benefit obligations and plan assets, as well as the funded status of our pension plans at May 31, 2023 and 2022, were as follows:
|  | U.S. Plans |  |  | Non-U.S. Plans |
(In thousands) |  | 2023 |  | 2022 |  |  | 2023 |  | 2022 |
Benefit obligation at beginning of year |  | $ | 703,735 |  | $ | 822,073 |  |  | $ | 182,534 |  | $ | 232,028 |
Service cost |  |  | 43,558 |  |  | 47,655 |  |  |  | 3,633 |  |  | 5,023 |
Interest cost |  |  | 28,692 |  |  | 15,366 |  |  |  | 6,619 |  |  | 4,948 |
Benefits paid |  |  | (44,604 | ) |  | (59,795 | ) |  |  | (8,676 | ) |  | (7,657 | )
Participant contributions |  |  | - |  |  | - |  |  |  | 1,221 |  |  | 1,138 |
Plan amendments |  |  | 4 |  |  | - |  |  |  | (97 | ) |  | 293 |
Plan settlements/curtailments |  |  | (137 | ) |  | (190 | ) |  |  | (2,852 | ) |  | (1,330 | )
Actuarial (gains) |  |  | (34,075 | ) |  | (121,374 | ) |  |  | (16,004 | ) |  | (34,638 | )
Premiums paid |  |  | - |  |  | - |  |  |  | (108 | ) |  | (107 | )
Currency exchange rate changes |  |  | - |  |  | - |  |  |  | (7,458 | ) |  | (17,164 | )
Benefit Obligation at End of Year |  | $ | 697,173 |  | $ | 703,735 |  |  | $ | 158,812 |  | $ | 182,534 |
Fair value of plan assets at beginning of year |  | $ | 616,960 |  | $ | 672,377 |  |  | $ | 193,375 |  | $ | 239,853 |
Actual (loss) on plan assets |  |  | (4,294 | ) |  | (61,036 | ) |  |  | (15,239 | ) |  | (25,430 | )
Employer contributions |  |  | 63,561 |  |  | 65,604 |  |  |  | 6,647 |  |  | 4,626 |
Participant contributions |  |  | - |  |  | - |  |  |  | 1,221 |  |  | 1,138 |
Benefits paid |  |  | (44,604 | ) |  | (59,795 | ) |  |  | (8,676 | ) |  | (7,657 | )
Premiums paid |  |  | - |  |  | - |  |  |  | (108 | ) |  | (107 | )
Plan settlements/curtailments |  |  | (137 | ) |  | (190 | ) |  |  | (2,852 | ) |  | (1,330 | )
Currency exchange rate changes |  |  | - |  |  | - |  |  |  | (8,248 | ) |  | (17,718 | )
Fair Value of Plan Assets at End of Year |  | $ | 631,486 |  | $ | 616,960 |  |  | $ | 166,120 |  | $ | 193,375 |
(Deficit)/Surplus of plan assets versus benefit obligations at end of year |  | $ | (65,687 | ) | $ | (86,775 | ) |  | $ | 7,308 |  | $ | 10,841 |
Net Amount Recognized |  | $ | (65,687 | ) | $ | (86,775 | ) |  | $ | 7,308 |  | $ | 10,841 |
Accumulated Benefit Obligation |  | $ | 598,094 |  | $ | 610,433 |  |  | $ | 148,635 |  | $ | 172,141 |
The fair value of the assets held by our pension plans has decreased at May 31, 2023 since our previous measurement date at May 31, 2022, due to benefit payments and market losses. Total plan liabilities have decreased due to an increase in the discount rate used to value the liability. We have decreased our recorded liability for the net underfunded status of our pension plans. We expect pension expense in fiscal 2024 to be similar to our fiscal 2023 expense level due to higher interest costs, which will be partially offset by an increase in expected return on plan assets and a reduction in service cost due to higher discount rates. Any future declines in the value of our pension plan assets or increases in our plan liabilities could require us to increase our recorded liability for the net underfunded status of our pension plans and could also require accelerated and higher cash contributions to our pension plans. Amounts recognized in the Consolidated Balance Sheets for the years ended May 31, 2023 and 2022 are as follows:
|  | U.S. Plans |  |  | Non-U.S. Plans |
(In thousands) |  | 2023 |  | 2022 |  |  | 2023 |  | 2022 |
Noncurrent assets |  | $ | 279 |  | $ | 77 |  |  | $ | 15,641 |  | $ | 22,399 |
Current liabilities |  |  | (8 | ) |  | (8 | ) |  |  | (659 | ) |  | (443 | )
Noncurrent liabilities |  |  | (65,958 | ) |  | (86,844 | ) |  |  | (7,674 | ) |  | (11,115 | )
Net Amount Recognized |  | $ | (65,687 | ) | $ | (86,775 | ) |  | $ | 7,308 |  | $ | 10,841 |
The following table summarizes the relationship between our plans' benefit obligations and assets:
|  | U.S. Plans |
|  | 2023 |  |  | 2022 |
(In thousands) |  | Benefit Obligation |  | Plan Assets |  |  | Benefit Obligation |  | Plan Assets |
Plans with projected benefit obligations in excess of plan assets |  | $ | 696,280 |  | $ | 630,315 |  |  | $ | 702,511 |  | $ | 615,659 |
Plans with accumulated benefit obligations in excess of plan assets |  |  | 44 |  |  | - |  |  |  | 10,542 |  |  | 10,024 |
Plans with assets in excess of projected benefit obligations |  |  | 893 |  |  | 1,171 |  |  |  | 1,224 |  |  | 1,301 |
Plans with assets in excess of accumulated benefit obligations |  |  | 598,050 |  |  | 631,486 |  |  |  | 599,891 |  |  | 606,936 |
|  | Non-U.S. Plans |
|  | 2023 |  |  | 2022 |
(In thousands) |  | Benefit Obligation |  | Plan Assets |  |  | Benefit Obligation |  | Plan Assets |
Plans with projected benefit obligations in excess of plan assets |  | $ | 26,918 |  | $ | 18,585 |  |  | $ | 36,607 |  | $ | 25,049 |
Plans with accumulated benefit obligations in excess of plan assets |  |  | 24,837 |  |  | 17,839 |  |  |  | 32,808 |  |  | 22,844 |
Plans with assets in excess of projected benefit obligations |  |  | 131,894 |  |  | 147,535 |  |  |  | 145,927 |  |  | 168,326 |
Plans with assets in excess of accumulated benefit obligations |  |  | 123,798 |  |  | 148,281 |  |  |  | 139,333 |  |  | 170,531 |
The following table presents the pretax net actuarial loss and prior service (cost) credits recognized in accumulated other comprehensive income (loss) not affecting retained earnings:
|  | U.S. Plans |  |  | Non-U.S. Plans |
(In thousands) |  | 2023 |  | 2022 |  |  | 2023 |  | 2022 |
Net actuarial loss |  | $ | (205,025 | ) | $ | (214,607 | ) |  | $ | (29,764 | ) | $ | (25,984 | )
Prior service (costs) credits |  |  | (10 | ) |  | (7 | ) |  |  | 530 |  |  | 518 |
Total recognized in accumulated other comprehensive income not affecting retained earnings |  | $ | (205,035 | ) | $ | (214,614 | ) |  | $ | (29,234 | ) | $ | (25,466 | )
The following table includes the changes recognized in other comprehensive income:
|  |  |  | U.S. Plans |  |  | Non-U.S. Plans |
(In thousands) |  | 2023 |  | 2022 |  |  | 2023 |  | 2022 |
Changes in plan assets and benefit obligations recognized in other comprehensive income: |  |  |  |  |  |  |  |  |  |
|  | Prior service cost (credit) |  | $ | 4 |  | $ | - |  |  | $ | (98 | ) | $ | 294 |
|  | Net loss (gain) arising during the year |  |  | 8,363 |  |  | (18,794 | ) |  |  | 5,816 |  |  | (1,517 | )
|  | Effect of exchange rates on amounts included in AOCI |  |  | - |  |  | - |  |  |  | (1,405 | ) |  | (1,999 | )
Amounts recognized as a component of net periodic benefit cost: |  |  |  |  |  |  |  |  |  |
|  | Amortization or curtailment recognition of prior service (cost) benefit |  |  | (1 | ) |  | (5 | ) |  |  | 115 |  |  | 139 |
|  | Amortization or settlement recognition of net (loss) |  |  | (17,945 | ) |  | (16,916 | ) |  |  | (660 | ) |  | (473 | )
|  | Total recognized in other comprehensive (income) loss |  | $ | (9,579 | ) | $ | (35,715 | ) |  | $ | 3,768 |  | $ | (3,556 | )
In measuring the projected benefit obligation and net periodic pension cost for our plans, we utilize actuarial valuations. These valuations include specific information pertaining to individual plan participants, such as salary, age and years of service, along with certain assumptions. The most significant assumptions applied include discount rates, expected return on plan assets and rate of compensation increases. We evaluate these assumptions, at a minimum, on an annual basis, and make required changes, as applicable. In developing our expected long-term rate of return on pension plan assets, we consider the current and expected target asset allocations of the pension portfolio, as well as historical returns and future expectations for returns on various categories of plan assets. Expected return on assets is determined by using the weighted-average return on asset classes based on expected return for the target asset allocations of the principal asset categories held by each plan. In determining expected return, we consider both historical performance and an estimate of future long-term rates of return. Actual experience is used to develop the assumption for compensation increases. The following weighted-average assumptions were used to determine our year-end benefit obligations and net periodic pension cost under the plans:
|  | U.S. Plans |  | Non-U.S. Plans |  |
Year-End Benefit Obligations |  | 2023 |  | 2022 |  | 2023 |  | 2022
Discount rate |  |  | 5.26 | % |  |  |  | 4.43 | % |  |  |  | 4.88 | % |  |  |  | 4.02 | % |
Rate of compensation increase |  |  | 3.39 | % |  |  |  | 3.21 | % |  |  |  | 2.97 | % |  |  |  | 2.94 | % |
|  | U.S. Plans |  |  |  | Non-U.S. Plans |  |
Net Periodic Pension Cost |  | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Discount rate |  |  | 4.43 | % |  |  |  | 2.76 | % |  |  |  | 2.78 | % |  |  |  | 4.02 | % |  |  |  | 2.72 | % |  |  |  | 2.49 | % |
Expected return on plan assets |  |  | 6.50 | % |  |  |  | 6.50 | % |  |  |  | 7.00 | % |  |  |  | 3.58 | % |  |  |  | 3.46 | % |  |  |  | 3.30 | % |
Rate of compensation increase |  |  | 3.21 | % |  |  |  | 3.19 | % |  |  |  | 3.19 | % |  |  |  | 2.94 | % |  |  |  | 2.91 | % |  |  |  | 2.86 | % |
The following tables illustrate the weighted-average actual and target allocation of plan assets:
|  | U.S. Plans |
|  | Target Allocation |  | Actual Asset Allocation |
(Dollars in millions) |  | as of May 31, 2023 |  | 2023 |  |  | 2022 |
Equity securities |  |  | 55 | % |  |  | $ | 340.1 |  |  | $ | 326.2 |
Fixed income securities |  |  | 20 | % |  |  |  | 129.2 |  |  |  | 117.0 |
Multi-class |  |  | 20 | % |  |  |  | 125.3 |  |  |  | 136.6 |
Cash |  |  | 5 | % |  |  |  | 36.6 |  |  |  | 37.0 |
Other |  |  |  |  |  |  | 0.3 |  |  |  | 0.2 |
Total assets |  |  | 100 | % |  |  | $ | 631.5 |  |  | $ | 617.0 |
|  | Non-U.S. Plans |
|  | Target Allocation |  | Actual Asset Allocation |
(Dollars in millions) |  | as of May 31, 2023 |  | 2023 |  |  | 2022 |
Equity securities |  |  | 40 | % |  |  | $ | 61.8 |  |  | $ | 69.2 |
Fixed income securities |  |  | 48 | % |  |  |  | 81.5 |  |  |  | 101.1 |
Cash |  |  |  |  |  |  | 0.1 |  |  |  | 0.1 |
Property and other |  |  | 12 | % |  |  |  | 22.7 |  |  |  | 23.0 |
Total assets |  |  | 100 | % |  |  | $ | 166.1 |  |  | $ | 193.4 |
The following tables present our pension plan assets as categorized using the fair value hierarchy at May 31, 2023 and 2022:
U.S. Plans |
(In thousands) |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Fair Value at May 31, 2023 |
U.S. Treasury and other government |  | $ | - |  |  | $ | 49,297 |  |  | $ | - |  |  | $ | 49,297 |
State and municipal bonds |  |  | - |  |  |  | 450 |  |  |  | - |  |  |  | 450 |
Foreign bonds |  |  | - |  |  |  | 690 |  |  |  | - |  |  |  | 690 |
Mortgage-backed securities |  |  | - |  |  |  | 8,515 |  |  |  | - |  |  |  | 8,515 |
Corporate bonds |  |  | - |  |  |  | 17,376 |  |  |  | - |  |  |  | 17,376 |
Stocks - large cap |  |  | 35,467 |  |  |  | - |  |  |  | - |  |  |  | 35,467 |
Mutual funds - equity |  |  | - |  |  |  | 304,590 |  |  |  | - |  |  |  | 304,590 |
Mutual funds - multi-class |  |  | - |  |  |  | 125,345 |  |  |  | - |  |  |  | 125,345 |
Mutual funds - fixed |  |  | - |  |  |  | 2,553 |  |  |  | - |  |  |  | 2,553 |
Cash and cash equivalents |  |  | 36,573 |  |  |  | - |  |  |  | - |  |  |  | 36,573 |
Limited partnerships |  |  | - |  |  |  | - |  |  |  | 170 |  |  |  | 170 |
Futures contracts |  |  | - |  |  |  | - |  |  |  | 112 |  |  |  | 112 |
Investments measured at NAV (1) |  |  |  |  |  |  |  |  |  |  |  | 50,348 |
Total |  | $ | 72,040 |  |  | $ | 508,816 |  |  | $ | 282 |  |  | $ | 631,486 |
(1) In accordance with Subtopic 820-10, Fair Value Measurements and Disclosures, certain investments that are measured at fair value using the net asset value ("NAV") per share practical expedient have not been classified in the fair value hierarchy. The investments that are measured at fair value using NAV per share included in the table above are intended to permit reconciliation of the fair value hierarchy to the fair value of the plan assets at the end of each period.
Non-U.S. Plans |
(In thousands) |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Fair Value at May 31, 2023 |
Pooled equities |  | $ | - |  |  | $ | 61,827 |  |  | $ | - |  |  | $ | 61,827 |
Pooled fixed income |  |  | - |  |  |  | 80,650 |  |  |  | - |  |  |  | 80,650 |
Foreign bonds |  |  | - |  |  |  | 774 |  |  |  | - |  |  |  | 774 |
Insurance contracts |  |  | - |  |  |  | - |  |  |  | 19,136 |  |  |  | 19,136 |
Mutual funds - Real Estate |  |  | - |  |  |  | 3,587 |  |  |  | - |  |  |  | 3,587 |
Cash and cash equivalents |  |  | 146 |  |  |  | - |  |  |  | - |  |  |  | 146 |
Total |  | $ | 146 |  |  | $ | 146,838 |  |  | $ | 19,136 |  |  | $ | 166,120 |
U.S. Plans |
(In thousands) |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Fair Value at May 31, 2022 |
U.S. Treasury and other government |  | $ | - |  |  | $ | 34,902 |  |  | $ | - |  |  | $ | 34,902 |
State and municipal bonds |  |  | - |  |  |  | 576 |  |  |  | - |  |  |  | 576 |
Foreign bonds |  |  | - |  |  |  | 1,150 |  |  |  | - |  |  |  | 1,150 |
Mortgage-backed securities |  |  | - |  |  |  | 10,254 |  |  |  | - |  |  |  | 10,254 |
Corporate bonds |  |  | - |  |  |  | 23,883 |  |  |  | - |  |  |  | 23,883 |
Stocks - large cap |  |  | 30,295 |  |  |  | - |  |  |  | - |  |  |  | 30,295 |
Mutual funds - equity |  |  | - |  |  |  | 295,905 |  |  |  | - |  |  |  | 295,905 |
Mutual funds - multi-class |  |  | - |  |  |  | 136,583 |  |  |  | - |  |  |  | 136,583 |
Mutual funds - fixed |  |  | - |  |  |  | 16,368 |  |  |  | - |  |  |  | 16,368 |
Cash and cash equivalents |  |  | 37,004 |  |  |  | - |  |  |  | - |  |  |  | 37,004 |
Limited partnerships |  |  | - |  |  |  | - |  |  |  | 166 |  |  |  | 166 |
Investments measured at NAV (1) |  |  |  |  |  |  |  |  |  |  |  | 29,874 |
Total |  | $ | 67,299 |  |  | $ | 519,621 |  |  | $ | 166 |  |  | $ | 616,960 |
Non-U.S. Plans |
(In thousands) |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Fair Value at May 31, 2022 |
Pooled equities |  | $ | - |  |  | $ | 68,067 |  |  | $ | - |  |  | $ | 68,067 |
Pooled fixed income |  |  | - |  |  |  | 100,151 |  |  |  | - |  |  |  | 100,151 |
Foreign bonds |  |  | - |  |  |  | 920 |  |  |  | - |  |  |  | 920 |
Insurance contracts |  |  | - |  |  |  | - |  |  |  | 23,013 |  |  |  | 23,013 |
Mutual funds |  |  | - |  |  |  | 1,115 |  |  |  | - |  |  |  | 1,115 |
Cash and cash equivalents |  |  | 109 |  |  |  | - |  |  |  | - |  |  |  | 109 |
Total |  | $ | 109 |  |  | $ | 170,253 |  |  | $ | 23,013 |  |  | $ | 193,375 |
The following table includes the activity that occurred during the years ended May 31, 2023 and 2022 for our Level 3 assets:
|  |  |  |  | Actual Return on Plan Assets For: |  |  |  |  |  |  |
|  | Balance at |  |  | Assets Still Held |  |  | Assets Sold |  |  | Purchases, Sales and |  |  | Balance at |
(In thousands) |  | Beginning of Period |  |  | at Reporting Date |  |  | During Year |  |  | Settlements, net (1) |  |  | End of Period |
Year ended May 31, 2023 |  | $ | 23,179 |  |  |  | (2,399 | ) |  |  | - |  |  |  | (1,362 | ) |  | $ | 19,418 |
Year ended May 31, 2022 |  |  | 28,398 |  |  |  | (1,009 | ) |  |  | - |  |  |  | (4,210 | ) |  |  | 23,179 |
(1) Includes the impact of exchange rate changes during the year. The primary objective for the investments of the Retirement Plan is to provide for long-term growth of capital without undue exposure to risk. This objective is accomplished by utilizing a diversified portfolio strategy of equities, fixed-income securities and cash equivalents in a mix that is conducive to participation in a rising market, while allowing for adequate protection in a falling market. Our Investment Committee oversees the investment allocation process, which includes the selection and evaluation of investment managers, the determination of investment objectives and risk guidelines, and the monitoring of actual investment performance. In order to manage investment risk properly, Plan policy prohibits short selling, securities lending, financial futures, options and other specialized investments, except for certain alternative investments specifically approved by the Investment Committee. The Investment Committee reviews, on a quarterly basis, reports of actual Plan investment performance provided by independent third parties, in addition to its review of the Plan investment policy on an annual basis. The investment objectives are similar for our plans outside of the United States, subject to local regulations. The goals of the investment strategy for pension assets include: the total return of the funds shall, over an extended period of time, surpass an index composed of the MSCI World Stock Index (equity), the Barclays Long-Term Government/Credit Index (fixed income), and 30-day Treasury Bills (cash), weighted appropriately to match the asset allocation of the plans. The equity portion of the funds shall surpass the MSCI World Stock Index over a full market cycle, while the fixed-income portion shall surpass Barclays Long-Term Government/Credit Index over a full market cycle. The purpose of the fixed-income fund is to reduce the overall volatility of the plan liabilities and provide a hedge against interest rate fluctuations. Therefore, the primary objective of the fixed-income portion is to match the Barclays Long-Term Government/Credit Index. We expect to pay the following estimated pension benefit payments in the next five years (in millions): $64.2 in 2024, $69.5 in 2025, $74.6 in 2026, $76.7 in 2027 and $81.8 in 2028. In the five years thereafter (2029-2033), we expect to pay $416.7 million. In addition to the defined benefit pension plans discussed above, we also sponsor associate savings plans under Section 401(k) of the Internal Revenue Code, which cover most of our associates in the United States. We record expense for defined contribution plans for any employer-matching contributions made in conjunction with services rendered by associates. The majority of our plans provide for matching contributions made in conjunction with services rendered by associates. Matching contributions are invested in the same manner that the participants invest their own contributions. Matching contributions charged to income were $27.6 million, $24.7 million and $21.7 million for the years ending May 31, 2023, 2022 and 2021, respectively.

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