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Postretirement Benefits (Tables) - Postretirement Benefits - Unfunded-Health-Care-Benefit Plans | 12 Months Ended
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May 31, 2023
Components of Net Periodic Pension and Postretirement Costs | The following table illustrates the effect on operations of these plans for the three years ended May 31, 2023:
|  | U.S. Plans |  |  | Non-U.S. Plans |
(In thousands) |  | 2023 |  | 2022 |  | 2021 |  |  | 2023 |  | 2022 |  | 2021 |
Service cost |  | $ | - |  | $ | - |  | $ | - |  |  | $ | 1,951 |  | $ | 1,623 |  | $ | 1,959 |
Interest cost |  |  | 84 |  |  | 41 |  |  | 74 |  |  |  | 1,374 |  |  | 1,124 |  |  | 1,286 |
Amortization of: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Prior service (credit) |  |  | (121 | ) |  | (161 | ) |  | (167 | ) |  |  | - |  |  | - |  |  | - |
Net actuarial losses (gains) |  |  | 43 |  |  | 61 |  |  | 42 |  |  |  | (51 | ) |  | 121 |  |  | 590 |
Net Postretirement Benefit Cost (Income) |  | $ | 6 |  | $ | (59 | ) | $ | (51 | ) |  | $ | 3,274 |  | $ | 2,868 |  | $ | 3,835 |
Changes in Benefit Obligations | The changes in benefit obligations of the plans at May 31, 2023 and 2022 were as follows:
|  | U.S. Plans |  |  | Non-U.S. Plans |
(In thousands) |  | 2023 |  | 2022 |  |  | 2023 |  | 2022 |
Accumulated postretirement benefit obligation at beginning of year |  | $ | 2,260 |  | $ | 2,506 |  |  | $ | 30,645 |  | $ | 39,974 |
Service cost |  |  | - |  |  | - |  |  |  | 1,951 |  |  | 1,623 |
Interest cost |  |  | 84 |  |  | 41 |  |  |  | 1,374 |  |  | 1,124 |
Benefit payments |  |  | (207 | ) |  | (164 | ) |  |  | (557 | ) |  | (875 | )
Actuarial (gains) |  |  | (369 | ) |  | (123 | ) |  |  | (276 | ) |  | (9,240 | )
Currency exchange rate changes |  |  | - |  |  | - |  |  |  | (2,100 | ) |  | (1,961 | )
Accumulated and accrued postretirement benefit obligation at end of year |  | $ | 1,768 |  | $ | 2,260 |  |  | $ | 31,037 |  | $ | 30,645 |
Amounts Recognized in Consolidated Balance Sheet | 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 |
Current liabilities |  | $ | (207 | ) | $ | (252 | ) |  | $ | (989 | ) | $ | (968 | )
Noncurrent liabilities |  |  | (1,561 | ) |  | (2,008 | ) |  |  | (30,048 | ) |  | (29,677 | )
Net Amount Recognized |  | $ | (1,768 | ) | $ | (2,260 | ) |  | $ | (31,037 | ) | $ | (30,645 | )
Pretax Net Actuarial (Loss) Gain and Prior Service (Cost) Credits Recognized in Accumulated Other Comprehensive Income (Loss) not Affecting Retained Earnings | The following table presents the pretax net actuarial (loss) gain and prior service 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 gain (loss) |  | $ | 99 |  | $ | (314 | ) |  | $ | 3,838 |  | $ | 3,878 |
Prior service credit |  |  | - |  |  | 121 |  |  |  | - |  |  | - |
Total recognized in accumulated other comprehensive income not affecting retained earnings |  | $ | 99 |  | $ | (193 | ) |  | $ | 3,838 |  | $ | 3,878 |
Changes Recognized in Other Comprehensive loss (Income) | The following table includes the changes recognized in other comprehensive loss (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 loss (income): |  |  |  |  |  |  |  |  |  |
Net (gain) arising during the year |  | $ | (369 | ) | $ | (123 | ) |  | $ | (276 | ) | $ | (9,240 | )
Effect of exchange rates on amounts included in AOCI |  |  | - |  |  | - |  |  |  | 265 |  |  | (418 | )
Amounts recognized as a component of net periodic benefit cost: |  |  |  |  |  |  |  |  |  |
Amortization or curtailment recognition of prior service credit |  |  | 121 |  |  | 160 |  |  |  | - |  |  | - |
Amortization or settlement recognition of net (loss) gain |  |  | (44 | ) |  | (60 | ) |  |  | 51 |  |  | (121 | )
Total recognized in other comprehensive (income) loss |  | $ | (292 | ) | $ | (23 | ) |  | $ | 40 |  | $ | (9,779 | )
Weighted-Average Assumptions used to Determine Benefit Obligations and Net Periodic and Postretirement Costs | The following weighted-average assumptions were used to determine our year-end benefit obligations and net periodic postretirement benefit costs under the plans:
|  | U.S. Plans |  |  |  | Non-U.S. Plans |
Year-End Benefit Obligations |  | 2023 |  | 2022 |  | 2023 |  | 2022 |
Discount rate |  |  | 5.20 | % |  |  |  | 4.36 | % |  |  |  | 5.10 | % |  |  |  | 5.13 | %
Current healthcare cost trend rate |  |  | 6.00 | % |  |  |  | 6.23 | % |  |  |  | 5.53 | % |  |  |  | 5.58 | %
Ultimate healthcare cost trend rate |  |  | 4.03 | % |  |  |  | 4.03 | % |  |  |  | 3.70 | % |  |  |  | 3.70 | %
Year ultimate healthcare cost trend rate will be realized |  |  | 2045 |  |  |  |  | 2045 |  |  |  |  | 2040 |  |  |  |  | 2040 |
|  | U.S. Plans |  |  |  | Non-U.S. Plans |  |
Net Periodic Postretirement Cost |  | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Discount rate |  |  | 4.36 | % |  |  |  | 2.47 | % |  |  |  | 2.44 | % |  |  |  | 5.13 | % |  |  |  | 3.51 | % |  |  |  | 3.32 | % |
Current healthcare cost trend rate |  |  | 6.23 | % |  |  |  | 6.07 | % |  |  |  | 6.68 | % |  |  |  | 5.58 | % |  |  |  | 5.68 | % |  |  |  | 5.73 | % |
Ultimate healthcare cost trend rate |  |  | 4.03 | % |  |  |  | 4.36 | % |  |  |  | 4.36 | % |  |  |  | 3.70 | % |  |  |  | 3.70 | % |  |  |  | 3.70 | % |
Year ultimate healthcare cost trend rate will be realized |  |  | 2045 |  |  |  |  | 2037 |  |  |  |  | 2037 |  |  |  |  | 2040 |  |  |  |  | 2040 |  |  |  |  | 2040 |  |

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