XML 30 R20.htm IDEA: XBRL DOCUMENT
v3.23.4

Pension Plans | 6 Months Ended
--- | ---
Nov. 30, 2023
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- and six-month periods ended November 30, 2023 and 2022:
| 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 | 2023 |  | 2022 |  | 2023 |  | 2022 |
Service cost | $ | 10,913 |  | $ | 10,890 |  | $ | 887 |  | $ | 951 |
Interest cost |  | 8,992 |  |  | 7,173 |  |  | 1,935 |  |  | 1,728 |
Expected return on plan assets |  | (10,518 | ) |  | (9,536 | ) |  | (2,400 | ) |  | (1,727 | )
Amortization of: |  |  |  |  |  |  |  |
Prior service cost (credit) |  | 1 |  |  | - |  |  | (31 | ) |  | (27 | )
Net actuarial losses recognized |  | 4,205 |  |  | 4,487 |  |  | 209 |  |  | 125 |
Net Periodic Benefit Cost | $ | 13,593 |  | $ | 13,014 |  | $ | 600 |  | $ | 1,050 |
| 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 | 2023 |  | 2022 |  | 2023 |  | 2022 |
Service cost | $ | - |  | $ | - |  | $ | 569 |  | $ | 287 |
Interest cost |  | 22 |  |  | 21 |  |  | 390 |  |  | 368 |
Amortization of: |  |  |  |  |  |  |  |
Prior service (credit) |  | - |  |  | (30 | ) |  | - |  |  | - |
Net actuarial (gains) losses recognized |  | (4 | ) |  | 11 |  |  | (12 | ) |  | (14 | )
Net Periodic Benefit Cost | $ | 18 |  | $ | 2 |  | $ | 947 |  | $ | 641 |
| 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 | 2023 |  | 2022 |  | 2023 |  | 2022 |
Service cost | $ | 21,826 |  | $ | 21,780 |  | $ | 1,774 |  | $ | 1,902 |
Interest cost |  | 17,984 |  |  | 14,346 |  |  | 3,870 |  |  | 3,456 |
Expected return on plan assets |  | (21,036 | ) |  | (19,072 | ) |  | (4,800 | ) |  | (3,454 | )
Amortization of: |  |  |  |  |  |  |  |
Prior service cost (credit) |  | 2 |  |  | - |  |  | (62 | ) |  | (54 | )
Net actuarial losses recognized |  | 8,410 |  |  | 8,974 |  |  | 418 |  |  | 250 |
Net Periodic Benefit Cost | $ | 27,186 |  | $ | 26,028 |  | $ | 1,200 |  | $ | 2,100 |
| 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 | 2023 |  | 2022 |  | 2023 |  | 2022 |
Service cost | $ | - |  | $ | - |  | $ | 1,138 |  | $ | 574 |
Interest cost |  | 44 |  |  | 42 |  |  | 780 |  |  | 736 |
Amortization of: |  |  |  |  |  |  |  |
Prior service (credit) |  | - |  |  | (60 | ) |  | - |  |  | - |
Net actuarial (gains) losses recognized |  | (8 | ) |  | 22 |  |  | (24 | ) |  | (28 | )
Net Periodic Benefit Cost | $ | 36 |  | $ | 4 |  | $ | 1,894 |  | $ | 1,282 |
Net periodic pension cost for fiscal 2024 is similar to our fiscal 2023 cost due to higher interest costs, which are partially offset by an increase in expected return on plan assets. 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, 2023 that we are required and expect to contribute approximately $0.7 million to our retirement plans in the U.S. and approximately $5.7 million to plans outside the U.S. during the current fiscal year. Throughout fiscal 2024, we will evaluate whether to make additional contributions.

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/disclosureRef -Topic 715 -SubTopic 70 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480794/715-70-50-1 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480482/715-20-55-17 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(iv)(03) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (q) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (l) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//715/tableOfContent Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(iii) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (o) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (p) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (r)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (r)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 60 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480266/715-60-50-3 + Details
Name: | us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration