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Pension Plans | 9 Months Ended
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Feb. 29, 2024
Retirement Benefits [Abstract] |
Pension Plans | NOTE 15 — 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-month periods ended February 29, 2024 and February 28, 2023:
| U.S. Plans |  | Non-U.S. Plans |
| Three Months Ended |  | Three Months Ended |
(In thousands) | February 29, |  | February 28, |  | February 29, |  | February 28, |
Pension Benefits | 2024 |  | 2023 |  | 2024 |  | 2023 |
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) | February 29, |  | February 28, |  | February 29, |  | February 28, |
Postretirement Benefits | 2024 |  | 2023 |  | 2024 |  | 2023 |
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 |
| Nine Months Ended |  | Nine Months Ended |
(In thousands) | February 29, |  | February 28, |  | February 29, |  | February 28, |
Pension Benefits | 2024 |  | 2023 |  | 2024 |  | 2023 |
Service cost | $ | 32,739 |  | $ | 32,670 |  | $ | 2,661 |  | $ | 2,853 |
Interest cost |  | 26,976 |  |  | 21,519 |  |  | 5,805 |  |  | 5,184 |
Expected return on plan assets |  | (31,554 | ) |  | (28,608 | ) |  | (7,200 | ) |  | (5,181 | )
Amortization of: |  |  |  |  |  |  |  |
Prior service cost (credit) |  | 3 |  |  | - |  |  | (93 | ) |  | (81 | )
Net actuarial losses recognized |  | 12,615 |  |  | 13,461 |  |  | 627 |  |  | 375 |
Net Periodic Benefit Cost | $ | 40,779 |  | $ | 39,042 |  | $ | 1,800 |  | $ | 3,150 |
| U.S. Plans |  | Non-U.S. Plans |
| Nine Months Ended |  | Nine Months Ended |
(In thousands) | February 29, |  | February 28, |  | February 29, |  | February 28, |
Postretirement Benefits | 2024 |  | 2023 |  | 2024 |  | 2023 |
Service cost | $ | - |  | $ | - |  | $ | 1,707 |  | $ | 861 |
Interest cost |  | 66 |  |  | 63 |  |  | 1,170 |  |  | 1,104 |
Amortization of: |  |  |  |  |  |  |  |
Prior service (credit) |  | - |  |  | (90 | ) |  | - |  |  | - |
Net actuarial (gains) losses recognized |  | (12 | ) |  | 33 |  |  | (36 | ) |  | (42 | )
Net Periodic Benefit Cost | $ | 54 |  | $ | 6 |  | $ | 2,841 |  | $ | 1,923 |
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 and that we will evaluate whether to make additional contributions throughout fiscal 2024. As a result of this evaluation, we contributed $41.2 million to the main pension plan in the U.S. during the current quarter, which will increase our total expected U.S. contributions to $41.9 million during fiscal year 2024.

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