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v3.23.2

Employee Pension Plans (Tables) | 12 Months Ended
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May 31, 2023
Components of Net Periodic Pension Costs for Defined Benefit Pension Plans | The following table summarizes the components of net periodic pension costs for our defined benefit pension plans for the prior three fiscal years:
(In thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |
Defined benefit plans: |  |  |  |  |  |  |  |  |
Interest cost |  | $ | 4,393 |  |  | $ | 2,621 |  |  | $ | 1,205 |
Return on plan assets |  |  | (5,092 | ) |  |  | (4,473 | ) |  |  | (4,289 | )
Net amortization and deferral costs |  |  | 191 |  |  |  | 546 |  |  |  | 3,058 |
Settlement cost (1) |  |  | 4,774 |  |  |  | 1,357 |  |  |  | 18 |
Defined contribution plans |  |  | 19,600 |  |  |  | 18,036 |  |  |  | 17,562 |
Net periodic benefit cost |  | $ | 23,866 |  |  | $ | 18,087 |  |  | $ | 17,554 |
(1) Relates to the settlement of certain participant balances within the Gerstenslager Plan.
Weighted-Average Assumptions Used used to Determine Unfunded Benefit Obligation and Net Periodic Benefit Cost | The following weighted-average assumptions were used to determine the unfunded benefit obligation and net periodic benefit cost:
|  | 2023 |  |  | 2022 |  |  | 2021 |
Benefit obligation: |  |  |  |  |  |  |  |  |
Discount rate |  |  | 4.78 | % |  |  | 4.27 | % |  |  | 2.90 | %
Net periodic pension cost: |  |  |  |  |  |  |  |  |
Discount rate |  |  | 4.25 | % |  |  | 2.74 | % |  |  | 2.65 | %
Expected long-term rate of return |  |  | 6.25 | % |  |  | 6.75 | % |  |  | 7.00 | %
Reconciliation of the Changes in the Projected Benefit Obligation and Fair Value of Plan Assets and the Funded Status for Defined-benefit Plans | The following tables provide a reconciliation of the changes in the projected benefit obligation and the fair value of plan assets and the funded status for our defined benefit plans:
|  | Pension Benefits |  |  | Other Benefits |
(In thousands) |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Change in benefit obligation |  |  |  |  |  |  |  |  |  |  |  |
Benefit obligation, beginning of year |  | $ | 113,567 |  |  | $ | 41,195 |  |  | $ | 4,077 |  |  | $ | - |
Service cost |  |  | - |  |  |  | - |  |  |  | 18 |  |  |  | 15 |
Interest cost |  |  | 4,391 |  |  |  | 2,621 |  |  |  | 168 |  |  |  | 70 |
Plan amendments |  |  | - |  |  |  | - |  |  |  | (441 | ) |  |  | - |
Actuarial gain |  |  | (5,420 | ) |  |  | (24,755 | ) |  |  | (281 | ) |  |  | (873 | )
Benefits paid |  |  | (6,662 | ) |  |  | (4,511 | ) |  |  | (174 | ) |  |  | (125 | )
Settlements |  |  | (9,446 | ) |  |  | (2,929 | ) |  |  | - |  |  |  | - |
Participant contributions |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 8 |
Benefit obligations acquired |  |  | - |  |  |  | 101,946 |  |  |  | - |  |  |  | 4,982 |
Benefits obligation, end of year |  | $ | 96,430 |  |  | $ | 113,567 |  |  | $ | 3,367 |  |  | $ | 4,077 |
Change in plan assets |  |  |  |  |  |  |  |  |  |  |  |
Fair value, beginning of year |  | $ | 83,393 |  |  | $ | 33,136 |  |  | $ | - |  |  | $ | - |
Return on plan assets |  |  | (1,137 | ) |  |  | (11,379 | ) |  |  | - |  |  |  | - |
Company contributions |  |  | 6,837 |  |  |  | 2,308 |  |  |  | 174 |  |  |  | 117 |
Benefits paid |  |  | (6,662 | ) |  |  | (4,511 | ) |  |  | (174 | ) |  |  | (125 | )
Settlements |  |  | (9,446 | ) |  |  | (2,929 | ) |  |  | - |  |  |  | - |
Participant contributions |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 8 |
Plan assets acquired |  |  | - |  |  |  | 66,768 |  |  |  | - |  |  |  | - |
Fair value, end of year |  |  | 72,985 |  |  |  | 83,393 |  |  |  | - |  |  |  | - |
Funded status |  | $ | (23,445 | ) |  | $ | (30,174 | ) |  | $ | (3,367 | ) |  | $ | (4,077 | )
Amounts recognized in our consolidated balance sheets consist of: |  |  |  |  |  |  |  |  |  |
Other liabilities |  | $ | (23,445 | ) |  | $ | (30,174 | ) |  | $ | (3,367 | ) |  | $ | (4,077 | )
AOCI |  |  | 2,580 |  |  |  | 6,736 |  |  |  | (1,544 | ) |  |  | (873 | )
Amounts recognized in AOCI consist of: |  |  |  |  |  |  |  |  |  |
Net loss (income) |  | $ | 2,580 |  |  | $ | 6,736 |  |  | $ | (1,103 | ) |  | $ | (873 | )
Net prior service (credit)/cost |  |  | - |  |  |  | - |  |  |  | (441 | ) |  |  | - |
Total |  | $ | 2,580 |  |  | $ | 6,736 |  |  | $ | (1,544 | ) |  | $ | (873 | )
Other Changes in Plan Assets And Benefit Obligations Recognized in OCI | The following table shows other changes in plan assets and benefit obligations recognized in OCI during the prior two fiscal years:
|  | Pension Benefits |  |  | Other Benefits |
(In thousands) |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Net (gain) loss |  | $ | 809 |  |  | $ | (8,903 | ) |  | $ | (281 | ) |  | $ | (873 | )
Amortization of net (gain) loss |  |  | (191 | ) |  |  | (546 | ) |  |  | (441 | ) |  |  | - |
Settlement cost |  |  | (4,774 | ) |  |  | (1,357 | ) |  |  | 50 |  |  |  | - |
Total recognized in other comprehensive income |  | $ | (4,156 | ) |  | $ | (10,806 | ) |  | $ | (672 | ) |  | $ | (873 | )
Total recognized in net periodic benefit cost and OCI |  | $ | 110 |  |  | $ | (10,704 | ) |  | $ | (536 | ) |  | $ | (787 | )
Plan Assets for Defined Benefit Plan | Plan assets for the defined benefit plans consisted principally of the following as of the respective measurement dates:
|  | May 31, |  |  | May 31, |
|  | 2023 |  |  | 2022 |
Asset category: |  |  |  |  |  |
Equity securities |  |  | 27 | % |  |  | 45 | %
Fixed-income funds |  |  | 41 | % |  |  | 39 | %
Hedge funds |  |  | 12 | % |  |  | 11 | %
Other |  |  | 19 | % |  |  | 5 | %
Total |  |  | 100 | % |  |  | 100 | %
Estimated Future Benefits Expected to be Paid | The following estimated future benefits, which reflect expected future service, as appropriate, are expected to be paid under the defined benefit and other postretirement plans during future fiscal years as follows:
(In thousands) |  | Pension Benefits |  |  | Other Benefits |
2024 |  | $ | 6,741 |  |  | $ | 296 |
2025 |  | $ | 6,597 |  |  | $ | 291 |
2026 |  | $ | 6,725 |  |  | $ | 283 |
2027 |  | $ | 7,105 |  |  | $ | 274 |
2028 |  | $ | 7,205 |  |  | $ | 267 |
2029-2033 |  | $ | 33,668 |  |  | $ | 1,209 |
Fair Value, Measurements, Recurring |
Plan Assets for Defined Benefit Plan | The following table sets forth, by level within the fair value hierarchy, a summary of the defined benefit plans’ assets measured at fair value on a recurring basis at May 31, 2023:
|  |  |  |  | Quoted |  |  | Significant |  |  |  |
|  |  |  |  | Prices |  |  | Other |  |  | Significant |
|  |  |  |  | in Active |  |  | Observable |  |  | Unobservable |
|  |  |  |  | Markets |  |  | Inputs |  |  | Inputs |
(In thousands) |  | Fair Value |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Investment: |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 13,935 |  |  | $ | 13,935 |  |  | $ | - |  |  | $ | - |
Fixed-income funds |  |  | 30,168 |  |  |  | 30,168 |  |  |  | - |  |  |  | - |
Equity funds |  |  | 20,069 |  |  |  | 20,069 |  |  |  | - |  |  |  | - |
Administrative funds |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Commingled fund investments |  |  |  |  |  |  |  |  |  |  |  |
measured at net asset value (1): |  |  |  |  |  |  |  |  |  |  |  |
Hedge funds |  |  | 8,813 |  |  |  | - |  |  | - |  |  |  | - |
Total |  | $ | 72,985 |  |  | $ | 64,172 |  |  | $ | - |  |  | $ | - |
(1) Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The following table sets forth, by level within the fair value hierarchy, a summary of the defined benefit plans’ assets measured at fair value on a recurring basis at May 31, 2022:
|  |  |  |  | Quoted |  |  | Significant |  |  |  |
|  |  |  |  | Prices |  |  | Other |  |  | Significant |
|  |  |  |  | in Active |  |  | Observable |  |  | Unobservable |
|  |  |  |  | Markets |  |  | Inputs |  |  | Inputs |
(In thousands) |  | Fair Value |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Investment: |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 1,238 |  |  | $ | 1,238 |  |  | $ | - |  |  | $ | - |
Fixed-income funds |  |  | 11,287 |  |  |  | 11,287 |  |  |  | - |  |  |  | - |
Equity funds |  |  | 37,352 |  |  |  | 37,352 |  |  |  | - |  |  |  | - |
Administrative funds |  |  | 2,946 |  |  |  | 2,946 |  |  |  | - |  |  |  | - |
Commingled fund investments |  |  |  |  |  |  |  |  |  |  |  |
measured at net asset value (1): |  |  |  |  |  |  |  |  |  |  |  |
Fixed-income funds |  |  | 21,056 |  |  |  | - |  |  |  | - |  |  |  | - |
Hedge funds |  |  | 9,514 |  |  |  | - |  |  |  | - |  |  |  | - |
Total |  | $ | 83,393 |  |  | $ | 52,823 |  |  | $ | - |  |  | $ | - |
(1) Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy.

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