XML 66 R39.htm IDEA: XBRL DOCUMENT
v3.23.2

Comprehensive Income (Loss) (Tables) | 12 Months Ended
--- | ---
May 31, 2023
Equity [Abstract] |
Summary of Tax Effects of Each Component of Other Comprehensive Income (Loss) | The following table summarizes the tax effects of each component of other comprehensive income (loss) for the prior three fiscal years:
| 2023 |  |  | 2022 |  |  | 2021 |
(In thousands) | Before- Tax |  |  | Tax |  |  | Net-of- Tax |  |  | Before- Tax |  |  | Tax |  |  | Net-of- Tax |  |  | Before- Tax |  |  | Tax |  |  | Net-of- Tax |
Foreign currency translation | $ | (6,774 | ) |  | $ | (39 | ) |  | $ | (6,813 | ) |  | $ | (15,808 | ) |  | $ | (1,281 | ) |  | $ | (17,089 | ) |  | $ | 9,958 |  |  | $ | 963 |  |  | $ | 10,921 |
Pension liability adjustment |  | 5,915 |  |  |  | (1,401 | ) |  |  | 4,514 |  |  |  | 12,647 |  |  |  | (2,936 | ) |  |  | 9,711 |  |  |  | 7,684 |  |  |  | (1,753 | ) |  |  | 5,931 |
Cash flow hedges |  | 2,585 |  |  |  | (615 | ) |  |  | 1,970 |  |  |  | (79,677 | ) |  |  | 18,818 |  |  |  | (60,859 | ) |  |  | 83,434 |  |  |  | (19,682 | ) |  |  | 63,752 |
Other comprehensive income (loss) | $ | 1,726 |  |  | $ | (2,055 | ) |  | $ | (329 | ) |  | $ | (82,838 | ) |  | $ | 14,601 |  |  | $ | (68,237 | ) |  | $ | 101,076 |  |  | $ | (20,472 | ) |  | $ | 80,604 |
Components of Changes in AOCI | he components of the changes in AOCI at the end of the prior three fiscal years were as follows:
|  |  |  |  |  |  |  |  |  | Accumulated |
| Foreign |  |  | Pension |  |  | Cash |  |  | Other |
| Currency |  |  | Liability |  |  | Flow |  |  | Comprehensive |
(In thousands) | Translation |  |  | Adjustment |  |  | Hedges |  |  | Income (Loss) |
Balance at May 31, 2021 | $ | 1,779 |  |  | $ | (15,955 | ) |  | $ | 59,563 |  |  | $ | 45,387 |
Other comprehensive income (loss) before reclassifications |  | (15,808 | ) |  |  | 12,101 |  |  |  | 19,175 |  |  |  | 15,468 |
Reclassification adjustments to income (a) |  | - |  |  |  | 546 |  |  |  | (98,852 | ) |  |  | (98,306 | )
Income tax effect |  | (1,281 | ) |  |  | (2,936 | ) |  |  | 18,818 |  |  |  | 14,601 |
Balance at May 31, 2022 | $ | (15,310 | ) |  | $ | (6,244 | ) |  | $ | (1,296 | ) |  | $ | (22,850 | )
Other comprehensive income (loss) before reclassifications |  | (6,774 | ) |  |  | 559 |  |  |  | (22,873 | ) |  |  | (29,088 | )
Reclassification adjustments to income (a) |  | - |  |  |  | 5,356 |  |  |  | 25,458 |  |  |  | 30,814 |
Income tax effect |  | (39 | ) |  |  | (1,401 | ) |  |  | (615 | ) |  |  | (2,055 | )
Balance at May 31, 2023 | $ | (22,123 | ) |  | $ | (1,730 | ) |  | $ | 674 |  |  | $ | (23,179 | )
(a) The statement of earnings classification of amounts reclassified to net income include: (1) Pension liability adjustment – As disclosed in “Note M – Employee Pension Plans”, includes a reclassification adjustment of $4,774 related to the pension lift-out transaction to transfer a portion of the total projected benefit obligation of the Gerstenslager Company Bargaining Unit Employees’ Pension Plan to a third-party insurance company. As a result of this transaction: 1) we incurred a non-cash settlement charge of $4,774 recorded in miscellaneous income (expense), net in the consolidated statement of earnings; 2) we were relieved of all responsibility for these pension obligations; and 3) the insurance company is now required to pay and administer the retirement benefits owed to 220 beneficiaries; and (2) Cash flow hedges – disclosed in “Note R – Derivative Financial Instruments and Hedging Activities.”

X
- References No definition available. + Details
Name: | us-gaap_EquityAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of accumulated other comprehensive income (loss). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 830 -SubTopic 30 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 14A -URI https://asc.fasb.org/extlink&oid=126968391&loc=SL7669686-108580 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 830 -SubTopic 30 -Section 45 -Paragraph 20 -URI https://asc.fasb.org/extlink&oid=118261656&loc=d3e32211-110900 + Details
Name: | us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of components of comprehensive income (loss). Includes, but is not limited to, foreign currency translation adjustments, foreign currency transactions designated as economic hedges of a net investment in foreign entity, gain (loss) and prior service cost (credit) for pension plans and other postretirement benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=126968391&loc=d3e526-108580 + Details
Name: | us-gaap_ScheduleOfComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration