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Comprehensive Income (Loss) | 12 Months Ended
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May 31, 2023
Equity [Abstract] |
Comprehensive Income (Loss) | Note J – Comprehensive Income (Loss) 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 |
Accumulated Other Comprehensive Income (Loss): The 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.” The estimated net amount of the gains in AOCI at May 31, 2023 expected to be reclassified into net income within the succeeding 12 months is $4 (net of tax of $1). This amount was computed using the fair value of the cash flow hedges at May 31, 2023, and will change before actual reclassification from other comprehensive income to net income during fiscal 2023.

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- Definition The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -URI https://asc.fasb.org/topic&trid=2134417 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(21)) -URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 220 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(23)) -URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 220 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(19)) -URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263 + Details
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