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Comprehensive Income (Loss)
 12 Months Ended
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.