Employee Pension Plans (Tables)

12 Months Ended

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.