Employee Benefit Plans (Tables)

12 Months Ended

May 31, 2024

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:

	2024			2023			2022
Defined benefit plans:
Interest cost	$	899		$	965		$	1,174
Return on plan assets		(885	)		(1,195	)		(2,328	)
Net amortization and deferral costs		265			365			546
Settlement cost		8,010			4,774			1,357
Defined contribution plans		9,678			9,644			9,103
Net periodic benefit cost	$	17,967		$	14,553		$	9,852

Weighted-Average Assumptions Used used to Determine Unfunded Benefit Obligation and Net Periodic Benefit Cost

The following actuarial assumptions were used to determine the unfunded benefit obligation and net periodic benefit cost:

	2024			2023			2022
Benefit obligation:
Discount rate	n/a				4.69	%		4.14	%
Net periodic pension cost:
Discount rate		4.69	%		4.10	%		2.90	%
Expected long-term rate of return		5.00	%		6.00	%		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:

	2024			2023
Change in benefit obligation
Benefit obligation, beginning of year	$	19,533		$	31,253
Interest cost		899			965
Actuarial gain		(1,705	)		(2,328	)
Benefits paid		(554	)		(911	)
Settlements		(18,173	)		(9,446	)
Benefits obligation, end of year	$	-		$	19,533
Change in plan assets
Fair value, beginning of year	$	18,041		$	27,210
Return on plan assets		(227	)		(662	)
Company contributions		914			1,850
Benefits paid		(555	)		(911	)
Settlements		(18,173	)		(9,446	)
Fair value, end of year		-			18,041
Funded status	$	-		$	(1,492	)
Amounts recognized in our consolidated balance sheets consist of:
Other liabilities	$	-		$	(1,492	)
AOCI		-			8,867

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:

	2024			2023
Net (gain) loss	$	(592	)	$	(471	)
Amortization of net loss		(265	)		(365	)
Settlement cost		(8,010	)		(4,774	)
Total recognized in OCI	$	(8,867	)	$	(5,610	)
Total recognized in net periodic benefit cost and OCI	$	(578	)	$	(701	)

Summary of Defined Benefit Plans Asset Measure At Fair Value On Recurring Basis

The following table sets forth, by level within the fair value hierarchy, a summary of the Gerstenslager Plan assets measured on a recurring basis at May 31, 2023.

			Quoted		Significant
			Prices		Other		Significant
			in Active		Observable		Unobservable
	Fair		Markets		Inputs		Inputs
	Value		(Level 1)		(Level 2)		(Level 3)
Investment:
Cash and cash equivalents	$	10,024	$	10,024	$	-	$	-
Fixed-income funds		8,017		8,017		-		-
Total	$	18,041	$	18,041	$	-	$	-

Plan Assets for Defined Benefit Plan

Plan assets for the Gerstenslager Plan consisted of the following at May 31, 2023.

Asset category:
Cash and cash equivalents	56	%
Debt securities and related instruments	44	%
Total	100	%