Employee Pension Plans (Tables)

12 Months Ended

May 31, 2012

Components of Net Periodic Pension Cost for Defined Benefit Plan and Defined Contribution Plans

The following table summarizes the components of net periodic pension cost for the defined benefit plan and the defined contribution plans for the years ended May 31:

(in thousands)	2012			2011			2010
Defined benefit plan:
Service cost	$	-		$	575		$	490
Interest cost		1,213			1,140			1,059
Actual return on plan assets		(789	)		3,921			3,152
Net amortization and deferral		(756	)		(4,825	)		(3,811	)
Net periodic pension cost (benefit) on defined benefit plan		(332	)		811			890
Defined contribution plans		8,643			9,870			8,817
Total retirement plan cost	$	8,311		$	10,681		$	9,707

Acturial Assumptions Used for Defined Benefit Plan

The following actuarial assumptions were used for our defined benefit plan:

	2012			2011			2010
To determine benefit obligation:
Discount rate		4.16	%		5.60	%		6.00	%
To determine net periodic pension cost:
Discount rate		5.60	%		6.00	%		7.45	%
Expected long-term rate of return		8.00	%		8.00	%		8.00	%
Rate of compensation increase		n/a			n/a			n/a

Reconciliation of Changes in Projected Benefit Obligation and Fair Value of Plan Assets and Funded Status for Gerstenslager Plan

The following tables provide a reconciliation of the changes in the projected benefit obligation and fair value of plan assets and the funded status for the Gerstenslager Plan during fiscal 2012 and fiscal 2011 as of the respective measurement dates:

(in thousands)	May 31, 2012			May 31, 2011
Change in benefit obligation
Benefit obligation, beginning of year	$	21,814		$	19,451
Service cost		-			575
Interest cost		1,213			1,140
Actuarial loss		10,496			1,061
Benefits paid		(500	)		(413	)
Benefit obligation, end of year	$	33,023		$	21,814
Change in plan assets
Fair value, beginning of year	$	19,808		$	14,993
Actual return on plan assets		(789	)		3,921
Company contributions		1,227			1,307
Benefits paid		(500	)		(413	)
Fair value, end of year	$	19,746		$	19,808
Funded status	$	(13,277	)	$	(2,006	)
Amounts recognized in the consolidated balance sheets consist of:
Other liabilities	$	(13,277	)	$	(2,006	)
Accumulated other comprehensive income		16,897			4,067
Amounts recognized in accumulated other comprehensive income consist of:
Net loss		16,897			4,067
Total	$	16,897		$	4,067

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 fiscal year ended May 31:

(in thousands)	2012			2011
Net actuarial gain (loss)	$	(12,899	)	$	1,606
Amortization of prior service cost		70			350
Total recognized in other comprehensive income	$	(12,829	)	$	1,956
Total recognized in net periodic benefit cost and other comprehensive income	$	(12,497	)	$	1,145

Plan Assets for Defined Benefit Plan

Plan assets for the defined benefit plan consisted principally of the following as of the respective measurement dates:

	May 31, 2012			May 31, 2011
Asset category
Equity securities		68	%		70	%
Debt securities		32	%		28	%
Other		0	%		2	%
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 during the fiscal years noted:

(in thousands)
2013	$	597
2014		635
2015		695
2016		754
2017		852
2018-2021		6,278

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 plan’s assets measured at fair value on a recurring basis at May 31, 2012:

(in thousands)	Fair Value		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Investment:
Money Market Funds	$	74	$	74	$	-	$	-
Bond Funds		6,350		6,350		-		-
Equity Funds		13,322		13,322		-		-
Totals	$	19,746	$	19,746	$	-	$	-

The following table sets forth by level within the fair value hierarchy a summary of the defined benefit plan’s assets measured at fair value on a recurring basis at May 31, 2011:

(in thousands)	Fair Value		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Investment:
Money Market Funds	$	349	$	349	$	-	$	-
Bond Funds		5,579		5,579		-		-
Equity Funds		13,880		13,880		-		-
Totals	$	19,808	$	19,808	$	-	$	-