Employee Pension Plans (Tables)

12 Months Ended

May 31, 2014

Components of Net Periodic Pension Cost for the Defined Benefit Plan and the 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)	2014			2013			2012
Defined benefit plan:
Interest cost	$	1,403		$	1,361		$	1,213
Actual return on plan assets		2,524			4,355			(789	)
Net amortization and deferral		(4,175	)		(5,522	)		(756	)
Net periodic pension cost (benefit) on defined benefit plan		(248	)		194			(332	)
Defined contribution plans		12,586			9,955			8,643
Total retirement plan cost	$	12,338		$	10,149		$	8,311

Acturial Assumptions Used for Defined Benefit Plan

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

	2014			2013			2012
To determine benefit obligation:
Discount rate		4.38	%		4.44	%		4.16	%
To determine net periodic pension cost:
Discount rate		4.44	%		4.16	%		5.60	%
Expected long-term rate of return		8.00	%		8.00	%		8.00	%
Rate of compensation increase		n/a			n/a			n/a

Reconciliation of the Changes in the Projected Benefit Obligation and Fair Value of Plan Assets and the Funded Status for the 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 2014 and fiscal 2013 as of the respective measurement dates:

(in thousands)	May 31, 2014			May 31, 2013
Change in benefit obligation
Benefit obligation, beginning of year	$	31,930		$	33,023
Interest cost		1,403			1,361
Actuarial loss (gain)		3,002			(1,810	)
Benefits paid		(796	)		(644	)
Benefit obligation, end of year	$	35,539		$	31,930
Change in plan assets
Fair value, beginning of year	$	24,442		$	19,746
Actual return on plan assets		2,524			4,355
Company contributions		300			985
Benefits paid		(796	)		(644	)
Fair value, end of year	$	26,470		$	24,442
Funded status	$	(9,069	)	$	(7,488	)
Amounts recognized in the consolidated balance sheets consist of:
Other liabilities	$	(9,069	)	$	(7,488	)
Accumulated other comprehensive income		14,028			11,899
Amounts recognized in accumulated other comprehensive income consist of:
Net loss		14,028			11,899
Total	$	14,028		$	11,899

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)	2014			2013
Net actuarial gain (loss)	$	(2,419	)	$	4,559
Amortization of prior service cost		290			439
Total recognized in other comprehensive income	$	(2,129	)	$	4,998
Total recognized in net periodic benefit cost and other comprehensive income	$	(1,881	)	$	4,804

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, 2014			May 31, 2013
Asset category
Equity securities		52	%		70	%
Debt securities		44	%		26	%
Other		4	%		4	%
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)
2015	$	731
2016	$	773
2017	$	858
2018	$	997
2019	$	1,115
2020-2024	$	7,337

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, 2014:

(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	$	1,099	$	1,099	$	-	$	-
Bond Funds		11,570		11,570		-		-
Equity Funds		13,801		13,801		-		-
Totals	$	26,470	$	26,470	$	-	$	-

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, 2013:

(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	$	939	$	939	$	-	$	-
Bond Funds		6,274		6,274		-		-
Equity Funds		17,229		17,229		-		-
Totals	$	24,442	$	24,442	$	-	$	-