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Comprehensive Income (Loss)
 12 Months Ended
May 31, 2018
Equity [Abstract]  
Comprehensive Income (Loss)

Note H – Comprehensive Income (Loss)

Other Comprehensive Income (Loss):  The following table summarizes the tax effects of each component of other comprehensive income (loss) for the fiscal years ended May 31:

 

 

2018

 

 

2017

 

 

2016

 

(in thousands)

Before-Tax

 

 

Tax

 

 

Net-of-Tax

 

 

Before-Tax

 

 

Tax

 

 

Net-of-Tax

 

 

Before-Tax

 

 

Tax

 

 

Net-of-Tax

 

Foreign currency translation

$

12,744

 

 

$

-

 

 

$

12,744

 

 

$

1,342

 

 

$

-

 

 

$

1,342

 

 

$

4,716

 

 

$

-

 

 

$

4,716

 

Pension liability adjustment

 

1,875

 

 

 

(309

)

 

 

1,566

 

 

 

3,400

 

 

 

(1,158

)

 

 

2,242

 

 

 

(3,233

)

 

 

1,175

 

 

 

(2,058

)

Cash flow hedges

 

1,351

 

 

 

(392

)

 

 

959

 

 

 

(4,522

)

 

 

1,700

 

 

 

(2,822

)

 

 

35,524

 

 

 

(13,316

)

 

 

22,208

 

Other comprehensive income

$

15,970

 

 

$

(701

)

 

$

15,269

 

 

$

220

 

 

$

542

 

 

$

762

 

 

$

37,007

 

 

$

(12,141

)

 

$

24,866

 

 

 

Accumulated Other Comprehensive Loss:  The components of the changes in accumulated other comprehensive loss for the fiscal years ended May 31, 2018 and May 31, 2017 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

Foreign

 

 

Pension

 

 

 

 

 

 

Other

 

 

 

Currency

 

 

Liability

 

 

Cash Flow

 

 

Comprehensive

 

(in thousands)

 

Translation

 

 

Adjustment

 

 

Hedges

 

 

Loss

 

Balance at May 31, 2016

 

$

(18,728

)

 

$

(17,061

)

 

$

7,224

 

 

$

(28,565

)

Other comprehensive income before reclassifications

 

 

1,370

 

 

 

2,841

 

 

 

7,669

 

 

 

11,880

 

Reclassification adjustments to income (a)

 

 

-

 

 

 

559

 

 

 

(12,191

)

 

 

(11,632

)

Income taxes

 

 

-

 

 

 

(1,158

)

 

 

1,700

 

 

 

542

 

Balance at May 31, 2017

 

$

(17,358

)

 

$

(14,819

)

 

$

4,402

 

 

$

(27,775

)

Other comprehensive income before reclassifications

 

 

12,371

 

 

 

1,402

 

 

 

14,980

 

 

 

28,753

 

Reclassification adjustments to income (a)

 

 

-

 

 

 

473

 

 

 

(13,629

)

 

 

(13,156

)

Reclassification of stranded tax effects

 

 

-

 

 

 

(2,818

)

 

 

1,117

 

 

 

(1,701

)

Current income tax effect

 

 

-

 

 

 

(309

)

 

 

(392

)

 

 

(701

)

Balance at May 31, 2018

 

$

(4,987

)

 

$

(16,071

)

 

$

6,478

 

 

$

(14,580

)

 

 

(a)

The statement of earnings classification of amounts reclassified to income for cash flow hedges is disclosed in “Note P – Derivative Instruments and Hedging Activities.”

The estimated net amount of the gains in AOCI at May 31, 2018 expected to be reclassified into net earnings within the succeeding twelve months is $5,775,000 (net of tax of $1,751,000).  This amount was computed using the fair value of the cash flow hedges at May 31, 2018, and will change before actual reclassification from other comprehensive income to net earnings during fiscal 2018.