Employee Pension Plans (Tables)

12 Months Ended

May 31, 2018

Components of Net Periodic Pension Cost for the 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)	2018			2017			2016
Defined benefit plan:
Interest cost	$	1,522		$	1,527		$	1,621
Actuarial (return) loss on plan assets		(1,361	)		(2,224	)		1,154
Net amortization and deferral		(20	)		1,025			(2,664	)
Net periodic pension cost on defined benefit plan		141			328			111
Defined contribution plans		14,972			14,542			13,300
Total retirement plan cost	$	15,113		$	14,870		$	13,411

Actuarial Assumptions Used for Defined Benefit Plan

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

	2018			2017			2016
To determine benefit obligation:
Discount rate		4.02	%		3.94	%		3.75	%
To determine net periodic pension cost:
Discount rate		3.94	%		3.75	%		4.07	%
Expected long-term rate of return		7.00	%		7.00	%		7.00	%
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 of 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 of the Gerstenslager Plan as of, and for the fiscal years ended May 31:

(in thousands)	2018			2017
Change in benefit obligation
Benefit obligation, beginning of year	$	39,174		$	41,168
Interest cost		1,522			1,527
Actuarial gain		(1,516	)		(2,459	)
Benefits paid		(1,170	)		(1,062	)
Benefits obligation, end of year	$	38,010		$	39,174
Change in plan assets
Fair value, beginning of year	$	27,022		$	25,566
Actuarial return on plan assets		1,361			2,224
Company contributions		-			294
Benefits paid		(1,171	)		(1,062	)
Fair value, end of year		27,212			27,022
Funded status	$	(10,798	)	$	(12,152	)
Amounts recognized in the consolidated balance sheets consist of:
Other liabilities	$	(10,798	)	$	(12,152	)
Accumulated other comprehensive loss		16,343			17,839
Amounts recognized in accumulated other comprehensive loss consist    of:
Net loss		16,343			17,839
Total	$	16,343		$	17,839

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 years ended May 31:

(in thousands)	2018		2017
Net actuarial gain	$	1,023	$	2,926
Amortization of net loss		473		559
Total recognized in other comprehensive income	$	1,496	$	3,485
Total recognized in net periodic benefit cost and other comprehensive income	$	1,355	$	3,157

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,			May 31,
	2018			2017
Asset category:
Equity securities		44	%		45	%
Debt securities		55	%		54	%
Other		1	%		1	%
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 plan during the fiscal years noted:

(in thousands)
2019	$	1,223
2020	$	1,237
2021	$	1,275
2022	$	1,382
2023	$	1,476
2024-2028	$	9,066

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, 2018:

			Quoted		Significant
			Prices		Other		Significant
			in Active		Observable		Unobservable
			Markets		Inputs		Inputs
(in thousands)	Fair Value		(Level 1)		(Level 2)		(level 3)
Investment:
Money market funds	$	291	$	291	$	-	$	-
Bond funds		14,887		14,887		-		-
Equity funds		12,034		12,034		-		-
Total	$	27,212	$	27,212	$	-	$	-

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, 2017:

			Quoted		Significant
			Prices		Other		Significant
			in Active		Observable		Unobservable
			Markets		Inputs		Inputs
(in thousands)	Fair Value		(Level 1)		(Level 2)		(level 3)
Investment:
Money market funds	$	294	$	294	$	-	$	-
Bond funds		14,613		14,613		-		-
Equity funds		12,115		12,115		-		-
Total	$	27,022	$	27,022	$	-	$	-