Employee Pension Plans (Tables)

12 Months Ended

May 31, 2019

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)	2019			2018			2017
Defined benefit plan:
Interest cost	$	1,503		$	1,522		$	1,527
Return on plan assets		(532	)		(1,361	)		(2,224	)
Net amortization and deferral		(918	)		(20	)		1,025
Net periodic pension cost on defined benefit plan		53			141			328
Settlement cost		760			-			-
Defined contribution plans		16,308			14,972			14,542
Total retirement plan cost	$	17,121		$	15,113		$	14,870

Actuarial Assumptions Used for Defined Benefit Plan

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

	2019			2018			2017
To determine benefit obligation:
Discount rate		3.57	%		4.02	%		3.94	%
To determine net periodic pension cost:
Discount rate		4.02	%		3.94	%		3.75	%
Expected long-term rate of return		7.00	%		7.00	%		7.00	%

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)	2019			2018
Change in benefit obligation
Benefit obligation, beginning of year	$	38,010		$	39,174
Interest cost		1,503			1,522
Actuarial (gain) loss		1,868			(1,516	)
Benefits paid		(1,201	)		(1,170	)
Settlements		(1,661	)		-
Benefits obligation, end of year	$	38,519		$	38,010
Change in plan assets
Fair value, beginning of year	$	27,212		$	27,022
Return on plan assets		532			1,361
Company contributions		1,376			-
Benefits paid		(1,201	)		(1,171	)
Settlements		(1,661	)		-
Fair value, end of year		26,258			27,212
Funded status	$	(12,261	)	$	(10,798	)
Amounts recognized in the consolidated balance sheets consist of:
Other liabilities	$	(12,261	)	$	(10,798	)
Accumulated other comprehensive loss		18,370			16,343
Amounts recognized in accumulated other comprehensive loss consist of:
Net loss		18,370			16,343
Total	$	18,370		$	16,343

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)	2019			2018
Net gain (loss)	$	(3,227	)	$	1,023
Amortization of net loss		441			473
Extraordinary charges		759			-
Total recognized in other comprehensive income (loss)	$	(2,027	)	$	1,496
Total recognized in net periodic benefit cost and other comprehensive income	$	2,839		$	1,355

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,
	2019			2018
Asset category:
Equity securities		43	%		44	%
Debt securities		45	%		55	%
Other		12	%		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)
2020	$	1,293
2021	$	1,322
2022	$	1,405
2023	$	1,486
2024	$	1,556
2025-2029	$	9,273

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, 2019:

			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	$	3,109	$	3,109	$	-	$	-
Bond funds		11,865		11,865		-		-
Equity funds		11,284		11,284		-		-
Total	$	26,258	$	26,258	$	-	$	-

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	$	-	$	-