Employee Pension Plans (Tables)

12 Months Ended

May 31, 2021

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 Gerstenslager Plan and the defined contribution plans for the years ended May 31:

(in thousands)	2021			2020			2019
Defined benefit plan:
Interest cost	$	1,205		$	1,352		$	1,503
Return on plan assets		(4,289	)		(1,928	)		(532	)
Net amortization and deferral costs		3,058			628			(918	)
Net periodic pension cost (benefit) on defined benefit plan		(26	)		52			53
Settlement cost		18			-			760
Defined contribution plans		17,562			16,495			16,308
Total retirement plan cost	$	17,554		$	16,547		$	17,121

Actuarial Assumptions Used for Defined Benefit Plan

The following actuarial assumptions were used for the Gerstenslager Plan:

	2021			2020			2019
To determine benefit obligation:
Discount rate		2.90	%		2.65	%		3.57	%
To determine net periodic pension cost:
Discount rate		2.65	%		3.57	%		4.02	%
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 the 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)	2021			2020
Change in benefit obligation
Benefit obligation, beginning of year	$	46,167		$	38,519
Interest cost		1,205			1,352
Actuarial (gain) loss		(4,814	)		7,671
Benefits paid		(1,345	)		(1,375	)
Settlements		(18	)		-
Benefits obligation, end of year	$	41,195		$	46,167
Change in plan assets
Fair value, beginning of year	$	28,510		$	26,258
Return on plan assets		4,289			1,928
Company contributions		1,700			1,699
Benefits paid		(1,345	)		(1,375	)
Settlements		(18	)		-
Fair value, end of year		33,136			28,510
Funded status	$	(8,059	)	$	(17,657	)
Amounts recognized in the consolidated balance sheets consist of:
Other liabilities	$	(8,059	)	$	(17,657	)
Accumulated other comprehensive loss		17,541			25,413
Amounts recognized in accumulated other comprehensive loss consist of:
Net loss		17,541			25,413
Total	$	17,541		$	25,413

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)	2021			2020
Net gain (loss)	$	7,097		$	(7,596	)
Amortization of net loss		775			553
Total recognized in other comprehensive income (loss)	$	7,872		$	(7,043	)
Total recognized in net periodic benefit cost and other comprehensive income (loss)	$	(7,898	)	$	7,095

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,
	2021			2020
Asset category:
Equity securities		48	%		42	%
Debt securities		38	%		44	%
Other		14	%		14	%
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)
2022	$	1,466
2023	$	1,494
2024	$	1,531
2025	$	1,583
2026	$	1,666
2027-2031	$	9,872

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, 2021:

			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	$	1,664	$	1,664	$	-	$	-
Bond funds		12,629		12,629		-		-
Equity funds		16,022		16,022		-		-
Administrative funds		2,821		2,821
Total	$	33,136	$	33,136	$	-	$	-

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, 2020:

			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	$	1,613	$	1,613	$	-	$	-
Bond funds		12,619		12,619		-		-
Equity funds		11,885		11,885		-		-
Administrative funds		2,393		2,393
Total	$	28,510	$	28,510	$	-	$	-