Pension Plans

3 Months Ended

Aug. 31, 2021

Compensation And Retirement Disclosure [Abstract]

Pension Plans

NOTE 12 — PENSION PLANS

We offer defined benefit pension plans, defined contribution pension plans, and various postretirement benefit plans. The following tables provide the retirement-related benefit plans’ impact on income before income taxes for the three months ended August 31, 2021 and 2020:

	U.S. Plans						Non-U.S. Plans
	Three Months Ended						Three Months Ended
(In thousands)	August 31,			August 31,			August 31,			August 31,
Pension Benefits	2021			2020			2021			2020
Service cost	$	11,914		$	11,130		$	1,348		$	1,406
Interest cost		3,842			3,806			1,282			1,122
Expected return on plan assets		(10,386	)		(8,279	)		(2,073	)		(1,607	)
Amortization of:
Prior service cost (credit)		1			2			(38	)		(35	)
Net actuarial losses recognized		4,225			7,501			114			526
Net Periodic Benefit Cost	$	9,596		$	14,160		$	633		$	1,412

	U.S. Plans						Non-U.S. Plans
	Three Months Ended						Three Months Ended
(In thousands)	August 31,			August 31,			August 31,		August 31,
Postretirement Benefits	2021			2020			2021		2020
Service cost	$	-		$	-		$	432	$	431
Interest cost		10			19			299		283
Amortization of:
Prior service (credit)		(40	)		(42	)		-		-
Net actuarial losses recognized		15			10			32		130
Net Periodic Benefit (Credit) Cost	$	(15	)	$	(13	)	$	763	$	844

Due to strong asset returns for the year ending May 31, 2021, as well as contributions made during the year, net periodic pension and U.S. postretirement cost for fiscal 2022 is lower than our fiscal 2021 expense. We expect that pension expense will fluctuate on a year-to-year basis, depending upon the investment performance of plan assets and potential changes in interest rates, and these fluctuations may have a material impact on our consolidated financial results in the future. We previously disclosed in our financial statements for the fiscal year ended May 31, 2021 that we expected to contribute approximately $1.0 million to our retirement plans in the U.S. and approximately $5.0 million to plans outside the U.S. during the current fiscal year. Throughout fiscal 2022, we will evaluate whether to make additional contributions.