Pension Plans

9 Months Ended

Feb. 28, 2022

Retirement Benefits [Abstract]

Pension Plans

NOTE 14 — 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 and nine months ended February 28, 2022 and 2021:

	U.S. Plans						Non-U.S. Plans
	Three Months Ended						Three Months Ended
(In thousands)	February 28,			February 28,			February 28,			February 28,
Pension Benefits	2022			2021			2022			2021
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)	February 28,			February 28,			February 28,		February 28,
Postretirement Benefits	2022			2021			2022		2021
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

	U.S. Plans						Non-U.S. Plans
	Nine Months Ended						Nine Months Ended
(In thousands)	February 28,			February 28,			February 28,			February 28,
Pension Benefits	2022			2021			2022			2021
Service cost	$	35,742		$	33,390		$	4,044		$	4,218
Interest cost		11,526			11,418			3,846			3,366
Expected return on plan assets		(31,158	)		(24,837	)		(6,219	)		(4,821	)
Amortization of:
Prior service cost (credit)		3			6			(114	)		(105	)
Net actuarial losses recognized		12,675			22,503			342			1,578
Net Periodic Benefit Cost	$	28,788		$	42,480		$	1,899		$	4,236

	U.S. Plans						Non-U.S. Plans
	Nine Months Ended						Nine Months Ended
(In thousands)	February 28,			February 28,			February 28,		February 28,
Postretirement Benefits	2022			2021			2022		2021
Service cost	$	-		$	-		$	1,296	$	1,293
Interest cost		30			57			897		849
Amortization of:
Prior service (credit)		(120	)		(126	)		-		-
Net actuarial losses recognized		45			30			96		390
Net Periodic Benefit (Credit) Cost	$	(45	)	$	(39	)	$	2,289	$	2,532

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 and that we will evaluate whether to make additional contributions throughout fiscal 2022. As a result, we contributed $64.6 million, to the pension plans in the U.S. during the current quarter, which will result in total expected U.S. contributions of $65.6 million.