XML 57 R42.htm IDEA: XBRL DOCUMENT v3.23.2
Postretirement Benefits (Tables) - Postretirement Benefits - Unfunded-Health-Care-Benefit Plans
12 Months Ended
May 31, 2023
Components of Net Periodic Pension and Postretirement Costs The following table illustrates the effect on operations of these plans for the three years ended May 31, 2023:

 

 

U.S. Plans

 

 

Non-U.S. Plans

 

(In thousands)

 

2023

 

2022

 

2021

 

 

2023

 

2022

 

2021

 

Service cost

 

$

-

 

$

-

 

$

-

 

 

$

1,951

 

$

1,623

 

$

1,959

 

Interest cost

 

 

84

 

 

41

 

 

74

 

 

 

1,374

 

 

1,124

 

 

1,286

 

Amortization of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior service (credit)

 

 

(121

)

 

(161

)

 

(167

)

 

 

-

 

 

-

 

 

-

 

Net actuarial losses (gains)

 

 

43

 

 

61

 

 

42

 

 

 

(51

)

 

121

 

 

590

 

Net Postretirement Benefit Cost (Income)

 

$

6

 

$

(59

)

$

(51

)

 

$

3,274

 

$

2,868

 

$

3,835

 

Changes in Benefit Obligations

The changes in benefit obligations of the plans at May 31, 2023 and 2022 were as follows:

 

 

U.S. Plans

 

 

Non-U.S. Plans

 

(In thousands)

 

2023

 

2022

 

 

2023

 

2022

 

Accumulated postretirement benefit obligation at beginning of year

 

$

2,260

 

$

2,506

 

 

$

30,645

 

$

39,974

 

Service cost

 

 

-

 

 

-

 

 

 

1,951

 

 

1,623

 

Interest cost

 

 

84

 

 

41

 

 

 

1,374

 

 

1,124

 

Benefit payments

 

 

(207

)

 

(164

)

 

 

(557

)

 

(875

)

Actuarial (gains)

 

 

(369

)

 

(123

)

 

 

(276

)

 

(9,240

)

Currency exchange rate changes

 

 

-

 

 

-

 

 

 

(2,100

)

 

(1,961

)

Accumulated and accrued postretirement benefit obligation at end of year

 

$

1,768

 

$

2,260

 

 

$

31,037

 

$

30,645

 

Amounts Recognized in Consolidated Balance Sheet

Amounts recognized in the Consolidated Balance Sheets for the years ended May 31, 2023 and 2022 are as follows:

 

 

U.S. Plans

 

 

Non-U.S. Plans

 

(In thousands)

 

2023

 

2022

 

 

2023

 

2022

 

Current liabilities

 

$

(207

)

$

(252

)

 

$

(989

)

$

(968

)

Noncurrent liabilities

 

 

(1,561

)

 

(2,008

)

 

 

(30,048

)

 

(29,677

)

Net Amount Recognized

 

$

(1,768

)

$

(2,260

)

 

$

(31,037

)

$

(30,645

)

Pretax Net Actuarial (Loss) Gain and Prior Service (Cost) Credits Recognized in Accumulated Other Comprehensive Income (Loss) not Affecting Retained Earnings

The following table presents the pretax net actuarial (loss) gain and prior service credits recognized in accumulated other comprehensive income (loss) not affecting retained earnings:

 

 

U.S. Plans

 

 

Non-U.S. Plans

 

(In thousands)

 

2023

 

2022

 

 

2023

 

2022

 

Net actuarial gain (loss)

 

$

99

 

$

(314

)

 

$

3,838

 

$

3,878

 

Prior service credit

 

 

-

 

 

121

 

 

 

-

 

 

-

 

Total recognized in accumulated other comprehensive income not affecting retained
   earnings

 

$

99

 

$

(193

)

 

$

3,838

 

$

3,878

 

Changes Recognized in Other Comprehensive loss (Income)

The following table includes the changes recognized in other comprehensive loss (income):

 

 

U.S. Plans

 

 

Non-U.S. Plans

 

(In thousands)

 

2023

 

2022

 

 

2023

 

2022

 

Changes in plan assets and benefit obligations recognized in other comprehensive loss
   (income):

 

 

 

 

 

 

 

 

 

 

Net (gain) arising during the year

 

$

(369

)

$

(123

)

 

$

(276

)

$

(9,240

)

Effect of exchange rates on amounts included in AOCI

 

 

-

 

 

-

 

 

 

265

 

 

(418

)

Amounts recognized as a component of net periodic benefit cost:

 

 

 

 

 

 

 

 

 

 

Amortization or curtailment recognition of prior service credit

 

 

121

 

 

160

 

 

 

-

 

 

-

 

Amortization or settlement recognition of net (loss) gain

 

 

(44

)

 

(60

)

 

 

51

 

 

(121

)

Total recognized in other comprehensive (income) loss

 

$

(292

)

$

(23

)

 

$

40

 

$

(9,779

)

Weighted-Average Assumptions used to Determine Benefit Obligations and Net Periodic and Postretirement Costs

The following weighted-average assumptions were used to determine our year-end benefit obligations and net periodic postretirement benefit costs under the plans:

 

 

U.S. Plans

 

 

 

Non-U.S. Plans

 

Year-End Benefit Obligations

 

2023

 

2022

 

2023

 

2022

 

Discount rate

 

 

5.20

%

 

 

 

4.36

%

 

 

 

5.10

%

 

 

 

5.13

%

Current healthcare cost trend rate

 

 

6.00

%

 

 

 

6.23

%

 

 

 

5.53

%

 

 

 

5.58

%

Ultimate healthcare cost trend rate

 

 

4.03

%

 

 

 

4.03

%

 

 

 

3.70

%

 

 

 

3.70

%

Year ultimate healthcare cost trend rate will be realized

 

 

2045

 

 

 

 

2045

 

 

 

 

2040

 

 

 

 

2040

 

 

 

 

U.S. Plans

 

 

 

Non-U.S. Plans

 

 

Net Periodic Postretirement Cost

 

2023

 

2022

 

2021

 

2023

 

2022

 

2021

Discount rate

 

 

4.36

%

 

 

 

2.47

%

 

 

 

2.44

%

 

 

 

5.13

%

 

 

 

3.51

%

 

 

 

3.32

%

 

Current healthcare cost trend rate

 

 

6.23

%

 

 

 

6.07

%

 

 

 

6.68

%

 

 

 

5.58

%

 

 

 

5.68

%

 

 

 

5.73

%

 

Ultimate healthcare cost trend rate

 

 

4.03

%

 

 

 

4.36

%

 

 

 

4.36

%

 

 

 

3.70

%

 

 

 

3.70

%

 

 

 

3.70

%

 

Year ultimate healthcare cost trend rate will be realized

 

 

2045

 

 

 

 

2037

 

 

 

 

2037

 

 

 

 

2040

 

 

 

 

2040

 

 

 

 

2040