Pension Plans (Tables) - Pension Benefits

12 Months Ended

May 31, 2024

Defined Benefit Plan Disclosure [Line Items]

Components of Net Periodic Pension and Postretirement Costs

Net periodic pension cost consisted of the following for the year ended May 31:

	U.S. Plans									Non-U.S. Plans
(In thousands)	2024			2023			2022			2024			2023			2022
Service cost	$	43,652		$	43,558		$	47,655		$	3,534		$	3,633		$	5,023
Interest cost		35,967			28,692			15,366			7,667			6,619			4,948
Expected return on plan assets		(42,072	)		(38,144	)		(41,544	)		(9,588	)		(6,581	)		(7,691	)
Amortization of:
Prior service cost (credit)		2			1			5			(127	)		(116	)		(139	)
Net actuarial losses recognized		16,822			17,948			16,900			833			473			465
Curtailment/settlement (gains) losses		-			(3	)		16			(50	)		188			7
Net Pension Cost	$	54,371		$	52,052		$	38,398		$	2,269		$	4,216		$	2,613

Changes in Benefit Obligations and Plan Assets

The changes in benefit obligations and plan assets, as well as the funded status of our pension plans at May 31, 2024 and 2023, were as follows:

	U.S. Plans						Non-U.S. Plans
(In thousands)	2024			2023			2024			2023
Benefit obligation at beginning of year	$	697,173		$	703,735		$	158,812		$	182,534
Service cost		43,652			43,558			3,534			3,633
Interest cost		35,967			28,692			7,667			6,619
Benefits paid		(40,540	)		(44,604	)		(8,102	)		(8,676	)
Participant contributions		-			-			1,149			1,221
Plan amendments		-			4			(2	)		(97	)
Plan settlements/curtailments		-			(137	)		(1,090	)		(2,852	)
Actuarial (gains) losses		(16,589	)		(34,075	)		3,461			(16,004	)
Premiums paid		-			-			(83	)		(108	)
Currency exchange rate changes		-			-			714			(7,458	)
Benefit Obligation at End of Year	$	719,663		$	697,173		$	166,060		$	158,812
Fair value of plan assets at beginning of year	$	631,486		$	616,960		$	166,120		$	193,375
Actual gain (loss) on plan assets		87,205			(4,294	)		9,973			(15,239	)
Employer contributions		41,928			63,561			5,449			6,647
Participant contributions		-			-			1,149			1,221
Benefits paid		(40,540	)		(44,604	)		(8,102	)		(8,676	)
Premiums paid		-			-			(83	)		(108	)
Plan settlements/curtailments		-			(137	)		(1,090	)		(2,852	)
Currency exchange rate changes		-			-			844			(8,248	)
Fair Value of Plan Assets at End of Year	$	720,079		$	631,486		$	174,260		$	166,120
Surplus/(Deficit) of plan assets versus benefit obligations at end of year	$	416		$	(65,687	)	$	8,200		$	7,308
Net Amount Recognized	$	416		$	(65,687	)	$	8,200		$	7,308
Accumulated Benefit Obligation	$	618,413		$	598,094		$	156,571		$	148,635

Amounts Recognized in Consolidated Balance Sheet

Amounts recognized in the Consolidated Balance Sheets for the years ended May 31, 2024 and 2023 are as follows:

	U.S. Plans						Non-U.S. Plans
(In thousands)	2024			2023			2024			2023
Noncurrent assets	$	1,294		$	279		$	16,681		$	15,641
Current liabilities		(8	)		(8	)		(362	)		(659	)
Noncurrent liabilities		(870	)		(65,958	)		(8,119	)		(7,674	)
Net Amount Recognized	$	416		$	(65,687	)	$	8,200		$	7,308

Relationship between Plans Benefit Obligations and Assets

The following table summarizes the relationship between our plans' benefit obligations and assets:

	U.S. Plans
	2024				2023
(In thousands)	Benefit Obligation		Plan Assets		Benefit Obligation		Plan Assets
Plans with projected benefit obligations in excess of plan assets	$	712,123	$	711,245	$	696,280	$	630,315
Plans with accumulated benefit obligations in excess of plan assets		41		-		44		-
Plans with assets in excess of projected benefit obligations		7,540		8,834		893		1,171
Plans with assets in excess of accumulated benefit obligations		618,372		720,079		598,050		631,486
	Non-U.S. Plans
	2024				2023
(In thousands)	Benefit Obligation		Plan Assets		Benefit Obligation		Plan Assets
Plans with projected benefit obligations in excess of plan assets	$	28,469	$	19,988	$	26,918	$	18,585
Plans with accumulated benefit obligations in excess of plan assets		25,001		17,730		24,837		17,839
Plans with assets in excess of projected benefit obligations		137,591		154,272		131,894		147,535
Plans with assets in excess of accumulated benefit obligations		131,570		156,530		123,798		148,281

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 and prior service (cost) credits recognized in accumulated other comprehensive income (loss) not affecting retained earnings:

	U.S. Plans						Non-U.S. Plans
(In thousands)	2024			2023			2024			2023
Net actuarial loss	$	(126,481	)	$	(205,025	)	$	(32,209	)	$	(29,764	)
Prior service (costs) credits		(8	)		(10	)		424			530
Total recognized in accumulated other comprehensive    income not affecting retained earnings	$	(126,489	)	$	(205,035	)	$	(31,785	)	$	(29,234	)

Changes Recognized in Other Comprehensive loss (Income)

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

		U.S. Plans						Non-U.S. Plans
(In thousands)		2024			2023			2024			2023
Changes in plan assets and benefit obligations recognized in other    comprehensive income:
	Prior service cost (credit)	$	-		$	4		$	(1	)	$	(98	)
	Net (gain) loss arising during the year		(61,722	)		8,363			3,075			5,816
	Effect of exchange rates on amounts included in AOCI		-			-			133			(1,405	)
Amounts recognized as a component of net periodic benefit cost:
	Amortization or curtailment recognition of prior service (cost) benefit		(2	)		(1	)		127			115
	Amortization or settlement recognition of net (loss)		(16,822	)		(17,945	)		(783	)		(660	)
	Total recognized in other comprehensive (income) loss	$	(78,546	)	$	(9,579	)	$	2,551		$	3,768

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 pension cost under the plans:

	U.S. Plans						Non-U.S. Plans
Year-End Benefit Obligations	2024			2023			2024			2023
Discount rate		5.58	%		5.26	%		4.81	%		4.88	%
Rate of compensation increase		3.39	%		3.39	%		2.98	%		2.97	%

	U.S. Plans									Non-U.S. Plans
Net Periodic Pension Cost	2024			2023			2022			2024			2023			2022
Discount rate		5.26	%		4.43	%		2.76	%		4.88	%		4.02	%		2.72	%
Expected return on plan assets		7.00	%		6.50	%		6.50	%		5.79	%		3.58	%		3.46	%
Rate of compensation increase		3.39	%		3.21	%		3.19	%		2.97	%		2.94	%		2.91	%

Weighted-Average Actual and Target Allocation of Plan Assets

The following tables illustrate the weighted-average actual and target allocation of plan assets:

	U.S. Plans
	Target Allocation			Actual Asset Allocation
(Dollars in millions)	as of May 31, 2024			2024		2023
Equity securities		55	%	$	399.0	$	340.1
Fixed income securities		20	%		151.2		129.2
Multi-class		20	%		141.2		125.3
Cash		5	%		28.5		36.6
Other					0.2		0.3
Total assets		100	%	$	720.1	$	631.5
	Non-U.S. Plans
	Target Allocation			Actual Asset Allocation
(Dollars in millions)	as of May 31, 2024			2024		2023
Equity securities		40	%	$	60.4	$	61.8
Fixed income securities		48	%		82.9		81.5
Cash					0.2		0.1
Property and other		12	%		30.8		22.7
Total assets		100	%	$	174.3	$	166.1

Pension Plan Assets Categorized using Fair Value Hierarchy

The following tables present our pension plan assets as categorized using the fair value hierarchy at May 31, 2024 and 2023:

U.S. Plans
(In thousands)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at May 31, 2024
U.S. Treasury and other government	$	-	$	53,751	$	-	$	53,751
State and municipal bonds		-		210		-		210
Foreign bonds		-		2,480		-		2,480
Mortgage-backed securities		-		14,922		-		14,922
Corporate bonds		-		14,904		-		14,904
Stocks - large cap		44,392		-		-		44,392
Mutual funds - equity		-		354,599		-		354,599
Mutual funds - multi-class		-		141,183		-		141,183
Mutual funds - fixed		-		2,317		-		2,317
Cash and cash equivalents		28,523		-		-		28,523
Limited partnerships		-		-		74		74
Futures contracts		-		-		120		120
Investments measured at NAV (1)								62,604
Total	$	72,915	$	584,366	$	194	$	720,079

(1)In accordance with Subtopic 820-10, Fair Value Measurements and Disclosures, certain investments that are measured at fair value using the net asset value ("NAV") per share practical expedient have not been classified in the fair value hierarchy. The investments that are measured at fair value using NAV per share included in the table above are intended to permit reconciliation of the fair value hierarchy to the fair value of the plan assets at the end of each period.

Non-U.S. Plans
(In thousands)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at May 31, 2024
Pooled equities	$	-	$	60,455	$	-	$	60,455
Pooled fixed income		-		81,798		-		81,798
Foreign bonds		-		1,066		-		1,066
Insurance contracts		-		-		20,283		20,283
Mutual funds - Real Estate		-		10,483		-		10,483
Cash and cash equivalents		175		-		-		175
Total	$	175	$	153,802	$	20,283	$	174,260

U.S. Plans
(In thousands)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at May 31, 2023
U.S. Treasury and other government	$	-	$	49,297	$	-	$	49,297
State and municipal bonds		-		450		-		450
Foreign bonds		-		690		-		690
Mortgage-backed securities		-		8,515		-		8,515
Corporate bonds		-		17,376		-		17,376
Stocks - large cap		35,467		-		-		35,467
Mutual funds - equity		-		304,590		-		304,590
Mutual funds - multi-class		-		125,345		-		125,345
Mutual funds - fixed		-		2,553		-		2,553
Cash and cash equivalents		36,573		-		-		36,573
Limited partnerships		-		-		170		170
Futures contracts		-		-		112		112
Investments measured at NAV (1)								50,348
Total	$	72,040	$	508,816	$	282	$	631,486

Non-U.S. Plans
(In thousands)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at May 31, 2023
Pooled equities	$	-	$	61,827	$	-	$	61,827
Pooled fixed income		-		80,650		-		80,650
Foreign bonds		-		774		-		774
Insurance contracts		-		-		19,136		19,136
Mutual funds - Real Estate		-		3,587		-		3,587
Cash and cash equivalents		146		-		-		146
Total	$	146	$	146,838	$	19,136	$	166,120

Activity that Occurred for Level Three Assets

The following table includes the activity that occurred during the years ended May 31, 2024 and 2023 for our Level 3 assets:

			Actual Return on Plan Assets For:
	Balance at		Assets Still Held			Assets Sold		Purchases, Sales and			Balance at
(In thousands)	Beginning of Period		at Reporting Date			During Year		Settlements, net (1)			End of Period
Year ended May 31, 2024	$	19,418		1,051			-		8		$	20,477
Year ended May 31, 2023		23,179		(2,399	)		-		(1,362	)		19,418

(1)Includes the impact of exchange rate changes during the year.