Postretirement Benefits (Tables) - Postretirement Benefits

12 Months Ended

May 31, 2024

Defined Benefit Plan Disclosure [Line Items]

Defined Benefit Plan, Funding Status [Extensible Enumeration]

Defined Benefit Plan, Underfunded Plan [Member]

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, 2024:

	U.S. Plans									Non-U.S. Plans
(In thousands)	2024			2023			2022			2024			2023			2022
Service cost	$	-		$	-		$	-		$	2,259		$	1,951		$	1,623
Interest cost		87			84			41			1,550			1,374			1,124
Amortization of:
Prior service (credit)		-			(121	)		(161	)		-			-			-
Net actuarial (gains) losses		(15	)		43			61			(49	)		(51	)		121
Net Postretirement Benefit Cost (Income)	$	72		$	6		$	(59	)	$	3,760		$	3,274		$	2,868

Changes in Benefit Obligations

The changes in benefit obligations of the plans at May 31, 2024 and 2023 were as follows:

	U.S. Plans						Non-U.S. Plans
(In thousands)	2024			2023			2024			2023
Accumulated postretirement benefit obligation at beginning of year	$	1,768		$	2,260		$	31,037		$	30,645
Service cost		-			-			2,259			1,951
Interest cost		87			84			1,550			1,374
Benefit payments		(149	)		(207	)		(674	)		(557	)
Actuarial (gains)		(85	)		(369	)		(7,983	)		(276	)
Currency exchange rate changes		-			-			(131	)		(2,100	)
Accumulated and accrued postretirement benefit obligation at end of year	$	1,621		$	1,768		$	26,058		$	31,037

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
Current liabilities	$	(194	)	$	(207	)	$	(895	)	$	(989	)
Noncurrent liabilities		(1,427	)		(1,561	)		(25,163	)		(30,048	)
Net Amount Recognized	$	(1,621	)	$	(1,768	)	$	(26,058	)	$	(31,037	)

Pretax Net Actuarial Gain Recognized in Accumulated Other Comprehensive Income (Loss) not Affecting Retained Earnings

The following table presents the pretax net actuarial gain 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 gain	$	170	$	99	$	11,785	$	3,838

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)	2024			2023			2024			2023
Changes in plan assets and benefit obligations recognized in other comprehensive loss    (income):
Net (gain) arising during the year	$	(85	)	$	(369	)	$	(7,983	)	$	(276	)
Effect of exchange rates on amounts included in AOCI		-			-			(13	)		265
Amounts recognized as a component of net periodic benefit cost:
Amortization or curtailment recognition of prior service credit		-			121			-			-
Amortization or settlement recognition of net gain (loss)		15			(44	)		49			51
Total recognized in other comprehensive loss (income)	$	(70	)	$	(292	)	$	(7,947	)	$	40

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	2024			2023			2024			2023
Discount rate		5.50	%		5.20	%		5.03	%		5.10	%
Current healthcare cost trend rate		8.90	%		6.00	%		5.21	%		5.53	%
Ultimate healthcare cost trend rate		4.04	%		4.03	%		3.70	%		3.70	%
Year ultimate healthcare cost trend rate will be realized		2049			2045			2040			2040

	U.S. Plans									Non-U.S. Plans
Net Periodic Postretirement Cost	2024			2023			2022			2024			2023			2022
Discount rate		5.20	%		4.36	%		2.47	%		5.10	%		5.13	%		3.51	%
Current healthcare cost trend rate		6.00	%		6.23	%		6.07	%		5.53	%		5.58	%		5.68	%
Ultimate healthcare cost trend rate		4.03	%		4.03	%		4.36	%		3.70	%		3.70	%		3.70	%
Year ultimate healthcare cost trend rate will be realized		2045			2045			2037			2040			2040			2040