Pension Plans

3 Months Ended

Aug. 31, 2025

Retirement Benefits [Abstract]

Pension Plans

NOTE 13 — 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-month periods ended August 31, 2025 and 2024:

	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	2025			2024			2025			2024
Service cost	$	10,863		$	10,804		$	1,467		$	1,120
Interest cost		9,484			9,795			2,028			1,963
Expected return on plan assets		(13,326	)		(12,017	)		(2,506	)		(2,376	)
Amortization of:
Prior service cost (credit)		1			1			(25	)		(32	)
Net actuarial losses recognized		1,448			2,153			323			294
Net Periodic Benefit Cost	$	8,470		$	10,736		$	1,287		$	969

	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	2025		2024			2025			2024
Service cost	$	-	$	-		$	234		$	425
Interest cost		12		21			272			318
Amortization of:
Net actuarial losses (gains) recognized		9		(6	)		(256	)		(140	)
Net Periodic Benefit Cost	$	21	$	15		$	250		$	603

Net periodic pension cost for fiscal 2026 is less than our fiscal 2025 cost due to an increase in discount rates, an increase in the market value of assets, an increase in expected return on plan assets and a reduction in the amortization of the net actuarial loss to be recognized. 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, 2025, that we are required and expect to contribute approximately $6.1 million to plans outside the U.S. during the current fiscal year and we will evaluate whether to make additional contributions to plans in the U.S. and outside the U.S. throughout fiscal 2026.