Pension Plans

6 Months Ended

Nov. 30, 2019

Compensation And Retirement Disclosure [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 six months ended November 30, 2019 and 2018:

	U.S. Plans						Non-U.S. Plans
	Three Months Ended						Three Months Ended
Pension Benefits	November 30,			November 30,			November 30,			November 30,
(In thousands)	2019			2018			2019			2018
Service cost	$	9,856		$	9,382		$	1,391		$	1,219
Interest cost		5,104			5,497			1,193			1,399
Expected return on plan assets		(8,573	)		(8,467	)		(1,834	)		(2,051	)
Amortization of:
Prior service cost (credit)		2			29			(9	)		(8	)
Net actuarial losses recognized		4,629			3,272			523			319
Net Periodic Benefit Cost	$	11,018		$	9,713		$	1,264		$	878

	U.S. Plans						Non-U.S. Plans
	Three Months Ended						Three Months Ended
Postretirement Benefits	November 30,			November 30,			November 30,		November 30,
(In thousands)	2019			2018			2019		2018
Service cost	$	-		$	-		$	429	$	392
Interest cost		37			48			282		291
Amortization of:
Prior service (credit)		(55	)		(55	)		-		-
Net actuarial (gains) losses recognized		(16	)		(6	)		158		115
Net Periodic Benefit (Credit) Cost	$	(34	)	$	(13	)	$	869	$	798

	U.S. Plans						Non-U.S. Plans
	Six Months Ended						Six Months Ended
	November 30,			November 30,			November 30,			November 30,
Pension Benefits	2019			2018			2019			2018
(In thousands)
Service cost	$	19,712		$	18,764		$	2,782		$	2,438
Interest cost		10,208			10,994			2,386			2,798
Expected return on plan assets		(17,146	)		(16,934	)		(3,668	)		(4,102	)
Amortization of:
Prior service cost (credit)		4			58			(18	)		(16	)
Net actuarial losses recognized		9,258			6,544			1,046			638
Net Periodic Benefit Cost	$	22,036		$	19,426		$	2,528		$	1,756

	U.S. Plans						Non-U.S. Plans
	Six Months Ended						Six Months Ended
	November 30,			November 30,			November 30,		November 30,
Postretirement Benefits	2019			2018			2019		2018
(In thousands)
Service cost	$	-		$	-		$	858	$	784
Interest cost		74			96			564		582
Amortization of:
Prior service (credit)		(110	)		(110	)		-		-
Net actuarial (gains) losses recognized		(32	)		(12	)		316		230
Net Periodic Benefit (Credit) Cost	$	(68	)	$	(26	)	$	1,738	$	1,596

Due to slightly lower discount rates, net periodic pension and postretirement cost for fiscal 2020 is higher than our fiscal 2019 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, but such changes are not expected to be material to our consolidated financial results. We previously disclosed in our financial statements for the fiscal year ended May 31, 2019 that we expected to contribute approximately $0.9 million to our retirement plans in the U.S. and approximately $6.4 million to plans outside the U.S. during the current fiscal year, and as of November 30, 2019, those amounts remain unchanged.