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Pension Plans
 9 Months Ended
Feb. 29, 2020
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 nine months ended February 29, 2020 and February 28, 2019:

 

 

 

U.S. Plans

 

 

Non-U.S. Plans

 

 

 

Three Months Ended

 

 

Three Months Ended

 

(In thousands)

 

February 29,

 

 

February 28,

 

 

February 29,

 

 

February 28,

 

Pension Benefits

 

2020

 

 

2019

 

 

2020

 

 

2019

 

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

 

(In thousands)

 

February 29,

 

 

February 28,

 

 

February 29,

 

 

February 28,

 

Postretirement Benefits

 

2020

 

 

2019

 

 

2020

 

 

2019

 

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

 

 

 

Nine Months Ended

 

 

Nine Months Ended

 

(In thousands)

 

February 29,

 

 

February 28,

 

 

February 29,

 

 

February 28,

 

Pension Benefits

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Service cost

 

$

29,568

 

 

$

28,146

 

 

$

4,173

 

 

$

3,657

 

Interest cost

 

 

15,312

 

 

 

16,491

 

 

 

3,579

 

 

 

4,197

 

Expected return on plan assets

 

 

(25,719

)

 

 

(25,401

)

 

 

(5,502

)

 

 

(6,153

)

Amortization of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior service cost (credit)

 

 

6

 

 

 

87

 

 

 

(27

)

 

 

(24

)

Net actuarial losses recognized

 

 

13,887

 

 

 

9,816

 

 

 

1,569

 

 

 

957

 

Net Periodic Benefit Cost

 

$

33,054

 

 

$

29,139

 

 

$

3,792

 

 

$

2,634

 

 

 

 

 

U.S. Plans

 

 

Non-U.S. Plans

 

 

 

Nine Months Ended

 

 

Nine Months Ended

 

(In thousands)

 

February 29,

 

 

February 28,

 

 

February 29,

 

 

February 28,

 

Postretirement Benefits

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Service cost

 

$

-

 

 

$

-

 

 

$

1,287

 

 

$

1,176

 

Interest cost

 

 

111

 

 

 

144

 

 

 

846

 

 

 

873

 

Amortization of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior service (credit)

 

 

(165

)

 

 

(165

)

 

 

-

 

 

 

-

 

Net actuarial (gains) losses recognized

 

 

(48

)

 

 

(18

)

 

 

474

 

 

 

345

 

Net Periodic Benefit (Credit) Cost

 

$

(102

)

 

$

(39

)

 

$

2,607

 

 

$

2,394

 

 

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.  However, during February 2020, we contributed an additional $51.5 million to the pension plans in the U.S., which will increase our total expected U.S. contributions in the fiscal year to $52.4 million.