Pension Plans

6 Months Ended

Nov. 30, 2020

Compensation And Retirement Disclosure [Abstract]

Pension Plans

NOTE 12 — 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, 2020 and 2019:

	U.S. Plans						Non-U.S. Plans
	Three Months Ended						Three Months Ended
(In thousands)	November 30,			November 30,			November 30,			November 30,
Pension Benefits	2020			2019			2020			2019
Service cost	$	11,130		$	9,856		$	1,406		$	1,391
Interest cost		3,806			5,104			1,122			1,193
Expected return on plan assets		(8,279	)		(8,573	)		(1,607	)		(1,834	)
Amortization of:
Prior service cost (credit)		2			2			(35	)		(9	)
Net actuarial losses recognized		7,501			4,629			526			523
Net Periodic Benefit Cost	$	14,160		$	11,018		$	1,412		$	1,264

	U.S. Plans						Non-U.S. Plans
	Three Months Ended						Three Months Ended
(In thousands)	November 30,			November 30,			November 30,		November 30,
Postretirement Benefits	2020			2019			2020		2019
Service cost	$	-		$	-		$	431	$	429
Interest cost		19			37			283		282
Amortization of:
Prior service (credit)		(42	)		(55	)		-		-
Net actuarial (gains) losses recognized		10			(16	)		130		158
Net Periodic Benefit (Credit) Cost	$	(13	)	$	(34	)	$	844	$	869

	U.S. Plans						Non-U.S. Plans
	Six Months Ended						Six Months Ended
(In thousands)	November 30,			November 30,			November 30,			November 30,
Pension Benefits	2020			2019			2020			2019
Service cost	$	22,260		$	19,712		$	2,812		$	2,782
Interest cost		7,612			10,208			2,244			2,386
Expected return on plan assets		(16,558	)		(17,146	)		(3,214	)		(3,668	)
Amortization of:
Prior service cost (credit)		4			4			(70	)		(18	)
Net actuarial losses recognized		15,002			9,258			1,052			1,046
Net Periodic Benefit Cost	$	28,320		$	22,036		$	2,824		$	2,528

	U.S. Plans						Non-U.S. Plans
	Six Months Ended						Six Months Ended
(In thousands)	November 30,			November 30,			November 30,		November 30,
Postretirement Benefits	2020			2019			2020		2019
Service cost	$	-		$	-		$	862	$	858
Interest cost		38			74			566		564
Amortization of:
Prior service (credit)		(84	)		(110	)		-		-
Net actuarial (gains) losses recognized		20			(32	)		260		316
Net Periodic Benefit (Credit) Cost	$	(26	)	$	(68	)	$	1,688	$	1,738

Due to lower discount rates, net periodic pension and U.S. postretirement cost for fiscal 2021 is higher than our fiscal 2020 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, 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, 2020 that we expected to contribute approximately $8,000 to our retirement plans in the U.S. and approximately $6.7 million to plans outside the U.S. during the current fiscal year, and as of November 30, 2020, those amounts remain unchanged.  During the year, we will evaluate whether to make additional contributions.