Pension Plans

9 Months Ended

Feb. 28, 2021

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 nine months ended February 28, 2021 and February 29, 2020:

	U.S. Plans						Non-U.S. Plans
	Three Months Ended						Three Months Ended
(In thousands)	February 28,			February 29,			February 28,			February 29,
Pension Benefits	2021			2020			2021			2020
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)	February 28,			February 29,			February 28,		February 29,
Postretirement Benefits	2021			2020			2021		2020
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
	Nine Months Ended						Nine Months Ended
(In thousands)	February 28,			February 29,			February 28,			February 29,
Pension Benefits	2021			2020			2021			2020
Service cost	$	33,390		$	29,568		$	4,218		$	4,173
Interest cost		11,418			15,312			3,366			3,579
Expected return on plan assets		(24,837	)		(25,719	)		(4,821	)		(5,502	)
Amortization of:
Prior service cost (credit)		6			6			(105	)		(27	)
Net actuarial losses recognized		22,503			13,887			1,578			1,569
Net Periodic Benefit Cost	$	42,480		$	33,054		$	4,236		$	3,792

	U.S. Plans						Non-U.S. Plans
	Nine Months Ended						Nine Months Ended
(In thousands)	February 28,			February 29,			February 28,		February 29,
Postretirement Benefits	2021			2020			2021		2020
Service cost	$	-		$	-		$	1,293	$	1,287
Interest cost		57			111			849		846
Amortization of:
Prior service (credit)		(126	)		(165	)		-		-
Net actuarial (gains) losses recognized		30			(48	)		390		474
Net Periodic Benefit (Credit) Cost	$	(39	)	$	(102	)	$	2,532	$	2,607

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.  As noted in prior quarters, throughout the year, we have evaluated whether to make additional contributions.  As a result, we contributed $62.1 million to the pension plans in the U.S. during the current quarter and have planned an additional contribution of $0.2 million before the end of our fiscal year, which will result in total expected U.S. contributions of $62.3 million.