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Employee Benefit Plans (Tables)
 12 Months Ended
May 31, 2017
Retirement Benefits [Abstract]  
Obligations and Funded Status
Obligations and Funded Status at May 31, 2017
Change in benefit obligation:
 
 
Projected benefit obligation, beginning of year
 
$
—

Projected benefit obligation acquired in G&K acquisition
 
84,553

Interest cost
 
562

Actuarial loss
 
2,750

Benefits paid
 
(478
)
Projected benefit obligation, end of year
 
$
87,387

 
 
 
Change in plan assets:
 
 

Fair value of plan assets, beginning of year
 
$
—

Plan assets acquired in G&K acquisition
 
57,747

Actual return on plan assets
 
2,127

Benefits paid
 
(478
)
Fair value of plan assets, end of year
 
$
59,396

 
 
 
Funded status-net amount recognized
 
$
(27,991
)
Components of Net Periodic Benefit Cost
Components of Net Periodic Benefit Cost  
 
 
2017 (1)
Interest cost
 
$
562

Expected return on assets
 
(590
)
Amortization of net loss
 
—

Net periodic benefit cost
 
$
(28
)
(1) Represents the net periodic benefit cost for the period subsequent to the acquisition of G&K on March 21, 2017 through May 31, 2017.

Weighted Average Assumptions Used to Determine Benefit Obligations
The following weighted average assumptions were used to determine benefit obligations for the Pension Plan at May 31, 2017:  
Discount rate
 
3.79
%
Rate of compensation increase
 
N/A

The following weighted average assumptions were used to determine net periodic benefit cost for the Pension Plan for the fiscal year ended May 31, 2017:  
Discount rate
 
4.00
%
Expected return on plan assets
 
5.40
%
Rate of compensation increase
 
N/A
Asset allocations in the pension plan
The target asset allocation and actual asset allocation of the Pension Plan at May 31, 2017 are as follows: 
 
 
Target Asset
Allocation
 
Actual Asset
Allocation
International equity
 
8.0
%
 
8.3
%
Large cap equity
 
26.0
%
 
26.3
%
Small cap equity
 
5.0
%
 
5.3
%
Absolute return strategy funds
 
16.0
%
 
16.2
%
Fixed income
 
45.0
%
 
43.6
%
Long/short equity fund
 
—
%
 
0.3
%
Total
 
100
%
 
100
%
Pension plan investments using the fair value hierarchy
The following table presents the Pension Plan investments as of May 31, 2017 using the fair value hierarchy discussed in Note 1 entitled Significant Accounting Polices:  
 
 
(Level 1)
 
(Level 2)
 
(Level 3)
 
Total
Cash equivalents
 
$
629

 
$
—

 
$
—

 
$
629

U.S. government securities
 
1,874

 
3,401

 
—

 
5,275

Corporate debt
 
—

 
20,210

 
—

 
20,210

Mutual funds
 


 


 


 


   U.S. securities
 
28,353

 
—

 
—

 
28,353

   International securities
 
4,929

 
—

 
—

 
4,929

Total
 
$
35,785

 
$
23,611

 
$
—

 
$
59,396
Benefit Payments Reflecting Expected Future Service
The following Pension Plan benefit payments are expected to be paid:
2018
 
$
2,966

2019
 
3,110

2020
 
3,317

2021
 
3,548

2022
 
3,686

2023 to 2027
 
20,423