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Employee Benefit Plans (Tables)

12 Months Ended

May 31, 2022


Obligations and Funded Status at May 31: (In thousands)	2022		2021

Change in benefit obligation:
Projected benefit obligation, beginning of year	$	99,728	$	105,357
Interest cost	2,148		2,050
Actuarial gain	(14,044)		(4,460)
Benefits paid	(3,286)		(3,219)
Projected benefit obligation, end of year	$	84,546	$	99,728

Change in plan assets:
Fair value of plan assets, beginning of year	$	78,244	$	68,341
Actual (loss) return on plan assets	(8,322)		9,509
Employer contributions	87		3,613
Benefits paid	(3,286)		(3,219)
Fair value of plan assets, end of year	$	66,723	$	78,244

Funded status-net amount recognized	$	(17,823)	$	(21,484)

Components of Net Periodic Pension (Benefit) Cost

The components of net periodic pension benefit are summarized as follows for the fiscal years ended May 31:


(In thousands)	2022		2021

Interest cost	$	2,148	$	2,050
Expected return on assets	(3,651)		(2,924)
Amortization of net loss	—		222
Net periodic pension benefit	$	(1,503)	$	(652)

Weighted Average Assumptions Used to Determine Benefit Obligations

The following weighted average assumptions were used to determine benefit obligations for the Pension Plan for the fiscal years ended May 31:


	2022		2021
Discount rate	4.11	%	2.83	%

The following weighted average assumptions were used to determine net periodic pension benefit for the Pension Plan for the fiscal years ended May 31:


	2022		2021
Discount rate	2.83	%	2.54	%
Expected return on plan assets	4.80	%	4.25	%

Asset Allocations in the Pension Plan

The asset allocations in the Pension Plan are as follows at May 31:


	2022		2022		2021
	Target Asset Allocation		Actual Asset Allocation		Actual Asset Allocation

Large cap equity	26.0	%	29.1	%	29.8	%
Small cap equity	5.0	%	6.2	%	6.0	%
International equity	8.0	%	8.2	%	8.3	%
Fixed income	45.0	%	43.2	%	44.1	%
Absolute return strategy funds	16.0	%	12.7	%	11.3	%
Cash	—	%	0.6	%	0.5	%
Total	100.0	%	100.0	%	100.0	%

Information on the Pension Plan assets, using the fair value hierarchy discussed in Note 1 entitled Significant Accounting Polices, is as follows as of May 31:


	2022								2021
(In thousands)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total

Cash equivalents	$	503	$	—	$	—	$	503	$	556	$	—	$	—	$	556
U.S. government securities	2,839		3,178		—		6,017		3,066		4,500		—		7,566
Corporate debt	—		22,681		—		22,681		—		26,762		—		26,762
Mutual funds:
U.S. securities	32,016		—		—		32,016		36,909		—		—		36,909
International securities	5,506		—		—		5,506		6,451		—		—		6,451
Total	$	40,864	$	25,859	$	—	$	66,723	$	46,982	$	31,262	$	—	$	78,244