Pensions and Other Postretirement Benefits

9 Months Ended

May 31, 2022

Pensions and Other Postretirement Benefits

Pensions and Other Postretirement Benefits

Note 11 — Pensions and Other Postretirement Benefits

The components of net periodic benefit cost for the three and nine months ended May 31, 2022 and 2021 were as follows:

	Three Months Ended May 31,				Nine Months Ended May 31,
	2022		2021		2022		2021
Components of net periodic benefit cost
Service cost	$	95	$	91	$	285	$	274
Interest cost		96		86		288		256
Expected return on plan assets		(103)		(97)		(309)		(293)
Amortization of prior service cost		1		1		3		3
Amortization of accumulated loss		148		164		444		492
Net periodic benefit cost	$	237	$	245	$	711	$	732

When funding is required, the Company’s policy is to contribute amounts that are deductible for federal income tax purposes. The Company has made contributions of $1,526 in the nine months ended May 31, 2022 to fund its obligations under its pension plans, and plans to make the necessary contributions over the remainder of fiscal 2022 to ensure the qualified plan continues to be adequately funded given the current market conditions, including conditions related to the coronavirus disease 2019 (COVID-19) pandemic. The Company made contributions of $1,174 in the nine months ended May 31, 2021.