Employee Pension Plans (Tables)

12 Months Ended

May. 31, 2015

Components of Net Periodic Pension Cost for the Defined Benefit Plan and the Defined Contribution Plans

The following table summarizes the components of net periodic pension cost for the defined benefit plan and the defined contribution plans for the years ended May 31:

(in thousands)	2015			2014			2013
Defined benefit plan:
Interest cost	$	1,541		$	1,403		$	1,361
Actual return on plan assets		1,846			2,524			4,355
Net amortization and deferral		(3,641	)		(4,175	)		(5,522	)
Net periodic pension cost (benefit) on defined benefit plan		(254	)		(248	)		194
Defined contribution plans		13,270			12,586			9,955
Total retirement plan cost	$	13,016		$	12,338		$	10,149

Actuarial Assumptions Used for Defined Benefit Plan

The following actuarial assumptions were used for our defined benefit plan:

	2015			2014			2013
To determine benefit obligation:
Discount rate		4.07	%		4.38	%		4.44	%
To determine net periodic pension cost:
Discount rate		4.38	%		4.44	%		4.16	%
Expected long-term rate of return		7.00	%		8.00	%		8.00	%
Rate of compensation increase		n/a			n/a			n/a

Reconciliation of the Changes in the Projected Benefit Obligation and Fair Value of Plan Assets and the Funded Status for the Gerstenslager Plan

The following tables provide a reconciliation of the changes in the projected benefit obligation and fair value of plan assets and the funded status for the Gerstenslager Plan during fiscal 2015 and fiscal 2014 as of the respective measurement dates:

(in thousands)	May 31, 2015			May 31, 2014
Change in benefit obligation
Benefit obligation, beginning of year	$	35,539		$	31,930
Interest cost		1,541			1,403
Actuarial loss		3,924			3,002
Benefits paid		(777	)		(796	)
Benefit obligation, end of year	$	40,227		$	35,539
Change in plan assets
Fair value, beginning of year	$	26,470		$	24,442
Actual return on plan assets		1,846			2,524
Company contributions		620			300
Benefits paid		(777	)		(796	)
Fair value, end of year	$	28,159		$	26,470
Funded status	$	(12,068	)	$	(9,069	)
Amounts recognized in the consolidated balance sheets consist of:
Other liabilities	$	(12,067	)	$	(9,069	)
Accumulated other comprehensive loss		17,900			14,028
Amounts recognized in accumulated other comprehensive loss consist of:
Net loss		17,900			14,028
Total	$	17,900		$	14,028

Other Changes in Plan Assets And Benefit Obligations Recognized in OCI

The following table shows other changes in plan assets and benefit obligations recognized in OCI during the fiscal year ended May 31:

(in thousands)	2015			2014
Net actuarial loss	$	(4,199	)	$	(2,419	)
Amortization of net loss		327			290
Total recognized in other comprehensive loss	$	(3,872	)	$	(2,129	)
Total recognized in net periodic benefit cost and other comprehensive loss	$	(3,618	)	$	(1,881	)

Plan Assets for Defined Benefit Plan

Plan assets for the defined benefit plan consisted principally of the following as of the respective measurement dates:

	May 31, 2015			May 31, 2014
Asset category
Equity securities		53	%		52	%
Debt securities		41	%		44	%
Other		6	%		4	%
Total		100	%		100	%

Estimated Future Benefits Expected to be Paid

The following estimated future benefits, which reflect expected future service, as appropriate, are expected to be paid during the fiscal years noted:

(in thousands)
2016	$	799
2017	$	872
2018	$	958
2019	$	1,080
2020	$	1,183
2021-2025	$	7,896

Fair Value, Measurements, Recurring

Plan Assets for Defined Benefit Plan

The following table sets forth, by level within the fair value hierarchy, a summary of the defined benefit plan’s assets measured at fair value on a recurring basis at May 31, 2015:

(in thousands)	Fair Value		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Investment:
Money Market Funds	$	1,775	$	1,775	$	-	$	-
Bond Funds		11,524		11,524		-		-
Equity Funds		14,860		14,860		-		-
Totals	$	28,160	$	28,160	$	-	$	-

The following table sets forth by level within the fair value hierarchy a summary of the defined benefit plan’s assets measured at fair value on a recurring basis at May 31, 2014:

(in thousands)	Fair Value		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Investment:
Money Market Funds	$	1,099	$	1,099	$	-	$	-
Bond Funds		11,570		11,570		-		-
Equity Funds		13,801		13,801		-		-
Totals	$	26,470	$	26,470	$	-	$	-