Employee Pension Plans (Tables)

12 Months Ended

May 31, 2017

Components of Net Periodic Pension Cost for the Defined Benefit Plan and 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)	2017			2016			2015
Defined benefit plan:
Interest cost	$	1,527		$	1,621		$	1,541
Actuarial (return) loss on plan assets		(2,224	)		1,154			(1,846	)
Net amortization and deferral		1,025			(2,664	)		51
Net periodic pension cost (benefit) on defined benefit plan		328			111			(254	)
Defined contribution plans		14,542			13,300			13,270
Total retirement plan cost	$	14,870		$	13,411		$	13,016

Actuarial Assumptions Used for Defined Benefit Plan

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

	2017			2016			2015
To determine benefit obligation:
Discount rate		3.94	%		3.75	%		4.07	%
To determine net periodic pension cost:
Discount rate		3.75	%		4.07	%		4.38	%
Expected long-term rate of return		7.00	%		7.00	%		7.00	%
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 of 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 of the Gerstenslager Plan as of, and for the fiscal years ended May 31:

(in thousands)	2017			2016
Change in benefit obligation
Benefit obligation, beginning of year	$	41,168		$	40,227
Interest cost		1,527			1,621
Actuarial (gain) loss		(2,459	)		759
Benefits paid		(1,062	)		(1,439	)
Benefit obligation, end of year	$	39,174		$	41,168
Change in plan assets
Fair value, beginning of year	$	25,566		$	28,159
Actual return (loss) on plan assets		2,224			(1,154	)
Company contributions		294			-
Benefits paid		(1,062	)		(1,439	)
Fair value, end of year	$	27,022		$	25,566
Funded status	$	(12,152	)	$	(15,602	)
Amounts recognized in the consolidated balance sheets consist of:
Other liabilities	$	(12,152	)	$	(15,602	)
Accumulated other comprehensive loss		17,839			21,324
Amounts recognized in accumulated other comprehensive loss consist of:
Net loss		17,839			21,324
Total	$	17,839		$	21,324

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 years ended May 31:

(in thousands)	2017		2016
Net actuarial gain (loss)	$	2,926	$	(3,858	)
Amortization of net loss		559		434
Total recognized in other comprehensive income (loss)	$	3,485	$	(3,424	)
Total recognized in net periodic benefit cost and other comprehensive income (loss)	$	3,157	$	(3,535	)

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, 2017			May 31, 2016
Asset category:
Equity securities		45	%		50	%
Debt securities		54	%		49	%
Other		1	%		1	%
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)
2018	$	1,076
2019	$	1,145
2020	$	1,187
2021	$	1,268
2022	$	1,398
2023-2027	$	8,751

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, 2017:

(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	$	294	$	294	$	-	$	-
Bond Funds		14,613		14,613		-		-
Equity Funds		12,115		12,115		-		-
Totals	$	27,022	$	27,022	$	-	$	-

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, 2016:

(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	$	340	$	340	$	-	$	-
Bond Funds		12,435		12,435		-		-
Equity Funds		12,791		12,791		-		-
Totals	$	25,566	$	25,566	$	-	$	-