Employee Pension Plans (Tables)
|
12 Months Ended |
May 31, 2020 |
|---|
| 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) |
|
2020 |
|
|
2019 |
|
|
2018 |
|
|
Defined benefit plan: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest cost |
|
$ |
1,352 |
|
|
$ |
1,503 |
|
|
$ |
1,522 |
|
|
Return on plan assets |
|
|
(1,928 |
) |
|
|
(532 |
) |
|
|
(1,361 |
) |
|
Net amortization and deferral |
|
|
628 |
|
|
|
(918 |
) |
|
|
(20 |
) |
|
Net periodic pension cost on defined benefit plan |
|
|
52 |
|
|
|
53 |
|
|
|
141 |
|
|
Settlement cost |
|
|
- |
|
|
|
760 |
|
|
|
- |
|
|
Defined contribution plans |
|
|
16,495 |
|
|
|
16,308 |
|
|
|
14,972 |
|
|
Total retirement plan cost |
|
$ |
16,547 |
|
|
$ |
17,121 |
|
|
$ |
15,113 |
|
|
| Actuarial Assumptions Used for Defined Benefit Plan |
The following actuarial assumptions were used for our defined benefit plan:
|
|
|
2020 |
|
|
2019 |
|
|
2018 |
|
|
To determine benefit obligation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount rate |
|
|
2.65 |
% |
|
|
3.57 |
% |
|
|
4.02 |
% |
|
To determine net periodic pension cost: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount rate |
|
|
3.57 |
% |
|
|
4.02 |
% |
|
|
3.94 |
% |
|
Expected long-term rate of return |
|
|
7.00 |
% |
|
|
7.00 |
% |
|
|
7.00 |
% |
|
| 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) |
|
2020 |
|
|
2019 |
|
|
Change in benefit obligation |
|
|
|
|
|
|
|
|
|
Benefit obligation, beginning of year |
|
$ |
38,519 |
|
|
$ |
38,010 |
|
|
Interest cost |
|
|
1,352 |
|
|
|
1,503 |
|
|
Actuarial loss |
|
|
7,671 |
|
|
|
1,868 |
|
|
Benefits paid |
|
|
(1,375 |
) |
|
|
(1,201 |
) |
|
Settlements |
|
|
- |
|
|
|
(1,661 |
) |
|
Benefits obligation, end of year |
|
$ |
46,167 |
|
|
$ |
38,519 |
|
|
|
|
|
|
|
|
|
|
|
|
Change in plan assets |
|
|
|
|
|
|
|
|
|
Fair value, beginning of year |
|
$ |
26,258 |
|
|
$ |
27,212 |
|
|
Return on plan assets |
|
|
1,928 |
|
|
|
532 |
|
|
Company contributions |
|
|
1,699 |
|
|
|
1,376 |
|
|
Benefits paid |
|
|
(1,375 |
) |
|
|
(1,201 |
) |
|
Settlements |
|
|
- |
|
|
|
(1,661 |
) |
|
Fair value, end of year |
|
|
28,510 |
|
|
|
26,258 |
|
|
Funded status |
|
$ |
(17,657 |
) |
|
$ |
(12,261 |
) |
|
|
|
|
|
|
|
|
|
|
|
Amounts recognized in the consolidated balance sheets consist of: |
|
|
|
|
|
|
|
|
|
Other liabilities |
|
$ |
(17,657 |
) |
|
$ |
(12,261 |
) |
|
Accumulated other comprehensive loss |
|
|
25,413 |
|
|
|
18,370 |
|
|
|
|
|
|
|
|
|
|
|
|
Amounts recognized in accumulated other comprehensive loss consist of: |
|
|
|
|
|
|
|
|
|
Net loss |
|
|
25,413 |
|
|
|
18,370 |
|
|
Total |
|
$ |
25,413 |
|
|
$ |
18,370 |
|
|
| 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) |
|
2020 |
|
|
2019 |
|
|
Net loss |
|
$ |
(7,596 |
) |
|
$ |
(3,227 |
) |
|
Amortization of prior service cost |
|
|
- |
|
|
|
- |
|
|
Amortization of net loss |
|
|
553 |
|
|
|
441 |
|
|
Extraordinary charges |
|
|
- |
|
|
|
759 |
|
|
Total recognized in other comprehensive loss |
|
$ |
(7,043 |
) |
|
$ |
(2,027 |
) |
|
Total recognized in net periodic benefit cost and other comprehensive income |
|
$ |
7,095 |
|
|
$ |
2,839 |
|
|
| 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, |
|
|
May 31, |
|
|
|
|
2020 |
|
|
2019 |
|
|
Asset category: |
|
|
|
|
|
|
|
|
|
Equity securities |
|
|
42 |
% |
|
|
43 |
% |
|
Debt securities |
|
|
44 |
% |
|
|
45 |
% |
|
Other |
|
|
14 |
% |
|
|
12 |
% |
|
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 under the defined benefit plan during the fiscal years noted:
|
(in thousands) |
|
|
|
|
|
2021 |
|
$ |
1,404 |
|
|
2022 |
|
$ |
1,470 |
|
|
2023 |
|
$ |
1,516 |
|
|
2024 |
|
$ |
1,569 |
|
|
2025 |
|
$ |
1,635 |
|
|
2026-2030 |
|
$ |
9,740 |
|
|
| 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, 2020:
|
|
|
|
|
|
|
Quoted |
|
|
Significant |
|
|
|
|
|
|
|
|
|
|
|
|
Prices |
|
|
Other |
|
|
Significant |
|
|
|
|
|
|
|
|
in Active |
|
|
Observable |
|
|
Unobservable |
|
|
|
|
|
|
|
|
Markets |
|
|
Inputs |
|
|
Inputs |
|
|
(in thousands) |
|
Fair Value |
|
|
(Level 1) |
|
|
(Level 2) |
|
|
(level 3) |
|
|
Investment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
$ |
1,613 |
|
|
$ |
1,613 |
|
|
$ |
- |
|
|
$ |
- |
|
|
Bond funds |
|
|
12,619 |
|
|
|
12,619 |
|
|
|
- |
|
|
|
- |
|
|
Equity funds |
|
|
11,885 |
|
|
|
11,885 |
|
|
|
- |
|
|
|
- |
|
|
Administrative funds |
|
|
2,393 |
|
|
|
2,393 |
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
28,510 |
|
|
$ |
28,510 |
|
|
$ |
- |
|
|
$ |
- |
|
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, 2019:
|
|
|
|
|
|
|
Quoted |
|
|
Significant |
|
|
|
|
|
|
|
|
|
|
|
|
Prices |
|
|
Other |
|
|
Significant |
|
|
|
|
|
|
|
|
in Active |
|
|
Observable |
|
|
Unobservable |
|
|
|
|
|
|
|
|
Markets |
|
|
Inputs |
|
|
Inputs |
|
|
(in thousands) |
|
Fair Value |
|
|
(Level 1) |
|
|
(Level 2) |
|
|
(level 3) |
|
|
Investment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
$ |
3,109 |
|
|
$ |
3,109 |
|
|
$ |
- |
|
|
$ |
- |
|
|
Bond funds |
|
|
11,865 |
|
|
|
11,865 |
|
|
|
- |
|
|
|
- |
|
|
Equity funds |
|
|
11,284 |
|
|
|
11,284 |
|
|
|
- |
|
|
|
- |
|
|
Total |
|
$ |
26,258 |
|
|
$ |
26,258 |
|
|
$ |
- |
|
|
$ |
- |
|
|