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Comprehensive Income (Loss) (Tables)
 12 Months Ended
May 31, 2021
Equity [Abstract]  
Summary of Tax Effects of Each Component of Other Comprehensive Income (Loss) The following table summarizes the tax effects of each component of other comprehensive income (loss) for the fiscal years ended May 31:

 

 

2021

 

 

2020

 

 

2019

 

(in thousands)

Before-

Tax

 

 

Tax

 

 

Net-of-

Tax

 

 

Before-

Tax

 

 

Tax

 

 

Net-of-

Tax

 

 

Before

-Tax

 

 

Tax

 

 

Net-of-

Tax

 

Foreign currency translation

$

9,958

 

 

 

963

 

 

$

10,921

 

 

$

10,480

 

 

 

17

 

 

$

10,497

 

 

$

(14,772

)

 

$

-

 

 

$

(14,772

)

Pension liability adjustment

 

7,684

 

 

 

(1,753

)

 

 

5,931

 

 

 

(5,395

)

 

 

1,365

 

 

 

(4,030

)

 

 

(2,203

)

 

 

418

 

 

 

(1,785

)

Cash flow hedges

 

83,434

 

 

 

(19,682

)

 

 

63,752

 

 

 

2,339

 

 

 

(559

)

 

 

1,780

 

 

 

(16,227

)

 

 

3,780

 

 

 

(12,447

)

Other comprehensive income (loss)

$

101,076

 

 

$

(20,472

)

 

$

80,604

 

 

$

7,424

 

 

$

823

 

 

$

8,247

 

 

$

(33,202

)

 

$

4,198

 

 

$

(29,004

)

 
Components of Changes in Accumulated Other Comprehensive Loss The components of the changes in accumulated other comprehensive income (loss) for the fiscal years ended May 31, 2021 and May 31, 2020 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

Foreign

 

 

Pension

 

 

Cash

 

 

Other

 

 

 

Currency

 

 

Liability

 

 

Flow

 

 

Comprehensive

 

(in thousands)

 

Translation

 

 

Adjustment

 

 

Hedges

 

 

Income (Loss)

 

Balance at May 31, 2019

 

$

(19,639

)

 

$

(17,856

)

 

$

(5,969

)

 

$

(43,464

)

Other comprehensive income (loss) before reclassifications

 

 

10,480

 

 

 

(5,948

)

 

 

(9,497

)

 

 

(4,965

)

Reclassification adjustments to income (a)

 

 

-

 

 

 

553

 

 

 

11,836

 

 

 

12,389

 

Income tax effect

 

 

17

 

 

 

1,365

 

 

 

(559

)

 

 

823

 

Balance at May 31, 2020

 

$

(9,142

)

 

$

(21,886

)

 

$

(4,189

)

 

$

(35,217

)

Other comprehensive income before reclassifications

 

 

9,958

 

 

 

6,909

 

 

 

93,415

 

 

 

110,282

 

Reclassification adjustments to income (a)

 

 

-

 

 

775

 

 

 

(9,981

)

 

 

(9,206

)

Income tax effect

 

 

963

 

 

 

(1,753

)

 

 

(19,682

)

 

 

(20,472

)

Balance at May 31, 2021

 

$

1,779

 

 

$

(15,955

)

 

$

59,563

 

 

$

45,387

 

 

 

(a)

The statement of earnings classification of amounts reclassified to income include

 

(1)

Pension liability adjustment – disclosed in “Note M – Employee Pension Plans”.

 

(2)

Cash flow hedges – disclosed in “Note R – Derivative Instruments and Hedging Activities”.