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Pension Plans
6 Months Ended
Nov. 30, 2021
Retirement Benefits [Abstract]  
Pension Plans

NOTE 13 — PENSION PLANS

We offer defined benefit pension plans, defined contribution pension plans, and various postretirement benefit plans. The following tables provide the retirement-related benefit plans’ impact on income before income taxes for the three and six months ended November 30, 2021 and 2020:

 

 

U.S. Plans

 

Non-U.S. Plans

 

 

Three Months Ended

 

Three Months Ended

 

(In thousands)

November 30,

 

November 30,

 

November 30,

 

November 30,

 

Pension Benefits

2021

 

2020

 

2021

 

2020

 

Service cost

$

11,914

 

$

11,130

 

$

1,348

 

$

1,406

 

Interest cost

 

3,842

 

 

3,806

 

 

1,282

 

 

1,122

 

Expected return on plan assets

 

(10,386

)

 

(8,279

)

 

(2,073

)

 

(1,607

)

Amortization of:

 

 

 

 

 

 

 

 

Prior service cost (credit)

 

1

 

 

2

 

 

(38

)

 

(35

)

Net actuarial losses recognized

 

4,225

 

 

7,501

 

 

114

 

 

526

 

Net Periodic Benefit Cost

$

9,596

 

$

14,160

 

$

633

 

$

1,412

 

 

 

 

U.S. Plans

 

Non-U.S. Plans

 

 

Three Months Ended

 

Three Months Ended

 

(In thousands)

November 30,

 

November 30,

 

November 30,

 

November 30,

 

Postretirement Benefits

2021

 

2020

 

2021

 

2020

 

Service cost

$

-

 

$

-

 

$

432

 

$

431

 

Interest cost

 

10

 

 

19

 

 

299

 

 

283

 

Amortization of:

 

 

 

 

 

 

 

 

Prior service (credit)

 

(40

)

 

(42

)

 

-

 

 

-

 

Net actuarial losses recognized

 

15

 

 

10

 

 

32

 

 

130

 

Net Periodic Benefit (Credit) Cost

$

(15

)

$

(13

)

$

763

 

$

844

 

 

 

U.S. Plans

 

Non-U.S. Plans

 

 

Six Months Ended

 

Six Months Ended

 

(In thousands)

November 30,

 

November 30,

 

November 30,

 

November 30,

 

Pension Benefits

2021

 

2020

 

2021

 

2020

 

Service cost

$

23,828

 

$

22,260

 

$

2,696

 

$

2,812

 

Interest cost

 

7,684

 

 

7,612

 

 

2,564

 

 

2,244

 

Expected return on plan assets

 

(20,772

)

 

(16,558

)

 

(4,146

)

 

(3,214

)

Amortization of:

 

 

 

 

 

 

 

 

Prior service cost (credit)

 

2

 

 

4

 

 

(76

)

 

(70

)

Net actuarial losses recognized

 

8,450

 

 

15,002

 

 

228

 

 

1,052

 

Net Periodic Benefit Cost

$

19,192

 

$

28,320

 

$

1,266

 

$

2,824

 

 

 

U.S. Plans

 

Non-U.S. Plans

 

 

Six Months Ended

 

Six Months Ended

 

(In thousands)

November 30,

 

November 30,

 

November 30,

 

November 30,

 

Postretirement Benefits

2021

 

2020

 

2021

 

2020

 

Service cost

$

-

 

$

-

 

$

864

 

$

862

 

Interest cost

 

20

 

 

38

 

 

598

 

 

566

 

Amortization of:

 

 

 

 

 

 

 

 

Prior service (credit)

 

(80

)

 

(84

)

 

-

 

 

-

 

Net actuarial losses recognized

 

30

 

 

20

 

 

64

 

 

260

 

Net Periodic Benefit (Credit) Cost

$

(30

)

$

(26

)

$

1,526

 

$

1,688

 

 

Due to strong asset returns for the year ending May 31, 2021, as well as contributions made during the year, net periodic pension and U.S. postretirement cost for fiscal 2022 is lower than our fiscal 2021 expense. We expect that pension expense will fluctuate on a year-to-year basis, depending upon the investment performance of plan assets and potential changes in interest rates, and these fluctuations may have a material impact on our consolidated financial results in the future. We previously disclosed in our financial statements for the fiscal year ended May 31, 2021 that we expected to contribute approximately $1.0 million to our retirement plans in the U.S. and approximately $5.0 million to plans outside the U.S. during the current fiscal year. Throughout fiscal 2022, we will evaluate whether to make additional contributions.