Postretirement Benefits (Tables) - Postretirement Benefits - Unfunded-Health-Care-Benefit Plans
|
12 Months Ended |
May 31, 2021 |
Components of Net Periodic Pension and Postretirement Costs |
The following table illustrates the effect on operations of these plans for the three years ended May 31, 2021:
|
|
U.S. Plans |
|
|
Non-U.S. Plans |
|
(In thousands) |
|
2021 |
|
2020 |
|
2019 |
|
|
2021 |
|
2020 |
|
2019 |
|
Service cost - benefits earned during the period |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
|
$ |
1,959 |
|
$ |
1,661 |
|
$ |
1,507 |
|
Interest cost on the accumulated obligation |
|
|
74 |
|
|
149 |
|
|
192 |
|
|
|
1,286 |
|
|
1,089 |
|
|
1,122 |
|
Amortization of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior service (credit) |
|
|
(167 |
) |
|
(219 |
) |
|
(219 |
) |
|
|
- |
|
|
- |
|
|
- |
|
Net actuarial (gains) losses |
|
|
42 |
|
|
(66 |
) |
|
(26 |
) |
|
|
590 |
|
|
611 |
|
|
442 |
|
Net Postretirement Benefit (Income) Cost |
|
$ |
(51 |
) |
$ |
(136 |
) |
$ |
(53 |
) |
|
$ |
3,835 |
|
$ |
3,361 |
|
$ |
3,071 |
|
|
Changes in Benefit Obligations |
The changes in benefit obligations of the plans at May 31, 2021 and 2020 were as follows:
|
|
U.S. Plans |
|
|
Non-U.S. Plans |
|
(In thousands) |
|
2021 |
|
2020 |
|
|
2021 |
|
2020 |
|
Accumulated postretirement benefit obligation at beginning of year |
|
$ |
4,182 |
|
$ |
4,990 |
|
|
$ |
38,389 |
|
$ |
37,663 |
|
Service cost |
|
|
- |
|
|
- |
|
|
|
1,959 |
|
|
1,661 |
|
Interest cost |
|
|
74 |
|
|
149 |
|
|
|
1,286 |
|
|
1,089 |
|
Benefit payments |
|
|
(1,902 |
) |
|
(1,659 |
) |
|
|
(673 |
) |
|
(639 |
) |
Actuarial (gains) losses |
|
|
152 |
|
|
702 |
|
|
|
(6,415 |
) |
|
(683 |
) |
Currency exchange rate changes |
|
|
- |
|
|
- |
|
|
|
5,428 |
|
|
(702 |
) |
Accumulated and accrued postretirement benefit obligation at end of year |
|
$ |
2,506 |
|
$ |
4,182 |
|
|
$ |
39,974 |
|
$ |
38,389 |
|
|
Amounts Recognized in Consolidated Balance Sheet |
Amounts recognized in the Consolidated Balance Sheets for the years ended May 31, 2021 and 2020 are as follows:
|
|
U.S. Plans |
|
|
Non-U.S. Plans |
|
(In thousands) |
|
2021 |
|
2020 |
|
|
2021 |
|
2020 |
|
Current liabilities |
|
$ |
(238 |
) |
$ |
(385 |
) |
|
$ |
(931 |
) |
$ |
(805 |
) |
Noncurrent liabilities |
|
|
(2,268 |
) |
|
(3,797 |
) |
|
|
(39,043 |
) |
|
(37,584 |
) |
Net Amount Recognized |
|
$ |
(2,506 |
) |
$ |
(4,182 |
) |
|
$ |
(39,974 |
) |
$ |
(38,389 |
) |
|
Pretax Net Actuarial Loss and Prior Service (Costs) Recognized in Accumulated Other Comprehensive Income (Loss) not Affecting Retained Earnings |
The following table presents the pretax net actuarial (loss) and prior service credits recognized in accumulated other comprehensive income (loss) not affecting retained earnings:
|
|
U.S. Plans |
|
|
Non-U.S. Plans |
|
(In thousands) |
|
2021 |
|
2020 |
|
|
2021 |
|
2020 |
|
Net actuarial (loss) |
|
$ |
(497 |
) |
$ |
(386 |
) |
|
$ |
(5,901 |
) |
$ |
(11,331 |
) |
Prior service credits |
|
|
281 |
|
|
448 |
|
|
|
- |
|
|
- |
|
Total recognized in accumulated other comprehensive income not affecting retained
earnings |
|
$ |
(216 |
) |
$ |
62 |
|
|
$ |
(5,901 |
) |
$ |
(11,331 |
) |
|
Changes Recognized in Other Comprehensive Income |
The following table includes the changes recognized in other comprehensive income:
|
|
U.S. Plans |
|
|
Non-U.S. Plans |
|
(In thousands) |
|
2021 |
|
2020 |
|
|
2021 |
|
2020 |
|
Changes in plan assets and benefit obligations recognized in other comprehensive
income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior service cost |
|
$ |
- |
|
$ |
- |
|
|
$ |
- |
|
$ |
- |
|
Net loss (gain) arising during the year |
|
|
152 |
|
|
702 |
|
|
|
(6,415 |
) |
|
(683 |
) |
Effect of exchange rates on amounts included in AOCI |
|
|
- |
|
|
- |
|
|
|
1,574 |
|
|
(266 |
) |
Amounts recognized as a component of net periodic benefit cost: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization or curtailment recognition of prior service credit |
|
|
167 |
|
|
219 |
|
|
|
- |
|
|
- |
|
Amortization or settlement recognition of net gain (loss) |
|
|
(41 |
) |
|
66 |
|
|
|
(590 |
) |
|
(611 |
) |
Total recognized in other comprehensive loss (income) |
|
$ |
278 |
|
$ |
987 |
|
|
$ |
(5,431 |
) |
$ |
(1,560 |
) |
|
Weighted-Average Assumptions used to Determine Benefit Obligations and Net Periodic and Postretirement Costs |
The following weighted-average assumptions were used to determine our year-end benefit obligations and net periodic postretirement benefit costs under the plans:
|
|
U.S. Plans |
|
|
|
Non-U.S. Plans |
|
|
|
|
|
|
|
|
|
|
|
|
Year-End Benefit Obligations |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
|
|
Discount rate |
|
|
2.47 |
% |
|
|
|
2.44 |
% |
|
|
|
3.51 |
% |
|
|
|
3.32 |
% |
|
|
|
|
|
|
|
|
|
|
|
Current healthcare cost trend rate |
|
|
6.07 |
% |
|
|
|
6.68 |
% |
|
|
|
5.68 |
% |
|
|
|
5.73 |
% |
|
|
|
|
|
|
|
|
|
|
|
Ultimate healthcare cost trend rate |
|
|
4.36 |
% |
|
|
|
4.36 |
% |
|
|
|
3.70 |
% |
|
|
|
3.70 |
% |
|
|
|
|
|
|
|
|
|
|
|
Year ultimate healthcare cost trend rate will be realized |
|
|
2037 |
|
|
|
|
2037 |
|
|
|
|
2040 |
|
|
|
|
2040 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Plans |
|
|
|
Non-U.S. Plans |
|
|
Net Periodic Postretirement Cost |
|
2021 |
|
2020 |
|
2019 |
|
2021 |
|
2020 |
|
2019 |
Discount rate |
|
|
2.44 |
% |
|
|
|
3.44 |
% |
|
|
|
4.03 |
% |
|
|
|
3.32 |
% |
|
|
|
3.22 |
% |
|
|
|
3.70 |
% |
|
Healthcare cost trend rate |
|
|
6.68 |
% |
|
|
|
7.29 |
% |
|
|
|
7.86 |
% |
|
|
|
5.73 |
% |
|
|
|
5.77 |
% |
|
|
|
6.02 |
% |
|
Ultimate healthcare cost trend rate |
|
|
4.36 |
% |
|
|
|
4.36 |
% |
|
|
|
4.36 |
% |
|
|
|
3.70 |
% |
|
|
|
3.70 |
% |
|
|
|
4.20 |
% |
|
Year ultimate healthcare cost trend rate will be realized |
|
|
2037 |
|
|
|
|
2037 |
|
|
|
|
2037 |
|
|
|
|
2040 |
|
|
|
|
2040 |
|
|
|
|
2032 |
|
|
|