Employee Benefit Plans (Tables)

12 Months Ended

May 31, 2019



Obligations and Funded Status at May 31:
(in thousands)	2019			2018

Change in benefit obligation:
Projected benefit obligation, beginning of year	$	86,341		$	87,387
Interest cost	3,124			2,818
Actuarial loss (gain)	5,455			(940		)
Benefits paid	(2,985		)	(2,924		)
Projected benefit obligation, end of year	$	91,935		$	86,341

Change in plan assets:
Fair value of plan assets, beginning of year	$	58,781		$	59,396
Actual return on plan assets	2,437			2,309
Employer contributions	4,034			—
Benefits paid	(2,985		)	(2,924		)
Fair value of plan assets, end of year	$	62,267		$	58,781

Funded status-net amount recognized	$	(29,668	)	$	(27,560	)

Components of Net Periodic Benefit Cost



Components of Net Periodic Benefit Cost
(in thousands)	2019			2018

Interest cost	$	3,124		$	2,818
Expected return on assets	(2,882		)	(2,832		)
Net periodic benefit cost	$	242		$	(14	)

Weighted Average Assumptions Used to Determine Benefit Obligations

The following weighted average assumptions were used to determine benefit obligations for the Pension Plan for the fiscal years ended May 31 :



	2019		2018
Discount rate	3.54	%	3.95	%
Rate of compensation increase	N/A		N/A

The following weighted average assumptions were used to determine net periodic benefit cost for the Pension Plan for the fiscal years ended May 31:



	2019		2018
Discount rate	3.95	%	3.79	%
Expected return on plan assets	4.90	%	4.90	%
Rate of compensation increase	N/A		N/A

Asset Allocations in the Pension Plan

The asset allocations in the Pension Plan at May 31, 2019 and 2018 are as follows:



	2019		2019		2018
	Target Asset Allocation		Actual Asset Allocation		Actual Asset Allocation

Large cap equity	26.0	%	26.4	%	26.5	%
Small cap equity	5.0	%	5.3	%	5.6	%
International equity	8.0	%	7.8	%	7.9	%
Fixed income	45.0	%	45.0	%	44.2	%
Absolute return strategy funds	16.0	%	13.3	%	15.8	%
Cash	—	%	2.2	%	—	%
Total	100.0	%	100.0	%	100.0	%

Information on the Pension Plan investments as of May 31, 2019 and 2018, using the fair value hierarchy discussed in Note 1 entitled Significant Accounting Polices, is as follows:



	May 31, 2019
(in thousands)	Level 1		Level 2		Level 3		Total

Cash equivalents	$	1,379	$	—	$	—	$	1,379
U.S. government securities	2,113		3,974		—		6,087
Corporate debt	—		21,970		—		21,970
Mutual funds:
U.S. securities	27,984		—		—		27,984
International securities	4,847		—		—		4,847
Total	$	36,323	$	25,944	$	—	$	62,267



	May 31, 2018
(in thousands)	Level 1		Level 2		Level 3		Total

Cash equivalents	$	487	$	—	$	—	$	487
U.S. government securities	2,426		3,458		—		5,884
Corporate debt	—		19,826		—		19,826
Mutual funds:
U.S. securities	27,901		—		—		27,901
International securities	4,683		—		—		4,683
Total	$	35,497	$	23,284	$	—	$	58,781