Employee Benefit Plans (Tables)

12 Months Ended

May 31, 2020

Retirement Benefits [Abstract]

Obligations and Funded Status

Obligations and Funded Status at May 31: (In thousands)	2020		2019
Change in benefit obligation:
Projected benefit obligation, beginning of year	$	91,935	$	86,341
Interest cost	2,881		3,124
Actuarial loss	13,662		5,455
Benefits paid	(3,121)		(2,985)
Projected benefit obligation, end of year	$	105,357	$	91,935
Change in plan assets:
Fair value of plan assets, beginning of year	$	62,267	$	58,781
Actual return on plan assets	7,097		2,437
Employer contributions	2,098		4,034
Benefits paid	(3,121)		(2,985)
Fair value of plan assets, end of year	$	68,341	$	62,267
Funded status-net amount recognized	$	(37,016)	$	(29,668)

Components of Net Periodic Pension (Benefit) Cost

Components of Net Periodic Pension (Benefit) Cost (In thousands)	2020		2019
Interest cost	$	2,881	$	3,124
Expected return on assets	(2,961)		(2,882)
Net periodic pension (benefit) cost	$	(80)	$	242

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 :  

	2020		2019
Discount rate	2.54	%	3.54	%
Rate of compensation increase	N/A		N/A

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

	2020		2019
Discount rate	3.54	%	3.95	%
Expected return on plan assets	4.80	%	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, 2020 and 2019 are as follows: 

	2020		2020		2019
	Target Asset Allocation		Actual Asset Allocation		Actual Asset Allocation
Large cap equity	26.0	%	25.0	%	26.4	%
Small cap equity	5.0	%	4.4	%	5.3	%
International equity	8.0	%	6.7	%	7.8	%
Fixed income	45.0	%	51.5	%	45.0	%
Absolute return strategy funds	16.0	%	11.9	%	13.3	%
Cash	—	%	0.5	%	2.2	%
Total	100.0	%	100.0	%	100.0	%

Information on the Pension Plan investments as of May 31, 2020 and 2019, using the fair value hierarchy discussed in Note 1 entitled Significant Accounting Polices, is as follows:  

	May 31, 2020
(In thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents	$	585	$	—	$	—	$	585
U.S. government securities	2,733		4,327		—		7,060
Corporate debt	—		27,666		—		27,666
Mutual funds:
U.S. securities	28,455		—		—		28,455
International securities	4,575		—		—		4,575
Total	$	36,348	$	31,993	$	—	$	68,341

	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