Employee Benefit Plans (Tables)

12 Months Ended

May 31, 2021

Retirement Benefits [Abstract]

Obligations and Funded Status

Obligations and Funded Status at May 31: (In thousands)	2021		2020
Change in benefit obligation:
Projected benefit obligation, beginning of year	$	105,357	$	91,935
Interest cost	2,050		2,881
Actuarial (gain) loss	(4,460)		13,662
Benefits paid	(3,219)		(3,121)
Projected benefit obligation, end of year	$	99,728	$	105,357
Change in plan assets:
Fair value of plan assets, beginning of year	$	68,341	$	62,267
Actual return on plan assets	9,509		7,097
Employer contributions	3,613		2,098
Benefits paid	(3,219)		(3,121)
Fair value of plan assets, end of year	$	78,244	$	68,341
Funded status-net amount recognized	$	(21,484)	$	(37,016)

Components of Net Periodic Pension (Benefit) Cost

The components of net periodic pension benefit are summarized as follows for the fiscal years ended May 31:

(In thousands)	2021		2020
Interest cost	$	2,050	$	2,881
Expected return on assets	(2,924)		(2,961)
Amortization of net loss	222		—
Net periodic pension benefit	$	(652)	$	(80)

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 :  

	2021		2020
Discount rate	2.83	%	2.54	%
Rate of compensation increase	N/A		N/A

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

	2021		2020
Discount rate	2.54	%	3.54	%
Expected return on plan assets	4.25	%	4.80	%
Rate of compensation increase	N/A		N/A

Asset Allocations in the Pension Plan

The asset allocations in the Pension Plan at May 31, 2021 and 2020 are as follows: 

	2021		2021		2020
	Target Asset Allocation		Actual Asset Allocation		Actual Asset Allocation
Large cap equity	26.0	%	29.8	%	25.0	%
Small cap equity	5.0	%	6.0	%	4.4	%
International equity	8.0	%	8.3	%	6.7	%
Fixed income	45.0	%	44.1	%	51.5	%
Absolute return strategy funds	16.0	%	11.3	%	11.9	%
Cash	—	%	0.5	%	0.5	%
Total	100.0	%	100.0	%	100.0	%

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

	2021								2020
(In thousands)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Cash equivalents	$	556	$	—	$	—	$	556	$	585	$	—	$	—	$	585
U.S. government    securities	3,066		4,500		—		7,566		2,733		4,327		—		7,060
Corporate debt	—		26,762		—		26,762		—		27,666		—		27,666
Mutual funds:
U.S. securities	36,909		—		—		36,909		28,455		—		—		28,455
International securities	6,451		—		—		6,451		4,575		—		—		4,575
Total	$	46,982	$	31,262	$	—	$	78,244	$	36,348	$	31,993	$	—	$	68,341