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Employee Benefit Plans (Tables)

12 Months Ended

May 31, 2023


Obligations and Funded Status at May 31: (In thousands)	2023		2022

Change in benefit obligation:
Projected benefit obligation, beginning of year	$	84,546	$	99,728
Interest cost	3,089		2,148
Actuarial gain	(6,556)		(14,044)
Benefits paid	(3,340)		(3,286)
Projected benefit obligation, end of year	$	77,739	$	84,546

Change in plan assets:
Fair value of plan assets, beginning of year	$	66,723	$	78,244
Actual loss on plan assets	(3,345)		(8,322)
Employer contributions	—		87
Benefits paid	(3,340)		(3,286)
Fair value of plan assets, end of year	$	60,038	$	66,723

Funded status-net amount recognized	$	(17,701)	$	(17,823)

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)	2023		2022

Interest cost	$	3,089	$	2,148
Expected return on assets	(3,350)		(3,651)

Net periodic pension benefit	$	(261)	$	(1,503)

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:


	2023		2022
Discount rate	4.89	%	4.11	%

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


	2023		2022
Discount rate	4.11	%	2.83	%
Expected return on plan assets	5.20	%	4.80	%

Asset Allocations in the Pension Plan

The asset allocations in the Pension Plan are as follows at May 31:


	2023		2023		2022
	Target Asset Allocation		Actual Asset Allocation		Actual Asset Allocation

Large cap equity	26.0	%	27.3	%	29.1	%
Small cap equity	5.0	%	5.2	%	6.2	%
International equity	8.0	%	8.8	%	8.2	%
Fixed income	45.0	%	44.8	%	43.2	%
Absolute return strategy funds	16.0	%	13.6	%	12.7	%
Cash	0.0	%	0.3	%	0.6	%
Total	100.0	%	100.0	%	100.0	%

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


	2023								2022
(In thousands)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total

Cash equivalents	$	211	$	—	$	—	$	211	$	503	$	—	$	—	$	503
U.S. government securities	2,983		2,280		—		5,263		2,839		3,178		—		6,017
Corporate debt	—		21,437		—		21,437		—		22,681		—		22,681
Municipal obligations	—		151		—		151		—		—		—		—
Mutual funds:
U.S. securities	27,681		—		—		27,681		32,016		—		—		32,016
International securities	5,295		—		—		5,295		5,506		—		—		5,506
Total	$	36,170	$	23,868	$	—	$	60,038	$	40,864	$	25,859	$	—	$	66,723