Postretirement Benefits (Tables) - Postretirement Benefits
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12 Months Ended |
May 31, 2024 |
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| Defined Benefit Plan Disclosure [Line Items] |
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| Defined Benefit Plan, Funding Status [Extensible Enumeration] |
Defined Benefit Plan, Underfunded Plan [Member]
|
| 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, 2024:
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U.S. Plans |
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Non-U.S. Plans |
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(In thousands) |
|
2024 |
|
2023 |
|
2022 |
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|
2024 |
|
2023 |
|
2022 |
|
Service cost |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
|
$ |
2,259 |
|
$ |
1,951 |
|
$ |
1,623 |
|
Interest cost |
|
|
87 |
|
|
84 |
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|
41 |
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|
1,550 |
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|
1,374 |
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|
1,124 |
|
Amortization of: |
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Prior service (credit) |
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- |
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(121 |
) |
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(161 |
) |
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- |
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|
- |
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|
- |
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Net actuarial (gains) losses |
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(15 |
) |
|
43 |
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|
61 |
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|
(49 |
) |
|
(51 |
) |
|
121 |
|
Net Postretirement Benefit Cost (Income) |
|
$ |
72 |
|
$ |
6 |
|
$ |
(59 |
) |
|
$ |
3,760 |
|
$ |
3,274 |
|
$ |
2,868 |
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| Changes in Benefit Obligations |
The changes in benefit obligations of the plans at May 31, 2024 and 2023 were as follows:
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U.S. Plans |
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Non-U.S. Plans |
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(In thousands) |
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2024 |
|
2023 |
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|
2024 |
|
2023 |
|
Accumulated postretirement benefit obligation at beginning of year |
|
$ |
1,768 |
|
$ |
2,260 |
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|
$ |
31,037 |
|
$ |
30,645 |
|
Service cost |
|
|
- |
|
|
- |
|
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|
2,259 |
|
|
1,951 |
|
Interest cost |
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|
87 |
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|
84 |
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|
1,550 |
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|
1,374 |
|
Benefit payments |
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|
(149 |
) |
|
(207 |
) |
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|
(674 |
) |
|
(557 |
) |
Actuarial (gains) |
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|
(85 |
) |
|
(369 |
) |
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|
(7,983 |
) |
|
(276 |
) |
Currency exchange rate changes |
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|
- |
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- |
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|
(131 |
) |
|
(2,100 |
) |
Accumulated and accrued postretirement benefit obligation at end of year |
|
$ |
1,621 |
|
$ |
1,768 |
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|
$ |
26,058 |
|
$ |
31,037 |
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| Amounts Recognized in Consolidated Balance Sheet |
Amounts recognized in the Consolidated Balance Sheets for the years ended May 31, 2024 and 2023 are as follows:
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U.S. Plans |
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Non-U.S. Plans |
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(In thousands) |
|
2024 |
|
2023 |
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|
2024 |
|
2023 |
|
Current liabilities |
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$ |
(194 |
) |
$ |
(207 |
) |
|
$ |
(895 |
) |
$ |
(989 |
) |
Noncurrent liabilities |
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|
(1,427 |
) |
|
(1,561 |
) |
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|
(25,163 |
) |
|
(30,048 |
) |
Net Amount Recognized |
|
$ |
(1,621 |
) |
$ |
(1,768 |
) |
|
$ |
(26,058 |
) |
$ |
(31,037 |
) |
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| Pretax Net Actuarial Gain Recognized in Accumulated Other Comprehensive Income (Loss) not Affecting Retained Earnings |
The following table presents the pretax net actuarial gain recognized in accumulated other comprehensive income (loss) not affecting retained earnings:
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U.S. Plans |
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Non-U.S. Plans |
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(In thousands) |
|
2024 |
|
2023 |
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|
2024 |
|
2023 |
|
Net actuarial gain |
|
$ |
170 |
|
$ |
99 |
|
|
$ |
11,785 |
|
$ |
3,838 |
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| Changes Recognized in Other Comprehensive loss (Income) |
The following table includes the changes recognized in other comprehensive loss (income):
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U.S. Plans |
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Non-U.S. Plans |
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(In thousands) |
|
2024 |
|
2023 |
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2024 |
|
2023 |
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Changes in plan assets and benefit obligations recognized in other comprehensive loss
(income): |
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Net (gain) arising during the year |
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$ |
(85 |
) |
$ |
(369 |
) |
|
$ |
(7,983 |
) |
$ |
(276 |
) |
Effect of exchange rates on amounts included in AOCI |
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- |
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- |
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|
(13 |
) |
|
265 |
|
Amounts recognized as a component of net periodic benefit cost: |
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Amortization or curtailment recognition of prior service credit |
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- |
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|
121 |
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|
- |
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- |
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Amortization or settlement recognition of net gain (loss) |
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|
15 |
|
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(44 |
) |
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|
49 |
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|
51 |
|
Total recognized in other comprehensive loss (income) |
|
$ |
(70 |
) |
$ |
(292 |
) |
|
$ |
(7,947 |
) |
$ |
40 |
|
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| 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:
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U.S. Plans |
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Non-U.S. Plans |
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Year-End Benefit Obligations |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Discount rate |
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5.50 |
% |
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|
5.20 |
% |
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|
5.03 |
% |
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|
5.10 |
% |
Current healthcare cost trend rate |
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|
8.90 |
% |
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6.00 |
% |
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5.21 |
% |
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|
5.53 |
% |
Ultimate healthcare cost trend rate |
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4.04 |
% |
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4.03 |
% |
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3.70 |
% |
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3.70 |
% |
Year ultimate healthcare cost trend rate will be realized |
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2049 |
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2045 |
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2040 |
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2040 |
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U.S. Plans |
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Non-U.S. Plans |
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Net Periodic Postretirement Cost |
|
2024 |
|
2023 |
|
2022 |
|
2024 |
|
2023 |
|
2022 |
Discount rate |
|
|
5.20 |
% |
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|
4.36 |
% |
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|
2.47 |
% |
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|
5.10 |
% |
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|
5.13 |
% |
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|
3.51 |
% |
|
Current healthcare cost trend rate |
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6.00 |
% |
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|
6.23 |
% |
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6.07 |
% |
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5.53 |
% |
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|
5.58 |
% |
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|
5.68 |
% |
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Ultimate healthcare cost trend rate |
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|
4.03 |
% |
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4.03 |
% |
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4.36 |
% |
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3.70 |
% |
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3.70 |
% |
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|
3.70 |
% |
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Year ultimate healthcare cost trend rate will be realized |
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2045 |
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2045 |
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2037 |
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2040 |
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|
2040 |
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2040 |
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