Postretirement Benefits (Tables) - Postretirement Benefits
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12 Months Ended |
May 31, 2025 |
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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]
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| 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:
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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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2025 |
|
2024 |
|
2023 |
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2025 |
|
2024 |
|
2023 |
|
Service cost |
|
$ |
- |
|
$ |
- |
|
$ |
- |
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|
$ |
1,672 |
|
$ |
2,259 |
|
$ |
1,951 |
|
Interest cost |
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|
83 |
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|
87 |
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|
84 |
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1,251 |
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|
1,550 |
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|
1,374 |
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Amortization of: |
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Prior service (credit) |
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- |
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- |
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(121 |
) |
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- |
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- |
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|
- |
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Net actuarial (gains) losses |
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(25 |
) |
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(15 |
) |
|
43 |
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(551 |
) |
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(49 |
) |
|
(51 |
) |
Net Postretirement Benefit Cost |
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$ |
58 |
|
$ |
72 |
|
$ |
6 |
|
|
$ |
2,372 |
|
$ |
3,760 |
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$ |
3,274 |
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| Changes in Benefit Obligations |
The changes in benefit obligations of the plans at May 31, 2025 and 2024 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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2025 |
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2024 |
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|
2025 |
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2024 |
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Accumulated postretirement benefit obligation at beginning of year |
|
$ |
1,621 |
|
$ |
1,768 |
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|
$ |
26,058 |
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$ |
31,037 |
|
Service cost |
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|
- |
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|
- |
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1,672 |
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|
2,259 |
|
Interest cost |
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|
83 |
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|
87 |
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1,251 |
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|
1,550 |
|
Benefit payments |
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(135 |
) |
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(149 |
) |
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(568 |
) |
|
(674 |
) |
Actuarial losses (gains) |
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|
94 |
|
|
(85 |
) |
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(3,635 |
) |
|
(7,983 |
) |
Currency exchange rate changes |
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- |
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- |
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|
(221 |
) |
|
(131 |
) |
Accumulated and accrued postretirement benefit obligation at end of year |
|
$ |
1,663 |
|
$ |
1,621 |
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|
$ |
24,557 |
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$ |
26,058 |
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| Amounts Recognized in Consolidated Balance Sheet |
Amounts recognized in the Consolidated Balance Sheets for the years ended May 31, 2025 and 2024 are 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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2025 |
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2024 |
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|
2025 |
|
2024 |
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Current liabilities |
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$ |
(733 |
) |
$ |
(194 |
) |
|
$ |
(949 |
) |
$ |
(895 |
) |
Noncurrent liabilities |
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|
(930 |
) |
|
(1,427 |
) |
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(23,608 |
) |
|
(25,163 |
) |
Net Amount Recognized |
|
$ |
(1,663 |
) |
$ |
(1,621 |
) |
|
$ |
(24,557 |
) |
$ |
(26,058 |
) |
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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 by fiscal year:
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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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2025 |
|
2024 |
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|
2025 |
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2024 |
|
Net actuarial gain |
|
$ |
51 |
|
$ |
170 |
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|
$ |
14,803 |
|
$ |
11,785 |
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| Changes Recognized in Other Comprehensive loss (Income) |
The following table includes the changes recognized in other comprehensive loss (income) by fiscal year:
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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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2025 |
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2024 |
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2025 |
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2024 |
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Changes in plan assets and benefit obligations recognized in other comprehensive loss
(income): |
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Net loss (gain) arising during the year |
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$ |
94 |
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$ |
(85 |
) |
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$ |
(3,635 |
) |
$ |
(7,983 |
) |
Effect of exchange rates on amounts included in AOCI |
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- |
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- |
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|
66 |
|
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(13 |
) |
Amounts recognized as a component of net periodic benefit cost: |
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Amortization or settlement recognition of net gain |
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25 |
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|
15 |
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|
551 |
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|
49 |
|
Total recognized in other comprehensive loss (income) |
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$ |
119 |
|
$ |
(70 |
) |
|
$ |
(3,018 |
) |
$ |
(7,947 |
) |
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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 by fiscal year:
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U.S. Plans |
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Non-U.S. Plans |
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Year-End Benefit Obligations |
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2025 |
|
2024 |
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2025 |
|
2024 |
|
Discount rate |
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5.17 |
% |
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|
5.50 |
% |
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|
4.88 |
% |
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|
5.03 |
% |
Current healthcare cost trend rate |
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8.30 |
% |
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8.90 |
% |
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5.13 |
% |
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|
5.21 |
% |
Ultimate healthcare cost trend rate |
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4.00 |
% |
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4.04 |
% |
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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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2048 |
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2049 |
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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 |
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2025 |
|
2024 |
|
2023 |
|
2025 |
|
2024 |
|
2023 |
Discount rate |
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5.50 |
% |
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5.20 |
% |
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4.36 |
% |
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5.03 |
% |
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|
5.10 |
% |
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|
5.13 |
% |
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Current healthcare cost trend rate |
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|
8.90 |
% |
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6.00 |
% |
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6.23 |
% |
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5.21 |
% |
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5.53 |
% |
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|
5.58 |
% |
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Ultimate healthcare cost trend rate |
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|
4.04 |
% |
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4.03 |
% |
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4.03 |
% |
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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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2049 |
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2045 |
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2045 |
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|
2040 |
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|
2040 |
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2040 |
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