v3.26.3
Pension Plans
 3 Months Ended
Aug. 31, 2026
Retirement Benefits [Abstract]  
Pension Plans

NOTE 12 — PENSION PLANS

We offer defined benefit pension plans, defined contribution pension plans, and various postretirement benefit plans. The following tables provide the retirement-related benefit plans’ impact on income before income taxes for the three-month periods ended August 31, 2026 and 2025:

 

U.S. Plans

 

Non-U.S. Plans

 

 

Three Months Ended

 

Three Months Ended

 

(In thousands)

August 31,

 

August 31,

 

August 31,

 

August 31,

 

Pension Benefits

2026

 

2025

 

2026

 

2025

 

Service cost

$

10,806

 

$

10,863

 

$

1,489

 

$

1,467

 

Interest cost

 

9,861

 

 

9,484

 

 

2,267

 

 

2,028

 

Expected return on plan assets

 

(14,899

)

 

(13,326

)

 

(2,718

)

 

(2,506

)

Amortization of:

 

 

 

 

 

 

 

 

Prior service cost (credit)

 

-

 

 

1

 

 

(22

)

 

(25

)

Net actuarial losses recognized

 

2

 

 

1,448

 

 

162

 

 

323

 

Net Periodic Benefit Cost

$

5,770

 

$

8,470

 

$

1,178

 

$

1,287

 

 

 

U.S. Plans

 

Non-U.S. Plans

 

 

Three Months Ended

 

Three Months Ended

 

(In thousands)

August 31,

 

August 31,

 

August 31,

 

August 31,

 

Postretirement Benefits

2026

 

2025

 

2026

 

2025

 

Service cost

$

-

 

$

-

 

$

224

 

$

234

 

Interest cost

 

11

 

 

12

 

 

280

 

 

272

 

Amortization of:

 

 

 

 

 

 

 

 

Net actuarial (gains) losses recognized

 

(27

)

 

9

 

 

(246

)

 

(256

)

Net Periodic Benefit Cost

$

(16

)

$

21

 

$

258

 

$

250

 

 

 

 

Net periodic pension cost for fiscal 2027 is less than our fiscal 2026 cost mainly due to an increase in the value of expected return on plan assets driven by the higher market value of plan assets. There was also a reduction in the amortization of the net actuarial loss to be recognized. We expect that pension expense will fluctuate on a year-to-year basis, depending upon the investment performance of plan assets and potential changes in interest rates, and these fluctuations may have a material impact on our consolidated financial results in the future. We previously disclosed in our financial statements for the fiscal year ended May 31, 2026, that we are required and expect to contribute approximately $7.8 million to plans outside the U.S. during the current fiscal year and we will evaluate whether to make additional contributions to plans in the U.S. and outside the U.S. throughout fiscal 2027.