Pension Plans (Tables) (Pension Plans, Defined Benefit)

12 Months Ended

May 31, 2013

Pension Plans, Defined Benefit

Changes in Benefit Obligations and Plan Assets

The changes in benefit obligations and plan assets, as well as the funded status of our pension plans at May 31, 2013 and 2012, were as follows:

	U.S. Plans						Non-U.S. Plans
(In thousands)	2013			2012			2013			2012
Benefit obligation at beginning of year	$	385,013		$	288,532		$	175,338		$	161,632
Service cost		25,950			19,906			4,337			3,731
Interest cost		16,240			15,307			7,246			8,076
Benefits paid		(16,503	)		(13,467	)		(8,761	)		(6,337	)
Participant contributions								929			1,035
Acquisitions											880
Actuarial (gains)/losses		(8,014	)		74,735			9,820			20,563
Settlements/Curtailments								(3,874	)
Premiums paid								(127	)		(161	)
Currency exchange rate changes								1,085			(14,081	)
Benefit Obligation at End of Year	$	402,686		$	385,013		$	185,993		$	175,338
Fair value of plan assets at beginning of year	$	198,208		$	212,215		$	137,318		$	141,639
Actual return on plan assets		35,708			(14,309	)		15,859			3,987
Employer contributions		24,547			13,769			9,422			8,363
Participant contributions								929			1,035
Benefits paid		(16,503	)		(13,467	)		(8,761	)		(6,337	)
Premiums paid								(127	)		(161	)
Currency exchange rate changes								416			(11,208	)
Fair Value of Plan Assets at End of Year	$	241,960		$	198,208		$	155,056		$	137,318
(Deficit) of plan assets versus benefit obligations at end of year	$	(160,726	)	$	(186,805	)	$	(30,937	)	$	(38,020	)
Net Amount Recognized	$	(160,726	)	$	(186,805	)	$	(30,937	)	$	(38,020	)
Accumulated Benefit Obligation	$	340,742		$	324,247		$	173,586		$	156,663

Relationship between Plans Benefit Obligations and Assets

The following table summarizes the relationship between our plans’ benefit obligations and assets:

	U.S. Plans
	2013				2012
(In thousands)	Benefit Obligation		Plan Assets		Benefit Obligation		Plan Assets
Plans with projected benefit obligation in excess of plan assets	$	402,686	$	241,960	$	385,013	$	198,208
Plans with accumulated benefit obligation in excess of plan assets		340,742		241,960		324,247		198,208
	Non-U.S. Plans
	2013				2012
(In thousands)	Benefit Obligation		Plan Assets		Benefit Obligation		Plan Assets
Plans with projected benefit obligation in excess of plan assets	$	185,993	$	155,056	$	174,358	$	136,296
Plans with accumulated benefit obligation in excess of plan assets		94,423		70,642		83,465		62,902
Plans with assets in excess of projected benefit obligations						980		1,022
Plans with assets in excess of accumulated benefit obligations		79,163		84,414		73,198		74,416

Amounts in Accumulated Other Comprehensive Income (Loss) that have not yet been Recognized in Net Periodic Pension Cost, but will be Recognized in Consolidated Statements of Income

The following table presents the amounts in accumulated other comprehensive income (loss) as of May 31, 2013 that have not yet been recognized in net periodic pension cost, but will be recognized in our Consolidated Statements of Income during the fiscal year ending May 31, 2014:

(In thousands)	U.S. Plans			Non-U.S. Plans
Net actuarial loss	$	(11,799	)	$	(2,493	)
Prior service (costs)	$	(334	)	$	(3	)

Weighted-Average Actual and Target Allocation of Plan Assets

The following tables illustrate the weighted-average actual and target allocation of plan assets:

	U.S. Plans
	Target Allocation as of May 31, 2013			Actual Asset Allocation
(Dollars in millions)				2013		2012
Equity securities		55	%	$	146.2	$	111.7
Fixed income securities		25	%		74.1		64.4
Cash					3.9		4.5
Other		20	%		17.8		17.6
Total assets		100	%	$	242.0	$	198.2
	Non-U.S. Plans
(Dollars in millions)	Target Allocation as of May 31, 2013			Actual Asset Allocation
				2013		2012
Equity securities		42	%	$	81.8	$	67.0
Fixed income securities		51	%		46.7		43.9
Cash		1	%		0.2		0.4
Property and other		6	%		26.3		26.0
Total assets		100	%	$	155.0	$	137.3

Pension Plan Assets Categorized using Fair Value Hierarchy

The following tables present our pension plan assets as categorized using the fair value hierarchy at May 31, 2013 and 2012:

U.S. Plans
(In thousands)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at May 31, 2013
U.S. Treasury and other government	$	—	$	10,288	$	—	$	10,288
State and municipal bonds				455				455
Foreign bonds				2,342				2,342
Mortgage-backed securities				7,332				7,332
Corporate bonds				14,550				14,550
Stocks—large cap		26,443						26,443
Stocks—mid cap		15,423						15,423
Stocks—small cap		11,451						11,451
Stocks—international		2,643						2,643
Mutual funds—equity				90,260				90,260
Mutual funds—fixed				39,080				39,080
Cash and cash equivalents		3,848						3,848
Limited partnerships						1,159		1,159
Common/collective trusts						16,686		16,686
Total	$	59,808	$	164,307	$	17,845	$	241,960

Non-U.S. Plans
(In thousands)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at May 31, 2013
Pooled equities	$	—	$	80,550	$	—	$	80,550
Pooled fixed income				46,428				46,428
Foreign bonds				261				261
Insurance contracts						26,313		26,313
Mutual funds				1,289				1,289
Cash and cash equivalents		215						215
Total	$	215	$	128,528	$	26,313	$	155,056

U.S. Plans
(In thousands)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at May 31, 2012
U.S. Treasury and other government	$	—	$	7,969	$	—	$	7,969
State and municipal bonds				490				490
Foreign bonds				2,279				2,279
Mortgage-backed securities				9,169				9,169
Corporate bonds				14,647				14,647
Stocks—large cap		36,196						36,196
Stocks—mid cap		19,659						19,659
Stocks—small cap		10,413						10,413
Stocks—international		6,961						6,961
Mutual funds—equity				38,475				38,475
Mutual funds—fixed				29,806				29,806
Cash and cash equivalents		4,549						4,549
Limited partnerships						1,833		1,833
Common/collective trusts						15,762		15,762
Total	$	77,778	$	102,835	$	17,595	$	198,208

Non-U.S. Plans
(In thousands)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at May 31, 2012
Pooled equities	$	—	$	66,212	$	—	$	66,212
Pooled fixed income				43,446				43,446
Foreign bonds				433				433
Insurance contracts						25,974		25,974
Mutual funds				843				843
Cash and cash equivalents		410						410
Total	$	410	$	110,934	$	25,974	$	137,318

Activity that Occurred for Level Three Assets

The following table includes the activity that occurred during the years ended May 31, 2013 and 2012 for our Level 3 assets:

	Balance at Beginning of  Period		Actual Return on Plan Assets For:					Settlements (1)			Transfers In/Out of Level 3			Balance at End of  Period
(In thousands)			Assets Still Held at Reporting Date		Assets Sold During Year
Year ended May 31, 2013	$	43,569		1,283		924			1,113			(2,731	)	$	44,158
Year ended May 31, 2012		48,716		231		(619	)		(3,998	)		(761	)		43,569

(1) Includes the impact of exchange rate changes during the year.