Postretirement Benefits (Tables)

12 Months Ended

May 31, 2014

Pension Plan, Defined Benefit

Components of Net Periodic Pension and Postretirement Costs

Net periodic pension cost consisted of the following for the year ended May 31:

	U.S. Plans									Non-U.S. Plans
(In thousands)	2014			2013			2012			2014			2013			2012
Service cost	$	27,056		$	25,950		$	19,906		$	4,375		$	4,337		$	3,731
Interest cost		18,039			16,240			15,307			7,382			7,246			8,076
Expected return on plan assets		(20,761	)		(17,431	)		(17,416	)		(8,411	)		(7,715	)		(7,867	)
Amortization of:
Prior service cost		334			348			352			19			7			10
Net actuarial losses recognized		13,222			16,888			8,510			2,448			2,771			2,169
Curtailment/settlement (gains) losses		—			72			—			44			234			—
Net Pension Cost	$	37,890		$	42,067		$	26,659		$	5,857		$	6,880		$	6,119

Amounts Recognized in Consolidated Balance Sheet

Amounts recognized in the Consolidated Balance Sheets for the years ended May 31, 2014 and 2013 are as follows:

	U.S. Plans						Non-U.S. Plans
(In thousands)	2014			2013			2014			2013
Noncurrent assets	$	—		$	—		$	227		$	—
Current liabilities		(15	)		(43	)		(458	)		(436	)
Noncurrent liabilities		(194,462	)		(160,683	)		(24,858	)		(30,501	)
Net Amount Recognized	$	(194,477	)	$	(160,726	)	$	(25,089	)	$	(30,937	)

Pretax Net Actuarial Loss, Prior Service (Costs) and Transition Assets/(Obligations) Recognized in Accumulated Other Comprehensive Income (Loss) not Affecting Retained Earnings

The following table presents the pretax net actuarial loss, prior service (costs) and transition assets/(obligations) recognized in accumulated other comprehensive income (loss) not affecting retained earnings:

	U.S. Plans						Non-U.S. Plans
(In thousands)	2014			2013			2014			2013
Net actuarial loss	$	(185,320	)	$	(161,835	)	$	(52,573	)	$	(57,882	)
Prior service (costs)		(997	)		(1,331	)		(423	)		(51	)
Total recognized in accumulated other comprehensive income not affecting retained earnings	$	(186,317	)	$	(163,166	)	$	(52,996	)	$	(57,933	)

Changes Recognized in Other Comprehensive Income

The following table includes the changes recognized in other comprehensive income:

	U.S. Plans						Non-U.S. Plans
(In thousands)	2014			2013			2014			2013
Changes in plan assets and benefit obligations recognized in other comprehensive income:
Prior service cost	$	—		$	—		$	384		$	—
Net loss (gain) arising during the year		36,707			(26,291	)		(2,673	)		(2,197	)
Effect of exchange rates on amounts included in AOCI								(137	)		300
Amounts recognized as a component of net periodic benefit cost:
Amortization or curtailment recognition of prior service credit (cost)		(334	)		(348	)		(19	)		(48	)
Amortization or settlement recognition of net gain (loss)		(13,222	)		(16,960	)		(2,492	)		(2,966	)
Total recognized in other comprehensive loss (income)	$	23,151		$	(43,599	)	$	(4,937	)	$	(4,911	)

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 pension cost under the plans:

	U.S. Plans						Non-U.S. Plans
Year-End Benefit Obligations	2014			2013			2014			2013
Discount rate		4.30	%		4.45	%		3.82	%		3.95	%
Rate of compensation increase		3.81	%		3.14	%		3.30	%		3.32	%

	U.S. Plans									Non-U.S. Plans
Net Periodic Pension Cost	2014			2013			2012			2014			2013			2012
Discount rate		4.45	%		4.25	%		5.25	%		3.95	%		4.19	%		5.14	%
Expected return on plan assets		8.50	%		8.50	%		8.50	%		5.37	%		5.32	%		5.63	%
Rate of compensation increase		3.14	%		3.15	%		3.15	%		3.32	%		3.76	%		3.83	%

POSTRETIREMENT BENEFITS

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, 2014:

	U.S. Plans									Non-U.S. Plans
(In thousands)	2014			2013			2012			2014		2013		2012
Service cost - Benefits earned during the period	$	—		$	—		$	—		$	1,264	$	1,185	$	745
Interest cost on the accumulated obligation		297			349			416			1,225		1,188		968
Amortization of:
Prior service (credit)		(153	)		(86	)		(86	)
Net actuarial (gains) losses		(144	)		16			(58	)		516		470		72
Net Periodic Postretirement Expense	$	—		$	279		$	272		$	3,005	$	2,843	$	1,785

Amounts Recognized in Consolidated Balance Sheet

Amounts recognized in the Consolidated Balance Sheets for the years ended May 31, 2014 and 2013 are as follows:

	U.S. Plans						Non-U.S. Plans
(In thousands)	2014			2013			2014			2013
Current liabilities	$	(410	)	$	(642	)	$	(522	)	$	(486	)
Noncurrent liabilities		(6,377	)		(7,872	)		(27,733	)		(27,929	)
Net Amount Recognized	$	(6,787	)	$	(8,514	)	$	(28,255	)	$	(28,415	)

Pretax Net Actuarial Loss, Prior Service (Costs) and Transition Assets/(Obligations) Recognized in Accumulated Other Comprehensive Income (Loss) not Affecting Retained Earnings

The following table presents the pretax net actuarial gain (loss) and prior service credits recognized in accumulated other comprehensive income (loss) not affecting retained earnings:

	U.S. Plans				Non-U.S. Plans
(In thousands)	2014		2013		2014			2013
Net actuarial gain (loss)	$	1,080	$	996	$	(9,136	)	$	(10,950	)
Prior service credits		1,834		516
Total recognized in accumulated other comprehensive income not affecting retained earnings	$	2,914	$	1,512	$	(9,136	)	$	(10,950	)

Changes Recognized in Other Comprehensive Income

The following table includes the changes recognized in other comprehensive income:

	U.S. Plans						Non-U.S. Plans
(In thousands)	2014			2013			2014			2013
Changes in plan assets and benefit obligations recognized in other comprehensive income:
Prior service cost	$	(1,471	)	$	—		$	—		$	—
Net loss (gain) arising during the year		(228	)		(1,014	)		(766	)		1,988
Effect of exchange rates on amounts included in AOCI								(532	)		(9	)
Amounts recognized as a component of net periodic benefit cost:
Amortization or curtailment recognition of prior service credit (cost)		153			86
Amortization or settlement recognition of net gain (loss)		144			(16	)		(516	)		(470	)
Total recognized in other comprehensive loss (income)	$	(1,402	)	$	(944	)	$	(1,814	)	$	1,509

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:

	U.S. Plans						Non-U.S. Plans
Year-End Benefit Obligations	2014			2013			2014			2013
Discount rate		4.00	%		3.95	%		4.40	%		4.50	%
Current healthcare cost trend rate		12.28	%		7.54	%		6.31	%		6.43	%
Ultimate healthcare cost trend rate		4.50	%		4.50	%		4.20	%		4.20	%
Year ultimate healthcare cost trend rate will be realized		2029			2029			2030			2030

	U.S. Plans									Non-U.S. Plans
Net Periodic Postretirement Cost	2014			2013			2012			2014			2013			2012
Discount rate		3.95	%		3.75	%		4.75	%		4.50	%		4.75	%		5.75	%
Healthcare cost trend rate		7.54	%		7.70	%		7.87	%		6.43	%		6.92	%		7.00	%
Ultimate healthcare cost trend rate		4.50	%		4.50	%		4.50	%		4.20	%		4.20	%		4.50	%
Year ultimate healthcare cost trend rate will be realized		2029			2029			2029			2030			2030			2030

Changes in Benefit Obligations

The changes in benefit obligations of the plans at May 31, 2014 and 2013 were as follows:

	U.S. Plans						Non-U.S. Plans
(In thousands)	2014			2013			2014			2013
Accumulated postretirement benefit obligation at beginning of year	$	8,514		$	9,677		$	28,415		$	24,517
Service cost		—						1,264			1,185
Interest cost		297			349			1,225			1,188
Benefit payments		(362	)		(572	)		(421	)		(441	)
Medicare subsidy received		37			74
Plan amendments		(1,471	)
Actuarial (gains) losses		(228	)		(1,014	)		(766	)		1,988
Currency exchange rate changes								(1,462	)		(22	)
Accumulated and accrued postretirement benefit obligation at end of year	$	6,787		$	8,514		$	28,255		$	28,415

Increasing or Decreasing Current Healthcare Cost Trend Rates by One Percentage would affect Accumulated Postretirement Benefit Obligation and Net Postretirement Expense

Increasing or decreasing current healthcare cost trend rates by 1% would affect our accumulated postretirement benefit obligation and net postretirement expense by the following amounts for the years ended May 31, 2014 and 2013:

	U.S. Plans						Non-U.S. Plans
(In thousands)	2014			2013			2014			2013
1% Increase in trend rate
Accumulated Benefit Obligation	$	239		$	296		$	6,502		$	9,080
Postretirement Cost		11			15			727			647
1% Decrease in trend rate
Accumulated Benefit Obligation	$	(209	)	$	(265	)	$	(5,011	)	$	(3,802	)
Postretirement Cost		(10	)		(13	)		(534	)		(481	)