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

12 Months Ended

May 31, 2014

Pension Plan, 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, 2014 and 2013, were as follows:

	U.S. Plans						Non-U.S. Plans
(In thousands)	2014			2013			2014			2013
Benefit obligation at beginning of year	$	402,686		$	385,013		$	185,993		$	175,338
Service cost		27,056			25,950			4,375			4,337
Interest cost		18,039			16,240			7,382			7,246
Benefits paid		(17,683	)		(16,503	)		(5,482	)		(8,761	)
Participant contributions								831			929
Plan amendments								384
Actuarial (gains)/losses		46,492			(8,014	)		6,348			9,820
Settlements/Curtailments											(3,874	)
Premiums paid								(138	)		(127	)
Currency exchange rate changes								2,475			1,085
Benefit Obligation at End of Year	$	476,590		$	402,686		$	202,168		$	185,993
Fair value of plan assets at beginning of year	$	241,960		$	198,208		$	155,056		$	137,318
Actual return on plan assets		30,547			35,708			17,432			15,859
Employer contributions		27,289			24,547			8,111			9,422
Participant contributions								831			929
Benefits paid		(17,683	)		(16,503	)		(5,482	)		(8,761	)
Premiums paid								(138	)		(127	)
Currency exchange rate changes								1,269			416
Fair Value of Plan Assets at End of Year	$	282,113		$	241,960		$	177,079		$	155,056
(Deficit) of plan assets versus benefit obligations at end of year	$	(194,477	)	$	(160,726	)	$	(25,089	)	$	(30,937	)
Net Amount Recognized	$	(194,477	)	$	(160,726	)	$	(25,089	)	$	(30,937	)
Accumulated Benefit Obligation	$	385,492		$	340,742		$	188,835		$	173,586

Relationship between Plans Benefit Obligations and Assets

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

	U.S. Plans
	2014				2013
(In thousands)	Benefit Obligation		Plan Assets		Benefit Obligation		Plan Assets
Plans with projected benefit obligation in excess of plan assets	$	476,590	$	282,113	$	402,686	$	241,960
Plans with accumulated benefit obligation in excess of plan assets		385,492		282,113		340,742		241,960
	Non-U.S. Plans
	2014				2013
(In thousands)	Benefit Obligation		Plan Assets		Benefit Obligation		Plan Assets
Plans with projected benefit obligation in excess of plan assets	$	105,327	$	80,011	$	185,993	$	155,056
Plans with accumulated benefit obligation in excess of plan assets		103,734		80,011		94,423		70,642
Plans with assets in excess of projected benefit obligations		96,841		97,068
Plans with assets in excess of accumulated benefit obligations		85,101		97,068		79,163		84,414

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, 2014 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, 2015:

(In thousands)	U.S. Plans			Non-U.S. Plans
Net actuarial loss	$	(13,413	)	$	(1,947	)
Prior service (costs)	$	(294	)	$	(41	)

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, 2014			Actual Asset Allocation
(Dollars in millions)				2014		2013
Equity securities		55	%	$	193.8	$	146.2
Fixed income securities		25	%		81.5		74.1
Cash					5.9		3.9
Other		20	%		0.9		17.8
Total assets		100	%	$	282.1	$	242.0
	Non-U.S. Plans
	Target Allocation as of May 31, 2014			Actual Asset Allocation
(Dollars in millions)				2014		2013
Equity securities		42	%	$	84.0	$	81.8
Fixed income securities		51	%		63.9		46.7
Cash		1	%		0.5		0.2
Property and other		6	%		28.7		26.3
Total assets		100	%	$	177.1	$	155.0

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, 2014 and 2013:

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, 2014
U.S. Treasury and other government	$	—	$	11,203	$	—	$	11,203
State and municipal bonds				456				456
Foreign bonds				1,264				1,264
Mortgage-backed securities				7,255				7,255
Corporate bonds				17,254				17,254
Stocks - large cap		34,442						34,442
Stocks - mid cap		18,183						18,183
Stocks - small cap		12,145						12,145
Stocks - international		2,525						2,525
Mutual funds - equity				126,513				126,513
Mutual funds - fixed				44,094				44,094
Cash and cash equivalents		5,869						5,869
Limited partnerships						910		910
Total	$	73,164	$	208,039	$	910	$	282,113

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, 2014
Pooled equities	$	—	$	82,534	$	—	$	82,534
Pooled fixed income				63,657				63,657
Foreign bonds				210				210
Insurance contracts						28,658		28,658
Mutual funds				1,448				1,448
Cash and cash equivalents		572						572
Total	$	572	$	147,849	$	28,658	$	177,079

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

Activity that Occurred for Level Three Assets

The following table includes the activity that occurred during the years ended May 31, 2014 and 2013 for our Level 3 assets:

			Actual Return on Plan Assets For:
(In thousands)	Balance at Beginning of Period		Assets Still Held at Reporting Date		Assets Sold During Year		Purchases, Sales and Settlements, net (1)			Balance at End of Period
Year ended May 31, 2014	$	44,158		564		47		(15,201	)	$	29,568
Year ended May 31, 2013		43,569		1,283		924		(1,618	)		44,158

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