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Postretirement Benefits (Tables)

12 Months Ended

May. 31, 2015

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)	2015			2014			2013			2015			2014			2013
Service cost	$	30,359		$	27,056		$	25,950		$	4,611		$	4,375		$	4,337
Interest cost		20,119			18,039			16,240			7,184			7,382			7,246
Expected return on plan assets		(24,308	)		(20,761	)		(17,431	)		(8,611	)		(8,411	)		(7,715	)
Amortization of:
Prior service cost		294			334			348			39			19			7
Net actuarial losses recognized		13,890			13,222			16,888			2,004			2,448			2,771
Curtailment/settlement (gains) losses								72						44			234

Net Pension Cost	$	40,354		$	37,890		$	42,067		$	5,227		$	5,857		$	6,880

Amounts Recognized in Consolidated Balance Sheet

Amounts recognized in the Consolidated Balance Sheets for the years ended May 31, 2015 and 2014 are as follows:


	U.S. Plans						Non-U.S. Plans
(In thousands)	2015			2014			2015			2014
Noncurrent assets	$	5		$	—		$	1,280		$	227
Current liabilities		(15	)		(15	)		(402	)		(458	)
Noncurrent liabilities		(210,028	)		(194,462	)		(15,827	)		(24,858	)

Net Amount Recognized	$	(210,038	)	$	(194,477	)	$	(14,949	)	$	(25,089	)

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

The following table presents the pretax net actuarial loss and prior service (costs) recognized in accumulated other comprehensive

income (loss) not affecting retained earnings:


	U.S. Plans						Non-U.S. Plans
(In thousands)	2015			2014			2015			2014
Net actuarial loss	$	(212,828	)	$	(185,320	)	$	(39,307	)	$	(52,573	)
Prior service (costs)		(703	)		(997	)		(357	)		(423	)

Total recognized in accumulated other comprehensive income not affecting retained earnings	$	(213,531	)	$	(186,317	)	$	(39,664	)	$	(52,996	)

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)	2015			2014			2015			2014
Changes in plan assets and benefit obligations recognized in other comprehensive income:
Prior service cost	$	—		$	—		$	—		$	384
Net loss (gain) arising during the year		41,398			36,707			(5,518	)		(2,673	)
Effect of exchange rates on amounts included in AOCI								(5,771	)		(137	)
Amounts recognized as a component of net periodic benefit cost:
Amortization or curtailment recognition of prior service (cost)		(294	)		(334	)		(39	)		(19	)
Amortization or settlement recognition of net (loss)		(13,890	)		(13,222	)		(2,004	)		(2,492	)

Total recognized in other comprehensive loss (income)	$	27,214		$	23,151		$	(13,332	)	$	(4,937	)

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	2015			2014			2015			2014
Discount rate		4.25	%		4.30	%		3.26	%		3.82	%
Rate of compensation increase		3.80	%		3.81	%		2.81	%		3.30	%



	U.S. Plans									Non-U.S. Plans
Net Periodic Pension Cost	2015			2014			2013			2015			2014			2013
Discount rate		4.30	%		4.45	%		4.25	%		3.82	%		3.95	%		4.19	%
Expected return on plan assets		8.25	%		8.50	%		8.50	%		5.18	%		5.37	%		5.32	%
Rate of compensation increase		3.81	%		3.14	%		3.15	%		3.30	%		3.32	%		3.76	%

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, 2015:


	U.S. Plans									Non-U.S. Plans
(In thousands)	2015			2014			2013			2015		2014		2013
Service cost - Benefits earned during the period	$	—		$	—		$	—		$	1,173	$	1,264	$	1,185
Interest cost on the accumulated obligation		263			297			349			1,155		1,225		1,188
Amortization of:
Prior service (credit)		(247	)		(153	)		(86	)
Net actuarial (gains) losses		(136	)		(144	)		16			391		516		470

Net Periodic Postretirement (Benefit) Expense	$	(120	)	$	—		$	279		$	2,719	$	3,005	$	2,843

Amounts Recognized in Consolidated Balance Sheet

Amounts recognized in the Consolidated Balance Sheets for the years ended May 31, 2015 and 2014 are as follows:


	U.S. Plans						Non-U.S. Plans
(In thousands)	2015			2014			2015			2014
Current liabilities	$	(430	)	$	(410	)	$	(454	)	$	(522	)
Noncurrent liabilities		(7,210	)		(6,377	)		(24,192	)		(27,733	)

Net Amount Recognized	$	(7,640	)	$	(6,787	)	$	(24,646	)	$	(28,255	)

Pretax Net Actuarial Loss and Prior Service (Costs) 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)	2015		2014		2015			2014
Net actuarial gain (loss)	$	124	$	1,080	$	(5,968	)	$	(9,136	)
Prior service credits		1,587		1,834

Total recognized in accumulated other comprehensive income not affecting retained earnings	$	1,711	$	2,914	$	(5,968	)	$	(9,136	)

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)	2015		2014			2015			2014
Changes in plan assets and benefit obligations recognized in other comprehensive income:
Prior service cost	$	—	$	(1,471	)	$	—		$	—
Net loss (gain) arising during the year		820		(228	)		(1,751	)		(766	)
Effect of exchange rates on amounts included in AOCI							(1,026	)		(532	)
Amounts recognized as a component of net periodic benefit cost:
Amortization or curtailment recognition of prior service credit (cost)		247		153
Amortization or settlement recognition of net gain (loss)		136		144			(391	)		(516	)

Total recognized in other comprehensive loss (income)	$	1,203	$	(1,402	)	$	(3,168	)	$	(1,814	)

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	2015			2014			2015			2014
Discount rate		3.95	%		4.00	%		4.00	%		4.40	%
Current healthcare cost trend rate		11.34	%		12.28	%		6.06	%		6.31	%
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	2015			2014			2013			2015			2014			2013
Discount rate		4.00	%		3.95	%		3.75	%		4.40	%		4.50	%		4.75	%
Healthcare cost trend rate		12.28	%		7.54	%		7.70	%		6.31	%		6.43	%		6.92	%
Ultimate healthcare cost trend rate		4.50	%		4.50	%		4.50	%		4.20	%		4.20	%		4.20	%
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, 2015 and 2014 were as follows:


	U.S. Plans						Non-U.S. Plans
(In thousands)	2015			2014			2015			2014
Accumulated postretirement benefit obligation at beginning of year	$	6,787		$	8,514		$	28,255		$	28,415
Service cost		—			—			1,173			1,264
Interest cost		263			297			1,155			1,225
Benefit payments		(230	)		(362	)		(536	)		(421	)
Medicare subsidy received		—			37
Plan amendments		—			(1,471	)
Actuarial (gains) losses		820			(228	)		(1,751	)		(766	)
Currency exchange rate changes								(3,650	)		(1,462	)

Accumulated and accrued postretirement benefit obligation at end of year	$	7,640		$	6,787		$	24,646		$	28,255

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, 2015 and 2014:


	U.S. Plans						Non-U.S. Plans
(In thousands)	2015			2014			2015			2014
1% Increase in trend rate
Accumulated Benefit Obligation	$	334		$	239		$	6,430		$	6,502
Postretirement Cost		10			11			675			727

1% Decrease in trend rate
Accumulated Benefit Obligation	$	(290	)	$	(209	)	$	(3,295	)	$	(5,011	)
Postretirement Cost		(8	)		(10	)		(499	)		(534	)