Pension Plans (Tables) - Pension Plan, Defined Benefit

12 Months Ended

May. 31, 2015

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, 2015 and

2014, were as follows:

	U.S. Plans						Non-U.S. Plans
(In thousands)	2015			2014			2015			2014
Benefit obligation at beginning of year	$	476,590		$	402,686		$	202,168		$	185,993
Service cost		30,359			27,056			4,611			4,375
Interest cost		20,119			18,039			7,184			7,382
Benefits paid		(24,147	)		(17,683	)		(6,066	)		(5,482	)
Participant contributions								773			831
Plan amendments											384
Actuarial (gains)/losses		28,166			46,492			7,738			6,348
Acquisitions and transfers		6,378						781
Premiums paid								(128	)		(138	)
Currency exchange rate changes								(25,675	)		2,475
Benefit Obligation at End of Year	$	537,465		$	476,590		$	191,386		$	202,168
Fair value of plan assets at beginning of year	$	282,113		$	241,960		$	177,079		$	155,056
Actual return on plan assets		11,076			30,547			21,867			17,432
Employer contributions		53,327			27,289			5,601			8,111
Participant contributions								773			831
Benefits paid		(24,147	)		(17,683	)		(6,066	)		(5,482	)
Premiums paid								(128	)		(138	)
Acquisitions and transfers		5,058
Currency exchange rate changes								(22,689	)		1,269
Fair Value of Plan Assets at End of Year	$	327,427		$	282,113		$	176,437		$	177,079
(Deficit) of plan assets versus benefit obligations at end of year	$	(210,038	)	$	(194,477	)	$	(14,949	)	$	(25,089	)
Net Amount Recognized	$	(210,038	)	$	(194,477	)	$	(14,949	)	$	(25,089	)
Accumulated Benefit Obligation	$	441,306		$	385,492		$	179,998		$	188,835

Relationship between Plans Benefit Obligations and Assets

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

	U.S. Plans
	2015				2014
(In thousands)	Benefit Obligation		Plan Assets		Benefit Obligation		Plan Assets
Plans with projected benefit obligation in excess of plan assets	$	536,365	$	326,323	$	476,590	$	282,113
Plans with accumulated benefit obligation in excess of plan assets		440,206		326,323		385,492		282,113
Plans with assets in excess of projected benefit obligation		1,100		1,104		—		—
Plans with assets in excess of accumulated benefit obligation		1,100		1,104		—		—
	Non-U.S. Plans
	2015				2014
(In thousands)	Benefit Obligation		Plan Assets		Benefit Obligation		Plan Assets
Plans with projected benefit obligation in excess of plan assets	$	141,149	$	124,920	$	105,327	$	80,011
Plans with accumulated benefit obligation in excess of plan assets		47,242		33,083		103,734		80,011
Plans with assets in excess of projected benefit obligations		50,237		51,517		96,841		97,068
Plans with assets in excess of accumulated benefit obligations		132,756		143,354		85,101		97,068

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, 2015 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, 2016:

(In thousands)	U.S. Plans			Non-U.S. Plans
Net actuarial loss	$	(15,624	)	$	(1,825	)
Prior service (costs)	$	(234	)	$	(39	)

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, 2015			Actual Asset Allocation
(Dollars in millions)				2015		2014
Equity securities		55	%	$	223.2	$	193.8
Fixed income securities		25	%		95.9		81.5
Cash					8.0		5.9
Other		20	%		0.3		0.9
Total assets		100	%	$	327.4	$	282.1
	Non-U.S. Plans
	Target Allocation as of May 31, 2015			Actual Asset Allocation
(Dollars in millions)				2015		2014
Equity securities		42	%	$	75.7	$	84.0
Fixed income securities		51	%		68.9		63.9
Cash		1	%		0.4		0.5
Property and other		6	%		31.4		28.7
Total assets		100	%	$	176.4	$	177.1

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, 2015 and 2014:

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, 2015
U.S. Treasury and other government	$	—	$	9,245	$	—	$	9,245
State and municipal bonds				461				461
Foreign bonds				2,608				2,608
Mortgage-backed securities				11,536				11,536
Corporate bonds				17,894				17,894
Stocks - large cap		36,554						36,554
Stocks - mid cap		14,575						14,575
Stocks - small cap		20,175						20,175
Stocks - international		3,756						3,756
Mutual funds - equity				148,207				148,207
Mutual funds - fixed				54,112				54,112
Cash and cash equivalents		8,019						8,019
Limited partnerships						285		285
Total	$	83,079	$	244,063	$	285	$	327,427

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, 2015
Pooled equities	$	—	$	74,159	$	—	$	74,159
Pooled fixed income				68,773				68,773
Foreign bonds				195				195
Insurance contracts						31,384		31,384
Mutual funds				1,502				1,502
Cash and cash equivalents		424						424
Total	$	424	$	144,629	$	31,384	$	176,437

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

Activity that Occurred for Level Three Assets

The following table includes the activity that occurred during the years ended May 31, 2015 and 2014 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, 2015	$	29,568		7,659		888		(6,446	)	$	31,669
Year ended May 31, 2014		44,158		564		47		(15,201	)		29,568

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