Pension Plans (Tables) - Pension Plan, Defined Benefit

12 Months Ended

May 31, 2016

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, 2016 and 2015, were as follows:

	U.S. Plans						Non-U.S. Plans
(In thousands)	2016			2015			2016			2015
Benefit obligation at beginning of year	$	537,465		$	476,590		$	191,386		$	202,168
Service cost		32,808			30,359			4,061			4,611
Interest cost		17,995			20,119			5,070			7,184
Benefits paid		(26,932	)		(24,147	)		(7,078	)		(6,066	)
Participant contributions								830			773
Plan amendments								(349	)
Plan settlements/curtailments		(272	)					(630	)
Actuarial (gains)/losses		27,982			28,166			1,778			7,738
Acquisitions and transfers					6,378						781
Premiums paid								(121	)		(128	)
Currency exchange rate changes								(7,883	)		(25,675	)
Benefit Obligation at End of Year	$	589,046		$	537,465		$	187,064		$	191,386
Fair value of plan assets at beginning of year	$	327,427		$	282,113		$	176,437		$	177,079
Actual return on plan assets		(21,742	)		11,076			1,619			21,867
Employer contributions		35,735			53,327			6,042			5,601
Participant contributions								830			773
Benefits paid		(26,932	)		(24,147	)		(7,078	)		(6,066	)
Premiums paid								(121	)		(128	)
Plan settlements/curtailments		(272	)					(595	)
Acquisitions and transfers					5,058
Currency exchange rate changes								(7,670	)		(22,689	)
Fair Value of Plan Assets at End of Year	$	314,216		$	327,427		$	169,464		$	176,437
(Deficit) of plan assets versus benefit obligations at end of year	$	(274,830	)	$	(210,038	)	$	(17,600	)	$	(14,949	)
Net Amount Recognized	$	(274,830	)	$	(210,038	)	$	(17,600	)	$	(14,949	)
Accumulated Benefit Obligation	$	483,944		$	441,306		$	175,394		$	179,998

Relationship between Plans Benefit Obligations and Assets

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

	U.S. Plans
	2016				2015
(In thousands)	Benefit Obligation		Plan Assets		Benefit Obligation		Plan Assets
Plans with projected benefit obligations in excess of plan assets	$	589,046	$	314,216	$	536,365	$	326,323
Plans with accumulated benefit obligations in excess of plan assets		483,944		314,216		440,206		326,323
Plans with assets in excess of projected benefit obligations		-		-		1,100		1,104
Plans with assets in excess of accumulated benefit obligations		-		-		1,100		1,104

	Non-U.S. Plans
	2016				2015
(In thousands)	Benefit Obligation		Plan Assets		Benefit Obligation		Plan Assets
Plans with projected benefit obligations in excess of plan assets	$	141,627	$	119,730	$	141,149	$	124,920
Plans with accumulated benefit obligations in excess of plan assets		46,464		31,868		47,242		33,083
Plans with assets in excess of projected benefit obligations		45,437		49,734		50,237		51,517
Plans with assets in excess of accumulated benefit obligations		128,930		137,596		132,756		143,354

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, 2016 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, 2017:

(In thousands)	U.S. Plans			Non-U.S. Plans
Net actuarial loss	$	(20,804	)	$	(2,292	)
Prior service (cost) credit	$	(217	)	$	2

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			Actual Asset Allocation
(Dollars in millions)	as of May 31, 2016			2016		2015
Equity securities		55	%	$	234.7	$	223.2
Fixed income securities		25	%		72.1		95.9
Cash					7.1		8.0
Other		20	%		0.3		0.3
Total assets		100	%	$	314.2	$	327.4

	Non-U.S. Plans
	Target Allocation			Actual Asset Allocation
(Dollars in millions)	as of May 31, 2016			2016		2015
Equity securities		43	%	$	71.7	$	75.7
Fixed income securities		38	%		67.4		68.9
Cash							0.4
Property and other		19	%		30.4		31.4
Total assets		100	%	$	169.5	$	176.4

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, 2016 and 2015:

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, 2016
U.S. Treasury and other government	$	-	$	9,533	$	-	$	9,533
State and municipal bonds				532				532
Foreign bonds				1,095				1,095
Mortgage-backed securities				12,289				12,289
Corporate bonds				21,035				21,035
Stocks - large cap		28,686						28,686
Stocks - mid cap		12,350						12,350
Stocks - small cap		24,361						24,361
Stocks - international		3,538						3,538
Mutual funds - equity				165,784				165,784
Mutual funds - fixed				27,611				27,611
Cash and cash equivalents		7,108						7,108
Limited partnerships						294		294
Total	$	76,043	$	237,879	$	294	$	314,216

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, 2016
Pooled equities	$	-	$	70,452	$	-	$	70,452
Pooled fixed income				67,144				67,144
Foreign bonds				231				231
Insurance contracts						30,379		30,379
Mutual funds				1,214				1,214
Cash and cash equivalents		44						44
Total	$	44	$	139,041	$	30,379	$	169,464

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

Activity that Occurred for Level Three Assets

The following table includes the activity that occurred during the years ended May 31, 2016 and 2015 for our Level 3 assets:

			Actual Return on Plan Assets For:
	Balance at		Assets Still Held		Assets Sold		Purchases, Sales and			Balance at
(In thousands)	Beginning of Period		at Reporting Date		During Year		Settlements, net ⁽¹⁾			End of Period
Year ended May 31, 2016	$	31,669		191		9		(1,196	)	$	30,673
Year ended May 31, 2015		29,568		7,659		888		(6,446	)		31,669

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