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Retirement Benefits and Postemployment Benefits (Tables)
 12 Months Ended
May 31, 2020
RETIREMENT BENEFITS AND POSTEMPLOYMENT BENEFITS [Abstract]  
Health Care Cost Trend Rates [Table Text Block]

 

Fiscal Year

 

 

2020

 

2019

Health care cost trend rate for next year

6.2% and 6.5%

 

6.4% and 6.7%

Rate to which the cost trend rate is assumed to decline (ultimate rate)

4.5

%

 

4.5

%

Year that the rate reaches the ultimate trend rate

2029

 

 

2029

 
Summarized Financial Information [Table Text Block]

 

 

Defined Benefit Pension Plans

 

 

Other Postretirement Benefit Plans

 

 

Postemployment Benefit Plans

 

 

Fiscal Year

 

 

Fiscal Year

 

 

Fiscal Year

In Millions

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

2020

 

 

2019

Change in Plan Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value at beginning of year

$

6,291.6

 

$

6,177.4

 

$

753.8

 

$

726.1

 

 

 

 

 

 

Actual return on assets

 

983.7

 

 

391.9

 

 

65.0

 

 

41.3

 

 

 

 

 

 

Employer contributions

 

32.9

 

 

30.4

 

 

0.1

 

 

0.1

 

 

 

 

 

 

Plan participant contributions

 

6.7

 

 

3.9

 

 

13.8

 

 

15.0

 

 

 

 

 

 

Benefits payments

 

(317.2)

 

 

(305.2)

 

 

(39.2)

 

 

(28.7)

 

 

 

 

 

 

Foreign currency

 

(4.5)

 

 

(6.8)

 

 

-

 

 

-

 

 

 

 

 

 

Fair value at end of year (a)

$

6,993.2

 

$

6,291.6

 

$

793.5

 

$

753.8

 

 

 

 

 

 

Change in Projected Benefit Obligation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefit obligation at beginning of year

$

6,750.7

 

$

6,416.0

 

$

824.1

 

$

871.8

 

$

128.0

 

$

126.7

Service cost

 

92.7

 

 

94.6

 

 

9.4

 

 

9.9

 

 

8.3

 

 

7.6

Interest cost

 

230.5

 

 

248.0

 

 

27.1

 

 

33.1

 

 

2.6

 

 

3.0

Plan amendment

 

1.2

 

 

-

 

 

-

 

 

-

 

 

-

 

 

1.7

Curtailment/other

 

(1.2)

 

 

(0.7)

 

 

-

 

 

-

 

 

-

 

 

-

Plan participant contributions

 

6.7

 

 

3.9

 

 

13.8

 

 

15.0

 

 

-

 

 

-

Medicare Part D reimbursements

 

-

 

 

-

 

 

2.7

 

 

2.5

 

 

-

 

 

-

Actuarial loss (gain)

 

881.8

 

 

301.8

 

 

(38.3)

 

 

(45.4)

 

 

17.7

 

 

2.6

Benefits payments

 

(317.7)

 

 

(305.8)

 

 

(63.5)

 

 

(62.2)

 

 

(6.2)

 

 

(13.2)

Foreign currency

 

(4.5)

 

 

(7.1)

 

 

(1.6)

 

 

(0.6)

 

 

(0.1)

 

 

(0.4)

Projected benefit obligation at end of year (a)

$

7,640.2

 

$

6,750.7

 

$

773.7

 

$

824.1

 

$

150.3

 

$

128.0

Plan assets less than benefit obligation as of fiscal year end

$

(647.0)

 

$

(459.1)

 

$

19.8

 

$

(70.3)

 

$

(150.3)

 

$

(128.0)

(a) Plan assets and obligations are measured as of May 31, 2020 and May 31, 2019.
Amounts Recognized in AOCI [Table Text Block]

 

Defined Benefit Pension Plans

 

Other Postretirement Benefit Plans

 

Postemployment Benefit Plans

 

Total

 

Fiscal Year

 

Fiscal Year

 

Fiscal Year

 

Fiscal Year

In Millions

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

2020

 

 

2019

Net actuarial (loss) gain

$

(2,136.6)

 

$

(1,961.6)

 

$

129.5

 

$

81.0

 

$

(15.4)

 

$

0.1

 

$

(2,022.5)

 

$

(1,880.5)

Prior service (costs) credits

 

(6.0)

 

 

(5.9)

 

 

21.0

 

 

26.3

 

 

(5.3)

 

 

(6.0)

 

 

9.7

 

 

14.4

Amounts recorded in accumulated other comprehensive loss

$

(2,142.6)

 

$

(1,967.5)

 

$

150.5

 

$

107.3

 

$

(20.7)

 

$

(5.9)

 

$

(2,012.8)

 

$

(1,866.1)
Accumulated Benefit Obligations in Excess of Plan Assets [Table Text Block]

 

 

 

Defined Benefit Pension Plans

 

 

 

 

Fiscal Year

 

In Millions

 

 

2020

 

 

2019

 

Projected benefit obligation

 

$

3,512.9

 

$

589.7

 

Accumulated benefit obligation

 

 

3,200.1

 

 

552.2

 

Plan assets at fair value

 

 

2,569.9

 

 

14.4

 
Components of Net Periodic Benefit Expense [Table Text Block]

 

Defined Benefit Pension Plans

 

Other Postretirement Benefit Plans

 

Postemployment Benefit Plans

 

Fiscal Year

 

 

Fiscal Year

 

 

Fiscal Year

In Millions

 

2020

 

2019

 

2018

 

 

2020

 

2019

 

2018

 

 

2020

 

2019

 

2018

Service cost

$

92.7

$

94.6

$

102.9

 

$

9.4

$

9.9

$

11.6

 

$

8.3

$

7.6

$

8.6

Interest cost

 

230.5

 

248.0

 

217.9

 

 

27.1

 

33.1

 

30.1

 

 

2.6

 

3.0

 

2.3

Expected return on plan assets

 

(449.9)

 

(445.8)

 

(480.2)

 

 

(42.1)

 

(40.4)

 

(52.2)

 

 

-

 

-

 

-

Amortization of losses (gains)

 

106.0

 

109.8

 

177.0

 

 

(2.1)

 

0.6

 

0.8

 

 

0.4

 

0.1

 

0.8

Amortization of prior service costs (credits)

 

1.6

 

1.5

 

1.9

 

 

(5.5)

 

(5.5)

 

(5.4)

 

 

0.9

 

0.7

 

0.6

Other adjustments

 

-

 

-

 

-

 

 

-

 

-

 

-

 

 

17.7

 

6.7

 

6.7

Settlement or curtailment losses

 

-

 

0.3

 

-

 

 

-

 

-

 

-

 

 

-

 

-

 

-

Net (income) expense

$

(19.1)

$

8.4

$

19.5

 

$

(13.2)

$

(2.3)

$

(15.1)

 

$

29.9

$

18.1

$

19.0
Weighted-Average Assumptions [Table Text Block] Weighted-average assumptions used to determine fiscal year-end benefit obligations are as follows:

 

Defined Benefit Pension Plans

 

Other Postretirement Benefit Plans

 

Postemployment Benefit Plans

 

Fiscal Year

 

Fiscal Year

 

Fiscal Year

 

2020

 

2019

 

 

2020

 

2019

 

 

2020

 

2019

 

Discount rate

3.20

%

3.91

%

 

3.02

%

3.79

%

 

1.85

%

3.10

%

Rate of salary increases

4.44

 

4.17

 

 

-

 

-

 

 

4.51

 

4.47

 

Weighted-average assumptions used to determine fiscal year net periodic benefit expense are as follows:

 

Defined Benefit Pension Plans

 

 

Other Postretirement Benefit Plans

 

Postemployment Benefit Plans

 

Fiscal Year

 

 

Fiscal Year

 

Fiscal Year

 

2020

 

2019

 

2018

 

 

2020

 

2019

 

2018

 

 

2020

 

2019

 

2018

 

Discount rate

3.91

%

4.20

%

4.08

%

 

3.79

%

4.17

%

3.92

%

 

3.10

%

3.60

%

2.87

%

Service cost effective rate

4.19

 

4.34

 

4.37

 

 

4.04

 

4.27

 

4.27

 

 

3.51

 

3.99

 

3.54

 

Interest cost effective rate

3.47

 

3.92

 

3.45

 

 

3.28

 

3.80

 

3.24

 

 

2.84

 

3.37

 

2.67

 

Rate of salary increases

4.17

 

4.27

 

4.25

 

 

-

 

-

 

-

 

 

4.47

 

4.44

 

4.46

 

Expected long-term rate of return on plan assets

6.95

 

7.25

 

7.88

 

 

5.67

 

5.67

 

7.59

 

 

-

 

-

 

-

 

 

 

 

 

 

 

 

 

 
Schedule of Allocation of Plan Assets, Including Fair Value Hierarchy Levels and Weighted-Average Target Asset Allocations [Table Text Block] The fair values of our pension and postretirement benefit plans’ assets and their respective levels in the fair value hierarchy by asset category were as follows:

 

Fiscal Year 2020

 

Fiscal Year 2019

In Millions

 

Level 1

 

Level 2

 

Level 3

 

Total

Assets

 

 

Level 1

 

Level 2

 

Level 3

 

Total

Assets

Fair value measurement of pension plan assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity (a)

$

1,039.6

$

777.7

$

-

$

1,817.3

 

$

1,226.2

$

664.6

$

-

$

1,890.8

Fixed income (b)

 

1,833.3

 

1,667.4

 

-

 

3,500.7

 

 

1,635.5

 

1,144.9

 

-

 

2,780.4

Real asset investments (c)

 

223.4

 

0.1

 

-

 

223.5

 

 

179.4

 

59.9

 

-

 

239.3

Other investments (d)

 

-

 

-

 

0.2

 

0.2

 

 

-

 

-

 

0.3

 

0.3

Cash and accruals

 

180.3

 

-

 

-

 

180.3

 

 

186.5

 

-

 

-

 

186.5

Fair value measurement of pension plan assets

$

3,276.6

$

2,445.2

$

0.2

$

5,722.0

 

$

3,227.6

$

1,869.4

$

0.3

$

5,097.3

Assets measured at net asset value (e)

 

 

 

 

 

 

 

1,271.2

 

 

 

 

 

 

 

 

1,194.3

Total pension plan assets (f)

 

 

 

 

 

 

$

6,993.2

 

 

 

 

 

 

 

$

6,291.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value measurement of postretirement benefit plan assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity (a)

$

-

$

46.9

$

-

$

46.9

 

$

-

$

66.8

$

-

$

66.8

Fixed income (b)

 

157.5

 

268.4

 

-

 

425.9

 

 

139.7

 

241.4

 

-

 

381.1

Real asset investments (c)

 

0.1

 

-

 

-

 

0.1

 

 

0.3

 

-

 

-

 

0.3

Cash and accruals

 

16.7

 

-

 

-

 

16.7

 

 

11.1

 

-

 

-

 

11.1

Fair value measurement of postretirement benefit plan assets

$

174.3

$

315.3

$

-

$

489.6

 

$

151.1

$

308.2

$

-

$

459.3

Assets measured at net asset value (e)

 

 

 

 

 

 

 

303.9

 

 

 

 

 

 

 

 

294.5

Total postretirement benefit plan assets (f)

 

 

 

 

 

 

$

793.5

 

 

 

 

 

 

 

$

753.8

Primarily publicly traded common stock for purposes of total return and to maintain equity exposure consistent with policy allocations. Investments include: United States and international equity securities, mutual funds, and equity futures valued at closing prices from national exchanges, and commingled funds valued at unit values provided by the investment managers, which are based on the fair value of the underlying investments.Primarily government and corporate debt securities and futures for purposes of total return, managing fixed income exposure to policy allocations, and duration targets. Investments include: fixed income securities and bond futures generally valued at closing prices from national exchanges, fixed income pricing models, and independent financial analysts; and fixed income commingled funds valued at unit values provided by the investment managers, which are based on the fair value of the underlying investments. Publicly traded common stocks in energy, real estate, and infrastructure for the purpose of total return. Investments include: energy, real estate, and infrastructure securities generally valued at closing prices from national exchanges, and commingled funds valued at unit values provided by the investment managers, which are based on the fair value of the underlying investments.Insurance and annuity contracts to provide a stable stream of income for pension retirees. Fair values are based on the fair value of the underlying investments and contract fair values established by the providers.Primarily private investments and common collective trusts that are measured at fair value using the net asset value per share (or its equivalent) practical expedient and have not been classified in the fair value hierarchy.Plan assets and obligations are measured as of May 31, 2020 and May 31, 2019.

There were no material changes in our level 3 investments in fiscal 2020 and fiscal 2019.

Weighted-average asset allocations for our defined benefit pension and other postretirement benefit plans are as follows:

 

Defined Benefit Pension Plans

 

 

Other Postretirement Benefit Plans

 

Fiscal Year

 

 

Fiscal Year

 

2020

 

2019

 

 

2020

 

2019

 

Asset category:

 

 

 

 

 

 

 

 

 

United States equities

19.7

%

20.3

%

 

18.1

%

19.1

%

International equities

11.0

 

12.5

 

 

9.8

 

11.2

 

Private equities

6.2

 

8.1

 

 

4.4

 

4.9

 

Fixed income

52.8

 

46.7

 

 

64.8

 

61.3

 

Real assets

10.3

 

12.4

 

 

2.9

 

3.5

 

Total

100.0

%

100.0

%

 

100.0

%

100.0

%
Estimated Benefit Payments [Table Text Block]

In Millions

 

 

Defined Benefit Pension Plans

 

 

Other Postretirement Benefit Plans Gross Payments

 

 

Medicare Subsidy Receipts

 

 

Postemployment Benefit Plans

Fiscal 2021

 

$

325.4

 

$

43.5

 

$

3.4

 

$

24.5

Fiscal 2022

 

 

331.8

 

 

44.5

 

 

3.7

 

 

19.6

Fiscal 2023

 

 

338.6

 

 

45.6

 

 

3.5

 

 

18.1

Fiscal 2024

 

 

345.9

 

 

46.7

 

 

2.8

 

 

16.8

Fiscal 2025

 

 

354.5

 

 

48.0

 

 

2.9

 

 

15.6

Fiscal 2026-2030

 

 

1,899.7

 

 

247.0

 

 

14.4

 

 

63.6