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Postretirement Benefits (Tables) | 12 Months Ended
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May 31, 2013
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, 2013:
|  | U.S. Plans |  |  | Non-U.S. Plans |
(In thousands) |  | 2013 |  |  | 2012 |  |  | 2011 |  |  | 2013 |  |  | 2012 |  |  | 2011 |
Service cost—Benefits earned during the period |  | $ | — |  |  | $ | — |  |  | $ | 5 |  |  | $ | 1,185 |  |  | $ | 745 |  |  | $ | 736 |
Interest cost on the accumulated obligation |  |  | 349 |  |  |  | 416 |  |  |  | 439 |  |  |  | 1,188 |  |  |  | 968 |  |  |  | 925 |
Amortization of: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Prior service cost |  |  | (86 | ) |  |  | (86 | ) |  |  | (86 | ) |  |  |  |  |  |  |  |  |  |  |  |
Unrecognized losses |  |  | 16 |  |  |  | (58 | ) |  |  | (191 | ) |  |  | 470 |  |  |  | 72 |  |  |  | 89 |
Net Periodic Postretirement Expense |  | $ | 279 |  |  | $ | 272 |  |  | $ | 167 |  |  | $ | 2,843 |  |  | $ | 1,785 |  |  | $ | 1,750 |
Amounts Recognized in Consolidated Balance Sheet | Amounts recognized in the Consolidated Balance Sheets for the years ended May 31, 2013 and 2012 are as follows:
|  | U.S. Plans |  |  | Non-U.S. Plans |
(In thousands) |  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |
Current liabilities |  | $ | (642 | ) |  | $ | (714 | ) |  | $ | (486 | ) |  | $ | (428 | )
Noncurrent liabilities |  |  | (7,872 | ) |  |  | (8,963 | ) |  |  | (27,929 | ) |  |  | (24,089 | )
Net Amount Recognized |  | $ | (8,514 | ) |  | $ | (9,677 | ) |  | $ | (28,415 | ) |  | $ | (24,517 | )
Pretax Net Actuarial Loss, Prior Service (Costs) and Transition Assets/(Obligations) 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) |  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |
Net actuarial gain (loss) |  | $ | 996 |  |  | $ | (35 | ) |  | $ | (10,950 | ) |  | $ | (9,441 | )
Prior service credits |  |  | 516 |  |  |  | 603 |  |  |  |  |  |  |  |  |
Total recognized in accumulated other comprehensive income not affecting retained earnings |  | $ | 1,512 |  |  | $ | 568 |  |  | $ | (10,950 | ) |  | $ | (9,441 | )
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) |  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |
Changes in plan assets and benefit obligations recognized in other comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Prior service cost |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Net loss (gain) arising during the year |  |  | (1,014 | ) |  |  | 754 |  |  |  | 1,988 |  |  |  | 6,979 |
Effect of exchange rates on amounts included in AOCI |  |  |  |  |  |  |  |  |  |  | (9 | ) |  |  | (409 | )
Amounts recognized as a component of net periodic benefit cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization or curtailment recognition of prior service credit (cost) |  |  | 86 |  |  |  | 86 |  |  |  |  |  |  |  |  |
Amortization or settlement recognition of net gain (loss) |  |  | (16 | ) |  |  | 58 |  |  |  | (470 | ) |  |  | (72 | )
Total recognized in other comprehensive loss (income) |  | $ | (944 | ) |  | $ | 898 |  |  | $ | 1,509 |  |  | $ | 6,498 |
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 |  | 2013 |  | 2012 |  |  | 2013 |  |  | 2012 |
Discount rate |  | 3.95% |  |  | 3.75 | % |  |  | 4.50 | % |  |  | 4.75 | %
Current healthcare cost trend rate |  | 7.54% |  |  | 7.70 | % |  |  | 6.43 | % |  |  | 6.92 | %
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 |  | 2013 |  |  | 2012 |  |  | 2011 |  |  | 2013 |  |  | 2012 |  |  | 2011 |
Discount rate |  |  | 3.75 | % |  |  | 4.75 | % |  |  | 5.75 | % |  |  | 4.75 | % |  |  | 5.75 | % |  |  | 5.75 | %
Healthcare cost trend rate |  |  | 7.70 | % |  |  | 7.87 | % |  |  | 8.04 | % |  |  | 6.92 | % |  |  | 7.00 | % |  |  | 7.40 | %
Ultimate healthcare cost trend rate |  |  | 4.50 | % |  |  | 4.50 | % |  |  | 4.50 | % |  |  | 4.20 | % |  |  | 4.50 | % |  |  | 4.50 | %
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, 2013 and 2012 were as follows:
|  | U.S. Plans |  |  | Non-U.S. Plans |
(In thousands) |  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |
Accumulated postretirement benefit obligation at beginning of year |  | $ | 9,677 |  |  | $ | 9,103 |  |  | $ | 24,517 |  |  | $ | 17,557 |
Service cost |  |  |  |  |  |  |  |  |  |  | 1,185 |  |  |  | 745 |
Interest cost |  |  | 349 |  |  |  | 416 |  |  |  | 1,188 |  |  |  | 968 |
Benefit payments |  |  | (572 | ) |  |  | (665 | ) |  |  | (441 | ) |  |  | (369 | )
Medicare subsidy received |  |  | 74 |  |  |  | 69 |  |  |  |  |  |  |  |  |
Actuarial (gains) losses |  |  | (1,014 | ) |  |  | 754 |  |  |  | 1,988 |  |  |  | 6,979 |
Currency exchange rate changes |  |  |  |  |  |  |  |  |  |  | (22 | ) |  |  | (1,363 | )
Accumulated and accrued postretirement benefit obligation at end of year |  | $ | 8,514 |  |  | $ | 9,677 |  |  | $ | 28,415 |  |  | $ | 24,517 |
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, 2013 and 2012:
|  | U.S. Plans |  |  | Non-U.S. Plans |
(In thousands) |  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |
1% Increase in trend rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accumulated Benefit Obligation |  | $ | 296 |  |  | $ | 390 |  |  | $ | 9,080 |  |  | $ | 3,920 |
Postretirement Cost |  |  | 15 |  |  |  | 21 |  |  |  | 647 |  |  |  | 473 |
1% Decrease in trend rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accumulated Benefit Obligation |  | $ | (265 | ) |  | $ | (348 | ) |  | $ | (3,802 | ) |  | $ | (5,176 | )
Postretirement Cost |  |  | (13 | ) |  |  | (19 | ) |  |  | (481 | ) |  |  | (351 | )
Pension Plans, Defined Benefit |
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) |  | 2013 |  |  | 2012 |  |  | 2011 |  |  | 2013 |  |  | 2012 |  |  | 2011 |
Service cost |  | $ | 25,950 |  |  | $ | 19,906 |  |  | $ | 16,957 |  |  | $ | 4,337 |  |  | $ | 3,731 |  |  | $ | 3,535 |
Interest cost |  |  | 16,240 |  |  |  | 15,307 |  |  |  | 13,738 |  |  |  | 7,246 |  |  |  | 8,076 |  |  |  | 7,622 |
Expected return on plan assets |  |  | (17,431 | ) |  |  | (17,416 | ) |  |  | (12,558 | ) |  |  | (7,715 | ) |  |  | (7,867 | ) |  |  | (7,057 | )
Amortization of: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Prior service cost |  |  | 348 |  |  |  | 352 |  |  |  | 358 |  |  |  | 7 |  |  |  | 10 |  |  |  | 12 |
Net actuarial losses recognized |  |  | 16,888 |  |  |  | 8,510 |  |  |  | 7,919 |  |  |  | 2,771 |  |  |  | 2,169 |  |  |  | 2,472 |
Curtailment/settlement (gains) losses |  |  | 72 |  |  |  | — |  |  |  | 83 |  |  |  | 234 |  |  |  | — |  |  |  | (26 | )
Net Pension Cost |  | $ | 42,067 |  |  | $ | 26,659 |  |  | $ | 26,497 |  |  | $ | 6,880 |  |  | $ | 6,119 |  |  | $ | 6,558 |
Amounts Recognized in Consolidated Balance Sheet | Amounts recognized in the Consolidated Balance Sheets for the years ended May 31, 2013 and 2012 are as follows:
|  | U.S. Plans |  |  | Non-U.S. Plans |
(In thousands) |  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |
Noncurrent assets |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 42 |
Current liabilities |  |  | (43 | ) |  |  | (43 | ) |  |  | (436 | ) |  |  | (492 | )
Noncurrent liabilities |  |  | (160,683 | ) |  |  | (186,762 | ) |  |  | (30,501 | ) |  |  | (37,570 | )
Net Amount Recognized |  | $ | (160,726 | ) |  | $ | (186,805 | ) |  | $ | (30,937 | ) |  | $ | (38,020 | )
Pretax Net Actuarial Loss, Prior Service (Costs) and Transition Assets/(Obligations) Recognized in Accumulated Other Comprehensive Income (Loss) not Affecting Retained Earnings | The following table presents the pretax net actuarial loss, prior service (costs) and transition assets/(obligations) recognized in accumulated other comprehensive income (loss) not affecting retained earnings:
|  | U.S. Plans |  |  | Non-U.S. Plans |
(In thousands) |  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |
Net actuarial loss |  | $ | (161,835 | ) |  | $ | (205,086 | ) |  | $ | (57,882 | ) |  | $ | (62,750 | )
Prior service (costs) |  |  | (1,331 | ) |  |  | (1,679 | ) |  |  | (51 | ) |  |  | (93 | )
Total recognized in accumulated other comprehensive income not affecting retained earnings |  | $ | (163,166 | ) |  | $ | (206,765 | ) |  | $ | (57,933 | ) |  | $ | (62,843 | )
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) |  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |
Changes in plan assets and benefit obligations recognized in other comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Prior service cost |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Net loss (gain) arising during the year |  |  | (26,291 | ) |  |  | 106,459 |  |  |  | (2,197 | ) |  |  | 24,441 |
Effect of exchange rates on amounts included in AOCI |  |  |  |  |  |  |  |  |  |  | 300 |  |  |  | (3,852 | )
Amounts recognized as a component of net periodic benefit cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization or curtailment recognition of prior service credit (cost) |  |  | (348 | ) |  |  | (352 | ) |  |  | (48 | ) |  |  | (10 | )
Amortization or settlement recognition of net gain (loss) |  |  | (16,960 | ) |  |  | (8,510 | ) |  |  | (2,966 | ) |  |  | (2,169 | )
Total recognized in other comprehensive loss (income) |  | $ | (43,599 | ) |  | $ | 97,597 |  |  | $ | (4,911 | ) |  | $ | 18,410 |
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 |  | 2013 |  |  | 2012 |  |  |  |  |  | 2013 |  |  | 2012 |  |  |  |
Discount rate |  |  | 4.45 | % |  |  | 4.25 | % |  |  |  |  |  |  | 3.95 | % |  |  | 4.19 | % |  |  |  |
Rate of compensation increase |  |  | 3.14 | % |  |  | 3.15 | % |  |  |  |  |  |  | 3.32 | % |  |  | 3.76 | % |  |  |  |
|  | U.S. Plans |  |  | Non-U.S. Plans |
Net Periodic Pension Cost |  | 2013 |  |  | 2012 |  |  | 2011 |  |  | 2013 |  |  | 2012 |  |  | 2011 |
Discount rate |  |  | 4.25 | % |  |  | 5.25 | % |  |  | 5.75 | % |  |  | 4.19 | % |  |  | 5.14 | % |  |  | 5.26 | %
Expected return on plan assets |  |  | 8.50 | % |  |  | 8.50 | % |  |  | 8.75 | % |  |  | 5.32 | % |  |  | 5.63 | % |  |  | 5.75 | %
Rate of compensation increase |  |  | 3.15 | % |  |  | 3.15 | % |  |  | 3.28 | % |  |  | 3.76 | % |  |  | 3.83 | % |  |  | 3.81 | %

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- Definition Tabular disclosure of the amounts that are recognized in the balance sheet (or statement of financial position) for pension plans and/or other employee benefit plans, showing separately the assets and current and noncurrent liabilities (if applicable) recognized. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e1928-114920 + Details
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