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Pension Plans (Tables) - Pension Plan, Defined Benefit | 12 Months Ended
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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.

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