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

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