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Postretirement Benefits (Tables) | 12 Months Ended
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May 31, 2016
Pension Plan, 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) |  | 2016 |  | 2015 |  | 2014 |  |  | 2016 |  | 2015 |  | 2014 |
Service cost |  | $ | 32,808 |  | $ | 30,359 |  | $ | 27,056 |  |  | $ | 4,061 |  | $ | 4,611 |  | $ | 4,375 |
Interest cost |  |  | 17,995 |  |  | 20,119 |  |  | 18,039 |  |  |  | 5,070 |  |  | 7,184 |  |  | 7,382 |
Expected return on plan assets |  |  | (25,749 | ) |  | (24,308 | ) |  | (20,761 | ) |  |  | (7,571 | ) |  | (8,611 | ) |  | (8,411 | )
Amortization of: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Prior service cost |  |  | 234 |  |  | 294 |  |  | 334 |  |  |  | (2 | ) |  | 39 |  |  | 19 |
Net actuarial losses recognized |  |  | 16,759 |  |  | 13,890 |  |  | 13,222 |  |  |  | 1,739 |  |  | 2,004 |  |  | 2,448 |
Curtailment/settlement (gains) losses |  |  | 87 |  |  |  |  |  |  |  |  |  | 57 |  |  |  |  |  | 44 |
Net Pension Cost |  | $ | 42,134 |  | $ | 40,354 |  | $ | 37,890 |  |  | $ | 3,354 |  | $ | 5,227 |  | $ | 5,857 |
Amounts Recognized in Consolidated Balance Sheet | Amounts recognized in the Consolidated Balance Sheets for the years ended May 31, 2016 and 2015 are as follows:
|  | U.S. Plans |  |  | Non-U.S. Plans |
(In thousands) |  | 2016 |  | 2015 |  |  | 2016 |  | 2015 |
Noncurrent assets |  | $ | - |  | $ | 5 |  |  | $ | 4,297 |  | $ | 1,280 |
Current liabilities |  |  | (15 | ) |  | (15 | ) |  |  | (468 | ) |  | (402 | )
Noncurrent liabilities |  |  | (274,815 | ) |  | (210,028 | ) |  |  | (21,429 | ) |  | (15,827 | )
Net Amount Recognized |  | $ | (274,830 | ) | $ | (210,038 | ) |  | $ | (17,600 | ) | $ | (14,949 | )
Pretax Net Actuarial Loss and Prior Service (Costs) Recognized in Accumulated Other Comprehensive Income (Loss) not Affecting Retained Earnings | The following table presents the pretax net actuarial loss and prior service (costs) recognized in accumulated other comprehensive income (loss) not affecting retained earnings:
|  | U.S. Plans |  |  | Non-U.S. Plans |
(In thousands) |  | 2016 |  | 2015 |  |  | 2016 |  | 2015 |
Net actuarial loss |  | $ | (271,456 | ) | $ | (212,828 | ) |  | $ | (43,272 | ) | $ | (39,307 | )
Prior service (costs) |  |  | (469 | ) |  | (703 | ) |  |  | 9 |  |  | (357 | )
Total recognized in accumulated other comprehensive |  |  |  |  |  |  |  |  |  |  |  |  |  |
income not affecting retained earnings |  | $ | (271,925 | ) | $ | (213,531 | ) |  | $ | (43,263 | ) | $ | (39,664 | )
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) |  | 2016 |  | 2015 |  |  | 2016 |  | 2015 |
Changes in plan assets and benefit obligations recognized in other comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Prior service cost |  | $ | - |  | $ | - |  |  | $ | (349 | ) | $ | - |
|  | Net loss (gain) arising during the year |  |  | 75,474 |  |  | 41,398 |  |  |  | 7,731 |  |  | (5,518 | )
|  | Effect of exchange rates on amounts included in AOCI |  |  |  |  |  |  |  |  |  | (1,953 | ) |  | (5,771 | )
Amounts recognized as a component of net periodic benefit cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Amortization or curtailment recognition of prior service (cost) |  |  | (234 | ) |  | (294 | ) |  |  | (7 | ) |  | (39 | )
|  | Amortization or settlement recognition of net (loss) |  |  | (16,846 | ) |  | (13,890 | ) |  |  | (1,823 | ) |  | (2,004 | )
|  | Total recognized in other comprehensive loss (income) |  | $ | 58,394 |  | $ | 27,214 |  |  | $ | 3,599 |  | $ | (13,332 | )
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 |  | 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |
Discount rate |  |  | 3.85 | % |  |  | 4.25 | % |  |  | 3.13 | % |  |  | 3.26 | %
Rate of compensation increase |  |  | 3.80 | % |  |  | 3.80 | % |  |  | 2.81 | % |  |  | 2.81 | %
|  | U.S. Plans |  |  | Non-U.S. Plans |
Net Periodic Pension Cost |  | 2016 |  |  | 2015 |  |  | 2014 |  |  | 2016 |  |  | 2015 |  |  | 2014 |
Discount rate |  |  | 4.25 | % |  |  | 4.30 | % |  |  | 4.45 | % |  |  | 3.26 | % |  |  | 3.82 | % |  |  | 3.95 | %
Expected return on plan assets |  |  | 7.90 | % |  |  | 8.25 | % |  |  | 8.50 | % |  |  | 4.49 | % |  |  | 5.18 | % |  |  | 5.37 | %
Rate of compensation increase |  |  | 3.80 | % |  |  | 3.81 | % |  |  | 3.14 | % |  |  | 2.81 | % |  |  | 3.30 | % |  |  | 3.32 | %
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, 2016:
|  | U.S. Plans |  |  | Non-U.S. Plans |
(In thousands) |  | 2016 |  | 2015 |  | 2014 |  |  | 2016 |  | 2015 |  | 2014 |
Service cost - Benefits earned during the period |  | $ | - |  | $ | - |  | $ | - |  |  | $ | 1,061 |  | $ | 1,173 |  | $ | 1,264 |
Interest cost on the accumulated obligation |  |  | 235 |  |  | 263 |  |  | 297 |  |  |  | 832 |  |  | 1,155 |  |  | 1,225 |
Amortization of: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Prior service (credit) |  |  | (247 | ) |  | (247 | ) |  | (153 | ) |  |  |  |  |  |  |  |  |  |
Net actuarial (gains) losses |  |  |  |  |  | (136 | ) |  | (144 | ) |  |  | 229 |  |  | 391 |  |  | 516 |
Net Periodic Postretirement (Benefit) Expense |  | $ | (12 | ) | $ | (120 | ) | $ | - |  |  | $ | 2,122 |  | $ | 2,719 |  | $ | 3,005 |
Amounts Recognized in Consolidated Balance Sheet | Amounts recognized in the Consolidated Balance Sheets for the years ended May 31, 2016 and 2015 are as follows:
|  | U.S. Plans |  |  | Non-U.S. Plans |
(In thousands) |  | 2016 |  | 2015 |  |  | 2016 |  | 2015 |
Current liabilities |  | $ | (455 | ) | $ | (430 | ) |  | $ | (482 | ) | $ | (454 | )
Noncurrent liabilities |  |  | (7,198 | ) |  | (7,210 | ) |  |  | (24,938 | ) |  | (24,192 | )
Net Amount Recognized |  | $ | (7,653 | ) | $ | (7,640 | ) |  | $ | (25,420 | ) | $ | (24,646 | )
Pretax Net Actuarial Loss and Prior Service (Costs) 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) |  | 2016 |  | 2015 |  |  | 2016 |  | 2015 |
Net actuarial gain (loss) |  | $ | 94 |  | $ | 124 |  |  | $ | (5,986 | ) | $ | (5,968 | )
Prior service credits |  |  | 1,341 |  |  | 1,587 |  |  |  |  |  |  |  |
Total recognized in accumulated other comprehensive income not affecting retained earnings |  | $ | 1,435 |  | $ | 1,711 |  |  | $ | (5,986 | ) | $ | (5,968 | )
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) |  | 2016 |  | 2015 |  |  | 2016 |  | 2015 |
Changes in plan assets and benefit obligations recognized in other comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Prior service cost |  | $ | - |  | $ | - |  |  | $ | - |  | $ | - |
Net loss (gain) arising during the year |  |  | 29 |  |  | 820 |  |  |  | 536 |  |  | (1,751 | )
Effect of exchange rates on amounts included in AOCI |  |  |  |  |  |  |  |  |  | (290 | ) |  | (1,026 | )
Amounts recognized as a component of net periodic benefit cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization or curtailment recognition of prior service credit (cost) |  |  | 247 |  |  | 247 |  |  |  |  |  |  |  |
Amortization or settlement recognition of net gain (loss) |  |  | - |  |  | 136 |  |  |  | (229 | ) |  | (391 | )
Total recognized in other comprehensive loss (income) |  | $ | 276 |  | $ | 1,203 |  |  | $ | 17 |  | $ | (3,168 | )
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 |  | 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |  |  |  |  |  |  |  |  |
Discount rate |  |  | 3.76 | % |  |  | 3.95 | % |  |  | 3.92 | % |  |  | 4.00 | % |  |  |  |  |  |  |  |
Current healthcare cost trend rate |  |  | 10.37 | % |  |  | 11.34 | % |  |  | 5.98 | % |  |  | 6.06 | % |  |  |  |  |  |  |  |
Ultimate healthcare cost trend rate |  |  | 4.36 | % |  |  | 4.50 | % |  |  | 4.20 | % |  |  | 4.20 | % |  |  |  |  |  |  |  |
Year ultimate healthcare cost trend rate will be realized |  |  | 2037 |  |  |  | 2029 |  |  |  | 2030 |  |  |  | 2030 |  |  |  |  |  |  |  |  |
|  | U.S. Plans |  |  | Non-U.S. Plans |
Net Periodic Postretirement Cost |  | 2016 |  |  | 2015 |  |  | 2014 |  |  | 2016 |  |  | 2015 |  |  | 2014 |
Discount rate |  |  | 3.95 | % |  |  | 4.00 | % |  |  | 3.95 | % |  |  | 4.00 | % |  |  | 4.40 | % |  |  | 4.50 | %
Healthcare cost trend rate |  |  | 11.34 | % |  |  | 12.28 | % |  |  | 7.54 | % |  |  | 6.06 | % |  |  | 6.31 | % |  |  | 6.43 | %
Ultimate healthcare cost trend rate |  |  | 4.50 | % |  |  | 4.50 | % |  |  | 4.50 | % |  |  | 4.20 | % |  |  | 4.20 | % |  |  | 4.20 | %
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, 2016 and 2015 were as follows:
|  | U.S. Plans |  |  | Non-U.S. Plans |
(In thousands) |  | 2016 |  | 2015 |  |  | 2016 |  | 2015 |
Accumulated postretirement benefit obligation at beginning of year |  | $ | 7,640 |  | $ | 6,787 |  |  | $ | 24,646 |  | $ | 28,255 |
Service cost |  |  |  |  |  |  |  |  |  | 1,061 |  |  | 1,173 |
Interest cost |  |  | 235 |  |  | 263 |  |  |  | 832 |  |  | 1,155 |
Benefit payments |  |  | (251 | ) |  | (230 | ) |  |  | (464 | ) |  | (536 | )
Actuarial (gains) losses |  |  | 29 |  |  | 820 |  |  |  | 536 |  |  | (1,751 | )
Currency exchange rate changes |  |  |  |  |  |  |  |  |  | (1,191 | ) |  | (3,650 | )
Accumulated and accrued postretirement benefit obligation at end of year |  | $ | 7,653 |  | $ | 7,640 |  |  | $ | 25,420 |  | $ | 24,646 |
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, 2016 and 2015:
|  | U.S. Plans |  |  | Non-U.S. Plans |
(In thousands) |  | 2016 |  | 2015 |  |  | 2016 |  | 2015 |
1% Increase in trend rate |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accumulated Benefit Obligation |  | $ | 313 |  | $ | 334 |  |  | $ | 5,552 |  | $ | 6,430 |
Postretirement Cost |  |  | 11 |  |  | 10 |  |  |  | 504 |  |  | 675 |
1% Decrease in trend rate |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accumulated Benefit Obligation |  | $ | (272 | ) | $ | (290 | ) |  | $ | (4,289 | ) | $ | (3,295 | )
Postretirement Cost |  |  | (9 | ) |  | (8 | ) |  |  | (383 | ) |  | (499 | )

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