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Employee Benefit Plans (Tables) | 12 Months Ended
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May 31, 2014
Compensation and Retirement Disclosure [Abstract] |
Schedule of Funded Status and Amounts Recognized in the Balance Sheet | The following table presents, for the fiscal years noted, a summary of the changes in the projected benefit obligation, plan assets and funded status of the company's domestic and international pension plans and post-retirement plan:
| Pension Benefits |  | Post-Retirement Benefits
| 2014 |  | 2013 |  | 2014 |  | 2013
(In millions) | Domestic |  | International |  | Domestic |  | International |  |  |  |
Change in benefit obligation: |  |  |  |  |  |  |  |  |  |  |
Benefit obligation at beginning of year | $ | 314.7 |  |  | $ | 91.2 |  |  | $ | 332.7 |  |  | $ | 86.1 |  |  | $ | 9.0 |  |  | $ | 9.8 |
Service cost | — |  |  | — |  |  | 1.9 |  |  | — |  |  | — |  |  | — |
Interest cost | 5.2 |  |  | 4.2 |  |  | 10.9 |  |  | 3.7 |  |  | 0.3 |  |  | 0.3 |
Curtailments | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Plan settlements | (331.1 | ) |  | — |  |  | (40.0 | ) |  | — |  |  | — |  |  | — |
Foreign exchange impact | — |  |  | 9.6 |  |  | — |  |  | (1.2 | ) |  | — |  |  | — |
Actuarial (gain)/loss | 16.8 |  |  | 2.3 |  |  | 15.6 |  |  | 4.5 |  |  | (1.0 | ) |  | (0.2 | )
Employee contributions | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Expenses paid | (0.4 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Benefits paid | (4.1 | ) |  | (1.9 | ) |  | (6.4 | ) |  | (1.9 | ) |  | (0.8 | ) |  | (0.9 | )
Benefit obligation at end of year | $ | 1.1 |  |  | $ | 105.4 |  |  | $ | 314.7 |  |  | $ | 91.2 |  |  | $ | 7.5 |  |  | $ | 9.0 |
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | $ | 290.0 |  |  | $ | 84.2 |  |  | $ | 316.9 |  |  | $ | 72.6 |  |  | $ | — |  |  | $ | — |
Actual return on plan assets | (2.3 | ) |  | 2.4 |  |  | 19.5 |  |  | 11.1 |  |  | — |  |  | — |
Foreign exchange impact | — |  |  | 8.6 |  |  | — |  |  | (1.2 | ) |  | — |  |  | — |
Employer contributions | 48.8 |  |  | 1.5 |  |  | — |  |  | 3.6 |  |  | 0.8 |  |  | 0.9 |
Employee contributions | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Plan settlements | (331.1 | ) |  | — |  |  | (40.0 | ) |  | — |  |  | — |  |  | — |
Expenses paid | (0.4 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Benefits paid | (4.1 | ) |  | (1.9 | ) |  | (6.4 | ) |  | (1.9 | ) |  | (0.8 | ) |  | (0.9 | )
Transfers out to 401(k) plan | (0.9 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Fair value of plan assets at end of year | $ | — |  |  | $ | 94.8 |  |  | $ | 290.0 |  |  | $ | 84.2 |  |  | $ | — |  |  | $ | — |
Funded status: |  |  |  |  |  |  |  |  |  |  |
Under funded status at end of year | $ | (1.1 | ) |  | $ | (10.6 | ) |  | $ | (24.7 | ) |  | $ | (7.0 | ) |  | $ | (7.5 | ) |  | $ | (9.0 | )
Components of the amounts recognized in the Consolidated Balance Sheets: |  |  |  |
Current liabilities | $ | (0.1 | ) |  | $ | — |  |  | $ | (0.1 | ) |  | $ | — |  |  | $ | (0.9 | ) |  | $ | (1.0 | )
Non-current liabilities | $ | (1.0 | ) |  | $ | (10.6 | ) |  | $ | (24.6 | ) |  | $ | (7.0 | ) |  | $ | (6.6 | ) |  | $ | (8.0 | )
Components of the amounts recognized in accumulated other comprehensive loss before the effect of income taxes:
Unrecognized net actuarial loss | $ | 0.4 |  |  | $ | 34.3 |  |  | $ | 140.5 |  |  | $ | 27.9 |  |  | $ | 0.3 |  |  | $ | 1.3 |
Unrecognized prior service cost (credit) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Accumulated other comprehensive loss | $ | 0.4 |  |  | $ | 34.3 |  |  | $ | 140.5 |  |  | $ | 27.9 |  |  | $ | 0.3 |  |  | $ | 1.3 |
Schedule of Net Benefit Costs | The following table is a summary of the annual cost of the company's pension and post-retirement plans:
Components of Net Periodic Benefit Costs and Other Changes Recognized in Other Comprehensive Income:
| Pension Benefits |  | Post-Retirement Benefits
(In millions) | 2014 |  | 2013 |  | 2012 |  | 2014 |  | 2013 |  | 2012
Domestic: |  |  |  |  |  |  |  |  |  |  |
Service cost | $ | — |  |  | $ | 1.9 |  |  | $ | 7.0 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost | 5.2 |  |  | 10.9 |  |  | 14.4 |  |  | 0.3 |  |  | 0.3 |  |  | 0.4 |
Expected return on plan assets | (3.6 | ) |  | (12.1 | ) |  | (19.3 | ) |  | — |  |  | — |  |  | — |
Net amortization | 4.7 |  |  | 11.8 |  |  | 7.2 |  |  | — |  |  | 0.1 |  |  | 0.1 |
Curtailment (gain) | — |  |  | — |  |  | (1.7 | ) |  | — |  |  | — |  |  | — |
Settlement Loss | 158.2 |  |  | 18.8 |  |  | — |  |  | — |  |  | — |  |  | — |
Net periodic benefit cost | $ | 164.5 |  |  | $ | 31.3 |  |  | $ | 7.6 |  |  | $ | 0.3 |  |  | $ | 0.4 |  |  | $ | 0.5 |
International: |  |  |  |  |  |  |  |  |  |  |
Service cost | $ | — |  |  | $ | — |  |  | $ | 1.3 |  |  |  |  |  |  |
Interest cost | 4.2 |  |  | 3.7 |  |  | 3.9 |  |  |  |  |  |  |
Expected return on plan assets | (5.2 | ) |  | (4.9 | ) |  | (4.8 | ) |  |  |  |  |  |
Net amortization | 1.8 |  |  | 1.4 |  |  | 0.3 |  |  |  |  |  |  |
Net periodic benefit cost | $ | 0.8 |  |  | $ | 0.2 |  |  | $ | 0.7 |  |  |  |  |  |  |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Income):
| Pension Benefits |  | Post-Retirement Benefits
(In millions) | 2014 |  | 2013 |  | 2014 |  | 2013
Domestic: |  |  |  |  |  |  |
Net actuarial (gain) loss | $ | 22.9 |  |  | $ | 8.2 |  |  | $ | (1.0 | ) |  | $ | (0.3 | )
Net amortization, curtailment, and settlements | (163.0 | ) |  | (30.6 | ) |  | — |  |  | (0.1 | )
Total recognized in other comprehensive (income) loss | $ | (140.1 | ) |  | $ | (22.4 | ) |  | $ | (1.0 | ) |  | $ | (0.4 | )
International: |  |  |  |  |  |  |
Net actuarial (gain) loss | $ | 5.2 |  |  | $ | (1.7 | ) |  |  |  |
Effect of exchange rates on amounts included in accumulated other comprehensive income | 3.0 |  |  | (0.2 | ) |  |  |  |
Net amortization | (1.8 | ) |  | (1.4 | ) |  |  |  |
Total recognized in other comprehensive (income) loss | $ | 6.4 |  |  | $ | (3.3 | ) |  |  |  |
Schedule of Assumptions Used | The weighted-average actuarial assumptions used to determine the benefit obligation amounts and the net periodic benefit cost for the company's pension and post-retirement plans are as follows:
The weighted-average used in the determination of net periodic benefit cost:
| 2014 |  | 2013 |  | 2012
(Percentages) | Domestic |  | International |  | Domestic |  | International |  | Domestic |  | International
Discount rate | 3.43 |  | 4.40 |  | 3.34 |  | 4.20 |  | 4.75 |  | 5.40
Compensation increase rate | n/a |  | 3.50 |  | 3.00 |  | 3.00 |  | 3.00 |  | 3.50
Expected return on plan assets | n/a |  | 6.00 |  | 4.20 |  | 6.00 |  | 7.00 |  | 7.00
The weighted-average used in the determination of the projected benefit obligations:
Discount rate | 3.44 |  | 4.40 |  | 3.43 |  | 4.40 |  | 3.57 |  | 4.20
Compensation increase rate | n/a |  | 3.35 |  | n/a |  | 3.50 |  | 3.00 |  | 3.00
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | Assumed health care cost-trend rates have a significant effect on the amounts reported for retiree health care costs. A one-percentage-point change in the assumed health care cost-trend rates would have the following effects:
(In millions) | 1 Percent Increase |  | 1 Percent Decrease
Effect on total fiscal 2014 service and interest cost components | $ | — |  |  | $ | — |
Effect on post-retirement benefit obligation at May 31, 2014 | $ | 0.2 |  |  | $ | (0.2 | )
Schedule of Fair Value and Allocation of Plan Assets | The target asset allocation at the end of fiscal 2014 and asset categories for the company's primary pension plans for fiscal 2014 and 2013 are as follows:
Primary Domestic Plan |  |  |  |  |  |
Asset Category |  | Targeted Asset Allocation Percentage |  | Percentage of Plan Assets at Year End
|  | 2014 |  | 2013
Equities |  | — |  | — |  | 10
Fixed Income |  | — |  | — |  | 86
Other |  | — |  | — |  | 4
Total |  |  |  | — |  | 100
International Plan |  |  |  |  |  |
Asset Category |  |  |  |  |  |
Equities |  | — |  | — |  | —
Fixed Income |  | 20 |  | 26 |  | 26
Common collective trusts |  | 80 |  | 74 |  | 74
Total |  |  |  | 100 |  | 100
(In millions) |  | Domestic Plans as of May 31, 2014
Asset Category |  | Level 1 |  | Level 2 |  | Total
Cash and cash equivalents |  | $ | — |  |  | $ | — |  |  | $ | — |
US & international equity securities |  | — |  |  | — |  |  | — |
Debt securities-corporate |  | — |  |  | — |  |  | — |
Common collective trust-equities |  | — |  |  | — |  |  | — |
Common collective trusts-fixed income |  | — |  |  | — |  |  | — |
Total |  | $ | — |  |  | $ | — |  |  | $ | — |
(In millions) |  | International Plan as of May 31, 2014
Asset Category |  | Level 1 |  | Level 2 |  | Total
Cash and cash equivalents |  | $ | 0.2 |  |  | $ | — |  |  | $ | 0.2 |
Foreign government obligations |  | — |  |  | 24.5 |  |  | 24.5 |
Common collective trusts-balanced |  | — |  |  | 70.1 |  |  | 70.1 |
Total |  | $ | 0.2 |  |  | $ | 94.6 |  |  | $ | 94.8 |
(In millions) |  | Domestic Plans as of June 1, 2013
Asset Category |  | Level 1 |  | Level 2 |  | Total
Cash and cash equivalents |  | $ | 12.5 |  |  | $ | — |  |  | $ | 12.5 |
US & international equity securities |  | 2.2 |  |  | — |  |  | 2.2 |
Debt securities-corporate |  | 7.6 |  |  | — |  |  | 7.6 |
Common collective trust-equities |  | — |  |  | 26.5 |  |  | 26.5 |
Common collective trusts-fixed income |  | — |  |  | 241.2 |  |  | 241.2 |
Total |  | $ | 22.3 |  |  | $ | 267.7 |  |  | $ | 290.0 |
(In millions) |  | International Plan as of June 1, 2013
Asset Category |  | Level 1 |  | Level 2 |  | Total
Cash and cash equivalents |  | $ | 0.2 |  |  | $ | — |  |  | $ | 0.2 |
Foreign government obligations |  | — |  |  | 22.0 |  |  | 22.0 |
Common collective trusts-balanced |  | — |  |  | 62.0 |  |  | 62.0 |
Total |  | $ | 0.2 |  |  | $ | 84.0 |  |  | $ | 84.2 |
Schedule of Expected Benefit Payments | The following represents a summary of the benefits expected to be paid by the plans in future fiscal years. These expected benefits were estimated based on the same actuarial valuation assumptions used to determine benefit obligations at May 31, 2014.
(In millions) | Pension Benefits Domestic |  | Pension Benefits International |  | Post-Retirement Benefits
2015 | $ | 0.1 |  |  | $ | 1.9 |  |  | $ | 0.9 |
2016 | $ | 0.1 |  |  | $ | 2.4 |  |  | $ | 0.9 |
2017 | $ | 0.1 |  |  | $ | 2.8 |  |  | $ | 0.8 |
2018 | $ | 0.1 |  |  | $ | 3.0 |  |  | $ | 0.8 |
2019 | $ | 0.1 |  |  | $ | 3.1 |  |  | $ | 0.7 |
2020-2024 | $ | 0.4 |  |  | $ | 18.7 |  |  | $ | 2.7 |

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