XML 56 R42.htm IDEA: XBRL DOCUMENT
v3.5.0.2

Employee Benefit Plans (Tables) | 12 Months Ended
--- | ---
May 31, 2016
Compensation and Retirement Disclosure [Abstract] |
Schedule of assumptions used | The following table sets forth the weighted average actuarial assumptions utilized to determine the benefit obligations for the U.S. Pension Plan and the UK Pension Plan (collectively the “Pension Plans”), including the Post-Retirement Benefits, at May 31:
| Pension Plans |  | Post-Retirement Benefits
| 2016 |  | 2015 |  | 2014 |  | 2016 |  | 2015 |  | 2014
Weighted average assumptions used to determine benefit obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate | 3.5 | % |  | 3.7 | % |  | 4.1 | % |  | 3.7 | % |  | 3.8 | % |  | 4.0 | %
Rate of compensation increase | 3.8 | % |  | 4.1 | % |  | 4.2 | % |  | — |  |  | — |  |  | — |
Weighted average assumptions used to determine net periodic benefit cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate | 3.7 | % |  | 4.1 | % |  | 4.0 | % |  | 3.8 | % |  | 4.0 | % |  | 3.9 | %
Expected long-term return on plan assets | 4.7 | % |  | 5.4 | % |  | 7.5 | % |  | — |  |  | — |  |  | — |
Rate of compensation increase | 4.1 | % |  | 4.2 | % |  | 4.4 | % |  | — |  |  | — |  |  | — |
Schedule of changes in projected benefit obligations | The following table sets forth the change in benefit obligation for the Pension Plans and Post-Retirement Benefits at May 31:
| Pension Plans |  | Post-Retirement Benefits
| 2016 |  | 2015 |  | 2016 |  | 2015
Change in benefit obligation: |  |  |  |  |  |  |  |  |  |  |
Benefit obligation at beginning of year | $ | 173.1 |  |  | $ | 180.5 |  |  | $ | 36.3 |  |  | $ | 33.4 |
Service cost | — |  |  | — |  |  | 0.0 |  |  | 0.0 |
Interest cost | 6.1 |  |  | 6.7 |  |  | 1.4 |  |  | 1.3 |
Plan participants’ contributions | — |  |  | — |  |  | 0.3 |  |  | 0.3 |
Actuarial losses (gains) | (0.4 | ) |  | 11.4 |  |  | 3.0 |  |  | 3.8 |
Foreign currency translation | (2.3 | ) |  | (3.6 | ) |  | — |  |  | — |
Settlement | — |  |  | (14.4 | ) |  | — |  |  | — |
Curtailment due to sale of segment | — |  |  | 0.1 |  |  | — |  |  | — |
Benefits paid, including expenses | (11.7 | ) |  | (7.6 | ) |  | (2.7 | ) |  | (2.5 | )
Benefit obligation at end of year | $ | 164.8 |  |  | $ | 173.1 |  |  | $ | 38.3 |  |  | $ | 36.3 |
Schedule of changes in fair value of plan assets | The following table sets forth the change in plan assets for the Pension Plans and Post-Retirement Benefits at May 31:
| Pension Plans |  | Post-Retirement Benefits
| 2016 |  | 2015 |  | 2016 |  | 2015
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | $ | 173.7 |  |  | $ | 188.6 |  |  | $ | — |  |  | $ | — |
Actual return on plan assets | 2.6 |  |  | 8.5 |  |  | — |  |  | — |
Employer contributions | 1.3 |  |  | 1.3 |  |  | 2.4 |  |  | 2.2 |
Settlement | — |  |  | (14.4 | ) |  | — |  |  | — |
Benefits paid, including expenses | (11.7 | ) |  | (7.6 | ) |  | (2.7 | ) |  | (2.5 | )
Plan participants’ contributions | — |  |  | — |  |  | 0.3 |  |  | 0.3 |
Foreign currency translation | (1.7 | ) |  | (2.7 | ) |  | — |  |  | — |
Fair value of plan assets at end of year | $ | 164.2 |  |  | $ | 173.7 |  |  | $ | — |  |  | $ | — |
Schedule of amounts recognized in balance sheets | The following table sets forth the net funded status of the Pension Plans and Post-Retirement Benefits and the related amounts recognized on the Company’s Consolidated Balance Sheets at May 31:
| Pension Plans |  | Post-Retirement Benefits
| 2016 |  | 2015 |  | 2016 |  | 2015
Non-current assets | $ | 10.1 |  |  | $ | 13.3 |  |  | $ | — |  |  | $ | — |
Current liabilities | — |  |  | — |  |  | (2.6 | ) |  | (2.6 | )
Non-current liabilities | (10.7 | ) |  | (12.6 | ) |  | (35.7 | ) |  | (33.7 | )
Net funded balance | $ | (0.6 | ) |  | $ | 0.7 |  |  | $ | (38.3 | ) |  | $ | (36.3 | )
Schedule of amounts recognized in other comprehensive income (loss) | The following amounts were recognized in Accumulated other comprehensive income (loss) for the Pension Plans and Post-Retirement Benefits in the Company’s Consolidated Balance Sheets at May 31:
| 2016 |  | 2015
| Pension Plans |  | Post - Retirement Benefits |  | Total |  | Pension Plans |  | Post - Retirement Benefits |  | Total
Net actuarial gain (loss) | $ | (57.2 | ) |  | $ | (11.9 | ) |  | $ | (69.1 | ) |  | $ | (54.0 | ) |  | $ | (11.7 | ) |  | $ | (65.7 | )
Net prior service credit | — |  |  | — |  |  | — |  |  | — |  |  | (0.0 | ) |  | (0.0 | )
Net amount recognized in Accumulated other comprehensive income (loss) | $ | (57.2 | ) |  | $ | (11.9 | ) |  | $ | (69.1 | ) |  | $ | (54.0 | ) |  | $ | (11.7 | ) |  | $ | (65.7 | )
Schedule of accumulated benefit obligations in excess of fair value of plan assets | The following table sets forth information with respect to the Pension Plans with plan assets in excess of accumulated benefit obligations for the fiscal years ended May 31:
| 2016 |  | 2015
Projected benefit obligations | $ | 164.8 |  |  | $ | 173.1 |
Accumulated benefit obligations | 164.1 |  |  | 172.2 |
Fair value of plan assets | 164.2 |  |  | 173.7 |
Schedule of net benefit costs | The following table sets forth the net periodic (benefit) cost for the Pension Plans and Post-Retirement Benefits for the fiscal years ended May 31:
| Pension Plans |  | Post - Retirement Benefits
| 2016 |  | 2015 |  | 2014 |  | 2016 |  | 2015 |  | 2014
Components of net periodic (benefit) cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 0.0 |  |  | $ | 0.0 |  |  | $ | 0.0 |
Interest cost | 6.1 |  |  | 6.7 |  |  | 7.2 |  |  | 1.4 |  |  | 1.3 |  |  | 1.3 |
Expected return on assets | (7.8 | ) |  | (9.3 | ) |  | (12.7 | ) |  | — |  |  | — |  |  | — |
Net amortization and deferrals | — |  |  | — |  |  | — |  |  | (0.1 | ) |  | (0.2 | ) |  | (0.2 | )
Lump sum settlement charge | — |  |  | 4.3 |  |  | 1.7 |  |  | — |  |  | — |  |  | — |
Amortization of net actuarial loss | 1.7 |  |  | 1.4 |  |  | 1.8 |  |  | 2.8 |  |  | 1.3 |  |  | 2.2 |
Net periodic (benefit) cost | $ | (0.0 | ) |  | $ | 3.1 |  |  | $ | (2.0 | ) |  | $ | 4.1 |  |  | $ | 2.4 |  |  | $ | 3.3 |
Schedule of plan asset allocations | The following table sets forth the total weighted average asset allocations for the Pension Plans by asset category at May 31:
| 2016 |  | 2015
Equity securities | 29.8 | % |  | 29.2 | %
Debt securities | 63.0 | % |  | 64.6 | %
Real estate | 1.3 | % |  | 1.3 | %
Other | 5.9 | % |  | 4.9 | %
| 100.0 | % |  | 100.0 | %
The following table sets forth the targeted weighted average asset allocations for the Pension Plans included in the Company’s investment policy:
| U.S. Pension Plan |  | UK Pension Plan
Equity | 30 | % |  | 40 | %
Debt and cash equivalents | 70 | % |  | 30 | %
Real estate and other | 0 | % |  | 30 | %
| 100 | % |  | 100 | %
The following table sets forth the measurement of the Company’s Pension Plans’ assets at fair value by asset category at the respective dates:
| Assets at Fair Value as of May 31, 2016
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash and cash equivalents | $ | 4.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 4.2 |
Equity securities: |  |  |  |  |  |  |  |  |  |  |
U.S. (1) | 34.1 |  |  | — |  |  | — |  |  | 34.1 |
International (2) | 4.2 |  |  | 10.7 |  |  | — |  |  | 14.9 |
Pooled, Common and Collective Funds (3) | — |  |  | 93.5 |  |  | — |  |  | 93.5 |
Fixed Income (4) | — |  |  | 9.8 |  |  | — |  |  | 9.8 |
Annuities | — |  |  | — |  |  | 5.5 |  |  | 5.5 |
Real estate (5) | — |  |  | 2.2 |  |  | — |  |  | 2.2 |
Total | $ | 42.5 |  |  | $ | 116.2 |  |  | $ | 5.5 |  |  | $ | 164.2 |
| Assets at Fair Value as of May 31, 2015
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash and cash equivalents | $ | 2.4 |  |  | $ | — |  |  | $ | — |  |  | $ | 2.4 |
Equity securities: |  |  |  |  |  |  |  |  |  |  |
U.S. (1) | 34.4 |  |  | — |  |  | — |  |  | 34.4 |
International (2) | 4.7 |  |  | 11.7 |  |  | — |  |  | 16.4 |
Pooled, Common and Collective Funds (3) | — |  |  | 101.8 |  |  | — |  |  | 101.8 |
Fixed Income (4) | — |  |  | 10.4 |  |  | — |  |  | 10.4 |
Annuities | — |  |  | — |  |  | 6.1 |  |  | 6.1 |
Real estate (5) | — |  |  | 2.2 |  |  | — |  |  | 2.2 |
Total | $ | 41.5 |  |  | $ | 126.1 |  |  | $ | 6.1 |  |  | $ | 173.7 |
(1) | Funds which invest in a diversified portfolio of publicly traded U.S. common stocks of large-cap, medium-cap and small-cap companies. There are no restrictions on these investments.
(2) | Funds which invest in a diversified portfolio of publicly traded common stock of non-U.S. companies, primarily in Europe and Asia. There are no restrictions on these investments.
(3) | Funds which invest in bond index funds available to certain qualified retirement plans but not traded openly in any public exchanges.
(4) | Funds which invest in a diversified portfolio of publicly traded government bonds, corporate bonds and mortgage-backed securities. There are no restrictions on these investments.
(5) | Represents assets of a non-U.S. entity plan invested in a fund whose underlying investments are comprised of properties. The fund has publicly available quoted market prices and there are no restrictions on these investments.
Schedule of changes in level 3 plan assets | The following table summarizes the changes in fair value of these Level 3 assets for the fiscal years ended May 31, 2016 and 2015:
Balance at May 31, 2014 | $ | 6.2 |
Actual Return on Plan Assets: |  |
Relating to assets still held at May 31, 2015 | 0.7 |
Relating to assets sold during the year | — |
Purchases, sales and settlements, net | (0.3 | )
Transfers in and/or out of Level 3 | — |
Foreign currency translation | (0.5 | )
Balance at May 31, 2015 | $ | 6.1 |
Actual Return on Plan Assets: |  |
Relating to assets still held at May 31, 2016 | 0.0 |
Relating to assets sold during the year | — |
Purchases, sales and settlements, net | (0.3 | )
Transfers in and/or out of Level 3 | — |
Foreign currency translation | (0.3 | )
Balance at May 31, 2016 | $ | 5.5 |
Schedule of expected benefit payments | The following table sets forth the expected future benefit payments under the Pension Plans and the Post-Retirement Benefits by fiscal year:
|  |  |  | Post - Retirement
| Pension Benefits |  | Benefit Payments |  | Medicare Subsidy Receipts
2017 | $ | 15.6 |  |  | $ | 2.9 |  |  | $ | 0.3 |
2018 | 10.9 |  |  | 2.8 |  |  | 0.3 |
2019 | 10.7 |  |  | 2.8 |  |  | 0.3 |
2020 | 10.2 |  |  | 2.7 |  |  | 0.3 |
2021 | 9.8 |  |  | 2.7 |  |  | 0.3 |
2022-2026 | 46.8 |  |  | 13.4 |  |  | 1.6 |
Schedule of health care cost trend rates | Assumed health care cost trend rates at May 31:
| 2016 |  | 2015
Health care cost trend rate assumed for the next fiscal year | 7.0 | % |  | 7.0 | %
Rate to which the cost trend is assumed to decline (the ultimate trend rate) | 5.0 | % |  | 5.0 | %
Year that the rate reaches the ultimate trend rate | 2024 |  |  | 2022 |
Schedule of effect of one-percentage-point change in assumed health care cost trend rates | A one percentage point change in assumed health care cost trend rates would have the following effects:
| 2016 |  | 2015
Total service and interest cost - 1% increase | $ | 0.2 |  |  | $ | 0.1 |
Total service and interest cost - 1% decrease | (0.1 | ) |  | (0.1 | )
Post-retirement benefit obligation - 1% increase | 4.3 |  |  | 4.2 |
Post-retirement benefit obligation - 1% decrease | (3.7 | ) |  | (3.6 | )

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of accumulated benefit obligations and fair values of plan assets of pension plans and/or other employee benefit plans where the accumulated benefit obligation exceeds the fair value of plan assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e2417-114920 + Details
Name: | us-gaap_ScheduleOfAccumulatedBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + 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 (d)(5) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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=58740216&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAmountsRecognizedInBalanceSheetTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the net gain (loss) and net prior service cost or credit recognized in other comprehensive income (loss) for the period for pension plans and/or other employee benefit plans, and reclassification adjustments of other comprehensive income (loss) for the period, as those amounts, including amortization of the net transition asset or obligation, are recognized as components of net periodic benefit cost. + 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 (i) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the assumptions used to determine for pension plans and/or other employee benefit plans the benefit obligation and net benefit cost, including assumed discount rates, rate increase in compensation increase, and expected long-term rates of return on plan assets. + 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 (k) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation of beginning and ending balances of the fair value of plan assets of pension plans and/or other employee benefit plans showing separately, if applicable, the effects during the period attributable to each of the following: actual return on plan assets, foreign currency exchange rate changes, contributions by the employer, contributions by plan participants, benefits paid, business combinations, divestitures, and settlements. + 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 (b) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfChangesInFairValueOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in the benefit obligation of pension plans and/or other employee benefit plans from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits. + 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 (a) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfChangesInProjectedBenefitObligationsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the effect of a one-percentage-point increase and the effect of a one-percentage-point decrease in the assumed health care cost trend rates on the aggregate of the service and interest cost components of net periodic postretirement health care benefit costs and the accumulated postretirement benefit obligation for health care benefits. + 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 (m) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfEffectOfOnePercentagePointChangeInAssumedHealthCareCostTrendRatesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the effect of fair value measurements using significant unobservable inputs (Level 3) on changes in plan assets of pension plans and/or other employee benefit plans for the period. + 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 (d)(4) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfEffectOfSignificantUnobservableInputsChangesInPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + 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 (f) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the assumed health care cost trend rates for the next year used to measure the expected cost of benefits covered by the plans, including the ultimate trend rate(s) and when that rate is expected to be achieved. + 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 (l) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfHealthCareCostTrendRatesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + 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 (h) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration