Retirement Plans (Tables)

12 Months Ended

May. 31, 2015

	2015		2014		2013
Defined benefit pension plans	$	(41)	$	99	$	163
Defined contribution plans		385		363		354
Postretirement healthcare plans		81		78		78
Retirement plans mark-to-market adjustment		2,190		15		(1,368)
	$	2,615	$	555	$	(773)

The components of the pre-tax mark-to-market losses (gains) are as follows, in millions:

Discount rate changes	$	791	$	705	$	(1,076)
Actual versus expected return on assets		(35)		(1,013)		(696)
Demographic assumption changes		1,434		323		404
Total mark-to-market loss (gain)	$	2,190	$	15	$	(1,368)

Weighted-average actuarial assumptions for our primary U.S. retirement plans, which represent substantially all of our PBO and accumulated postretirement benefit obligation ("APBO"), are as follows:
		Pension Plans						Postretirement Healthcare Plans
		2015		2014		2013		2015		2014		2013

Discount rate used to determine benefit obligation		4.42	%	4.60	%	4.79	%	4.60	%	4.70	%	4.91	%
Discount rate used to determine net periodic benefit cost		4.60		4.79		4.44		4.70		4.91		4.55
Rate of increase in future compensation levels
	used to determine benefit obligation	4.62		4.56		4.54		-		-		-
Rate of increase in future compensation levels
	used to determine net periodic benefit cost	4.56		4.54		4.62		-		-		-
Expected long-term rate of return on assets -
	Consolidated	7.75		7.75		8.00		-		-		-
Expected long-term rate of return on assets - Segment
	Reporting	6.50		6.50		6.50		-		-		-

		Plan Assets at Measurement Date
		2015
						Target		Quoted Prices in Active Markets		Other Observable Inputs		Unobservable Inputs
Asset Class		Fair Value		Actual %		Range %		Level 1		Level 2		Level 3
Cash and cash equivalents		$	738	3	%	0-5	%	$	36	$	702
Equities						35-55
	U.S. large cap equity		4,291	19					302		3,989
	International equities		3,064	14					2,429		635
	Global equities		2,579	11							2,579
	U.S. SMID cap equity		979	4					979
	Private equities		226	1								$	226
Fixed income securities						45-65
	Corporate		6,455	28							6,455
	Government		4,645	20							4,645
	Mortgage backed and other		213	1							213
Other			(184)	(1)					(181)		(3)
		$	23,006	100	%			$	3,565	$	19,215	$	226

		2014
						Target		Quoted Prices in Active Markets		Other Observable Inputs		Unobservable Inputs
Asset Class		Fair Value		Actual %		Range %		Level 1		Level 2		Level 3
Cash and cash equivalents		$	313	2	%	0 - 5	%	$	55	$	258
Equities						35 - 55
	U.S. large cap equity		5,196	24					55		5,141
	International equities		2,652	12					2,206		446
	Global equities		1,367	7							1,367
	U.S. SMID cap equity		886	4					886
	Private equities		276	1								$	276
Fixed income securities						45 - 65
	Corporate		5,758	27							5,758
	Government		4,782	22							4,782
	Mortgage backed and other		275	1							275
Other			(61)	-					(61)
		$	21,444	100	%			$	3,141	$	18,027	$	276

		2015		2014
Balance at beginning of year		$	276	$	332
Actual return on plan assets:
	Assets held during current year		(15)		(17)
	Assets sold during the year		43		53
Purchases, sales and settlements			(78)		(92)

Balance at end of year		$	226	$	276

			Pension Plans				Postretirement Healthcare Plans
			2015		2014		2015		2014
Accumulated Benefit Obligation ("ABO")			$	26,793	$	23,805
Changes in Projected Benefit Obligation ("PBO") and
	Accumulated Postretirement Benefit Obligation ("APBO")
PBO/APBO at the beginning of year			$	24,578	$	22,600	$	883	$	828
	Service cost			653		657		40		38
	Interest cost			1,096		1,055		41		40
	Actuarial loss			2,231		1,021		6		5
	Benefits paid			(815)		(801)		(73)		(62)
	Other			(231)		46		32		34
PBO/APBO at the end of year			$	27,512	$	24,578	$	929	$	883

Change in Plan Assets
Fair value of plan assets at the beginning of year			$	21,907	$	19,433	$	-	$	-
	Actual return on plan assets			1,718		2,509		-		-
	Company contributions			746		727		37		28
	Benefits paid			(815)		(801)		(73)		(62)
	Other			(51)		39		36		34
Fair value of plan assets at the end of year			$	23,505	$	21,907	$	-	$	-

Funded Status of the Plans			$	(4,007)	$	(2,671)	$	(929)	$	(883)

Amount Recognized in the Balance Sheet at May 31:
	Noncurrent asset		$	26		5
	Current pension, postretirement healthcare and other
		benefit obligations		(34)	$	(41)	$	(42)	$	(41)
	Noncurrent pension, postretirement healthcare and other
		benefit obligations		(3,999)		(2,635)		(887)		(842)
Net amount recognized			$	(4,007)	$	(2,671)	$	(929)	$	(883)

Amounts Recognized in AOCI and not yet reflected in
	Net Periodic Benefit Cost:
		Prior service (credit) cost and other	$	(668)	$	(670)	$	-	$	1

Amounts Recognized in AOCI and not yet reflected in
	Net Periodic Benefit Cost expected to be amortized in
	next year's Net Periodic Benefit Cost:
		Prior service credit and other	$	(121)	$	(115)	$	-	$	-

Our pension plans included the following components at May 31 (in millions):

		PBO		Fair Value of Plan Assets		Funded Status

2015
	Qualified	$	26,365	$	23,006	$	(3,359)
	Nonqualified		271		-		(271)
	International Plans		876		499		(377)
	Total	$	27,512	$	23,505	$	(4,007)

2014
	Qualified	$	23,439	$	21,444	$	(1,995)
	Nonqualified		280		-		(280)
	International Plans		859		463		(396)
	Total	$	24,578	$	21,907	$	(2,671)

		PBO Exceeds the Fair Value of Plan Assets
		2015		2014

Pension Benefits
	Fair value of plan assets	$	23,099	$	21,543
	PBO		(27,132)		(24,219)
	Net funded status	$	(4,033)	$	(2,676)

		ABO Exceeds the Fair Value of Plan Assets
		2015		2014

Pension Benefits
	ABO⁽¹⁾	$	(26,413)	$	(23,447)

	Fair value of plan assets		23,099		21,542
	PBO		(27,132)		(24,218)
	Net funded status	$	(4,033)	$	(2,676)

(1)ABO not used in determination of funded status.

	Pension Plans						Postretirement Healthcare Plans
	2015		2014		2013		2015		2014		2013

Service cost	$	653	$	657	$	692	$	40	$	38	$	42
Interest cost		1,096		1,055		968		41		40		36
Expected return on plan assets		(1,678)		(1,495)		(1,383)		-		-		-
Amortization of prior service credit		(115)		(115)		(114)		-		-		-
Actuarial losses (gains) and other		2,190		7		(1,350)		6		5		(17)
Net periodic benefit cost	$	2,146	$	109	$	(1,187)	$	87	$	83	$	61

Amounts recognized in OCI for all plans for the years ended May 31 were as follows (in millions):

		2015								2014
		Pension Plans				Postretirement Healthcare Plans				Pension Plans				Postretirement Healthcare Plans
		Gross Amount		Net of Tax Amount		Gross Amount		Net of Tax Amount		Gross Amount		Net of Tax Amount		Gross Amount		Net of Tax Amount

Prior service cost
	arising during period	$	(113)	$	(72)	$	(1)	$	-	$	(1)	$	(1)	$	-	$	-

Amortizations:
	Prior services credit		115		72		-		-		115		77		-		-
Total recognized in OCI		$	2	$	-	$	(1)	$	-	$	114	$	76	$	-	$	-

Benefit payments, which reflect expected future service, are expected to be paid as follows for the years ending May 31 (millions):

	Pension Plans		Postretirement Healthcare Plans
2016	$	913	$	42
2017		998		42
2018		1,047		45
2019		1,147		46
2020		1,258		48
2021-2025		8,107		275