Retirement Plans (Tables)
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12 Months Ended |
May. 31, 2015 |
Retirement Plan (Tables) [Abstract] |
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Schedule of Retirement Plan Costs |
| | 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) |
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Schedule of Weighted-Average Actuarial Assumptions for Primary U.S. Retirement Plans |
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 | | | - | | | - | | | - | |
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Schedule of Plan Assets at Measurement Date |
| | 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 |
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Schedule of Change in Fair Value of Level 3 Assets |
| | 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 |
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Schedule of Changes in the Pension and Postretirement Healthcare Plans' Benefit Obligation and Fair Value of Assets and Funded Status |
| | | 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) | | $ | - | | $ | - |
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Schedule of Components of Pension Plans |
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) |
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Schedule of Fair Value of Plan Assets for Pension Plans with an Obligation in Excess of Plan Assets |
| | | 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.
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Schedule of Pension Plans Contributions |
| | | 2015 | | 2014 | | | | | | | | | | | | | | | | Required | $ | 388 | | $ | 645 | | Voluntary | | 272 | | | 15 | | | $ | 660 | | $ | 660 | | | | | | | | |
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Schedule of Net Periodic Benefit Cost |
| 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 | | | | | | | | | | | | | | | | | | |
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Schedule of Amounts Recognized in Other Comprehensive Income for All Plans |
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 | | $ | - | | $ | - |
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Schedule of Expected Future Benefit Payments |
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 | |
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