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Retirement Plans
3 Months Ended
Aug. 31, 2016
Retirement Plans [Abstract]  
Retirement Plans

(5) Retirement Plans

 

We sponsor programs that provide retirement benefits to most of our employees. These programs include defined benefit pension plans, defined contribution plans and postretirement healthcare plans. Key terms of our retirement plans are provided in our Annual Report. Our retirement plans' costs for the three-month periods ended August 31 were as follows (in millions):

      2016 2015
Defined benefit pension plans      $ 58 $ 53
Defined contribution plans   119   102
Postretirement healthcare plans   19   21
        $ 196 $ 176

Net periodic benefit cost of the pension and postretirement healthcare plans for the three-month periods ended August 31 included the following components (in millions):

  Pension Plans Postretirement Healthcare Plans
  2016 2015 2016 2015
Service cost$ 180 $ 166 $ 9 $ 10
Interest cost  293   295   10   11
Expected return on plan assets  (386)   (377)   -   -
Amortization of prior service credit and other  (29)   (31)   -   -
  $ 58 $ 53 $ 19 $ 21

Contributions to our tax-qualified U.S. domestic pension plans (“U.S. Pension Plans”) for the three-month periods ended August 31 were as follows (in millions):

  2016 2015 
Required$ - $ 6 
Voluntary  250   159 
  $ 250 $ 165 

In September 2016, we made a required contribution of $250 million to our U.S. Pension Plans. Our U.S. Pension Plans have ample funds to meet expected benefit payments.