Pension and Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2015

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Schedule of Benefit Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets

The following summarizes key pension plan information regarding U.S. and non-U.S. plans whose accumulated benefit obligations exceed the fair value of their respective plan assets. The increase in 2015 is primarily due to SIHI acquisition, partially offset by actuarial gains due to changes in assumptions at December 31, 2015.

	December 31,
	2015		2014
	(Amounts in thousands)
Benefit Obligation	$	629,402	$	619,756
Accumulated benefit obligation	614,172		600,017
Fair value of plan assets	449,818		449,141

U.S Defined Benefit Plans

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Schedule of Assumptions Related to Plans

The following are assumptions related to the U.S. defined benefit pension plans:

	Year Ended December 31,
	2015		2014		2013
Weighted average assumptions used to determine Benefit Obligations:
Discount rate	4.75	%	4.00	%	4.50	%
Rate of increase in compensation levels	4.00		4.25		4.25
Weighted average assumptions used to determine net pension expense:
Long-term rate of return on assets	6.25	%	6.00	%	6.00	%
Discount rate	4.00		4.50		3.75
Rate of increase in compensation levels	4.25		4.25		4.25

Components of Net Periodic Cost for Pension and Postretirement Benefits

Net pension expense for the U.S. defined benefit pension plans (including both qualified and non-qualified plans) was:

	Year Ended December 31,
	2015			2014			2013
	(Amounts in thousands)
Service cost	$	24,113		$	22,981		$	23,355
Interest cost	17,072			17,429			15,089
Expected return on plan assets	(24,185		)	(21,985		)	(19,952		)
Settlement and curtailment of benefits	—			—			(28		)
Amortization of unrecognized prior service benefit	509			475			(87		)
Amortization of unrecognized net loss	9,178			8,428			14,280
U.S. net pension expense	$	26,687		$	27,328		$	32,657

Schedule of Funded Status

The following summarizes the net pension liability for U.S. plans:

	December 31,
	2015			2014
	(Amounts in thousands)
Plan assets, at fair value	$	408,218		$	426,784
Benefit Obligation	(426,248		)	(447,552		)
Funded status	$	(18,030	)	$	(20,768	)

Schedule of Amounts Recognized in Balance Sheet

The following summarizes amounts recognized in the balance sheet for U.S. plans:

	December 31,
	2015			2014
	(Amounts in thousands)
Noncurrent assets	$	—		$	—
Current liabilities	(248		)	(260		)
Noncurrent liabilities	(17,782		)	(20,508		)
Funded status	$	(18,030	)	$	(20,768	)

Schedule of Benefit Obligations and Accumulated Benefit Obligations

The following is a summary of the changes in the U.S. defined benefit plans’ pension obligations:

	2015			2014
	(Amounts in thousands)
Balance — January 1	$	447,552		$	405,812
Service cost	24,113			22,981
Interest cost	17,072			17,429
Plan amendments	—			2,387
Actuarial (gain) loss(1)	(28,052		)	32,425
Benefits paid	(34,437		)	(33,482		)
Balance — December 31	$	426,248		$	447,552
Accumulated benefit obligations at December 31	$	426,248		$	447,552

_______________________________________

(1) The 2015 actuarial gain primarily reflects the impact of an increase in the discount rate.

Schedule of Expected Cash Activity

The following table summarizes the expected cash benefit payments for the U.S. defined benefit pension plans in the future (amounts in millions):

2016	$	38.0
2017	38.3
2018	40.2
2019	40.9
2020	40.8
2021-2025	215.5

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table shows the change in accumulated other comprehensive loss attributable to the components of the net cost and the change in Benefit Obligations for U.S. plans, net of tax:

	2015			2014			2013
	(Amounts in thousands)
Balance — January 1	$	(66,903	)	$	(55,110	)	$	(90,270	)
Amortization of net loss	5,750			5,277			8,919
Amortization of prior service cost (benefit)	318			297			(54		)
Net (loss) gain arising during the year	(812		)	(17,367		)	26,312
Settlement gain	—			—			(17		)
Balance — December 31	$	(61,647	)	$	(66,903	)	$	(55,110	)

Amounts recorded in accumulated other comprehensive loss consist of:

	December 31,
	2015			2014
	(Amounts in thousands)
Unrecognized net loss	$	(60,034	)	$	(64,970	)
Unrecognized prior service cost	(1,613		)	(1,933		)
Accumulated other comprehensive loss, net of tax	$	(61,647	)	$	(66,903	)

Reconciliation of Plan Assets

The following is a reconciliation of the U.S. defined benefit pension plans’ assets:

	2015			2014
	(Amounts in thousands)
Balance — January 1	$	426,784		$	410,462
Return on plan assets	(5,160		)	29,058
Company contributions	21,031			20,746
Benefits paid	(34,437		)	(33,482		)
Balance — December 31	$	408,218		$	426,784

Allocation of Plan Assets

The fair values of our U.S. defined benefit plan assets were:

	At December 31, 2015								At December 31, 2014
			Hierarchical Levels								Hierarchical Levels
	Total		I		II		III		Total		I		II		III
	(Amounts in thousands)								(Amounts in thousands)
Cash and cash equivalents	$	31	$	31	$	—	$	—	$	40	$	40	$	—	$	—
Commingled Funds:
Equity securities
U.S. Large Cap(a)	77,765		—		77,765		—		82,355		—		82,355		—
U.S. Small Cap(b)	16,160		—		16,160		—		17,422		—		17,422		—
International Large Cap(c)	57,174		—		57,174		—		56,716		—		56,716		—
Emerging Markets(d)	19,888		—		19,888		—		19,175		—		19,175		—
World Equity(e)	32,680		—		32,680		—		34,384		—		34,384		—
Fixed income securities
Liability Driven Investment (f)	159,900		—		159,900		—		172,758		—		172,758		—
Long-Term Government/Credit(g)	44,620		—		44,620		—		43,934		—		43,934		—
	$	408,218	$	31	$	408,187	$	—	$	426,784	$	40	$	426,744	$	—

_______________________________________

(a) U.S. Large Cap funds seek to outperform the Russell 1000 (R) Index with investments in large and medium capitalization U.S. companies represented in the Russell 1000 (R) Index, which is composed of the largest 1,000 U.S. equities as determined by market capitalization.

(b) U.S. Small Cap funds seek to outperform the Russell 2000 (R) Index with investments in medium and small capitalization U.S.companies represented in the Russell 2000 (R) Index, which is composed of the smallest 2,000 U.S. equities as determined by market capitalization.

(c) International Large Cap funds seek to outperform the MSCI Europe, Australia, and Far East Index with investments in most of the developed nations of the world so as to maintain a high degree of diversification among countries and currencies.

(d) Emerging Markets funds represent a diversified portfolio that seeks high, long-term returns comparable to investments in emerging markets by investing in stocks from newly developed emerging market economies.

(e) World Equity funds seek to outperform the Russell Developed Large Cap Index Net over a full market cycle. The fund's goal is to provide a favorable total return relative to the benchmark, primarily through long-term capital appreciation.

(f) LDI funds seek to outperform the Barclays-Russell LDI Index by investing in high quality, mostly corporate bonds and fixed income securities that closely match those found in discount curves used to value the plan's liabilities.

(g) Long-Term Government/Credit funds seek to outperform the Barclays Capital U.S. Long-Term Government/Credit Index by generating excess return through a variety of diversified strategies in securities with longer durations, such as sector rotation, security selection and tactical use of high-yield bonds.

The asset allocations for the qualified plan at the end of 2015 and 2014 by asset category, are as follows:

	Target Allocation at December 31,				Percentage of Actual Plan Assets at December 31,
Asset category	2015		2014		2015		2014
U.S. Large Cap	19	%	19	%	19	%	19	%
U.S. Small Cap	4	%	4	%	4	%	4	%
International Large Cap	14	%	14	%	14	%	14	%
Emerging Markets	5	%	5	%	5	%	5	%
World Equity	8	%	8	%	8	%	8	%
Equity securities	50	%	50	%	50	%	50	%
Liability Driven Investment	39	%	40	%	39	%	40	%
Long-Term Government / Credit	11	%	10	%	11	%	10	%
Fixed income	50	%	50	%	50	%	50	%

_______________________________________

Non-U.S Defined Benefit Plans

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Schedule of Assumptions Related to Plans

The following are assumptions related to the non-U.S. defined benefit pension plans:

	Year Ended December 31,
	2015		2014		2013
Weighted average assumptions used to determine Benefit Obligations:
Discount rate	3.13	%	3.40	%	4.22	%
Rate of increase in compensation levels	3.61		3.95		3.83
Weighted average assumptions used to determine net pension expense:
Long-term rate of return on assets	5.03	%	5.51	%	5.49	%
Discount rate	3.40		4.22		4.16
Rate of increase in compensation levels	3.95		3.83		3.84

Components of Net Periodic Cost for Pension and Postretirement Benefits

Net pension expense for non-U.S. defined benefit pension plans was:

	Year Ended December 31,
	2015			2014			2013
	(Amounts in thousands)
Service cost	$	7,832		$	6,857		$	6,819
Interest cost	11,770			14,576			13,486
Expected return on plan assets	(11,693		)	(10,581		)	(9,200		)
Amortization of unrecognized net loss	4,949			6,962			6,650
Amortization of unrecognized prior service benefit	(12		)	—			—
Settlement and other	570			314			134
Non-U.S. net pension expense	$	13,416		$	18,128		$	17,889

Schedule of Funded Status

The following summarizes the net pension liability for non-U.S. plans:

	December 31,
	2015			2014
	(Amounts in thousands)
Plan assets, at fair value	$	230,827		$	215,360
Benefit Obligation	(386,175		)	(361,351		)
Funded status	$	(155,348	)	$	(145,991	)

Schedule of Amounts Recognized in Balance Sheet

The following summarizes amounts recognized in the balance sheet for non-U.S. plans:

	December 31,
	2015			2014
\	(Amounts in thousands)
Noncurrent assets	$	9,570		$	5,204
Current liabilities	(9,950		)	(7,960		)
Noncurrent liabilities	(154,968		)	(143,235		)
Funded status	$	(155,348	)	$	(145,991	)

Schedule of Benefit Obligations and Accumulated Benefit Obligations

The following is a reconciliation of the non-U.S. plans’ defined benefit pension obligations:

	2015			2014
	(Amounts in thousands)
Balance — January 1	$	361,351		$	363,425
Acquisition	65,920			—
Service cost	7,832			6,857
Interest cost	11,770			14,576
Employee contributions	312			272
Plan amendments and other	(1,254		)	162
Actuarial (gain) loss(1)	(6,407		)	28,430
Net benefits and expenses paid	(16,476		)	(17,985		)
Currency translation impact(2)	(36,873		)	(34,386		)
Balance — December 31	$	386,175		$	361,351
Accumulated benefit obligations at December 31	$	363,918		$	335,282

_______________________________________

(1) The 2015 actuarial gain primarily reflects the increase in the discount rate for Germany.

(2) The currency translation impact reflects the strengthening of the U.S. dollar against our significant currencies, primarily the Euro and British pound.

Schedule of Expected Cash Activity

The following table summarizes the expected cash benefit payments for the non-U.S. defined benefit plans in the future (amounts in millions):

2016	$	16.5
2017	14.7
2018	15.6
2019	16.1
2020	16.5
2021-2025	89.2

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table shows the change in accumulated other comprehensive loss attributable to the components of the net cost and the change in Benefit Obligations for non-U.S. plans, net of tax:

	2015			2014			2013
	(Amounts in thousands)
Balance — January 1	$	(69,598	)	$	(78,863	)	$	(76,197	)
Amortization of net loss	3,776			5,262			4,999
Net loss arising during the year	(2,673		)	(3,709		)	(6,091		)
Settlement loss	390			216			93
Prior service (cost) benefit arising during the year	(14		)	141			137
Currency translation impact and other	8,126			7,355			(1,804		)
Balance — December 31	$	(59,993	)	$	(69,598	)	$	(78,863	)

Amounts recorded in accumulated other comprehensive loss consist of:

	December 31,
	2015			2014
	(Amounts in thousands)
Unrecognized net loss	$	(59,878	)	$	(69,161	)
Unrecognized prior service cost	(115		)	(437		)
Accumulated other comprehensive loss, net of tax	$	(59,993	)	$	(69,598	)

Reconciliation of Plan Assets

The following is a reconciliation of the non-U.S. plans’ defined benefit pension assets:

	2015			2014
	(Amounts in thousands)
Balance — January 1	$	215,360		$	195,042
Acquisition	23,333			—
Return on plan assets	3,017			30,246
Employee contributions	312			272
Company contributions	22,785			22,740
Settlements	(1,485		)	—
Currency translation impact and other	(16,019		)	(14,955		)
Net benefits and expenses paid	(16,476		)	(17,985		)
Balance — December 31	$	230,827		$	215,360

Allocation of Plan Assets

The asset allocations for the non-U.S. defined benefit pension plans at the end of 2015 and 2014 are as follows:

	Target Allocation at December 31,				Percentage of Actual Plan Assets at December 31,
Asset category	2015		2014		2015		2014
North American Companies	6	%	3	%	6	%	3	%
U.K. Companies	8	%	9	%	8	%	9	%
European Companies	4	%	4	%	3	%	4	%
Asian Pacific Companies	2	%	3	%	2	%	3	%
Global Equity	9	%	8	%	8	%	8	%
Equity securities	29	%	27	%	27	%	27	%
U.K. Government Gilt Index	27	%	30	%	27	%	30	%
U.K. Corporate Bond Index	20	%	22	%	19	%	22	%
Global Fixed Income Bond	18	%	19	%	18	%	19	%
Fixed income	65	%	71	%	64	%	71	%
Other	6	%	2	%	9	%	2	%

The fair values of the non-U.S. assets were:

	At December 31, 2015								At December 31, 2014
			Hierarchical Levels								Hierarchical Levels
	Total		I		II		III		Total		I		II		III
	(Amounts in thousands)								(Amounts in thousands)
Cash	$	5,641	$	5,641	$	—	$	—	$	24	$	24	$	—	$	—
Commingled Funds:
Equity securities
North American Companies(a)	13,737		—		13,737		—		7,155		—		7,155		—
U.K. Companies(b)	18,003		—		18,003		—		18,829		—		18,829		—
European Companies (c)	8,035		—		8,035		—		8,018		—		8,018		—
Asian Pacific Companies(d)	5,378		—		5,378		—		5,367		—		5,367		—
Global Equity(e)	19,581		—		19,581		—		17,120		—		17,120		—
Fixed income securities
U.K. Government Gilt Index(f)	60,478		—		60,478		—		65,161		—		65,161		—
U.K. Corporate Bond Index(g)	44,318		—		44,318		—		47,683		—		47,683		—
Global Fixed Income Bond(h)	41,325		—		41,325		—		40,820		—		40,820		—
Other(i)	14,331		—		—		14,331		5,183		—		—		5,183
	$	230,827	$	5,641	$	210,855	$	14,331	$	215,360	$	24	$	210,153	$	5,183

_______________________________________

(a) North American Companies represents U.S. and Canadian large cap equity index funds, which are passively managed and track their respective benchmarks (FTSE All-World USA Index and FTSE All-World Canada Index).

(b) U.K. Companies represents a U.K. equity index fund, which is passively managed and tracks the FTSE All-Share Index.

(c) European companies represents a European equity index fund, which is passively managed and tracks the FTSE All-World Developed Europe Ex-U.K. Index.

(d) Asian Pacific Companies represents Japanese and Pacific Rim equity index funds, which are passively managed and track their respective benchmarks (FTSE All-World Japan Index and FTSE All-World Developed Asia Pacific Ex-Japan Index).

(e) Global Equity represents actively managed, global equity funds taking a top-down strategic view on the different regions by analyzing companies based on fundamentals, market-driven, thematic and quantitative factors to generate alpha.

(f) U.K. Government Gilt Index represents U.K. government issued fixed income investments which are passively managed and track the respective benchmarks (FTSE U.K. Gilt Index-Linked Over 5 Years Index, FTSE U.K. Gilt Over 15 Years Index and FTSE U.K. Gilt Index-Linked Over 25 Years Index).

(g) U.K. Corporate Bond Index represents U.K. corporate bond investments, which are passively managed and track the iBoxx Over 15 years £ Non-Gilt Index.

(h) Global Fixed Income Bond represents investment funds that are actively managed, diversified and invested in traditional government bonds, high-quality corporate bonds, asset backed securities, emerging market debt.

(i) Includes assets held by plans outside the U.K. and The Netherlands. Details, including Level III rollforward details, have not been provided due to immateriality.

Postretirement Medical Benefits

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Schedule of Assumptions Related to Plans

The following are assumptions related to postretirement benefits:

	Year Ended December 31,
	2015		2014		2013
Weighted average assumptions used to determine Benefit Obligation:
Discount rate	4.25	%	3.75	%	4.00	%
Weighted average assumptions used to determine net expense:
Discount rate	3.75	%	4.00	%	3.25	%

Components of Net Periodic Cost for Pension and Postretirement Benefits

Net postretirement benefit income for postretirement medical plans was:

	Year Ended December 31,
	2015			2014			2013
	(Amounts in thousands)
Service cost	$	2		$	3		$	6
Interest cost	1,155			1,200			1,066
Amortization of unrecognized prior service benefit	122			—			—
Amortization of unrecognized net gain	(539		)	(1,220		)	(1,280		)
Net postretirement benefit expense (income)	$	740		$	(17	)	$	(208	)

Schedule of Funded Status

The following summarizes the accrued postretirement benefits liability for the postretirement medical plans:

	December 31,
	2015			2014
	(Amounts in thousands)
Postretirement Benefit Obligation	$	28,614		$	33,019
Funded status	$	(28,614	)	$	(33,019	)

Schedule of Amounts Recognized in Balance Sheet

The following summarizes amounts recognized in the balance sheet for postretirement Benefit Obligation:

	December 31,
	2015			2014
	(Amounts in thousands)
Current liabilities	$	(3,582	)	$	(3,799	)
Noncurrent liabilities	(25,032		)	(29,220		)
Funded status	$	(28,614	)	$	(33,019	)

Schedule of Benefit Obligations and Accumulated Benefit Obligations

The following is a reconciliation of the postretirement Benefit Obligation:

	2015			2014
	(Amounts in thousands)
Balance — January 1	$	33,019		$	31,477
Service cost	2			3
Interest cost	1,155			1,200
Employee contributions	789			901
Medicare subsidies receivable	71			453
Actuarial loss	127			1,779
Plan Amendments	(625		)	2,339
Net benefits and expenses paid	(5,924		)	(5,133		)
Balance — December 31	$	28,614		$	33,019

Schedule of Expected Cash Activity

The following presents expected benefit payments for future periods (amounts in millions):

	Expected Payments		Medicare Subsidy
2016	$	3.7	$	0.1
2017	3.5		0.1
2018	3.2		0.1
2019	2.9		0.1
2020	2.6		0.1
2021-2025	9.9		0.5

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table shows the change in accumulated other comprehensive loss attributable to the components of the net cost and the change in Benefit Obligations for postretirement benefits, net of tax:

	2015			2014			2013
	(Amounts in thousands)
Balance — January 1	$	1,103		$	4,445		$	4,710
Amortization of net gain	(338		)	(764		)	(800		)
Amortization of prior service cost	76			(1,464		)	—
Net gain (loss) arising during the year	338			(1,114		)	535
Balance — December 31	$	1,179		$	1,103		$	4,445

Amounts recorded in accumulated other comprehensive loss consist of:

	December 31,
	2015			2014
	(Amounts in thousands)
Unrecognized net gain	$	2,344		$	2,788
Unrecognized prior service cost	(1,165		)	(1,685		)
Accumulated other comprehensive income, net of tax	$	1,179		$	1,103

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 effect on the 2015 reported amounts (in thousands):

	1% Increase		1% Decrease
Effect on postretirement Benefit Obligation	$	148	$	(147	)
Effect on service cost plus interest cost	6		(6		)