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Employee and Retiree Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2014
Pension And Other Postretirement Benefits Disclosure [Line Items]  
Amounts Included in Accumulated Other Comprehensive Income Not Recognized in Net Periodic Benefit Expense

 

 

 

 

 

 

 

 

 

 

(Thousands of dollars)    

Pension
Benefits

 

Other
Postretirement
Benefits

Net actuarial loss

$

(256,821)

 

(21,948)

Prior service (cost) credit

 

(2,456)

 

289 

 

$

(259,277)

 

(21,659)

 

Amounts Included in Accumulated Other Comprehensive Income Expected to be Amortization into Net Periodic Benefit Expense

 

 

 

 

 

 

 

 

 

 

(Thousands of dollars)    

Pension
Benefits

 

Other
Postretirement
Benefits

Net actuarial loss

$

(16,706)

 

(778)

Prior service (cost) credit

 

(854)

 

82 

 

$

(17,560)

 

(696)

 

Projected Benefit Obligations, Accumulated Benefit Obligations and Fair Value of Plan Assets for Plans where Accumulated Benefit Obligation Exceeded Fair Value of Plan Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Projected
Benefit Obligations

 

Accumulated
Benefit Obligations

 

Fair Value
of Plan Assets

(Thousands of dollars)

2014

 

2013

 

2014

 

2013

 

2014

 

2013

Funded qualified plans where
   accumulated benefit obligation
   exceeds fair value of plan assets

$

658,618 

 

571,217 

 

597,918 

 

520,610 

 

533,165 

 

502,308 

Unfunded nonqualified and directors'
   plans where accumulated benefit
   obligation exceeds fair value of
   plan assets

 

147,018 

 

115,492 

 

127,200 

 

102,198 

 

– 

 

– 

Unfunded other postretirement plans

 

118,496 

 

107,001 

 

118,496 

 

107,001 

 

– 

 

– 

 

Components of Net Periodic Benefit Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits

 

Other
Postretirement Benefits

(Thousands of dollars)

 

2014

 

2013

 

2012

 

2014

 

2013

 

2012

Service cost

$

22,470 

 

26,346 

 

23,500 

 

2,459 

 

4,566 

 

3,958 

Interest cost

 

33,680 

 

30,903 

 

29,869 

 

4,617 

 

5,189 

 

5,174 

Expected return on plan assets

 

(33,723)

 

(28,974)

 

(25,826)

 

– 

 

– 

 

– 

Amortization of prior service 
   cost (credit)

 

899 

 

1,006 

 

1,254 

 

(82)

 

(143)

 

(173)

Amortization of transitional
   (asset) liability

 

(480)

 

(514)

 

(529)

 

– 

 

 

Recognized actuarial loss

 

9,471 

 

17,338 

 

16,389 

 

 

1,484 

 

1,317 

 

 

32,317 

 

46,105 

 

44,657 

 

6,999 

 

11,104 

 

10,284 

Termination benefits expense

 

– 

 

849 

 

6,177 

 

– 

 

– 

 

– 

Curtailment expense (benefit)

 

– 

 

1,365 

 

– 

 

– 

 

(442)

 

– 

Net periodic benefit expense

$

32,317 

 

48,319 

 

50,834 

 

6,999 

 

10,662 

 

10,284 

 

Weighted-Average Assumptions used in Measurement of Benefit Obligations and Net Periodic Benefit Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefit Obligations

 

Net Periodic Benefit Expense

 

Pension
Benefits

 

Other
Postretirement
Benefits

 

Pension
Benefits

 

Other
Postretirement
Benefits

 

December 31

 

December 31

 

Year

 

Year

 

2014

 

2013

 

2014

 

2013

 

2014

 

2013

 

2014

 

2013

Discount rate

3.94% 

 

4.78% 

 

4.12% 

 

4.91% 

 

4.56% 

 

4.23% 

 

4.91% 

 

4.18% 

Expected return on plan assets

6.11% 

 

6.24% 

 

– 

 

– 

 

6.11% 

 

6.24% 

 

– 

 

– 

Rate of compensation increase

3.69% 

 

4.14% 

 

– 

 

– 

 

3.69% 

 

4.12% 

 

– 

 

– 

 

Benefit Payments Reflecting Expected Future Service as Appropriate which are Expected to be Paid in Future Years from Assets of Plans or by Company

 

 

 

 

 

 

 

 

 

 

(Thousands of dollars)

Pension
Benefits

 

Other
Postretirement
Benefits

2015

$

33,516 

 

6,349 

2016

 

34,212 

 

6,573 

2017

 

35,144 

 

6,730 

2018

 

36,439 

 

6,943 

2019

 

37,671 

 

7,225 

2020-2024

 

208,294 

 

40,535 

 

One Percent Change in Assumed Health Care Cost Trend Rates

 

 

 

 

 

 

 

 

 

 

(Thousands of dollars)

1% Increase

 

1% Decrease

Effect on total service and interest cost components of net periodic postretirement
    benefit expense for the year ended December 31, 2014

$

1,190 

 

(942)

Effect on the health care component of the accumulated postretirement benefit
    obligation at December 31, 2014

 

17,879 

 

(14,456)

 

Effects of Fair Value Measurements Using Significant Unobservable Inputs on Changes in Level 3 Plan Assets

 

 

 

 

 

 

 

 

 

 

(Thousands of dollars)

Hedged Funds and Other
Alternative Strategies

Total at December 31, 2012

 

$

14,654 

 

Actual return on plan assets:

 

 

 

 

        Relating to assets held at the reporting date

 

 

3,134 

 

        Relating to assets sold during the period

 

 

– 

 

Purchases, sales and settlements

 

 

15,000 

 

        Total at December 31, 2013

 

 

32,788 

 

Actual return on plan assets:

 

 

 

 

        Relating to assets held at the reporting date

 

 

1,164 

 

        Relating to assets sold during the period

 

 

– 

 

Purchases, sales and settlements

 

 

– 

 

        Total at December 31, 2014

 

$

33,952 

 

 

Domestic Plans [Member]  
Pension And Other Postretirement Benefits Disclosure [Line Items]  
Plans' Benefit Obligations and Fair Value of Assets and Statement of Funded Status

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension
Benefits

 

Other
Postretirement
Benefits

(Thousands of dollars)

2014

 

2013

 

2014

 

2013

Change in benefit obligation

 

 

 

 

 

 

 

 

Obligation at January 1

$

707,254 

 

721,531 

 

107,001 

 

124,134 

Service cost

 

22,470 

 

26,346 

 

2,459 

 

4,566 

Interest cost

 

33,680 

 

30,903 

 

4,617 

 

5,189 

Plan amendments

 

– 

 

1,989 

 

– 

 

– 

Participant contributions

 

 

21 

 

1,406 

 

1,376 

Actuarial loss (gain)

 

122,824 

 

(9,876)

 

8,150 

 

(8,324)

Medicare Part D subsidy

 

– 

 

– 

 

404 

 

384 

Exchange rate changes

 

(14,614)

 

1,852 

 

(55)

 

(36)

Benefits paid

 

(35,044)

 

(38,745)

 

(5,486)

 

(5,211)

Special termination benefits

 

– 

 

849 

 

– 

 

– 

Curtailments

 

(11,023)

 

(26,463)

 

– 

 

(15,077)

Obligation assumed by MUSA at separation

 

– 

 

(1,153)

 

– 

 

– 

        Obligation at December 31

 

825,552 

 

707,254 

 

118,496 

 

107,001 

 

 

 

 

 

 

 

 

 

Change in plan assets

 

 

 

 

 

 

 

 

Fair value of plan assets at January 1

 

533,108 

 

463,546 

 

– 

 

– 

Actual return on plan assets

 

31,340 

 

61,932 

 

– 

 

– 

Employer contributions

 

47,279 

 

46,726 

 

3,676 

 

3,451 

Participant contributions

 

 

21 

 

1,406 

 

1,376 

Medicare Part D subsidy

 

– 

 

– 

 

404 

 

384 

Exchange rate changes

 

(13,284)

 

1,594 

 

– 

 

– 

Benefits paid

 

(35,044)

 

(38,745)

 

(5,486)

 

(5,211)

Other

 

(2,426)

 

(1,966)

 

– 

 

– 

        Fair value of plan assets at December 31

 

560,978 

 

533,108 

 

– 

 

– 

 

 

 

 

 

 

 

 

 

Funded status and amounts recognized in the
    Consolidated Balance Sheets at December 31

 

 

 

 

 

 

 

 

Deferred charges and other assets

 

7,899 

 

10,254 

 

– 

 

– 

Other accrued liabilities

 

(5,996)

 

(5,565)

 

(5,515)

 

(5,920)

Deferred credits and other liabilities

 

(252,237)

 

(158,589)

 

(112,981)

 

(101,081)

Liabilities associated with assets held for sale

 

(14,240)

 

(20,246)

 

– 

 

– 

        Funded status and net plan liability recognized
            at December 31

$

(264,574)

 

(174,146)

 

(118,496)

 

(107,001)

 

Foreign Plans [Member]  
Pension And Other Postretirement Benefits Disclosure [Line Items]  
Plans' Benefit Obligations and Fair Value of Assets and Statement of Funded Status

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension
Benefits

 

Other
Postretirement
Benefits

(Thousands of dollars)

2014

 

2013

 

2014

 

2013

Benefit obligation at December 31

$

222,497 

 

211,799 

 

648 

 

541 

Fair value of plan assets at December 31

 

202,305 

 

188,575 

 

– 

 

– 

Net plan liabilities recognized

 

20,192 

 

23,224 

 

648 

 

541 

Net periodic benefit expense

 

12,968 

 

12,622 

 

152 

 

92 

 

Other Postretirement Benefits [Member]  
Pension And Other Postretirement Benefits Disclosure [Line Items]  
Asset Allocation for Benefit Plans

At December 31, 2014, the fair value measurements of retirement plan assets within the fair value hierarchy are included in the table that follows.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements Using

(Thousands of dollars)

Fair Value at
December 31, 2014

 

Quoted Prices
in Active Markets
for Identical Assets
(Level 1)

 

Significant
Other Observable
Inputs
(Level 2)

 

Significant
Unobservable
Inputs
(Level 3)

Domestic Plans

 

 

 

 

 

 

 

 

   Equity securities:

 

 

 

 

 

 

 

 

      U.S. core equity

$

67,863 

 

67,863 

 

 –

 

 –

      U.S. small/midcap

 

33,709 

 

33,709 

 

 –

 

 –

      Hedged funds and other
         alternative strategies

 

52,905 

 

 –

 

18,953 

 

33,952 

      International commingled 
        trust fund

 

75,702 

 

 –

 

75,702 

 

 –

      Emerging market commingled
        equity fund

 

19,908 

 

 –

 

19,908 

 

 –

   Fixed income securities:

 

 

 

 

 

 

 

 

      U.S. fixed income

 

80,577 

 

 –

 

80,577 

 

 –

      International commingled 
        trust fund

 

17,559 

 

 –

 

17,559 

 

 –

      Emerging market mutual fund

 

8,069 

 

 –

 

8,069 

 

 –

    Cash and equivalents

 

2,381 

 

2,381 

 

 –

 

 –

                   Total Domestic Plans

 

358,673 

 

103,953 

 

220,768 

 

33,952 

Foreign Plans

 

 

 

 

 

 

 

 

   Equity securities funds

 

106,694 

 

 –

 

106,694 

 

 –

   Fixed income securities funds

 

66,435 

 

 –

 

66,435 

 

 –

   Diversified pooled fund

 

27,813 

 

 –

 

27,813 

 

 –

   Cash and equivalents

 

1,363 

 

1,363 

 

 –

 

 –

                   Total Foreign Plans

 

202,305 

 

1,363 

 

200,942 

 

 –

                   Total

$

560,978 

 

105,316 

 

421,710 

 

33,952 

At December 31, 2013, the fair value measurements of retirement plan assets within the fair value hierarchy are included in the table that follows.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements Using

(Thousands of dollars)

Fair Value at

December 31, 2013

 

Quoted Prices

in Active Markets

for Identical Assets

(Level 1)

 

Significant
Other Observable
Inputs
(Level 2)

 

Significant
Unobservable
Inputs
(Level 3)

Domestic Plans

 

 

 

 

 

 

 

 

   Equity securities:

 

 

 

 

 

 

 

 

      U.S. core equity

$

89,255 

 

89,255 

 

 –

 

 –

      U.S. small/midcap

 

37,149 

 

37,149 

 

 –

 

 –

      Hedged funds and other
         alternative strategies

 

32,788 

 

 –

 

 –

 

32,788 

      International commingled 
        trust fund

 

77,041 

 

 –

 

77,041 

 

 –

      Emerging market commingled
        equity fund

 

9,654 

 

 –

 

9,654 

 

 –

   Fixed income securities:

 

 

 

 

 

 

 

 

      U.S. fixed income

 

72,240 

 

 –

 

72,240 

 

 –

      International commingled 
        trust fund

 

14,865 

 

 –

 

14,865 

 

 –

      Emerging market mutual fund

 

8,549 

 

 –

 

8,549 

 

 –

    Cash and equivalents

 

2,992 

 

2,992 

 

 –

 

 –

                   Total Domestic Plans

 

344,533 

 

129,396 

 

182,349 

 

32,788 

Foreign Plans

 

 

 

 

 

 

 

 

   Equity securities funds

 

99,085 

 

 –

 

99,085 

 

 –

   Fixed income securities funds

 

57,030 

 

 –

 

57,030 

 

 –

   Diversified pooled fund

 

30,800 

 

 –

 

30,800 

 

 –

   Cash and equivalents

 

1,660 

 

1,660 

 

 –

 

 –

                   Total Foreign Plans

 

188,575 

 

1,660 

 

186,915 

 

 –

                   Total

$

533,108 

 

131,056 

 

369,264 

 

32,788 

 

Funded Defined Benefit Pension Plans [Member]  
Pension And Other Postretirement Benefits Disclosure [Line Items]  
Asset Allocation for Benefit Plans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

 

 

2014

 

 

2013

 

 

Equity securities

66.6 

%

 

68.4 

%

 

Fixed income securities

32.5 

 

 

30.7 

 

 

Cash equivalents

0.9 

 

 

0.9 

 

 

 

100.0 

%

 

100.0 

%