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Employee and Retiree Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2015
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

$

(242,809)

 

(13,495)

Prior service (cost) credit

 

(8,903)

 

207 

 

$

(251,712)

 

(13,288)

 

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

 

 

 

 

 

 

 

 

 

 

(Thousands of dollars)    

Pension
Benefits

 

Other
Postretirement
Benefits

Net actuarial loss

$

(14,527)

 

(155)

Prior service (cost) credit

 

(1,295)

 

82 

 

$

(15,822)

 

(73)

 

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)

2015

 

2014

 

2015

 

2014

 

2015

 

2014

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

$

630,587 

 

658,618 

 

622,841 

 

597,918 

 

500,695 

 

533,165 

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

 

148,019 

 

147,018 

 

140,544 

 

127,200 

 

– 

 

– 

Unfunded other postretirement plans

 

115,222 

 

118,496 

 

115,222 

 

118,496 

 

– 

 

– 

 

Components of Net Periodic Benefit Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits

 

Other
Postretirement Benefits

(Thousands of dollars)

 

2015

 

2014

 

2013

 

2015

 

2014

 

2013

Service cost

$

17,948 

 

22,470 

 

26,346 

 

3,180 

 

2,459 

 

4,566 

Interest cost

 

33,168 

 

33,680 

 

30,903 

 

4,883 

 

4,617 

 

5,189 

Expected return on plan assets

 

(34,016)

 

(33,723)

 

(28,974)

 

– 

 

– 

 

– 

Amortization of prior service 
   cost (credit)

 

1,560 

 

899 

 

1,006 

 

(82)

 

(82)

 

(143)

Amortization of transitional
   (asset) liability

 

(1)

 

(480)

 

(514)

 

– 

 

– 

 

Recognized actuarial loss

 

15,147 

 

9,471 

 

17,338 

 

992 

 

 

1,484 

 

 

33,806 

 

32,317 

 

46,105 

 

8,973 

 

6,999 

 

11,104 

Termination benefits expense

 

8,606 

 

– 

 

849 

 

– 

 

– 

 

– 

Curtailment expense (benefit)

 

306 

 

– 

 

1,365 

 

– 

 

– 

 

(442)

Net periodic benefit expense

$

42,718 

 

32,317 

 

48,319 

 

8,973 

 

6,999 

 

10,662 

 

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

 

2015

 

2014

 

2015

 

2014

 

2015

 

2014

 

2015

 

2014

Discount rate

4.37% 

 

3.94% 

 

4.61% 

 

4.12% 

 

4.04% 

 

4.56% 

 

4.12% 

 

4.91% 

Expected return on plan assets

6.00% 

 

6.11% 

 

– 

 

– 

 

6.00% 

 

6.11% 

 

– 

 

– 

Rate of compensation increase

3.74% 

 

3.69% 

 

– 

 

– 

 

3.74% 

 

3.69% 

 

– 

 

– 

 

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

2016

$

37,255 

 

6,251 

2017

 

37,744 

 

6,445 

2018

 

38,649 

 

6,683 

2019

 

39,931 

 

6,955 

2020

 

40,903 

 

7,246 

2021-2025

 

222,198 

 

40,661 

 

 

 

 

 

 

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, 2015

$

1,451 

 

(1,094)

Effect on the health care component of the accumulated postretirement benefit

    obligation at December 31, 2015

 

17,284 

 

(13,806)

 

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, 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 

 

Actual return on plan assets:

 

 

 

 

        Relating to assets held at the reporting date

 

 

(23)

 

        Relating to assets sold during the period

 

 

– 

 

Purchases, sales and settlements

 

 

– 

 

        Total at December 31, 2015

 

$

33,929 

 

 

Domestic Postretirement 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)

2015

 

2014

 

2015

 

2014

Change in benefit obligation

 

 

 

 

 

 

 

 

Obligation at January 1

$

825,552 

 

707,254 

 

118,496 

 

107,001 

Service cost

 

17,948 

 

22,470 

 

3,180 

 

2,459 

Interest cost

 

33,168 

 

33,680 

 

4,883 

 

4,617 

Plan amendments

 

8,297 

 

– 

 

– 

 

– 

Participant contributions

 

 

 

1,276 

 

1,406 

Actuarial loss (gain)

 

(48,019)

 

122,824 

 

(7,436)

 

8,150 

Medicare Part D subsidy

 

– 

 

– 

 

510 

 

404 

Exchange rate changes

 

(15,337)

 

(14,614)

 

(112)

 

(55)

Benefits paid

 

(35,936)

 

(35,044)

 

(5,575)

 

(5,486)

Special termination benefits

 

8,606 

 

– 

 

– 

 

– 

Curtailments

 

306 

 

(11,023)

 

– 

 

– 

        Obligation at December 31

 

794,589 

 

825,552 

 

115,222 

 

118,496 

 

 

 

 

 

 

 

 

 

Change in plan assets

 

 

 

 

 

 

 

 

Fair value of plan assets at January 1

 

560,978 

 

533,108 

 

– 

 

– 

Actual return on plan assets

 

(18,718)

 

31,340 

 

– 

 

– 

Employer contributions

 

31,442 

 

47,279 

 

3,789 

 

3,676 

Participant contributions

 

 

 

1,276 

 

1,406 

Medicare Part D subsidy

 

– 

 

– 

 

510 

 

404 

Exchange rate changes

 

(14,104)

 

(13,284)

 

– 

 

– 

Benefits paid

 

(35,936)

 

(35,044)

 

(5,575)

 

(5,486)

Other

 

(1,984)

 

(2,426)

 

– 

 

– 

        Fair value of plan assets at December 31

 

521,682 

 

560,978 

 

– 

 

– 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

Deferred charges and other assets

 

7,463 

 

7,899 

 

– 

 

– 

Other accrued liabilities

 

(7,487)

 

(5,996)

 

(5,370)

 

(5,515)

Deferred credits and other liabilities

 

(272,883)

 

(266,477)

 

(109,852)

 

(112,981)

        Funded status and net plan liability recognized
            at December 31

$

(272,907)

 

(264,574)

 

(115,222)

 

(118,496)

 

Foreign Other Postretirement Benefit 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)

2015

 

2014

 

2015

 

2014

Benefit obligation at December 31

$

197,549 

 

222,497 

 

643 

 

648 

Fair value of plan assets at December 31

 

193,933 

 

202,305 

 

– 

 

– 

Net plan liabilities recognized

 

3,616 

 

20,192 

 

643 

 

648 

Net periodic benefit expense

 

4,703 

 

12,968 

 

152 

 

152 

 

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

At December 31, 2015, 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, 2015

 

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

$

51,878 

 

51,878 

 

 –

 

 –

      U.S. small/midcap

 

26,964 

 

26,964 

 

 –

 

 –

      Hedged funds and other
         alternative strategies

 

50,878 

 

 –

 

16,949 

 

33,929 

      International commingled 
        trust fund

 

72,205 

 

 –

 

72,205 

 

 –

      Emerging market commingled
        equity fund

 

16,873 

 

 –

 

16,873 

 

 –

   Fixed income securities:

 

 

 

 

 

 

 

 

      U.S. fixed income

 

80,681 

 

 –

 

80,681 

 

 –

      International commingled 
        trust fund

 

15,332 

 

 –

 

15,332 

 

 –

      Emerging market mutual fund

 

6,439 

 

 –

 

6,439 

 

 –

    Cash and equivalents

 

6,499 

 

6,499 

 

 –

 

 –

                   Total Domestic Plans

 

327,749 

 

85,341 

 

208,479 

 

33,929 

Foreign Plans

 

 

 

 

 

 

 

 

   Equity securities funds

 

104,718 

 

 –

 

104,718 

 

 –

   Fixed income securities funds

 

67,494 

 

 –

 

67,494 

 

 –

   Diversified pooled fund

 

20,987 

 

 –

 

20,987 

 

 –

   Cash and equivalents

 

734 

 

734 

 

 –

 

 –

                   Total Foreign Plans

 

193,933 

 

734 

 

193,199 

 

 –

                   Total

$

521,682 

 

86,075 

 

401,678 

 

33,929 

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 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

 

 

2015

 

 

2014

 

 

Equity securities

64.4 

%

 

66.6 

%

 

Fixed income securities

34.0 

 

 

32.5 

 

 

Cash equivalents

1.6 

 

 

0.9 

 

 

 

100.0 

%

 

100.0 

%